Chuan Park launched over the weekend of 10 November 2024, achieving an impressive 77% sell-out of its 916 units, making it the top-selling new launch by volume in 2024. This strong response highlights the pent-up demand for new launches in this area, with the last one, The Scala, debuting 14 years ago. Chuan Park’s location speaks for itself, sitting just at the edge of the Rest of Central Region (RCR) while technically part of the Outside Central Region (OCR).
Nestled within the ‘Golden Triangle’ of Ang Mo Kio/Bishan, Toa Payoh, and Serangoon—where 233 HDB resale flats crossed the million-dollar mark in the first 10 months of 2024—the area attracts HDB owners with strong financial standing looking to upgrade to private residences. This likely contributed significantly to the high demand on launch day, with many buyers upgrading from nearby HDB flats or older condominiums.
With its prime address that appeals to both families and investors, offering solid potential as a financial investment, it’s no wonder Chuan Park has quickly captured attention. In this review, we’ll explore the standout features, location advantages, and pricing of Chuan Park, alongside an in-depth Comparative Market Analysis to see how it stacks up against neighbouring developments.
*This article was written in November 2024 and does not reflect data and market conditions beyond.
Project Details
Location Analysis
Strategically located in District 19 (D19), Chuan Park offers future residents, particularly families, a convenient urban lifestyle with essential amenities close by.
A major advantage of this location is its proximity to numerous schools, making it especially appealing to families with children. Within a 1KM radius, residents have access to St Gabriel’s and YangZheng primary schools, Zhonghua primary and secondary schools, PeiCai secondary school, and Nanyang Junior College. Additionally, schools such as Kuo Chuan Presbyterian primary and secondary, Guanyang primary and secondary, and St Gabriel’s secondary are about a 10-minute drive away, while the Australian International School is also within 1KM. This makes Chuan Park ideal for families and attractive to potential expatriate tenants with children.
For shopping and commuting convenience, Nex mall, integrated with the Serangoon MRT interchange on the Circle Line (CCL) and North East Line (NEL), is just a 10-minute bus ride away. From Serangoon MRT, residents enjoy seamless connectivity to key work hubs and popular destinations, including Orchard Road, which is a 30-minute trip by public transport. Additionally, Serangoon Garden Circus, home to Chomp Chomp Food Centre and various dining options, is only 15 minutes away by bus.
For fitness enthusiasts, Serangoon and Bishan stadiums, as well as Bishan Ang Mo Kio Park and MacRitchie Reservoir, are all within a 10-minute drive, offering convenient spots for daily exercise.
Site Plan Analysis
Set on a triangular-shaped land site, Chuan Park offers a wide range of facilities to cater to its 916 residences. In addition to the typical 50-metre lap pool, Chuan Park features an expansive Oasis Pool that stretches 70 metres, as well as a Kid’s Wading Pool and a Kid’s Water Adventure pool. Other common amenities include a jacuzzi, children’s playground, gym, and yoga deck.
Unique to Chuan Park are facilities like the Hydrotherapy Cove, a tennis court, and an Elderly Fitness Centre, which are less common in similar developments. For those looking to unwind and mingle without travelling to MacRitchie Reservoir or Bishan-Ang Mo Kio Park, the Tranquil Enclave, Forest Pavilion, and Forest Serenity offer peaceful, green spaces within the development for relaxing strolls and moments of quiet amidst some nature.
Unit Distribution
The majority of units at Chuan Park are 3-Bedroom layouts, comprising 47% of the total inventory. This focus, along with the extensive facilities, underscores the developer’s emphasis on families as the primary target audience. The 2-Bedroom and 2-Bedroom + Study units make up 44% of the inventory, while the 4-Bedroom and 5-Bedroom units account for about 7% and 3% respectively.
Most blocks feature a north-south orientation, promoting good ventilation and avoiding the direct afternoon sun, except for Block 248, which faces north-west near the tennis court. Additionally, all units enjoy a comfortable distance between blocks, providing a more private, relaxed, and spacious living environment compared to most other developments.
Floor Plan Analysis
In this section, we present selected floor plan options at Chuan Park to help you find a unit that best aligns with your lifestyle and preferences.
Please keep in mind that, as an en bloc project, Chuan Park’s floor area calculations do not adhere to URA’s GFA harmonisation rules and include both non-strata and void spaces. A unique benefit of its en bloc status is the additional flexibility for homeowners to modify the layout by removing certain walls, allowing for greater customisation.
2-Bedroom + Study (Type B2a/B2a-m)
Our top pick for the 2-Bedroom configuration is the 2-Bedroom + Study Type B2a/B2a-m, with a layout that offers just enough space at 743 sqft. This design is adaptable, appealing to both owner-occupier couples or families and those seeking rental investment potential. Upon entering, residents are greeted by an open-concept kitchen with a peninsula countertop, flowing seamlessly into the study area and well-proportioned dining and living spaces, which allow for everyday activities and efficient storage options.
The master bedroom and en suite bathroom is thoughtfully positioned behind the study area, ensuring added privacy away from the main living areas. We expect higher demand for the internal-facing units, making them a solid investment with potentially broader appeal for future buyers and a more diverse range of tenants.
3-Bedroom (Type C3b/C3b-P)
With a total of 21 units available, we believe this type is well-suited for families. The Type C3b layout includes an enclosed kitchen, ideal for heavy cooking to contain odours within the kitchen area. A discreetly located WC beside the kitchen, along with all bedrooms set apart from the main living areas, provides privacy for the bedrooms—especially convenient when hosting guests. The home shelter offers additional storage space, freeing up the main living areas.
The dining and living spaces are spacious and rectangular, allowing for comfortable daily activities and family bonding. For those looking to expand the living space, a generously sized balcony or patio offers the perfect setting for relaxation or al fresco dining.
5-Bedroom (Type E1/E1-P)
Like Type C3b, there are 21 units of Type E1, and buyers can choose a patio option if they prefer. Upon entry, residents will find the home shelter conveniently to the side, followed by the wet and dry kitchens. The dual kitchen setup is especially practical, allowing flexibility for meal preparations based on the occasion.
Designed in a functional dumbbell layout, the junior master bedroom with its en suite bathroom is on one side of the main living area, while the other bedrooms are set on the opposite side. The spacious dining and living areas offer ample room for everyday activities and family bonding, easily adaptable to residents’ needs. The balcony or patio provides an inviting extension to the living space, perfect for relaxation or al fresco dining. Additionally, the presence of a WC helps maintain bedroom privacy when entertaining guests.
Comparative Market Analysis (CMA)
Our Comparative Market Analysis will be conducted in two parts. First, we will examine the price trends of selected nearby developments. In the second part, we will perform a MOAT Analysis to assess how Chuan Park compares to these developments.
Although there are several developments near Chuan Park, we have selected four key ones to illustrate a range of characteristics, including freehold and 99-year leasehold tenures, as well as mid-sized and mega developments.
In this section, we will analyse four developments: Goldenhill Park Condominium, The Minton, The Scala, and Forest Woods.
Goldenhill Park Condominium is a freehold development completed in 2004, with 390 units. The Minton, a mega 99-year leasehold development, offers 1,145 units and was completed in 2014. The Scala, another 99-year leasehold property nearby, was completed in 2013 and has 468 units. Forest Woods is the most recent development, completed in 2021 with a total of 519 units.
According to the latest real-time market values, 2-Bedroom units at Goldenhill Park Condominium are currently priced around $2.4 million, 3-Bedroom units close to $2.9 million, and 4-Bedroom units around $3.3 million. Between November 2021 and November 2024, the average price of 2-Bedroom units increased by 24.9%, 3-Bedroom units by 25.1%, and 4-Bedroom units by 10.4%.
Between November 2021 and November 2024, The Minton’s average prices increased by 22.3% for 2-Bedroom units, 14.4% for 3-Bedroom units, and 21.2% for 4-Bedroom units. Currently, real-time market values for this development are approximately $1.5 million for 2-Bedroom units, $2.1 million for 3-Bedroom units, and close to $2.7 million for 4-Bedroom units.
Real-time market values for The Scala currently indicate 2-Bedroom units are commanding around $1.6 million, 3-Bedroom units close to $2 million, and 4-Bedroom units at approximately $2.3 million. Over the past three years, from November 2021 to November 2024, 2-Bedroom units have seen an average price growth of 16.2%, 3-Bedroom units 16.7%, and 4-Bedroom units 20.5%.
Since November 2021, Forest Woods has seen a steady price increase, with 2-bedroom units up by 13.4%, 3-bedroom units by 25.1%, and 4-bedroom units by 23.8% as of November 2024. Currently, 2-bedroom units are valued around $1.4 million, 3-bedroom units close to $1.9 million, and 4-bedroom units approximately $2.6 million.
How Do They Compare To Chuan Park?
Though Chuan Park offers a variety of layouts within each configuration, 2-Bedroom units are currently commanding an average asking price close to $1.9 million, 3-Bedroom units around $2.6 million, and 4-Bedroom units approximately $3.4 million. Compared to other 99-year leasehold developments in this analysis, Chuan Park’s asking prices reflect a slight premium. However, with a fresh 99-year lease and an extended runway for capital appreciation, Chuan Park holds strong potential. When compared specifically to the other newest 99-year leasehold development in Forest Woods, Chuan Park’s strategic location at the intersection of Serangoon, Bishan, and Ang Mo Kio provides access to a broader array of amenities. This advantage is likely to appeal more to both families and potential tenants.
In comparison with Goldenhill Park Condominium, a freehold development with theoretically unlimited capital appreciation, Chuan Park offers a more accessible entry price. As with any property purchase, the entry price plays a key role in determining profitability upon resale. Ensuring that the asking price aligns with your target audience and fits into a carefully planned exit strategy is essential to maximising future returns.
MOAT Analysis
Our MOAT Analysis shows that GoldenHill Park Condominium achieved the highest overall score at 62%, followed closely by Chuan Park at 60%, with Forest Woods and The Scala each at 58%, and The Minton at 52%. Although Chuan Park ranks second, do take note that limited data at present may restrict precise price projections for this new launch.
In terms of District and Region disparity, Chuan Park scored 2 out of 5 and 3 out of 5, respectively, largely due to the availability of lower-priced alternatives in the area. However, over time, as older leasehold developments in the district and region face value declines due to shorter leases, Chuan Park’s competitive standing may improve. Currently, Chuan Park’s Exit Audience metric scored 2 out of 5, yet its strong launch-day demand, proximity to million-dollar HDB flats, and closeness to a landed enclave suggest a promising exit audience in the long term. As more resale data becomes available, this score could improve further.
With a Volume score of 3 out of 5, Chuan Park shows average projected demand. However, its scale as a mega development could support smoother capital appreciation over time. Despite a 2 out of 5 score in the Rental metric, Chuan Park’s strategic location is likely to attract tenants, including working professionals and expatriate families, given its convenient access to work hubs and educational institutions, including international schools.
Growth Potential
Our price analysis shows that all developments in this area have seen steady average price growth from November 2021 to November 2024, underscoring the strong investment potential and demand for private residences in District 19, especially in the surrounding vicinity. Chuan Park, which saw overwhelming demand on its launch day, is likely to retain its appeal in the coming years due to its prime, convenient location. Additionally, its proximity to higher-priced HDB flats and a landed enclave suggests a substantial pool of potential buyers with the purchasing power to support steady demand, which could facilitate smoother capital appreciation over time.
The Verdict
Chuan Park stands out as an ideal choice in District 19, thoughtfully crafted to meet the needs of both families and investors. Its location offers families easy access to top schools, a wide range of amenities, and convenient transport links, creating a lifestyle of comfort and connectivity.
With slightly higher asking prices than other comparable 99-year leasehold developments, Chuan Park’s fresh lease and exceptional launch-day response reflect its potential for steady capital appreciation. Additionally, the development’s proximity to higher-priced HDB flats and a nearby landed enclave signals a broad exit audience over time, making it a compelling option for future resale. For those seeking a home or investment in District 19, Chuan Park presents an unparalleled balance of location, design, and growth potential.
Interested in exploring the new launch market for your dream home or investment property? Feel free to reach out to us here. We’re here to guide you through the process and provide a personalised consultation to help you make an informed decision.
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