The Terrace

Overview & Key Facts

The Terrace is a 747-unit Executive Condominium at Edgedale Plains in Punggol, developed by Kheng Leong Co (Pte Ltd) under the Peak Square brand. Completed in 2018, this 12-block development ranging from 13 to 17 storeys enjoys a coveted position overlooking the Punggol Waterway — one of only three developments in the Punggol precinct to offer genuine waterfront living. The EC has fully satisfied its Minimum Occupation Period (MOP) and is now freely tradeable on the open market, making it accessible to both Singaporean and PR buyers.

What distinguishes The Terrace from its Punggol neighbours is unit size. In an era of shrinking floor plates, The Terrace’s three-bedroom premiums start at 1,076 sq ft and four-bedrooms at 1,313 sq ft — significantly larger than comparable units in newer ECs and many private condominiums. The development’s three-tiered terrace concept organises facilities into active, leisure, and tranquil zones, creating a layered landscape that maximises the waterway frontage.

At a current average of $1,518 psf, The Terrace represents one of Punggol’s strongest value propositions. The PSF trajectory — from $1,209 to $1,572 in recent transactions — demonstrates consistent appreciation that has rewarded original ballot holders handsomely. With a gross yield of 3.43% and median rent of $4,000, it also delivers respectable rental returns for an EC. The trade-off is its 99-year lease from 2013, which at 86 years remaining is comfortable but will eventually require consideration for buyers with very long holding horizons.

Location & Connectivity

The Terrace sits at the junction of Punggol Drive and Edgedale Plains, immediately adjacent to Kadaloor LRT station — a literal stone’s throw at 220 metres. Oasis LRT is 370 m in the opposite direction, giving residents two LRT options for connecting to Punggol MRT interchange (North-East Line), from which the CBD is approximately 35 minutes by train. A side gate near Block 92 provides direct access to the LRT platform and bus stops, streamlining the daily commute.

The Punggol precinct has matured considerably since The Terrace’s launch. One Punggol, completed in 2022, brings a 700-seat hawker centre, Singapore’s largest public library (five storeys), a polyclinic, and community club to the neighbourhood. Waterway Point mall at Punggol MRT provides over 370,000 sq ft of retail including a Shaw Theatres IMAX, FairPrice Finest, and al fresco waterfront dining. Daily necessities are well-covered.

For families, Oasis Primary School sits just 540 m away, and the SIT campus at 780 m offers tertiary education without a long commute. The My Waterway @ Punggol — a 4.2 km promenade with cycling tracks, water sports facilities, and landscaped gardens — runs alongside the development, providing an exceptional recreational corridor. Coney Island, a 2.4 km nature reserve, is accessible by cycling or a short drive.

Schools & Education

3 primary schools within the 1 km Priority Phase balloting radius.

Facilities

The Terrace’s facilities are organised around its signature three-tiered terrace concept, which divides the amenity landscape into active, leisure, and tranquil zones stepping down toward the Punggol Waterway. The 50-metre swimming pool anchors the active zone, supported by a children’s pool, an underwater fitness station, and a sun deck. The leisure tier features BBQ pavilions, a function room, games room, and a hammock lounge overlooking the waterway. The tranquil tier offers a yoga deck and landscaped garden paths that connect to the external waterway promenade.

The gymnasium is adequately equipped for a mid-sized EC, and the clubhouse provides indoor social spaces including a function room for events. Security is managed with gantry access and 24-hour guard patrols. One notable absence is a tennis court — active residents who play regularly will need to book facilities elsewhere.

“The waterway views from the pool deck are the real selling point — it’s genuinely peaceful in the evenings. The hammock lounge is my favourite spot on weekends. Facilities are not as extensive as the mega-developments, but for 747 units everything is well-maintained and rarely overcrowded.”

— Owner-occupier, four-bedroom premium, since TOP

Unit Sizes & Layout

The Terrace offers one of the most generous unit-size ranges among Punggol ECs. The mix spans three-bedroom (1,001 sq ft, 143 units), three-bedroom premium (1,076–1,173 sq ft, 401 units), four-bedroom (1,313 sq ft, 126 units), four-bedroom premium (1,442 sq ft, 67 units), and five-bedroom penthouses (1,711 sq ft, 10 units). These sizes are substantially larger than what newer ECs deliver — a significant advantage for families who prioritise living space over novelty.

The units come in two primary orientations: Punggol Drive facing (morning sun, some road noise) and My Waterway facing (waterway views, afternoon sun). Interior finishes are typical of EC-grade construction — homogeneous tiles in common areas, timber-strip flooring in bedrooms, and branded kitchen appliances. While not at the level of a UOL or CDL private condo, the finishes are durable and practical. Ceiling heights are standard at 2.7–2.8 m.

Pricing & Market Position

Across 291 recorded transactions (all-time), sale prices range from $1,080,000 to $2,390,000, averaging $1,492,138.

Over the last 12 months, transactions averaged $1,551 psf.

Rents range from $2,500 to $5,800 per month across 85 rental transactions. Current rental yield sits at approximately 3.5%.

Rental Yield by Bedroom Type

Blended yield hides the spread between unit sizes — smaller units at THE TERRACE typically rent harder per dollar of purchase price. The final column shows monthly rent per $100,000 invested, so unit sizes compare on equal capital:

Price Appreciation

From 2021 to 2026, the average PSF has appreciated by 54.3% (from $1,017 to $1,570 psf).

Neighbourhood Comparison

Within the Punggol precinct, The Terrace ($1,518 psf) anchors the value end of the spectrum. Watertown ($1,787 psf) commands a $270 psf premium for its integrated-development status — direct access to Waterway Point mall and Punggol MRT, a genuinely compelling advantage for convenience-driven buyers. However, Watertown’s units are significantly smaller (suites from 533 sq ft versus The Terrace’s three-bedrooms from 1,001 sq ft), and its older lease (99 years from 2011, 84 years remaining) is two years shorter.

Among ECs, Piermont Grand ($1,480 psf average, 99 years from 2018) offers a newer development with MRT access via Sumang LRT, but its unit sizes are notably smaller. North Gaia ($1,312 psf) in Yishun provides a lower entry point but in a less transformed precinct. The Terrace’s competitive advantage centres on the combination of unit size, waterway views, and a matured Punggol ecosystem that simply did not exist when the development launched.

Lease Decay Analysis

The 99-year lease runs from 2013, meaning approximately 13 years have already been consumed. Roughly 86 years remain — still comfortably within the range where most banks will offer full financing without restrictions.

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 ~76 years remaining, which is still very bankable. The risk profile changes for longer holds.

ShiokNest Scores

Our proprietary scoring system evaluates THE TERRACE across multiple dimensions.

What Residents Say

“We upgraded from a 4-room HDB in Sengkang and the space difference is remarkable. Our four-bedroom premium is 1,442 sq ft — try finding that in any new launch today below $1.5 million. The waterway view from our living room is stunning, and the kids cycle along the promenade every weekend.”

— Owner-occupier, four-bedroom premium, 6 years

“Commuting to the CBD is the main drawback — LRT to Punggol MRT then NEL to town takes about 40 minutes. But with One Punggol’s hawker centre, Waterway Point nearby, and the waterway at our doorstep, the lifestyle trade-off works for us. The SIT campus being close also means we get steady rental enquiries from families.”

— Owner-occupier and part-time landlord, three-bedroom premium

“I bought at launch for investment and have been renting it out since MOP ended. Tenants are typically young families who want space at Punggol prices. The yield is about 3.4%, which is reasonable. My only worry is the LRT connection — some tenants prefer developments right at Punggol MRT like Watertown.”

— Investor-owner, three-bedroom unit

Strengths & Weaknesses

Verdict

The Terrace has delivered exactly what original EC buyers hoped for: a spacious, well-located Punggol home that has appreciated steadily from $1,209 psf to current transacted levels above $1,500 psf, with rental yields comfortably above 3.4%. Now fully past its MOP, the development trades freely on the resale market, and its generous unit sizes — particularly the four-bedroom premiums at 1,442 sq ft — offer significantly more living space per dollar than most new private launches in the OCR segment.

Against its Punggol competitors, The Terrace occupies a clear niche. It lacks the integrated-development convenience of Watertown ($1,787 psf, directly above Waterway Point and Punggol MRT) but compensates with larger units and lower PSF. Newer ECs like Piermont Grand and North Gaia offer fresher finishes but at comparable or higher PSF with smaller floor areas. The waterfront positioning along My Waterway @ Punggol is a genuine lifestyle differentiator that only two other Punggol developments can claim.

The primary considerations are transport and lease. Kadaloor LRT access is convenient for reaching Punggol MRT, but LRT-to-MRT-to-MRT journeys to the CBD take approximately 35 minutes — materially longer than developments on the Circle or Downtown lines. The 86-year remaining lease is adequate for most holding horizons but will begin to weigh on resale beyond the 2050s. For families who work in the north-east corridor or prioritise space over centrality, The Terrace remains one of Punggol’s best-value homes.