Principal Garden
Picture a 663-unit estate where the lap pool wraps around landscaped islands, the clubhouse spills onto a sunken lawn, and a 12-minute walk drops you into Tiong Bahru's heritage shophouse cafes (as of 2026-05). That is Principal Garden — the UOL-Kheng Leong joint venture (under Secure Venture Development) launched in 2015, TOP'd in 2019, sitting at the Prince Charles Crescent shoulder of District 3 (Tiong Bahru / Alexandra / Queenstown fringe) where the East-West Line at Redhill MRT, the Greater Southern Waterfront thesis and the Tanglin-Orchard back-door all converge.
For a buyer-investor weighing Principal Garden against its D3 cohort peers — Stirling Residences, Margaret Ville and Avenue South Residence (compare D3 large-format options) — the question is not whether Tiong Bahru lifestyle pays a premium. It clearly does. The question is whether 663 units of supply, an 88-year lease ticking down from 2014, and Alexandra-fringe pricing leave enough runway against the post-2020 D3 launches. This review walks through the data, the trade-offs and the scenarios where Principal Garden earns its keep.
The headline numbers (as of 2026-05):
- Developer: Secure Venture Development — a joint venture vehicle of UOL Group and Kheng Leong, the same partnership behind The Tre Ver, Avenue South Residence and the Clavon project. UOL's covenant carries weight on landscaping density, material specification and long-cycle maintenance design.
- Site: Prince Charles Crescent, District 3 (Tiong Bahru / Alexandra / Queenstown) — a mature RCR-OCR fringe parcel that benefits from the Tiong Bahru lifestyle bleed and the Greater Southern Waterfront thesis.
- Tenure: 99-year leasehold from 2014 — approximately 88 years remaining (as of 2026-05). Still squarely in the fresh-lease band, materially better than the older 99-year D3 stock from the 2000s.
- Scale: 663 residential units across multiple blocks rising to 24 storeys on an elevated parcel that captures Mount Faber and Southern Ridges views from upper stacks — meaningful for resale differentiation.
- Unit mix: 1-bedroom (~431 sqft) through 4-bedroom premium (~1,346 sqft+); strong investor-format share in the 1- and 2-bedroom stacks, with 3- and 4-bedroom inventory anchoring owner-occupier demand.
- TOP: 2019. The project is fully occupied and into its second rental cycle (as of 2026-05), giving buyers a real transaction history rather than a launch-pricing extrapolation.
- Stamp duty: Standard BSD applies for citizens; ABSD layered by buyer profile. Model your effective entry cost with the stamp-duty calculator and stress-test affordability with the affordability calculator before viewing.
Overview & Key Facts
Principal Garden is a 663-unit condominium developed by UOL Group and Kheng Leong Company (in a 70:30 partnership), located at Prince Charles Crescent in District 3. Completed in 2019 on a 99-year lease from 2014, the development occupies an exceptional 264,715-square-foot site and embodies one of the most ambitious landscaping concepts in Singapore residential property: an 80/20 garden-to-structure ratio, with 80% of the land area (approximately 200,000 sqft) dedicated to lush four-seasons-themed gardens.
Designed by award-winning Architects 61, Principal Garden won three 5-star awards at the APAC (Asia Pacific Property Awards) — Best Condominium, Best High Rise Residential Development, and Best Residential Landscape Architecture in Singapore. At a current average of $2,147 psf with a gross rental yield of 3.04% and median rent of $4,000, Principal Garden positions itself as the garden-living alternative in the Alexandra – Redhill corridor, offering a living environment dominated by greenery rather than concrete.
UOL’s development pedigree — spanning The Tre Ver, Avenue South Residence, and the acclaimed Nassim Park Residences — is evident in Principal Garden’s finishing quality and spatial design. The five-tower development is oriented north-south to minimise heat gain, with every unit overlooking either the internal garden landscapes or the Alexandra Park Connector and surrounding greenery.
Location & Connectivity
Principal Garden sits at Prince Charles Crescent, a prestigious address within the Alexandra – Redhill corridor — a city-fringe location that delivers both connectivity and neighbourhood character. Redhill MRT on the East-West Line is approximately 750 m away (9-minute walk), while Tiong Bahru MRT is 840 m. Both stations provide direct service to Raffles Place (4 stops from Redhill, ~12 min) and Jurong East interchange (6 stops west).
The neighbourhood is one of Singapore’s most liveable city-fringe locations. The Tiong Bahru precinct — Singapore’s most coveted art-deco neighbourhood with its indie cafes, bakeries, and hawker centre — is within walking distance. Alexandra Village Food Centre provides excellent hawker food, and Great World City mall is a short drive or MRT hop away. The Alexandra Park Connector, accessible directly from the development, offers scenic jogging and cycling routes connecting to the Southern Ridges trail network.
The school catchment is exceptional for a city-fringe location. River Valley Primary (470 m), Gan Eng Seng Primary (490 m), and CHIJ Kellock (670 m) are all within the 1 km priority-enrolment radius — a density of options that provides real flexibility for parents navigating the primary school registration exercise.
Schools & Education
3 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| River Valley Primary School | primary | Within 1 km |
| Gan Eng Seng Primary School | primary | Within 1 km |
| Gan Eng Seng School | secondary | Within 1 km |
| Henderson Secondary School | secondary | Within 1 km |
| CHIJ (Kellock) | primary | Within 1 km |
| Bukit Merah Secondary School | secondary | ~1.1 km |
| Tanglin Secondary School | secondary | ~1.2 km |
| Kheng Cheng School | primary | ~1.3 km |
Facilities
Principal Garden’s facilities are designed to complement rather than compete with its extraordinary landscaping. The aquatic centrepiece is a 50-metre lap pool set within the garden context, complemented by a jacuzzi and children’s wading pool. The yoga room and gymnasium provide indoor fitness options, while the mature gardens themselves serve as the primary recreational space — a 200,000 sqft outdoor room that no amount of built amenities can replicate.
The rooftop facilities are a highlight: a rooftop infinity pool with panoramic views across the Alexandra corridor, a BBQ and dining area, a jacuzzi, a function room, and a rooftop lounge. The clubhouse at ground level houses a wine cellar, lounge, entertainment suite, private dining room, and outdoor terrace — an unusually comprehensive social infrastructure for a 663-unit development. These spaces are designed with evident attention to hospitality-grade finishing, reflecting UOL’s premium development standards.
“The gardens are the real facility here. We walk through them every evening — the four-seasons theme means there’s always something in bloom, and after five years the landscaping has matured into something genuinely beautiful. The rooftop infinity pool has amazing views, the wine cellar in the clubhouse is a nice touch for dinner parties, and the 50-metre lap pool is well-maintained. This is a condo where the outdoors is better than the indoors.”
— Owner-occupier, three-bedroom, since 2020 (Stacked Homes)
At 663 units, facility crowding is moderate — the main pool can be busy on weekends, but the rooftop pool provides an attractive overflow option. The four-seasons gardens absorb much of the estate’s recreational activity, naturally distributing residents across 200,000 sqft of curated outdoor space.
Unit Sizes & Layout
Principal Garden offers a full range from one-bedroom to five-bedroom configurations, including dual-key and penthouse variants. The north-south tower orientation means most units avoid direct western sun exposure — a practical design decision that reduces heat gain and air-conditioning costs. Floor-to-ceiling windows in all units maximise the garden views that are Principal Garden’s core living experience.
Unit sizes are comfortable by RCR standards: two-bedrooms from approximately 700 sqft, three-bedrooms from 1,000 sqft, and four-bedrooms from 1,300 sqft. Interior finishes reflect UOL’s premium positioning — quality kitchen cabinetry, stone countertops, and branded bathroom fittings. The layouts are efficient with enclosed kitchens as standard for most configurations. Dual-key units provide flexible split-living or part-rental options for investors and multi-generational families.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 0 BR | 72 | $1,903 | $930,110 |
| 1 BR | 10 | $1,885 | $953,400 |
| 2 BR | 106 | $2,103 | $1,677,754 |
| 3 BR | 25 | $2,312 | $2,670,072 |
| 4 BR | 10 | $2,320 | $3,645,578 |
| 5 BR | 1 | $1,992 | $3,988,888 |
Pricing & Market Position
Based on 224 recorded transactions, sale prices range from $850,000 to $3,988,888, averaging $1,614,019 (~$2,153 psf).
Rents range from $2,300 to $14,500 per month across 980 rental transactions. Current rental yield sits at approximately 3.1%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 21.9% (from $1,915 to $2,335 psf).
Neighbourhood Comparison
In the Alexandra – Redhill corridor, Principal Garden ($2,147 psf, 99-year from 2014, ~87 years remaining) competes with two newer developments. Stirling Residences ($2,269 psf, 99-year from 2017, ~90 years remaining) trades at a 6% premium for a newer build, 3 more years of lease, and direct Queenstown MRT access (130 m) — the connectivity upgrade for buyers who prioritise doorstep MRT. One Pearl Bank ($2,569 psf, 99-year from 2019, ~92 years remaining) occupies a different market segment at a 20% premium with its iconic curved-tower design and Outram Park MRT proximity.
Principal Garden’s competitive advantage is singular: the 80/20 garden concept that delivers 200,000 sqft of award-winning landscaping. No competitor can replicate this — it’s the result of an exceptionally large site, an ambitious design vision, and five years of horticultural maturation. Stirling Residences wins on MRT access; One Pearl Bank wins on architectural drama. Principal Garden wins on living environment. The choice depends on which dimension matters most in your daily life.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| PRINCIPAL GARDEN | 99 yrs lease commencing from 2014 | 2019 | 663 | $2,153 |
| ZYON GRAND | 99 yrs lease commencing from 2024 | 2025 | 1,079 | $3,052 |
| AVENUE SOUTH RESIDENCE | 99 yrs lease commencing from 2018 | 2021 | 1,074 | $2,261 |
| STIRLING RESIDENCES | 99 yrs lease commencing from 2017 | 2021 | 1,259 | $2,275 |
| PENRITH | 99 yrs lease commencing from 2024 | 2025 | 462 | $2,796 |
| ONE PEARL BANK | 99 yrs lease commencing from 2019 | 2021 | 774 | $2,569 |
Lease Decay Analysis
The 99-year lease runs from 2014, meaning approximately 12 years have already been consumed. Roughly 87 years remain — still comfortably within the range where most banks will offer full financing without restrictions.
| Year | Lease remaining | Implication |
|---|---|---|
| 2026 (now) | ~87 years | Full bank financing available |
| 2044 | ~69 years | CPF usage still unrestricted for most buyers |
| 2053 | ~59 years | Approaching 60-year threshold — CPF limits begin for some |
| 2073 | ~39 years | Significant financing restrictions for next buyer |
| 2113 | Expiry | Lease reverts to state |
For a buyer purchasing today with a 10-year horizon (exit around 2036), the lease situation is essentially a non-issue — you’d be selling a property with ~77 years remaining, which is still very bankable. The risk profile changes for longer holds.
ShiokNest Scores
Our proprietary scoring system evaluates PRINCIPAL GARDEN across multiple dimensions.
What Residents Say
“We moved from a condo in Tiong Bahru and Principal Garden feels like a different world. The gardens are spectacular — 200,000 sqft of landscaping that has matured beautifully over five years. Our children play in the gardens every afternoon, we swim in the rooftop infinity pool on weekends, and we still walk to Tiong Bahru for brunch. Three primary schools within 1 km sealed the deal for us. The MRT walk is 9 minutes, which is fine.”
— Owner-occupier, four-bedroom, since 2020 (PropertyGuru)
“The wine cellar in the clubhouse is a fantastic touch — I’ve hosted dinner parties there that felt like a private restaurant. The gardens are the main attraction though. Walking through the four-seasons sections on an evening stroll is genuinely therapeutic after a day in the CBD. UOL quality is evident everywhere — the finishes, the landscaping, the common areas. This doesn’t feel like a mass-market condo.”
— Owner-occupier, two-bedroom, since 2021 (EdgeProp)
“I rent out my two-bedder at $4,000 and it’s been consistently tenanted. Tenants love the gardens and the city-fringe location. Yield is about 3% which isn’t spectacular, but the property has appreciated from $1,969 psf to $2,248 psf over five years — a solid 14% total gain. The competitor pressure from Stirling Residences and Avenue South Residence is real, but Principal Garden’s garden concept gives it a unique positioning that new launches can’t replicate.”
— Investor-owner, two-bedroom, since 2019 (99.co)
1. The UOL covenant — build quality and landscape density (as of 2026-05)
Principal Garden was designed during the 2014-2015 vintage of premium 99-year planning, when UOL was establishing the landscape-led product language that later defined The Tre Ver and Clavon. The result is a site that reads more like a hillside resort than an Alexandra-fringe condo block: a sinuous lap pool wrapping around landscaped islands, a sunken sky-lawn at the clubhouse deck, mature trees retained from the original parcel, and circulation paths designed to soften the 663-unit footprint. For owner-occupiers who care about how an estate ages over a 10-15 year hold, UOL's covenant on material specification and long-cycle maintenance is a meaningful differentiator versus less-disciplined developers.
The trade-off is MCST contributions. Premium-landscape estates carry higher operating loads — sinking-fund top-ups, irrigation, swimming-pool servicing and tree-care budgets are not trivial line items on a 663-unit base. Buyers should request the latest MCST budget and sinking-fund balance during due diligence, and fold those line items into total-cost modelling. The total-cost calculator helps surface the all-in carrying cost across MCST, property tax and financing over a realistic hold horizon.
2. Connectivity — Redhill MRT walking distance, RCR-grade commute
Redhill MRT (EWL) is approximately a 7-minute walk from the project edge via Lower Delta Road and the Alexandra Road overpass — flat and pedestrian-friendly for most of the route. EWL run-time to Raffles Place is 12-15 minutes; Outram Park (EWL/NEL/TEL interchange) is two stops away. Tiong Bahru MRT (EWL) is reachable on foot in roughly 12 minutes via Tiong Bahru Road. That commute profile is RCR-grade economics on an Alexandra-fringe address — structurally cheaper than CCR but functionally equivalent for CBD-bound professionals.
The Greater Southern Waterfront thesis is the larger story. The URA Master Plan identifies the Alexandra-Pasir Panjang-Keppel corridor as a multi-decade redevelopment zone — new housing, commercial nodes, waterfront promenades and a re-imagined coastal park system. Principal Garden sits on the northern shoulder of that corridor, with Mount Faber and the Southern Ridges connector forming the green spine. See the URA Master Plan overlay for the GSW alignment and how it intersects the Alexandra parcels. For drivers, AYE on-ramp at Telok Blangah Road is 5-6 minutes; CTE/PIE access via Lower Delta is comparable. Door-to-Marina Bay by car off-peak is roughly 12-15 minutes.
3. Lifestyle — Tiong Bahru bleed, Dempsey reach, Mount Faber green spine
Tiong Bahru's heritage shophouse cafe belt is a 12-minute walk via Tiong Bahru Road — the original wave of Singapore's hipster cafe culture, plus the Tiong Bahru wet market and hawker centre for everyday food. Dempsey and Holland Village are 10-15 minutes by car. Orchard Road is reachable in 10-12 minutes off-peak via River Valley Road. Henderson Waves, Mount Faber Park and the Southern Ridges pedestrian connector sit minutes south, forming a green-spine recreational backbone rare for the price band.
Anchor Point mall on Alexandra Road handles daily retail and supermarket needs; IKEA Alexandra and Queensway Shopping Centre fill the destination-retail slot. The combination is a self-contained lifestyle loop that supports family demand and rental tenancy across both expat and local professional cohorts. The amenities map shows the F&B and retail density within a 15-minute radius.
4. School catchment and family demand
Within 1km, the school catchment includes Alexandra Primary, Gan Eng Seng Primary and Zhangde Primary; within 2km the cluster expands to Queenstown Primary, CHIJ St Theresa's Convent and Crescent Girls' Secondary. The catchment is local-school dominant with established RCR-fringe alternatives. Investors should price rental demand to a mix of local upgrader families and one-north / CBD professional tenants — a more diversified tenant pool than pure-OCR projects, which lifts the floor on rental absorption.
5. Pricing context and lease-decay framing
D3 transactions cluster around three cohorts — older 99-year stock from the 2000s (Queens, Alexis), the 2014-2019 wave (Principal Garden, Highline Residences) and the post-2020 generation (Stirling Residences, Margaret Ville, Avenue South Residence). At 88 years remaining (as of 2026-05), Principal Garden trades at a discount to the freshest post-2020 launches but a clear premium to older D3 99-year stock with 70 years or fewer left. Use the ROI calculator to stress-test rental yield assumptions against realistic D3-fringe yield bands, and the cash-flow calculator to project the rental years.
6. What 663 units means in practice
Principal Garden's 663-unit count is materially smaller than its post-2020 D3 cohort peers (Stirling Residences at 1,259, Avenue South Residence at 1,074) — which cuts both ways. Pro: tighter rental absorption mechanics, more controlled price discovery on any single quarter, and a less commoditised resale profile. Con: thinner transaction comparable depth, slightly slower price-signal formation, and individual stack quality matters more (orientation, floor, view). Run scenarios at 90-92% occupancy and D3-fringe yield assumptions, not aspirational CCR comparables. The future Prince Charles Crescent GLS supply is the medium-term variable to watch.
How Principal Garden stacks against its closest D3 cohort peers (indicative, as of 2026-05; verify with current listings):
| Project | Tenure | Units | TOP | MRT | Distinguishing factor |
|---|---|---|---|---|---|
| Principal Garden | 99yr from 2014 (~88yr) | 663 | 2019 | Redhill EWL ~7min walk | UOL covenant, Tiong Bahru lifestyle bleed, smaller absorption pool |
| Stirling Residences | 99yr from 2017 (~91yr) | 1,259 | 2022 | Queenstown EWL ~5min walk | Closer to MRT, larger pool, fresher lease, taller blocks |
| Margaret Ville | 99yr from 2017 (~91yr) | 309 | 2022 | Queenstown EWL ~6min walk | Boutique format, fresher lease, lower-density operations |
| Avenue South Residence | 99yr from 2019 (~93yr) | 1,074 | 2024 | Cantonment TEL ~8min walk | TEL adjacency, GSW frontage, freshest lease, harbour views |
Use the D3 comparison tool to line up specific stacks on PSF, floor and orientation. The price heatmap shows how PSF varies across Tiong Bahru, Alexandra and the wider Queenstown sub-zones, and the rental-yield map overlays the D3 yield bands relevant to this cohort.
Who Principal Garden fits best
Principal Garden suits three buyer archetypes most cleanly (as of 2026-05):
- End-user professionals working in the CBD or one-north who value Tiong Bahru lifestyle proximity and intend to occupy for 5+ years — the strengths and risks blocks above outline the day-to-day liveability case.
- Yield investors with HDB+1 portfolios who want RCR-fringe diversification on a UOL covenant — verify the gross-yield maths via our rental-yield calculator before committing.
- HDB upgraders graduating from a 4- or 5-room flat, who need to confirm TDSR headroom and ABSD-remission eligibility — the affordability calculator models the full cash + CPF stack.
This project is less suitable for foreign buyers facing the 60% ABSD ceiling unless under qualifying tax treaty, and for short-hold flippers given Singapore's seller's stamp duty cliff in the first three years.
Verdict (as of 2026-05): Principal Garden is a credible buy for the professional-owner archetype seeking Tiong Bahru lifestyle on a fresh-feel lease, and a defensible patient-investor hold on the Greater Southern Waterfront re-rate thesis — but the D3 supply pipeline and the 663-unit absorption profile demand discipline on entry pricing.
- Buy if: You want UOL build quality, a 7-minute walk to Redhill MRT, a 12-minute walk to Tiong Bahru's cafe belt and a Greater Southern Waterfront re-rate optionality on an 88-year lease. The remaining masterplan dividend (GSW redevelopment, Alexandra-Queenstown commercial uplift, Southern Ridges connectivity) is concrete on the URA timetable, not speculative.
- Hold/observe if: You are pricing entry against the broader D3 cohort — Stirling Residences and Avenue South Residence offer fresher leases and tighter MRT proximity at competing PSF bands. Stress-test with the cash-flow calculator at 90% occupancy and modest rental growth.
- Skip if: You need a freehold profile or a sub-CCR core address — Principal Garden is RCR-fringe leasehold by structure; or if you require an investor-yield ceiling above ~3.0% gross, in which case the D3-fringe yield band may cap returns. Higher-yield OCR alternatives exist if pure cash-flow is the goal.
Before you commit, model the deal end-to-end: mortgage and amortisation, TDSR headroom, and a refinancing scenario for year-3 and year-5 rate resets. For HDB upgraders, also work the decoupling scenarios against future ABSD exposure, and check the HDB grant calculator if a sell-then-upgrade path is on the table.
Bottom line (as of 2026-05): Principal Garden is the cleanest UOL-covenant play on the Tiong Bahru fringe — an 88-year lease that still feels fresh, a 7-minute walk to Redhill MRT (EWL), and a Greater Southern Waterfront thesis that re-rates the entire Alexandra-Queenstown belt over the next decade. The catch: 663 units land in a D3 cohort facing aggressive new supply from Stirling Residences and Avenue South Residence, which caps near-term resale momentum.
- Tenure status: 99-year lease from 2014, approximately 88 years remaining (as of 2026-05). Comfortably above the 80-year freshness threshold and well clear of the 60-year CPF/financing inflection. Model the runway tail with the lease-decay calculator if your hold horizon stretches beyond 15 years.
- Connectivity: Redhill MRT (EWL) is approximately a 7-minute walk via Lower Delta Road; Tiong Bahru MRT is reachable in 12 minutes. EWL run-time to Raffles Place is 12-15 minutes — genuine RCR-grade commute economics on an OCR-fringe address. See the commute-time map for door-to-CBD isochrones.
- Lifestyle anchor: Tiong Bahru's heritage shophouse cafe belt is a 12-minute walk; Dempsey, Holland Village and Orchard are 10-15 minutes by car. Henderson Waves, Mount Faber Park and the Southern Ridges connector sit on the same green-corridor backbone. Few D3 projects offer this density of lifestyle anchors.
- Watch-outs: 663-unit absorption pool sits alongside Stirling Residences (1,259 units, TOP 2022) and Avenue South Residence (1,074 units, TOP 2024) in the same D3 cohort — rental pricing power is real but capped. The future Prince Charles Crescent GLS land-sale parcels add medium-term supply. Check the new-launches map for incoming competition.
- Best for: Owner-occupier professionals working in the CBD or one-north who want Tiong Bahru lifestyle on a fresh-feel lease; investors with a 7-10 year hold willing to ride the Greater Southern Waterfront re-rate on UOL build quality and a sub-Orchard yield profile.