Full-depth analysis of Singapore's new condo launches: STAR scorecards, GFA harmonisation checks, and the 7-Layer breakdown covering price floor, yield and exit. Plus the management reality most agents never mention before you sign.
All three projects form a brand-new MCST with zero AGM history. Comparing governance scale and risk across Thomson Reserve, Dunearn House, and Lentor Gardens Residences.
The primary 2034 exit buyer is a D19 HDB upgrader or D19 downsizer. A comfortable exit at $3,700 psf (base case) requires ~18% corridor appreciation over 10 years. Achievable for 8 to 12 year holders; tight for 5-year exits.
Lentor Gardens Residences already shows which unit type sells and which doesn't. Comparing exit buyer pools across Thomson Reserve, Dunearn House, and Lentor Gardens Residences.
Hougang is mid-transformation on the NEL corridor, not early, not late. The CRL is reshaping North-East connectivity and Hougang Central is the first private mixed-development anchor in the precinct. 10-year hold thesis intact.
Thomson Reserve and Lentor Gardens Residences sit one MRT stop apart on the same line. Dunearn House is on a different corridor entirely. Comparing all three on infrastructure timing.
At current D19 rental rates, gross yield at Hougang Central is sub-3% for most unit types at ~$3,126 psf. After mixed-development maintenance fees, net yield falls below 2.5%. This is a capital appreciation play, not a yield play.
Lentor Gardens Residences already proved its yield is thin. Dunearn House's is a projection. Thomson Reserve doesn't have one yet. None of the three is a strong standalone rental play.
At ~$3,126 psf harmonised, Hougang Central prices at roughly 50 to 60% above the best adjusted D19 resale comps. The premium is real, here's whether it's justified and for which buyer profiles.
A launch psf only means something against what's transacting next door. Comparing Thomson Reserve, Dunearn House, and Lentor Gardens Residences against their real corridor comps.
