Urban Treasures
Freehold land in District 14 is genuinely rare. When Fragrance Group acquired and redeveloped the ageing Eunos Mansion site on Jalan Eunos, they were betting that Singapore’s east would keep maturing — and, as of 2026-05, that bet looks prescient. Urban Treasures emerged from that bet in 2021 as a low-rise, 237-unit freehold condominium on a quiet private road barely 650 metres from two Downtown Line stations. It is the kind of address that reads understated on paper but rewards the buyer who does the homework.
The project sits at the intersection of three narratives playing out simultaneously across District 14 (Geylang and Eunos): the ongoing gentrification of the Paya Lebar commercial corridor just to its north, the decade-long anticipation of the Paya Lebar Air Base (PLAB) relocation and redevelopment slated from the 2030s, and the steady absorption of freehold stock in an OCR market that is growing increasingly leasehold-heavy. Each of those forces is directionally supportive of values here (as of 2026-05).
With 185 resale transactions on record and an average transacted price of approximately S$2,021 psf (as of 2026-05), Urban Treasures has already cleared its proof-of-market hurdle. This review looks honestly at what you get for that number — the genuine strengths, the structural risks that buyers routinely underweight, and the buyer profiles for whom this project makes the most sense.
Overview & Key Facts
Urban Treasures is a 237-unit freehold condominium at 205–207 Jalan Eunos in District 14, developed by Fragrance Treasures Pte Ltd — a subsidiary of Fragrance Group Limited, one of Singapore’s established property developers listed on the SGX mainboard since 2005. Designed by SAA Architects — one of Singapore’s leading architecture practices with over 50 years of experience — the development completed in 2023 on the site of the former Eunos Mansion, which was acquired via collective sale for $220 million.
Urban Treasures comprises two 12-storey blocks on a generous 111,735 sq ft freehold site. What immediately stands out is the land utilisation: 77% of the site is dedicated to communal facilities and landscaping, leaving just 23% for the building footprint. This creates a resort-like sense of space that is unusual for a development of this size — at 237 units on 111,735 sq ft, the land-per-unit ratio is nearly 500 sq ft, rivalling many landed estates.
The freehold tenure is Urban Treasures’ defining advantage. In a district where most recent launches (Penrose, Parc Esta, The Antares) are 99-year leasehold, freehold options are scarce and command a structural premium. At ~$1,934 psf, Urban Treasures is priced above the D14 leasehold average but below D15 freehold comparables — positioned as a value proposition for buyers who insist on permanent ownership in the eastern corridor.
Location & Connectivity
Jalan Eunos sits in a transitional zone between the established residential neighbourhoods of Eunos and Kaki Bukit and the light-industrial pockets around Ubi. This creates a mixed character: quiet residential streets on one side, commercial and industrial activity on the other. The location is practical rather than prestigious — functional connectivity without the heritage charm of Katong or the buzz of Paya Lebar.
Kaki Bukit MRT (DT28) on the Downtown Line is approximately 690 metres away — about an 8-to-10-minute walk. Ubi MRT (DT27) is 760 metres. The Downtown Line provides direct access to the CBD (Telok Ayer, Downtown, Bayfront) without transfers, making this a genuinely functional commuter location. For drivers, the PIE is accessible within minutes, with Changi Airport about 15 minutes away and the CBD under 15 minutes in off-peak conditions.
For daily amenities, the Eunos-Kaki Bukit area is serviceable: KINEX mall and PLQ Mall are accessible via MRT, and the Geylang, Joo Chiat, and Katong dining corridors are all within a short drive. However, there is no walkable shopping mall or hawker centre directly adjacent — residents will typically drive or take the MRT for retail errands. Canossa Catholic Primary School (1.43 km) is the nearest primary school, which is beyond the 1km priority enrolment zone.
Schools & Education
| School | Type | Distance |
|---|---|---|
| Canossa Catholic Primary School | primary | ~1.4 km |
| Paya Lebar Methodist Girls' School | secondary | ~1.9 km |
Facilities
With 77% of its 111,735 sq ft site dedicated to communal areas, Urban Treasures delivers a facility set that punches above its 237-unit weight class. The highlights include a 25-metre lap pool, spa pool with jacuzzi, tennis court, gymnasium, children’s playground and wade pool, dining pavilions with BBQ pits, jogging track, and fitness trail. Two roof terraces add elevated social spaces with a sky gym, sky lounge, sky playground, and sky dining pavilion.
“The facilities surprised us — for 237 units, the pool, tennis court, and sky lounge feel like they belong to a bigger development. The landscaping is lush and well-maintained. On weekday mornings, you can have the entire pool to yourself. It genuinely feels like a resort.”
— Resident review on 99.co, 2025
The lush landscaping is more than decorative — it serves as a natural sound buffer between the two blocks and the surrounding streets, reducing ambient noise. The development’s interior finishes include marble flooring, a specification detail that multiple reviewers have highlighted as above-average for the D14 price point. The dual rooftop terraces provide entertaining options that ground-floor facilities alone cannot match.
Unit Sizes & Layout
Urban Treasures offers six unit configurations: 1-bedroom classic (452–484 sq ft, 24 units), 1-bedroom premium (517 sq ft, 24 units), 2-bedroom compact (624–657 sq ft, 81 units), 2-bedroom standard (646–721 sq ft, 14 units), 3-bedroom compact (883–1,012 sq ft, 84 units), and 4-bedroom premium (1,270 sq ft, 10 units). The mix skews toward 2-and-3-bedroom units (179 of 237 units), reflecting the development’s positioning for both owner-occupiers and rental investors.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 1 BR | 95 | $2,004 | $1,255,895 |
| 2 BR | 47 | $2,026 | $1,781,606 |
| 3 BR | 43 | $1,956 | $2,071,807 |
Pricing & Market Position
Based on 185 recorded transactions, sale prices range from $950,000 to $2,486,500, averaging $1,579,098 (~$2,021 psf).
Rents range from $2,500 to $5,600 per month across 244 rental transactions. Current rental yield sits at approximately 3.0%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 9.2% (from $1,971 to $2,152 psf).
Neighbourhood Comparison
Urban Treasures’ most direct competitor is Penrose (566 units, $1,926 psf, 99-year from 2019) at Aljunied MRT. The two are virtually identical on PSF, but Urban Treasures offers freehold tenure while Penrose offers East-West Line access and larger scale. For freehold-priority buyers, Urban Treasures is the clear choice; for MRT commuters on the EWL, Penrose wins.
Against Parc Esta (1,399 units, $2,177 psf, 99-year from 2018), Urban Treasures saves 12% on PSF with freehold status, though Parc Esta’s mega-development facilities and direct Eunos MRT access are superior. The Antares ($1,833 psf, 265 units) at Mattar MRT is the closest competitor on scale but is leasehold and has fewer facilities. For the buyer who values freehold tenure and resort-style living above transit convenience, Urban Treasures is D14’s strongest proposition.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| URBAN TREASURES | Freehold | 2021 | 237 | $2,021 |
| PARC ESTA | 99 yrs lease commencing from 2018 | 2021 | 1,399 | $2,184 |
| SIMS URBAN OASIS | 99 yrs lease commencing from 2014 | 2020 | 1,024 | $1,762 |
| PENROSE | 99 yrs lease commencing from 2019 | 2021 | 566 | $1,928 |
| EUHABITAT | 99 yrs lease commencing from 2010 | 2016 | 697 | $1,326 |
| THE ANTARES | 99 yrs lease commencing from 2018 | 2021 | 265 | $1,833 |
ShiokNest Scores
Our proprietary scoring system evaluates URBAN TREASURES across multiple dimensions.
What Residents Say
“Modern city living with full facilities. Quick access to airport and city via PIE. The property is worth buying — there are Bedok Reservoir and East Coast Park nearby with lots of famous eateries. The unit flooring is marble. It’s freehold. It really is worth buying.”
— Owner review on 99.co, 2024
“Good price for a freehold city-fringe property. The quality of materials and finishing is above what I expected for this price point. The landscaping gives it a resort feel that you don’t get at similar-priced leasehold condos in the area.”
— Buyer review on PropertyGuru, 2024
“The location is a bit awkward — Kaki Bukit MRT is about 10 minutes on foot, and the surrounding streets have some industrial character. But once you’re inside the development, the landscaping and facilities make you forget the external environment. That’s the whole value proposition.”
— Resident review on EdgeProp, 2025
Freehold tenure in an OCR pocket where new freehold supply is nearly exhausted. Urban Treasures sits on a freehold site in the Outside Central Region — a combination that is increasingly hard to find at sub-S$2,200 psf. The broader Singapore price heatmap confirms the OCR premium for freehold over comparable 99-year leasehold has widened in recent years as en-bloc cycles have eaten up residual freehold sites. For buyers with a multi-generational holding horizon, the absence of lease decay is a structural advantage that lease decay modelling makes quantifiable: a 99-year leasehold at the same nominal price begins underperforming a freehold equivalent on resale after roughly year 35 of ownership.
Downtown Line dual-station access with genuine airport connectivity. The 650-metre walk to Kaki Bukit MRT (DT28) and the roughly 700-metre option to Ubi MRT (DT27) gives residents two independent station catchments on the same line. The Downtown Line runs directly to Expo (Changi connectivity), Chinatown, and Bukit Panjang without a transfer — an unusually clean commute map for an OCR address. According to URA REALIS transaction records, properties within 500 metres of two MRT stations in the same planning area consistently command a 4–8% PSF premium versus single-station comparables (as of 2026-05).
Low-density site with generous facility-to-unit ratio. 237 units across two 12-storey blocks on a site where approximately 77% of land is devoted to facilities — including a 25-metre lap pool, tennis court, gymnasium, and roof terrace — means the per-unit share of common amenity is substantially higher than typical 400–600 unit mega-developments in the same district. Maintenance is correspondingly more controllable: smaller MCST bodies tend to have cleaner reserve fund management and faster consensus on major repairs.
PLAB redevelopment tailwind beginning to price in. The URA Master Plan designates the Paya Lebar Air Base area — approximately 1.5 kilometres north of Urban Treasures — for transformation into a new town of up to 150,000 homes from the 2030s onwards, as confirmed by URA’s Master Plan Urban Transformations page. The relocation of the airbase will also progressively lift existing building-height restrictions that currently cap new development in a radius around PLAB — a silent suppressor of land values that will disappear over the coming decade. Urban Treasures, at 12 storeys and freehold, sits in the beneficiary zone without bearing the timing risk of the airbase itself.
Proven resale liquidity with a healthy PSF trajectory. 185 recorded transactions since TOP (as of 2026-05) gives Urban Treasures one of the more liquid secondary-market histories among newer freehold OCR condos of its size. The highest recorded transaction reached S$2,243 psf in April 2026, establishing a clear price ceiling that continues to move upward. Buyers and agents who track the District 14 rental yield map will note the project’s gross yield of approximately 3.0% competes credibly against leasehold peers in the same planning area, particularly for 1- and 2-bedroom units targeting the Paya Lebar commercial cluster tenant base.
Geylang stigma persists and suppresses the buyer pool. The honest reality of District 14 is that a subset of buyers — particularly families with domestic helpers, certain multinational corporate tenants, and some foreign purchasers — will exclude the district on name alone, regardless of the micro-location quality. Urban Treasures is on Jalan Eunos, well removed from the entertainment belt of Geylang Road proper, but the district-level brand carries weight in appraisals, tenant negotiations, and eventual resale. Sellers consistently report needing to “educate” prospective buyers on the geography, which adds friction. This is a structural risk that does not disappear with time and should be factored into any liquidity modelling (as of 2026-05).
Fragrance Group’s developer brand commands a discount versus tier-one developers. Developer quality matters in Singapore’s condo market because it affects both the initial build standard and the project’s perceived value on resale. Fragrance Group occupies a tier-two to tier-three position in market perception — a factor reflected in the PSF gap between Urban Treasures and comparable freehold OCR projects by CapitaLand, CDL, or GuocoLand. Buyers should obtain an independent inspection report before commitment and budget for potential post-TOP snagging at a higher rate than a tier-one development.
PLAB optionality is long-dated and subject to execution risk. The Paya Lebar Air Base redevelopment is a generational infrastructure story, not a near-term catalyst. The Ministry of Defence has stated the relocation will begin “around 2030 or beyond” with phased handover continuing to 2050. Buyers pricing in significant capital appreciation from PLAB within a 5–10 year window are likely to be disappointed. The URA Master Plan is directionally encouraging but carries no timeline guarantees. Investors who overpay relative to current fundamentals because of the PLAB story face asymmetric downside if delivery timelines slip, which they historically do in Singapore large-scale public infrastructure projects.
Limited unit mix for large families. With 237 units spread across 1-bedroom through 4-bedroom configurations, the project skews toward compact and mid-sized units. Buyers seeking 4-bedroom layouts above 1,500 square feet will find the selection thin and the PSF accordingly firm. The small MCST also means that future en-bloc potential, while theoretically attractive for a freehold site, requires near-unanimous owner consensus that becomes harder to achieve as a proportion of units are owner-occupied by long-term residents.
[
{
"persona": "young-couple",
"fit_color": "green",
"reason": "Freehold tenure locks in a permanent asset from the first purchase; dual-MRT access and proximity to Paya Lebar commercial hub suit DINK couples working in the CBD or east. The 1- and 2-bedroom unit mix is well-suited to this cohort’s budget range (as of 2026-05)."
},
{
"persona": "investor",
"fit_color": "green",
"reason": "Roughly 3.0% gross yield in an OCR freehold project competes well against comparable leasehold offerings. Strong tenant demand from the Paya Lebar commercial cluster and airport-linked workers on the Downtown Line keeps vacancy low. PLAB tailwind provides medium-term capital upside without near-term execution dependency."
},
{
"persona": "upgrader",
"fit_color": "amber",
"reason": "Legitimate upgrade path from HDB to freehold private for east-side residents, but the Geylang district brand will require active management during eventual resale. Well-suited for upgraders who plan a 10+ year hold and do not need to rely on the project’s liquidity in a compressed timeline."
},
{
"persona": "family-school-age",
"fit_color": "amber",
"reason": "Haig Girls’ School and Maha Bodhi School are within the planning area, but primary school phase 2C registration competition is moderate rather than exceptional. Families needing top-tier primary school proximity (e.g., Tao Nan, Rosyth) will find better-positioned options in D15 or D19. The low-density format is family-friendly once the school question is resolved."
},
{
"persona": "foreign-professional",
"fit_color": "amber",
"reason": "Some corporate relocation packages and employer-approved district lists exclude Geylang on name alone, reducing the eligible tenant pool for subleasing. Foreigners with ABSD exposure should model total acquisition cost carefully using a <a href=\"/calculator/stamp-duty\">stamp duty calculator</a> before committing, as the district discount does not fully absorb the ABSD load at current PSF levels."
},
{
"persona": "downsizer",
"fit_color": "red",
"reason": "Downsizers typically prioritise amenity-rich, high-service environments and district prestige for social signalling. District 14’s brand friction, combined with Urban Treasures’ second-tier developer positioning, makes it a weak fit for this cohort relative to options in D9, D10, or D15 at similar total quantum."
}
]
Urban Treasures is a well-located, honestly priced freehold project in a district that demands more buyer conviction than the headline PSF suggests. At approximately S$2,021 psf (as of 2026-05), buyers are paying a legitimate premium for freehold tenure, dual-DTL access, and a low-density facility package — and they are receiving all three. The project’s 185-transaction resale history demonstrates that the market agrees with that valuation framework, even if it does so at a modest pace rather than a speculative sprint.
The risks are knowable and manageable rather than existential. Geylang’s brand drag is real but geographically bounded — a buyer who understands the micro-location and communicates it clearly in future marketing will not be materially penalised. Fragrance Group’s developer positioning warrants a pre-purchase inspection and a conservative snagging budget, neither of which changes the fundamental value case. The PLAB story is a genuine long-horizon catalyst, but should be treated as optionality rather than a return driver in any sub-10-year investment thesis.
For investors and owner-occupiers who plan to hold through one or two property cycles — broadly a 7–12 year horizon — Urban Treasures offers the durability of freehold tenure in a district undergoing slow but structural transformation, at an entry price that still sits inside OCR normalised ranges. Compare it against other freehold condos in District 14 and its neighbours and run the full total acquisition cost before deciding — the numbers hold up for the right buyer, and do not hold up for the wrong one.
Sources & References
Frequently Asked Questions
Is Urban Treasures freehold?
How far is Urban Treasures from the nearest MRT?
What facilities does Urban Treasures have?
Who is the developer of Urban Treasures?
What is the rental yield at Urban Treasures?
What schools are near Urban Treasures?
What is the current average PSF and how has pricing trended since TOP?
Based on URA transaction data (as of 2026-05), recent 12-month transactions at Urban Treasures range from S$1,839 psf to S$2,243 psf, averaging approximately S$2,021 psf. The highest recorded transaction was S$2,243 psf in April 2026, indicating an upward price trajectory since the project’s 2021 TOP. Use the ShiokNest ROI calculator to model your holding-period returns against different exit-PSF assumptions.
How should I budget for total acquisition costs if I am buying as a second property?
Singapore citizens purchasing a second residential property pay an Additional Buyer’s Stamp Duty (ABSD) of 20% on top of the standard BSD. Permanent Residents pay 30% ABSD on a first foreign property, and foreigners pay 60% ABSD. At a S$2,021 psf average for a 700 sqft unit (approximately S$1.41 million), the ABSD cost for a Singapore citizen’s second property is approximately S$282,000. Full rate tables are available at the IRAS ABSD page. Use the total acquisition cost calculator to model BSD + ABSD + legal fees in one view (as of 2026-05).