Nicon Gardens
Located in District 23 (Choa Chu Kang, Dairy Farm, Hillview, Bukit Panjang), Nicon Gardens is a 99-year leasehold condominium in the Outside Central Region (OCR). Completed in 1999, the development comprises 47 units, on a lease that commenced in 1981. This page tracks recorded sale prices, rental contracts and yield trends from URA data.
Overview & Key Facts
NICON GARDENS is a 99 yrs lease commencing from 1981 condominium at CHOA CHU KANG ROAD in District 23 (OCR), developed by CHOA CHU KANG LAND LTD (PIDEMCO LAND LTD), comprising 47 units, completed in 1999.
Location & Connectivity
NICON GARDENS is approximately 140m from Phoenix MRT station, with 12 stations within 1.5 km.
| Station | Line | Distance |
|---|---|---|
| Phoenix | Bukit Panjang LRT | 140m |
| Ten Mile Junction | Bukit Panjang LRT | 400m |
| Teck Whye | Bukit Panjang LRT | 470m |
| Bukit Panjang | Downtown Line | 570m |
| Bukit Panjang | Bukit Panjang LRT | 570m |
| Senja | Bukit Panjang LRT | 780m |
Schools & Education
12 schools within 2 km (2 within 1 km priority zone).
| School | Type | Distance |
|---|---|---|
| Pei Hwa Presbyterian Primary School | Primary | 710m |
| Unity Primary School | Primary | 770m |
| Springdale Primary School | Primary | 1 km |
| West Spring Secondary School | Secondary | 1.1 km |
| West Spring Primary School | Primary | 1.2 km |
| Greenridge Secondary School | Secondary | 1.2 km |
| Fajar Secondary School | Secondary | 1.3 km |
| Bukit Panjang Primary School | Primary | 1.3 km |
Market Position
NICON GARDENS has recorded 7 sales at an average price of $1,685,114.
Price Appreciation
| Year | Sales | Avg PSF | Change |
|---|---|---|---|
| 2021 | 2 | $660 psf | — |
| 2024 | 4 | $920 psf | ↑ 39.5% |
| 2026 | 1 | $890 psf | ↓ 3.2% |
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NICON GARDENS prices have cooled 3.2% from the 2024 peak, yet remain 35.0% above where the series began in 2021.
Price Index Check
The ShiokNest Price Index for District 23 reads 125.7 as of June 2026 — up 2.1% year-on-year. The index tracks repeat-sales price movement, so it is less distorted by shifts in what happens to be transacting than a raw average PSF.
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Neighbourhood Comparison
| Condo | Tenure | Avg PSF | Sales |
|---|---|---|---|
| SOL ACRES | 99 yrs lease commencing from 2014 | $1,390 psf | 572 |
| MIDWOOD | 99 yrs lease commencing from 2018 | $1,737 psf | 546 |
| LUMINA GRAND | 99 yrs lease commencing from 2022 | $1,515 psf | 512 |
| DAIRY FARM RESIDENCES | 99 yrs lease commencing from 2018 | $1,661 psf | 459 |
| THE MYST | 99 yrs lease commencing from 2023 | $2,093 psf | 390 |
Lease Analysis
With 54 years remaining on its 99-year lease, buyers should note CPF usage and loan tenure may be restricted.
What Could Work Against You
- With roughly 54 years left on the lease, financing restrictions begin to bite: CPF usage tightens and banks trim loan tenures, which shrinks the future buyer pool.
- Only 1 transaction were recorded in the past 12 months, so the price figures here rest on a thin sample — a single outlier deal can move the averages.
- At 47 units, this is a boutique development — fewer comparable sales to anchor valuations, and maintenance costs spread across a smaller fee base.
Best suited for
Who This Actually Suits
This is a strong match for mrt-walkable commuters, yield-focused investors, en-bloc speculators and cpf-only buyers. Located ~145m from Phoenix MRT, this property is a comfortable daily walk for transit commuters.
families with young children should treat this as a shortlist candidate, not a default choice.
It is a weaker fit for first-time hdb upgraders — other options likely serve them better. OCR (Outside Central Region) pricing sits within reach of HDB upgraders banking proceeds from a mature-estate resale.
Verdict
NICON GARDENS is a 99 yrs lease commencing from 1981 development in District 23 (OCR), with 47 units, offering a gross yield of 3.1%.
At ~$890 psf, it represents a competitive entry point in the OCR segment.
Explore the full NICON GARDENS dashboard for interactive analytics.
HDB Alternatives Nearby
Weighing NICON GARDENS against staying public? These HDB towns sit within walking or short-drive distance:
- Choa Chu Kang — 4-room average $559,427 (140m away), an upgrader gap of about $1,150,000
- Bukit Panjang — 4-room average $581,903 (540m away), an upgrader gap of about $1,100,000
- Bukit Batok — 4-room average $626,224 (1.3 km away), an upgrader gap of about $1,050,000
FAQ
What is the average PSF for NICON GARDENS?
Is NICON GARDENS freehold?
What is the rental yield for NICON GARDENS?
Which MRT is nearest to NICON GARDENS?
Sources & Next Steps
- NICON GARDENS Dashboard — Live charts and analytics
- URA — Official transaction data
- District 23 (Choa Chu Kang, Dairy Farm, Hillview, Bukit Panjang) — District 23 neighbourhood guide
Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA REALIS.
- Sales data: 7 transactions
- Rental data: 8 leases
- Source: URA
Median values used to minimise outlier impact. PSF = price per square foot.
Latest recorded data point: Jun 2026 · 7 records analysed · Source: URA private-sale caveats