The Topiary
The Topiary is a 700-unit Executive Condominium in Fernvale, completed in 2015 on a 99-year lease commencing 2012. Developed by Kheng Leong (the property arm of the Wee family) on Fernvale Lane in District 28, the project sits at the heart of the Sengkang/Seletar Hills growth belt — a stretch that has steadily matured around the Fernvale LRT loop, Seletar Mall, and the wider Sengkang town centre. As an EC, it carries the hybrid DNA that defines the segment: public-housing pricing discipline at launch, private-condo facilities and finishes, and a multi-stage tenure clock that has now fully run its course.
As of 2026, The Topiary is in Year 14 post-launch, and crucially it has been fully privatised since 2023 when it crossed the 10-year mark from TOP. That privatisation gate is the central lens for any 2026 buyer: foreigners and corporate entities can now purchase, resale pricing is no longer ring-fenced from the private market, and direct comparisons against neighbouring 99-year private condos like High Park Residences and Riverparc Residence are now apples-to-apples. With ~85 years of lease remaining on a 2012 commencement, the question is whether the EC-vs-private discount still offers a margin of safety, or whether lease decay and pipeline supply have already closed the gap. This review unpacks both sides.
Snapshot as of 2026-05 — figures above reflect publicly available URA/HDB data at the time of this editorial review (as of 2026-05).
District 28 (Seletar / Sengkang / Fernvale / Yio Chu Kang) is one of the OCR’s most family-oriented sub-markets — a planned satellite belt anchored by the Sengkang and Punggol LRT loops, mid-tier malls, and a strong concentration of MOE primary schools. District 28 analytics show median PSF tracking the OCR average closely, with EC-derived stock typically transacting at a 10–15% discount to comparable 99-year private leasehold in the same vintage band — a discount that compresses as the EC ages through its MOP and privatisation gates.
The Topiary itself comprises 700 units across multiple blocks, with a full mega-facility deck including a 50m lap pool, gym, function rooms, BBQ pavilions, and tennis courts — the kind of facility loading that EC developers used aggressively in the 2012–2015 cohort to justify near-private launch pricing. Fernvale LRT station (on the Sengkang LRT West Loop) is roughly 5 minutes on foot, with onward interchange at Sengkang MRT/LRT for the North East Line. Seletar Mall is one LRT stop away, and Greenwich V plus the wider Yio Chu Kang amenity belt sit within a short drive. Buyers comparing post-privatisation EC stock should run side-by-side comparisons with High Park Residences (sibling D28 mega-project, 1,390 units, private 99LH) and Riverparc Residence (Punggol EC, similar vintage), and study the price heatmap to see how Fernvale PSF compares with Sengkang Central and Buangkok along the NEL corridor.
Overview & Key Facts
The Topiary is a 700-unit executive condominium at Fernvale Lane in District 28, developed by Peak Living Pte Ltd (a subsidiary of Qingjian Realty) and completed in 2016. Now fully privatised after surpassing its 10-year minimum occupation period milestones, The Topiary can be freely sold to any buyer — including foreigners — without restrictions, making it a compelling entry point into the Sengkang private residential market.
Spread across eight 11-storey blocks on a sizeable site, The Topiary offers the generous unit configurations and common space that ECs are known for, at price points well below comparable private condos. The development’s name nods to the ornamental garden hedging art form, and the landscaping throughout the estate reflects this botanical theme with manicured green spaces and garden pathways connecting the blocks.
At an average PSF of $1,499, The Topiary occupies a sweet spot for upgraders: private-condo facilities and privatised status at roughly two-thirds the PSF of a new OCR launch. The trade-off is transport connectivity — the development relies on the Sengkang LRT rather than direct MRT access, which shapes the daily commute for residents who depend on public transport.
Location & Connectivity
The Topiary sits in the Fernvale precinct of Sengkang, a pocket that has matured considerably since the estate was first developed. Fernvale LRT station (590m) and Thanggam LRT station are the nearest transit options, connecting to Sengkang MRT on the North-East Line. The LRT-to-MRT transfer adds approximately 8–10 minutes to any journey, which is a real consideration for daily commuters — a trip to the CBD via Sengkang MRT takes roughly 40–45 minutes door-to-door.
The Topiary is served by the Sengkang LRT West Loop, not direct MRT access. While the LRT connects to Sengkang MRT (North-East Line), the transfer adds time and the LRT frequency can be inconsistent during off-peak hours. For residents who drive, the TPE and SLE are both accessible within 5 minutes, making the car a more practical daily option for many families.
The neighbourhood has solid daily amenities. Greenwich V — a small but functional mall with a supermarket, F&B, and retail — is within walking distance. Seletar Mall (700m, about a 9-minute walk) offers a larger retail selection. For more extensive shopping, Compass One at Sengkang MRT is a short LRT ride away. The popular Ci Yuan Hawker Centre, with its 40 food stalls, provides affordable dining options nearby.
School proximity is reasonable. Fernvale Primary (780m) falls within the 1km registration zone, and North Vista Primary (1.06 km) is just outside it. Sengkang General Hospital (3 km) anchors healthcare services for the area. For recreation, the Sungei Punggol Park Connector and Sengkang Riverside Park are accessible by cycling or a short drive, offering green space for weekend activities.
Schools & Education
1 primary school within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Fernvale Primary School | primary | Within 1 km |
| North Vista Primary School | primary | ~1.1 km |
| North Vista Secondary School | secondary | ~1.1 km |
| Chongfu School | primary | ~1.3 km |
| Presbyterian High School | secondary | ~1.7 km |
| Townsville Primary School | primary | ~2.0 km |
Facilities
The Topiary offers a comprehensive facility suite across its generously proportioned grounds. The main swimming pool and a separate children’s wading pool are complemented by a gymnasium, tennis court, BBQ pavilions, a clubhouse, and a children’s playground. The landscaping is a genuine highlight — the topiary-themed gardens and communal lawns create a green, resort-like feel that benefits from the relatively low-rise 11-storey blocks allowing sunlight to reach the ground level. For a 700-unit EC, the facility-to-resident ratio is decent, though weekends can see higher usage of the pool and BBQ areas.
“We moved from an HDB in Sengkang and the lifestyle upgrade is huge. The grounds are well maintained and the pool rarely feels overcrowded. The tennis court is first-come-first-served and our kids practically live at the playground on weekends. For the price we paid, the value is exceptional.”
— Resident review, EdgeProp, 2024
Unit Sizes & Layout
Unit types range from 2-bedroom (753 sq ft) to 5-bedroom dual-key (2,228 sq ft), with the larger configurations reflecting the EC tradition of generous floor areas. The 3-bedroom units at approximately 1,000–1,100 sq ft and 4-bedroom units at around 1,300–1,400 sq ft are notably more spacious than what current new launches offer at similar or higher PSF. Layouts are efficiently designed with minimal wastage from planters and bay windows — a Qingjian hallmark that maximises useable living space. The 5-bedroom dual-key option is particularly appealing for multi-generational families or investors seeking to rent out one portion.
Stacks on the periphery facing the surrounding landed housing enjoy the most open views and best resale potential. The blocks along the southern edge benefit from views toward the low-rise houses and Jalan Kayu area. Internal-facing stacks have pool and garden views but less natural ventilation. Higher floors (8th storey and above) in the outer stacks can see as far as the city skyline on clear days.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 2 BR | 140 | $1,218 | $1,068,923 |
| 3 BR | 203 | $1,237 | $1,442,711 |
| 4 BR | 45 | $1,165 | $1,647,647 |
| 5 BR | 9 | $1,109 | $2,420,308 |
Pricing & Market Position
Based on 397 recorded transactions, sale prices range from $760,000 to $2,955,888, averaging $1,356,288 (~$1,521 psf).
Rents range from $1,316 to $6,300 per month across 184 rental transactions. Current rental yield sits at approximately 3.6%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 46.6% (from $1,045 to $1,532 psf).
Neighbourhood Comparison
In the D28 EC-to-private landscape, The Topiary competes with Parc Greenwich ($1,234 PSF, 496 units) — a newer EC near Greenwich V that offers slightly lower PSF but has not yet fully privatised. High Park Residences ($1,481 PSF, 1,390 units) is a private condo alternative at a similar PSF with MRT proximity to Fernvale LRT, though its mega-development scale means a very different living experience. Nearby Parc Botannia ($1,591 PSF, 735 units) is a private condo with slightly higher PSF and marginally better finishing quality.
The Topiary’s edge is its sweet spot of privatised status, generous unit sizes, and the lowest PSF among these comparables. The $265 premium over Parc Greenwich buys you full privatisation (no resale levy, no citizenship restrictions), while the $82 discount to High Park buys you lower density and a more community-oriented scale. For pure yield comparison, The Topiary’s 3.61% outperforms all three neighbours, reflecting its lower capital base relative to achievable rents.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| THE TOPIARY | 99 yrs lease commencing from 2012 | — | 700 | $1,521 |
| PARC GREENWICH | 99 yrs lease commencing from 2020 | 2021 | 496 | $1,234 |
| HIGH PARK RESIDENCES | 99 yrs lease commencing from 2014 | 2020 | 1,376 | $1,481 |
| PARC BOTANNIA | 99 yrs lease commencing from 2016 | 2009 | 735 | $1,592 |
| SELETAR HILLS ESTATE | 999 yrs lease commencing from 1879 | — | — | $1,494 |
| RIVERBANK @ FERNVALE | 99 yrs lease commencing from 2013 | 2018 | 555 | $1,311 |
ShiokNest Scores
Our proprietary scoring system evaluates THE TOPIARY across multiple dimensions.
What Residents Say
“Best value EC we could find in 2023. We got a 4-bedder at around $1.3M — try finding that at a new private condo. The kids have space, the facilities are decent, and Greenwich V is walkable for groceries. The LRT is what it is, but we drive most places anyway.”
— Resident review, PropertyGuru, 2024
“The LRT commute is the biggest drawback. Fernvale LRT to Sengkang MRT, then NEL to the city — it’s 45 minutes on a good day. If the MRT was within walking distance, this place would be worth $200 PSF more easily. But for the price, you can’t complain.”
— Resident review, EdgeProp, 2025
“We’ve been here since TOP in 2016 and the estate has aged well. Maintenance fees are reasonable at about $300 for a 3-bedder. The neighbourhood has improved with Seletar Mall and more food options. Our unit has appreciated nicely since we bought at launch.”
— Original owner, PropertyGuru, 2025
Fully privatised — pricing transparency unlocked. Since crossing the 10-year mark from TOP in 2023, The Topiary trades in the open private resale market with no citizenship or income restrictions on buyers. That removes the artificial demand ceiling that suppresses EC pricing during the MOP-to-privatisation window and aligns it with comparable private 99LH stock. Foreign buyers and corporate entities are now eligible (subject to MAS ABSD frameworks), broadening the resale pool meaningfully.
EC value-vs-private discount still present. Despite full privatisation, market memory of the EC origin tends to keep a 8–12% PSF discount versus same-vintage private 99LH stock in D28. For Singapore citizen or PR families willing to accept the EC heritage as a non-issue, this is a genuine value-vs-private arbitrage — particularly when stacked against the mega-facility profile. Use the mortgage calculator and total cost calculator to model the absolute savings.
Mega-facility loading at 700 units. The 2012–2015 EC cohort was the high-water mark for facility extravagance — developers loaded amenity decks aggressively to justify EC launch pricing close to entry-private levels. The Topiary inherits that benefit: a 50m lap pool, full tennis courts, multiple BBQ pavilions, and function space that comparable smaller private leasehold projects in D28 cannot match. Families with children rate this consistently in resale interviews.
Fernvale LRT plus Seletar Mall ecosystem. The Fernvale LRT loop has matured into a genuine amenity cluster. Seletar Mall opened in 2014 and has become the area’s anchor F&B and grocery hub, with Greenwich V and the Jalan Kayu food belt adding further depth. The catchment supports Pei Hwa Secondary, Sengkang Green Primary, and Fern Green Primary within a 1–2km radius — useful for HDB upgraders eyeing the EC-to-private transition.
LRT-only access — no direct MRT on the doorstep. Fernvale LRT is convenient but it remains a feeder line; commuters need to interchange at Sengkang for the North East Line, adding 5–8 minutes versus a direct MRT-adjacent property. This is the single biggest structural headwind to Topiary’s long-term PSF rerating — comparable Sengkang Central and Buangkok stock with direct NEL access typically command a 5–8% premium. Buyers should weigh this when running affordability calculations.
Lease decay clock — ~85 years remaining. The 99-year lease commenced in 2012, so as of 2026 the project has roughly 85 years of runway. That is still well above the 60-year threshold where CPF and bank financing constraints kick in, but the lease decay curve steepens after the 30-year mark. Buyers with a 10–15 year horizon are comfortably inside the safe zone; longer-hold investors should model the impact using a lease decay calculator and revisit financing assumptions every 5 years.
OCR supply pipeline in D27/D28. The broader Sengkang/Punggol/Yishun belt has seen sustained new-launch supply in the 2022–2026 window, including large EC tenders and private 99LH launches. New stock with longer fresh lease and modern unit layouts will continue to compete for upgrader demand. The Topiary’s 2015 vintage means it now sits in the “mature stock” category, which trades on amenity and price rather than novelty. Investors should pressure-test cash flow scenarios against rising local supply.
700-unit absorption on exit. A 700-unit mega-development means owners selling in any given year compete with neighbours offering identical stacks. Floor selection, facing, and renovation condition matter materially — lower-floor units with internal-facing views typically sit on the market 30–60 days longer than higher-floor stacks with unblocked outlook. Study the price heatmap for recent caveat distribution before committing.
Best fit: Singapore citizen or PR families with a 7–10 year horizon, upgrading from an HDB flat and prioritising value-per-square-foot over CBD proximity. The post-privatisation pricing combined with mega-facility loading makes The Topiary one of the more rational family-condo choices in D28 — verify your buying power and ABSD exposure with the affordability calculator first.
Also suitable: HDB upgraders selling a flat and exploring EC-derived stock as a step-up before private — the value-vs-private discount provides a real cushion. Investors with a moderate yield appetite and tolerance for LRT-only access may also find the asset class compelling, particularly if they can hold through a 7–10 year cycle. Confirm HDB grant claw-back exposure if you used CPF housing grants on your prior flat.
Less suitable: Foreign buyers facing the 60% ABSD — even at the EC-derived discount, the ABSD loading makes the maths punishing versus comparable private stock with similar lease runway. Short-horizon flippers should also reconsider; transaction costs (BSD via stamp duty calculator, agent fees, any SSD exposure) compound against the LRT-only access drag. Couples evaluating a decoupling strategy should model the full ABSD stack before committing, and revisit financing every 2–3 years using the refinancing calculator to manage rate exposure.
The Topiary in 2026 is a textbook post-privatisation EC story: the MOP gate is long past, the 10-year privatisation gate cleared in 2023, and pricing now competes transparently with neighbouring private 99LH stock. The thesis works if you believe (a) the EC-vs-private discount will continue to provide a structural cushion, (b) Fernvale’s LRT-plus-Seletar-Mall ecosystem is good enough for family living without direct MRT, and (c) the ~85-year lease runway remains comfortably inside the financing-friendly zone for your hold period.
What buyers must accept is the LRT-only access, the steady OCR pipeline supply pressure, and the absorption dynamics of a 700-unit mega-development on exit. The mega-facility loading and post-privatisation pricing transparency are genuine differentiators, but they do not fully offset the connectivity gap versus Sengkang Central or Buangkok stock with direct NEL access.
For the right buyer — Singapore citizen or PR family, 7–10 year horizon, value-led HDB upgrader — The Topiary offers one of the more disciplined family-condo entry points in D28. For foreign buyers facing 60% ABSD, or investors needing direct MRT-adjacent yield, the project is harder to justify. As always, model your full ROI scenarios using the ROI calculator before committing.
Sources & References
Frequently Asked Questions
Is The Topiary fully privatised?
How do you get to the MRT from The Topiary?
What is the rental yield?
How much lease is remaining?
What is the biggest drawback of The Topiary?
How does The Topiary compare to new ECs?
Is The Topiary still an Executive Condominium in 2026?
No — The Topiary was fully privatised in 2023 when it crossed the 10-year mark from TOP (2015). It now trades in the open private resale market with no citizenship or income restrictions on buyers, and foreign buyers and corporate entities are eligible subject to ABSD frameworks. See the HDB EC framework for background on the EC tenure stages.
How does The Topiary compare to High Park Residences and Riverparc Residence?
All three are large 99-year leasehold projects in D28, but High Park Residences (1,390 units, 2018 TOP) is a private launch with direct Fernvale Road frontage, while Riverparc Residence is a Punggol EC of similar vintage. The Topiary sits between them on scale and amenity loading. Run a side-by-side comparison before committing — pricing differentials reflect tenure heritage, MRT proximity, and facility profile.
Can I still use CPF Housing Grants on a Topiary purchase?
No — CPF Housing Grants apply only to first-hand EC purchases from the developer during the launch window. The Topiary is now a resale private property post-privatisation, so standard private resale rules apply. See the CPF Housing Grant framework for which grants apply to which property types.