Bullion Park is a 1992 freehold development on half a million square feet of land. A three-bedder there trades around $1.7M. The gap to a new launch three-bedder in the same corridor is roughly 55 percent.
If you are hunting resale with a budget around $1.8M, the North is worth a look. Specifically an older freehold development off Lentor Loop.
Bullion Park sits on approximately 520,000 square feet with full condominium facilities. By land area it is a mega development even by today's standards, and the North does not have many like it.
Four things determine whether a unit is genuinely good rather than merely well-labelled. Bullion Park clears all four, which is unusual for a development of its age.
| Test | What we found |
|---|---|
| Land, facilities, facade | Roughly 520,000 sqft. Full condominium facilities including courts, minimart, childcare. |
| Layout | Three-bedders run 1,238 sqft (type A) to 1,259 sqft (type C). Clean, well-proportioned, low wastage. |
| Access | Around 11 minutes on foot to the nearest MRT following the Thomson East Coast Line. Lentor Modern mall under development. |
| View | Pool views on lower floors, wider outlook on higher ones. |
Layout efficiency is where older developments usually beat newer ones. A 1,238 sqft three-bedder from 1992 tends to have more usable floor area than a 1,238 sqft three-bedder from 2023, because bay windows, planter boxes, and air-conditioner ledges were not being counted into saleable area in the same way.
Price is where this development is interesting, and it only makes sense against two separate comparisons.
| Approximate psf | Approximate quantum | |
|---|---|---|
| Neighbouring older leasehold | $1,150 to $1,200 | ~$1.5M |
| Bullion Park, freehold | ~$1,350 | ~$1.7M |
| Lentor new launches | ~$2,000 | $2.2M to $2.3M |
Figures as at time of writing, December 2023. Verify current transactions before acting on any of this.
You pay $150,000 to $200,000 over the leasehold neighbours to hold freehold. Against the new launches, you are saving over half a million.
Whether the freehold premium is worth $150,000 to $200,000 is a question about your holding period, not about tenure in the abstract. Over five years the tenure difference barely registers. Over twenty-five, it is the whole argument.
| Consideration | Read |
|---|---|
| Supply | Government land sales nearby raise oversupply questions, though none of those sites offer freehold tenure on a comparable land parcel. |
| Transformation | The North-South Corridor is the main infrastructure change in the catchment. |
| Schools | No top-tier school in the immediate vicinity. This area is not bought for school proximity, so the absence is less material here than it would be elsewhere. |
| Buyer pool | HDB upgraders, landed downgraders, freehold buyers, and older households wanting larger floor area. |
The buyer pool is the strongest part of the case. A large freehold three-bedder in the North does not compete with the new launches for the same buyer. It competes for the buyer who has looked at the new launches, done the arithmetic, and decided the quantum does not work.
A three-bedder in a development like this at $1.7M is a reasonable entry, judged against both the leasehold comparables and the replacement cost of the new launches in the same corridor. Large floor area, full facilities, freehold tenure, and a price that is not reaching.
That is a statement about entry price relative to the alternatives available at the time of writing. It is not a forecast, and it does not mean this specific development suits your situation.
Before you compare developments, work out what you can actually hold. That is the number that narrows the list.
Run the Holding Power Calculator ↗Bring your numbers and your worst-case question. If this kind of purchase makes sense for you, we will map how to do it safely. If it does not, you will hear that clearly, and why. Tell me your situation on WhatsApp.
Written by Heikal Shafrudin and Clinton Lim of Pocketview.sg. Transaction figures are as at December 2023 and will have moved. Nothing here is a price forecast or a recommendation to buy a specific unit. Verify current transaction evidence and run your own affordability numbers before acting. Image sources: Stacked Homes, 99.co, SRX.
Heikal Shafrudin · Associate Group District Director · PropNex Realty, Singapore · CEA Reg No. R016820G
