The Tennery
What does it mean for a Singapore condo to be “integrated” when its own dedicated LRT station was shuttered in 2019 for low ridership — the first and only rail station in the country’s history to be permanently removed from service? That is the awkward, honest framing every prospective buyer at The Tennery walks into. The development sits directly above Junction 10 mall on Woodlands Road, a 4–6 minute covered walk from the Bukit Panjang DTL/LRT/bus interchange triangle (as of 2026-05) — close enough to matter, but never close enough to claim the basement-MRT lift-lobby moat that nearby Hillion Residences genuinely owns. The Tennery is a project whose value case has been disciplined downward by exactly that 250-metre gap, and the buyer who understands the discount is the one most likely to find the deal here.
Overview & Key Facts
The Tennery is a 338-unit mixed-use development sitting directly above the Ten Mile Junction LRT station and Bukit Panjang Plaza in District 23 — one of the few condominiums in Singapore that can genuinely claim integrated transit-retail connectivity. Developed by Dollar Land Singapore Private Limited and completed in 2013, it occupies a distinctive position: a compact boutique condo stacked atop a commercial podium, giving residents step-out access to both public transport and daily shopping without leaving the building envelope.
The development comprises 338 units along Woodlands Road, with a 99-year lease commencing from 2010. At roughly 83 years remaining, the lease is comfortable for financing purposes and will not trigger CPF restrictions for another eight years. What makes The Tennery unusual in the OCR landscape is not its size or prestige — it is unambiguously a mid-market, practical development — but its raw yield mathematics. With a median price of S$815,000 and average monthly rent of S$2,881, the gross yield sits at approximately 4.27%, placing it firmly in the top tier of yield-generating condos in Singapore’s suburban ring.
For investors seeking cash-flow-positive or near-neutral rental properties without the quantum burden of central region assets, The Tennery presents a compelling case study. The low absolute entry price, strong rental demand from the Bukit Panjang residential catchment, and integrated transport access create a combination that few OCR developments can match on pure numbers.
Location & Connectivity
The Tennery’s location story is built entirely around one fact: it sits physically on top of Ten Mile Junction LRT station, with Bukit Panjang MRT/LRT interchange station just 340 metres away. This is not “near an MRT” — it is literally integrated with the transit network. The Bukit Panjang interchange serves both the Downtown Line (DTL) and the Bukit Panjang LRT loop, providing direct access to the CBD via DTL and feeder connectivity across the Bukit Panjang–Choa Chu Kang corridor via LRT.
The DTL connection is the real asset here. From Bukit Panjang station, it is roughly 30 minutes to Downtown/Bayfront and 35 minutes to Bugis, all without transfers. For daily commuters working in the CBD or Marina Bay area, this is a viable door-to-desk time that competes with many RCR locations once you factor in actual walking distances at both ends.
Below the residential towers, Bukit Panjang Plaza provides a FairPrice supermarket, food court, clinics, and everyday retail. Hillion Mall, directly connected to Bukit Panjang MRT, adds a more modern retail layer with additional dining options and a rooftop garden. Junction 10 is a short walk further along Woodlands Road. For a suburban location, the daily convenience infrastructure is genuinely strong — residents can handle most errands without getting into a car.
For drivers, access to the BKE (Bukit Timah Expressway) is straightforward via Woodlands Road, connecting to the PIE and CTE network. Jurong East is about 15 minutes by car; Orchard Road roughly 20 minutes in off-peak conditions.
Schools & Education
5 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Pei Hwa Presbyterian Primary School | primary | Within 1 km |
| Unity Primary School | primary | Within 1 km |
| Springdale Primary School | primary | Within 1 km |
| West Spring Secondary School | secondary | Within 1 km |
| West Spring Primary School | primary | Within 1 km |
| Greenridge Secondary School | secondary | Within 1 km |
| Fajar Secondary School | secondary | Within 1 km |
| Bukit Panjang Primary School | primary | Within 1 km |
Facilities
Let’s be direct: The Tennery is a 338-unit development above a commercial podium, and its facilities reflect that scale. You get the essentials — a swimming pool, a smaller wading pool, a gym, BBQ pits, a function room, and a landscaped deck — but this is not a mega-condo resort experience. There is no tennis court, no sprawling clubhouse, no themed gardens. The pool deck sits above the commercial floors, which means it is elevated and relatively private, but compact.
What The Tennery trades in on-site recreation, it compensates for with the commercial podium below. The integrated Bukit Panjang Plaza effectively becomes an extension of the development’s amenity set: supermarket runs, quick meals at the food court, clinic visits, and banking errands are all achievable within the same building structure. For time-pressed working professionals or investors furnishing a rental unit, this practical convenience often matters more than a second pool or a tennis court.
Residents note that the facilities are well-maintained but basic. The gym is modestly equipped, and the pool area can feel crowded during peak weekend hours given the limited deck space. For buyers who prioritise resort-style living, this is a clear miss — but for yield-focused investors or practical owner-occupiers, the trade-off is acceptable given the price point.
Unit Sizes & Layout
The Tennery’s unit mix skews toward compact configurations, consistent with its positioning as an accessible entry-point condo. Units range from studios and one-bedrooms through to three-bedroom layouts. The smaller units — particularly the one- and two-bedroom configurations — are the workhorses of the rental market here, and they are designed with efficiency in mind rather than spacious living.
Build quality is functional but firmly mid-market. The development was completed in 2013, and fittings reflect the era and price point — serviceable but not premium. Most investor-owners have furnished units to a practical rental standard without extensive renovation, which keeps the all-in investment quantum low. For own-stay buyers, budget for kitchen and bathroom upgrades if you want a more contemporary feel.
One consideration for higher-floor units: being situated along Woodlands Road, some stacks will have road noise exposure. Stacks facing the internal courtyard or away from the main road are preferable for own-stay comfort, though the noise differential is less of a concern for rental tenants who value the transit convenience.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 1 BR | 106 | $1,279 | $785,469 |
| 2 BR | 30 | $1,216 | $1,066,063 |
Pricing & Market Position
Based on 136 recorded transactions, sale prices range from $660,000 to $1,270,000, averaging $847,365 (~$1,356 psf).
Rents range from $1,700 to $4,500 per month across 633 rental transactions. Current rental yield sits at approximately 4.3%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 20% (from $1,143 to $1,371 psf).
Neighbourhood Comparison
The Tennery competes in a District 23 landscape that has seen significant new supply in recent years, but it holds a distinct position on price. Sol Acres, the 1,327-unit mega development at Choa Chu Kang, trades at a similar PSF (~S$1,380) but offers a very different living experience — scale, more facilities, but also more density and a less convenient MRT connection. Midwood (S$1,729 psf) and Dairy Farm Residences (S$1,659 psf) are newer, with fresher leases commencing 2018, and benefit from the Hillview/Dairy Farm nature corridor appeal. The Botany at Dairy Farm (S$2,053 psf) and Lumina Grand (S$1,514 psf) represent the newest supply with 2022 leases.
The critical comparison for investors is not PSF but total quantum and yield. At a median price of S$815,000, The Tennery’s entry cost is substantially below Midwood or Dairy Farm Residences, where comparable units trade well above S$1 million. The rental market in the Bukit Panjang corridor does not reward newer developments proportionally — a two-bedroom at The Tennery rents within 10–15% of a comparable unit at Midwood, despite the 25%+ price gap. This rental-price compression is exactly what makes The Tennery’s yield so attractive.
For own-stay buyers choosing between these options, the decision hinges on priorities. If nature surroundings and a newer product matter most, Midwood or Dairy Farm Residences are superior. If transit integration and keeping housing costs low are the priority, The Tennery remains hard to beat in this corridor.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| THE TENNERY | 99 yrs lease commencing from 2010 | 2013 | 338 | $1,356 |
| SOL ACRES | 99 yrs lease commencing from 2014 | 2018 | 1,327 | $1,383 |
| MIDWOOD | 99 yrs lease commencing from 2018 | 2021 | 564 | $1,731 |
| LUMINA GRAND | 99 yrs lease commencing from 2022 | 2024 | 512 | $1,515 |
| DAIRY FARM RESIDENCES | 99 yrs lease commencing from 2018 | 2021 | 460 | $1,659 |
| THE BOTANY AT DAIRY FARM | 99 yrs lease commencing from 2022 | 2023 | 386 | $2,053 |
Lease Decay Analysis
The 99-year lease runs from 2010, meaning approximately 16 years have already been consumed. Roughly 83 years remain — still comfortably within the range where most banks will offer full financing without restrictions.
| Year | Lease remaining | Implication |
|---|---|---|
| 2026 (now) | ~83 years | Full bank financing available |
| 2040 | ~69 years | CPF usage still unrestricted for most buyers |
| 2049 | ~59 years | Approaching 60-year threshold — CPF limits begin for some |
| 2069 | ~39 years | Significant financing restrictions for next buyer |
| 2109 | 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 ~73 years remaining, which is still very bankable. The risk profile changes for longer holds.
ShiokNest Scores
Our proprietary scoring system evaluates THE TENNERY across multiple dimensions.
What Residents Say
“Convenience is the number one selling point. LRT is literally downstairs, Bukit Panjang MRT is a short walk. FairPrice and food court are in the same building. For daily living, you really don’t need a car.”
— Resident review via PropertyGuru
“Facilities are basic but the location more than makes up for it. I rent out my unit and tenants love the transport connectivity. Never had trouble finding tenants.”
— Owner review via EdgeProp
“Units are on the small side and finishings are average. But for the price you pay, it’s hard to complain. The integrated mall downstairs is genuinely useful.”
— Resident review via 99.co
The consistent theme across resident feedback is convenience over luxury. Owners and tenants alike highlight the seamless LRT/MRT access and the integrated commercial podium as the development’s defining advantages. Criticisms centre on compact unit sizes, basic facilities, and road noise on certain stacks — trade-offs that are well-understood at this price point. Investor-owners report strong tenant demand and minimal vacancy, which aligns with the yield data.
1. Junction-10 mall integration is real, even if the rail integration is not. The Tennery’s residential towers sit directly atop Junction 10, a Far East–developed mall housing Sheng Siong supermarket, F&B chains, dentist and clinic services, a Bukit Panjang Polyclinic across the road, and enrichment centres — the day-to-day convenience set that mass-market families and retirees actually use. From your lift lobby to a Sheng Siong trolley is roughly two minutes of weather-protected walking; the polyclinic is one signalised crossing away. For the buyer who runs errands four or five times a week, that compounds into hundreds of saved minutes a year. As of 2026-05, transactions cluster at S$1,265 average PSF (S$1,371 PSF for the 8 caveats logged through April 2026) across 136 total transactions on record per the D23 price heatmap and URA Realis.
2. Gross rental yields land in the 4.0–4.3% band — competitive for OCR private stock. Among 153 rental caveats filed since January 2025 per database aggregates, 1-bedroom units median S$2,999/month at S$4.62 psf and 2-bedroom units median S$3,766/month at S$4.36 psf (as of 2026-05). Pairing 1-bedroom rents against the 2024–2026 1-bedroom resale band of approximately S$829k gives a gross yield of ~4.3%; the 2-bedroom band at ~S$1.17M resale delivers ~3.8% gross. Both numbers run ahead of the 3.0–3.4% gross typical of comparable OCR private condominiums — an artefact of the long resale discount that has accumulated since launch (see risks below). Investors should run the yield maths against their financing assumptions on our rental-yield calculator and cash-flow tool.
3. The DTL terminus + bus interchange is still a 5-minute covered walk — not a deal-breaker for tenants. Even without its own LRT stop, The Tennery sits within 350–400 metres of the Bukit Panjang Integrated Transport Hub, where the Downtown Line terminates at Newton, Little India and Bugis on a one-seat ride. Tenants doing the door-to-DTL-platform walk in 5–6 minutes treat it as an acceptable trade-off given the rent gap versus Hillion Residences. The 2026 completion of the Bukit Panjang LRT renewal programme — with 88% complete as of late 2025 per LTA — further normalises the catchment’s transit reputation, indirectly supporting The Tennery’s tenant pool. Buyers verifying their own commute should plot the route on our commute-time map.
4. The lease has runway and CPF eligibility is comfortable. At year 16 of the 99-year lease (commencing 2010, as of 2026-05), The Tennery has approximately 83 years remaining — well above all the standard CPF lease-thresholds for full usage. The lease-decay inflection at 75 years remaining lands around 2034; buyers with hold horizons inside that window face no structural pricing headwind from decay alone. Side-by-side comparable shortlisting against other D23 stock via our comparison tool helps frame the lease-vs-PSF trade.
1. The launch-price overhang has been the dominant story for a decade. Far East Organization launched The Tennery in January 2011 at an average S$1,143 psf — a premium to the District 23 new-launch average of the same period — and the resale market has spent 13 years grinding off that premium rather than building on it. Even now, the 2026-04 PSF reading of S$1,371 reflects only modest annualised appreciation from launch (roughly 1.6% nominal per year as of 2026-05). Buyers underwriting a flip or short-hold thesis must price this history in explicitly via our total-cost calculator — the project has not historically rewarded capital appreciation the way mass-market District 23 stock at lower entry prices has.
2. The 2019 closure of Ten Mile Junction LRT station permanently reshaped the value case. The Tennery was originally pitched with a direct LRT connection at Ten Mile Junction station, integrated into Junction 10 mall. Ten Mile Junction was closed in 2019 due to persistently low ridership (as of 2026, it remains the first and only rail station in Singapore to be permanently removed from the network per LTA records). That single decision shifted The Tennery from a true MRT-integrated development to a project that walks 4–6 minutes to the Bukit Panjang interchange — closing much of the rental and resale gap to Hillion Residences, which retains direct basement-level access. Buyers comparing the two should factor this asymmetry honestly rather than treating “integrated” as a like-for-like label.
3. Liquidity is thin and the buyer pool skews price-sensitive. The 136 caveats since TOP averages roughly 10–11 transactions per year — materially thinner than the surrounding D23 condo cohort and below the OCR median. Sellers needing a fast exit (under 6 months from listing) should expect concessions of 4–8% off the prevailing band, particularly on the higher floors and larger 2-bedroom stacks where the buyer pool is narrowest. Stress-test affordability and exit pricing on our affordability calculator before committing.
4. Junction 10 is a Far East–managed mall, not an MCST-controlled commercial strata. Far East retained ownership of the mall, which means tenant mix and operating decisions are set by an outside party with its own commercial calculus. The mall has settled into a stable everyday-convenience format with Sheng Siong as the anchor, but residents have no voting voice if Far East rotates tenants toward higher-rent categories. This is a structural feature buyers accept on entry — not a fixable post-purchase grievance.
5. Lease decay is the long-horizon variable that bites past 2034. The 83 years remaining (as of 2026-05) is comfortable for 10–15 year holds, but the 75-year inflection at 2034 begins meaningful decay pricing. Buyers holding past 2040 should model the curve explicitly via our lease-decay visualiser and cross-reference our 99-year leasehold buyer’s guide. The thesis that requires a clean exit before 2034 is sound; the multi-decade hold thesis needs explicit modelling.
Who The Tennery fits best (as of 2026-05)
- Young couple seeking entry-tier private convenience — GREEN. At S$800k–S$870k entry on a 1-bedroom (per 2024–2026 caveats), The Tennery is one of the more accessible private-condo entry points in D23 with genuine daily-convenience amenity. Stress-test the financing path on our affordability calculator and mortgage calculator.
- Yield-focused investor with HDB+1 portfolio — GREEN. The 4.0–4.3% gross yield band on 1-bedroom and 2-bedroom stacks, paired with the Junction 10 anchor tenant set and the post-renewal LRT catchment, is one of the more defensible OCR rental-investment cases under S$1M entry. Verify stamp-duty load on the stamp-duty calculator.
- Bukit Panjang HDB upgrader staying in the catchment — GREEN. For families already rooted in Bukit Panjang who value the Junction 10 / polyclinic / DTL access without the Hillion Residences premium, The Tennery is the rational private-condo step. Map the journey on our HDB-to-condo upgrade guide.
- Capital-appreciation flipper on a 3-year horizon — RED. The launch-premium overhang and thin liquidity make this an unfavourable flip asset. The historical pattern of slow annualised appreciation (roughly 1.6% nominal since launch, as of 2026-05) is structural — not a near-term cycle artefact — and a 3-year exit risks selling into the same thin pool that priced you in.
- Foreign professional anchored to Marina Bay or CBD — AMBER. The 45–55 minute door-to-Raffles-Place commute via DTL plus the western-edge geography limits the executive-tenant ceiling. Viable for renters whose work centres on the Downtown Line corridor (Bugis, Promenade, one-north via interchange); friction for hard CBD commutes.
- Liquidity-sensitive owner needing exit optionality within 90 days — RED. The ~10-transaction/year baseline (as of 2026-05) does not support quick unconditional exit. Acceptable for buy-and-hold; not for short-fuse capital deployment.
Bottom line (as of 2026-05)
The Tennery is a project whose pricing has been ground honest by a decade of disciplined resale — and that, paradoxically, is now its most interesting feature for the right buyer. The 2026-05 PSF band of S$1,265–S$1,371, paired with 4.0–4.3% gross rental yields on 1-bedroom and 2-bedroom stacks and a Junction 10 mall integration that is genuinely useful day-to-day, makes the entry case for yield-focused investors and Bukit Panjang HDB upgraders a defensible one. The launch-premium overhang from Far East’s 2011 pricing has largely been absorbed into the current market (per URA Realis caveats through April 2026); what remains is an OCR project priced like an OCR project, with thinner liquidity than its surrounding cohort.
The honest pushback is that this is not Hillion Residences. The Ten Mile Junction LRT closure in 2019 (as of 2026 still the only such permanent closure in Singapore’s rail history per LTA records) shifted The Tennery from a directly-rail-integrated project to a 4–6 minute walk to the Bukit Panjang DTL/LRT/bus interchange — close enough for tenants, not close enough for the lift-lobby moat the marketing originally implied. Buyers running a 7–12 year hold thesis with rental income as part of the underwriting will find the value here; flippers, foreign professionals fixed to CBD, and anyone treating “integrated” as a one-word label without examining the 250 metres in between should look at Hillion Residences instead.
Before committing capital, confirm your specific stack’s caveat band against the live D23 price heatmap, model the all-in cost on the total-cost calculator, and stress-test financing under the prevailing MAS TDSR rules on the mortgage calculator. Verify current ABSD applicability on the IRAS stamp-duty pages. Read the wider district context on the District 23 overview and the rail-station MRT page at Bukit Panjang MRT.