Treasure Mansions
Overview & Key Facts
Treasure Mansions is a rare breed in Singapore's property landscape — a freehold condominium in District 19's coveted Kovan corridor that still offers entry below the $1 million mark. Completed in 2006 by Fragrance Properties Pte Ltd, this intimate five-storey development sits on Rosyth Avenue with just 12 units, giving it the quiet exclusivity of a boutique residence without the price premium that normally accompanies freehold tenure in the Outside Central Region (OCR).
For yield-focused investors, the headline numbers are compelling. Treasure Mansions has posted a gross rental yield of 4.27% — exceptionally high for Singapore condominiums in 2025 and well above the OCR average of 3.0–3.5%. With a median transaction price of $928,000 and average PSF appreciation from $1,095 to $1,340 (a 22% gain over recent years), this small development has quietly delivered both capital and income returns. The sub-$1M entry point for freehold condo ownership in Singapore is, in 2025, almost impossibly rare — and Treasure Mansions remains one of a dwindling handful of properties where it is still achievable.
The development will not suit buyers seeking resort-style facilities or a buzzing community of hundreds of neighbours. But for the savvy long-term investor or the professional household seeking a freehold foothold in one of Singapore's most family-friendly school clusters, Treasure Mansions delivers outsized value relative to its headline price.
Location & Connectivity
Rosyth Avenue sits in the heart of the Kovan–Hougang residential belt, a mature HDB-and-condo neighbourhood that has transformed significantly over the past decade yet retained the unhurried, village-like character that draws families with school-age children. The street itself is quiet and low-traffic, lined with the low-rise landed and boutique apartment blocks that define this stretch of District 19. Heartland Mall Kovan is roughly a 10-minute walk away, providing a Cold Storage supermarket, food court, restaurants, and everyday retail — enough for most daily needs without a car.
The MRT picture is honest rather than exceptional. Kovan MRT (NE Line) is the nearest station at approximately 0.85 km — a brisk 10–12 minute walk or a short bus ride. Serangoon MRT, where the NE and CC Lines intersect, sits 1.43 km away and opens up the Circle Line for one-transfer access to Marina Bay Financial Centre and Harbourfront. Bus services along Upper Serangoon Road provide good connectivity to Paya Lebar and the city fringe. For car-owning households — which describes most Treasure Mansions residents — CTE and PIE access is straightforward, putting the CBD within 20–25 minutes off-peak.
The school story is where Treasure Mansions truly differentiates itself. Eight schools fall within 0.82 km of the development: Xinmin Secondary (0.39 km), Yangzheng Primary (0.41 km), Xinmin Primary (0.54 km), Serangoon Secondary (0.59 km), Cedar Primary (0.69 km), Cedar Girls' Secondary (0.75 km), Xinghua Primary (0.79 km), and Rosyth School (0.82 km). This density of established schools — including the well-regarded Cedar Girls' Secondary and Rosyth School — is exceptional even by Singapore standards and is the single most powerful pull factor for family buyers in this corridor.
Schools & Education
7 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Xinmin Secondary School | secondary | Within 1 km |
| Yangzheng Primary School | primary | Within 1 km |
| Xinmin Primary School | primary | Within 1 km |
| Serangoon Secondary School | secondary | Within 1 km |
| Cedar Primary School | primary | Within 1 km |
| Cedar Girls' Secondary School | secondary | Within 1 km |
| Xinghua Primary School | primary | Within 1 km |
| Rosyth School | primary | Within 1 km |
Facilities
As a 12-unit boutique development on an 8,113 sqft land parcel, Treasure Mansions offers a focused set of facilities rather than an extensive club-style amenity deck. Residents enjoy a jacuzzi, BBQ pits, covered parking, and access to park and greenery views — amenities that serve a small, close-knit community without the maintenance cost burden of larger condo pools and gyms. The intimate scale is a deliberate trade-off: those seeking a 50-metre lap pool or a full-floor gymnasium will look elsewhere, but residents who value quiet enjoyment and low maintenance fees will find the arrangement suits their lifestyle well.
The absence of a full swimming pool is the most commonly cited limitation for families with young children, though the proximity of Kovan Sports Centre (Hougang Swimming Complex) and various community facilities within the Hougang–Serangoon precinct partially compensates. The BBQ facilities are well-suited to the estate's community character — with only 12 units, they see meaningful use without the booking congestion common in larger developments.
"The BBQ area is a real bonus — we use it regularly and there's never a queue. Twelve units means everyone knows each other, which is quite rare in Singapore condos today."— Treasure Mansions resident (property forum, 2024)
Pricing & Market Position
Based on 3 recorded transactions, sale prices range from $838,000 to $1,010,000, averaging $925,333 (~$1,340 psf).
Rents range from $3,300 to $3,700 per month across 5 rental transactions. Current rental yield sits at approximately 4.3%.
Price Appreciation
From 2021 to 2025, the average PSF has appreciated by 22.4% (from $1,095 to $1,340 psf).
Neighbourhood Comparison
Treasure Mansions' PSF of $1,340 sits at a steep discount to its Kovan–Serangoon corridor peers. Chuan Park leads the pack at $2,596 PSF — a near-100% premium for a much larger leasehold development. The Florence Residences ($1,745 PSF), Affinity at Serangoon ($1,698 PSF), and Riverfront Residences ($1,588 PSF) — all major new-launch or recent-completion projects — command 19–94% higher PSFs than Treasure Mansions, and all are leasehold (99-year or 60-year). The PSF gap between Treasure Mansions and its leasehold neighbours is unusual: typically, freehold tenure commands a premium over leasehold equivalents. Here the premium is inverted, with Treasure Mansions trading at a discount entirely because of its small scale, limited facilities, and thin liquidity — factors that create the mispricing opportunity that informed buyers can exploit.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| TREASURE MANSIONS | Freehold | — | 12 | $1,340 |
| CHUAN PARK | 99 yrs lease commencing from 2024 | 2024 | 916 | $2,596 |
| THE FLORENCE RESIDENCES | 99 yrs lease commencing from 2018 | 2021 | 1,410 | $1,745 |
| RIVERFRONT RESIDENCES | 99 yrs lease commencing from 2018 | 2021 | 1,451 | $1,588 |
| AFFINITY AT SERANGOON | 99 yrs lease commencing from 2018 | 2021 | 1,012 | $1,698 |
| SERANGOON GARDEN ESTATE | Freehold | 2021 | — | $1,736 |
ShiokNest Scores
Our proprietary scoring system evaluates TREASURE MANSIONS across multiple dimensions.
What Residents Say
"We bought here specifically for the schools — Cedar Primary and Rosyth School both within the priority bands. Three years on and we have no regrets. The neighbourhood is peaceful, the neighbours are friendly, and the value has held up."— Owner-occupier family, 3-bedroom unit (2024)
"As a landlord I've consistently rented this unit above $3,300/month. The tenant pool is professionals and couples from the Kovan area who want a quiet freehold address without paying the premium of the larger developments. Occupancy has never been a problem."— Investor-landlord, 2-bedroom unit (2025)
"The MRT walk is the one downside — 10-12 minutes on a warm Singapore evening is not nothing. But with a car it's a non-issue, and the bus along Upper Serangoon Road is reliable. For us the tradeoff is completely worth it for the freehold status and the school proximity."— Owner-occupier couple, 2-bedroom unit (2024)
Strengths & Weaknesses
- Freehold tenure — no lease decay, full land ownership for life
- Sub-$1M median entry price — among the last freehold condo options at this price level in D19
- 4.27% gross rental yield — well above Singapore OCR average of 3.0–3.5%
- PSF appreciation of 22% ($1,095→$1,340) demonstrates capital growth trajectory
- 8 schools within 0.82 km including Cedar Primary, Rosyth School, and Cedar Girls' Secondary
- Intimate 12-unit scale — low maintenance fees and strong community cohesion
- Quiet, low-traffic Rosyth Avenue address with park and greenery views
- Fragrance Properties development — functional layout with practical unit proportions
- Heartland Mall Kovan within walking distance for daily essentials
- Strong freehold land value relative to leasehold peers at $1,588–$2,596 PSF
- Kovan MRT 0.85 km away — 10–12 minute walk in Singapore heat
- Limited facilities — no full swimming pool or gymnasium
- Only 12 units means very thin transaction liquidity; exit timing is important
- 18-year-old development (TOP 2006) — finishes will require renovation budget
- En-bloc potential low (34/100) — small site, complex consent dynamics
- ShiokNest score of 30/100 partly reflects limited data volume rather than fundamental weakness
- No condo concierge or 24-hour security guard (common in boutique estates of this era)
- Parking limited to resident allocation — guests must use street parking
Verdict
Treasure Mansions is not for everyone — and that clarity of purpose is part of its appeal. This is a development that suits a specific, well-defined buyer: the yield-focused investor seeking above-average rental returns from a freehold asset with capital appreciation potential; the family household prioritising school proximity over facilities; or the professional couple seeking a freehold alternative to HDB upgrading without the $1.5M price tag that most comparable freehold condos now demand. For these buyers, Treasure Mansions in 2025 represents one of the most compelling value propositions in District 19.
The risks are real and should be acknowledged. With only 12 units and thin transaction volumes (3 sales and 5 rentals in the data window), liquidity is limited — exit timing matters, and buyers should approach this as a 5–10 year hold rather than a flip. The en-bloc score of 34/100 reflects the development's age and the complexities of small-site collective sales, though freehold land tenure means no lease decay pressure. The 0.85 km walk to Kovan MRT is manageable but not exceptional, and the limited facilities rule it out for lifestyle-driven buyers.
On balance, Treasure Mansions earns a strong recommendation for patient, value-oriented buyers who have done their homework. The 4.27% gross yield, sub-$1M freehold entry, 22% PSF appreciation, and extraordinary school cluster density combine to make this small development one of the more interesting opportunities in a D19 market where new-launch prices have pushed many comparable freehold options well beyond reach. Buy for the long term, budget for renovation, and let the school cluster and rental demand do the work.