Chelsea Shortlist

Ranked on price against the caveats, and on exit depth

1

Ardmore II

2 Ardmore Park · D10 · 650 m to Orchard MRT, 1.3 km to Stevens · TOP 2010 · Freehold · 118 units, one 2,024 sqft type

Unit4-bed, 2,023 sqft

AskingS$6,888,888

PsfS$3,405

Same-size caveats, Dec 2025–Aug 2026S$6.80M–7.25M

FloorVery high

Recent rent, 2,000–2,100 sqftS$13,895 · 2.4% gross

Why

• The ask is below all three caveats of the last year: S$7.25M in Aug 2026, S$6.80M in June, S$7.00M in December.
• One unit type across 118 units, every caveat a 4-bed on the URA record. Seventeen sales in five years. The deepest exit market in the pocket.
• Very high floor, private lift, unfurnished. Cheapest of eight Ardmore II listings; the others ask S$7.0M–7.4M.
• Realised: S$2,964 psf in Jul 2022 to S$3,583 psf in Aug 2026. +21% in four years.

Exit in 2030

• +12% = S$7.72M (S$3,814 psf). +20% = S$8.27M (S$4,086 psf).
• +12% needs 6% above the project record. The last four years did more.
• 21 Anderson, 360 m away, resold at S$4,706 psf on average. The 8A Orange Grove freehold site drew a S$3,099 psf ppr bid; it needs S$4,493 psf to break even.
• Buyers here: 45% Singaporean, 20% PR, 23% foreign, 12% company.

Watch

• 36-month growth is only +1.2% a year. The gains came in 2022–24, then flattened.
• Furthest of the six from Stevens. It is an Orchard address.
• 2010 build. Check the private-lift lobby and the facade upkeep.

Cheapest listing: S$6,888,888Andy GohListing 21618750No floor plan on the listing. Same 4-bed layout across the project; ask the agent for the stack plan.

Floor plan

2

Goodwood Residence

261 Bukit Timah Road · D10 · 240 m to Newton MRT, one stop to Orchard · TOP 2013 · Freehold · 210 units

Unit4-bed, 2,551 sqft

AskingS$7,680,000

PsfS$3,011

Same-size caveats, Feb–May 2026S$7.00M–7.70M

FloorLow, not ground. Confirm

Recent rent, 2,500–2,600 sqftS$16,060 · 2.5% gross

Why

• Eight 4-bed caveats in twelve months, S$6.6M–8.79M. The most active 4-bed market in the pocket.
• Ask is 2% above the May 2026 psf for the 2,508 sqft type and below the 2,605 sqft sale at S$7.70M.
• 12-month type growth +10% a year. The 36-month figure is flat because 2023–24 was soft.
• Plan checked: master plus bedrooms 2, 3 and 4, three en-suites, helper's room, private lift. The closest of the six to an MRT.

Exit in 2030

• +12% = S$8.60M (S$3,372 psf). +20% = S$9.22M (S$3,613 psf).
• The 2,928 sqft type already sold at S$3,002 psf in Apr 2026. The exit needs 12% above that.
• Two 99-year GLS sites within a kilometre (Bukit Timah Road, Nov 2025; Peck Hay Road, Jun 2026) break even above S$3,100 psf and complete around 2030.
• Buyers here: 40% Singaporean, 29% PR, 23% foreign. The broadest buyer mix of the six.

Watch

• Floor not stated. The photos show a low floor over the pool. Confirm the level before offering.
• Second unit in the project asks S$7.99M for 2,508 sqft. Do not pay that.
• Newton, not Stevens. 1.0 km to Stevens on foot.

Cheapest listing: S$7,680,000Evone YapListing 24788463Floor plan from the listing.

Floor plan

3

Treasure on Balmoral

5 Balmoral Road · D10 · 1.2 km to Stevens MRT · TOP 2013 · Freehold · 48 units, two per floor, private lift

Unit4-bed, 2,002 sqft (Type B1)

AskingS$5,180,000

PsfS$2,587

Same-size caveats, Sep 2025–Feb 2026S$5.00M–5.05M

FloorStack 02, floors 3–10. Confirm

Recent rent, 1,900–2,000 sqftS$10,750 · 2.5% gross

Why

• Cheapest 4-bed of the six with a 12-month caveat behind it. Ask is 2.6% above the Feb 2026 sale for the same type.
• Plan checked: master suite, junior master suite, bedrooms 3 and 4, plus helper's room. Four real bedrooms.
• Developer stock sold through the appointed agent. Choice of floor within stack 02.
• Two units a floor, private lift, 3.1 m ceilings, 35 m pool. Rents fresh: S$10,500 and S$11,000 signed Jul 2026 for this size.

Exit in 2030

• +12% = S$5.80M (S$2,898 psf). +20% = S$6.22M (S$3,105 psf).
• Belmond Green next door already trades its 3-beds at S$2,615–2,841 psf. Cyan 3-beds at S$2,793–2,847 psf.
• The Giverny Residences on Robin Drive sells new at S$3,250–3,750 psf.
• Every buyer on record here has been Singaporean.

Watch

• Thin: four 4-bed caveats in three years. Hold the full four years.
• Ask which floors are left. The photographed unit looks like a low floor.
• The listing covers several types. Insist on the 2,002 sqft Type B1, not the 1,938 sqft B1a or the ground-floor B1-G.

Cheapest listing: S$5,180,000Mel Peck, developer-appointedListing 24359573Floor plan: Type B1, 186 sqm / 2,002 sqft, units #03-02 to #10-02, from the listing.

4

Cyan

6 Keng Chin Road · D10 · 930 m to Stevens MRT · TOP 2014 · Freehold · 278 units

Unit4-bed, 1,959 sqft

AskingS$5,880,000

PsfS$3,002

Nearest caveats, Sep 2025–Jul 2026S$2,731–2,847 psf (3-bed)

FloorHigh

Recent rent, 1,900–2,000 sqftS$11,083 · 2.3% gross

Why

• Best 36-month growth in the pocket: +5.3% a year for the 4-bed type. Score 52.0.
• 4-bed on the listing and on the URA rental record for this size band. The 3-beds here are 1,453–1,475 sqft, so 1,959 sqft is the 4-bed type.
• High floor, private lift, unblocked across Bukit Timah. The view is the asset.
• 278 units keep the project liquid: 20 sales of all sizes since mid-2024, nine 4-beds in three years. Closest of the six to Stevens after Signature at Lewis.

Exit in 2030

• +12% = S$6.59M (S$3,362 psf). +20% = S$7.06M (S$3,602 psf).
• Needs 18% above today's best 3-bed psf. Only the growth rate here justifies that.
• Buyers: 59% Singaporean, 27% foreign. The highest foreign share of the six.

Watch

• No 1,959 sqft caveat in two years. The 2,077 sqft sold at S$2,735 psf in Jul 2025.
• Ask is 5–10% above every recent psf. Open at S$5.5M. Fair is S$5.4M–5.6M.
• No floor plan on the listing. Get it before viewing.
• Other 4-beds in the project ask S$8.0M–13M. This is the only sensible one.

Cheapest listing: S$5,880,000Owner-style listing, agent unnamedListing 19278148No floor plan on the listing.

Floor plan

5

Belmond Green

15C Balmoral Road · D10 · 1.4 km to Stevens MRT · TOP 2004 · Freehold · 211 units

Unit4-bed duplex penthouse, 2,412 sqft

AskingS$5,280,000

PsfS$2,189

Same-size caveats, 12 monthsNone. 3-beds S$2,615–2,841 psf

FloorTop floor, roof terrace

Recent rentNone for this size

Why

• Plan checked: bedrooms 2, 3 and 4 downstairs, master bedroom and family room upstairs with the roof terrace. Four real bedrooms plus utility.
• Cheapest of four Belmond penthouses listed: the 2,454 sqft units ask S$5.88M, the 2,411 sqft asks S$5.50M.
• Lowest psf on this page by S$300. Unblocked, invisible grilles new.
• 211 units and ten caveats in the last twelve months. Liquid project.

Exit in 2030

• +12% = S$5.91M (S$2,452 psf). +20% = S$6.34M (S$2,627 psf).
• Both exits sit below what the 3-beds fetch today. Low bar.
• Buyers: 61% Singaporean, 14% PR, 23% foreign.

Watch

• No penthouse caveat to price against. Eight units this size in the project.
• 2004 build, 17-minute walk to Stevens. The longest walk of the six.
• Master bedroom is upstairs. Roof terraces cost upkeep and sell to a narrower buyer.

Cheapest listing: S$5,280,000Juita TanListing 22832889Floor plan from the listing.

Floor plan

6

Signature at Lewis

1 Lewis Road · D10 · 390 m to Stevens MRT · TOP 2011 · Freehold · 32 units

Unit4-bed + helper, 1,841 sqft

AskingS$3,999,999

PsfS$2,173

Same-size caveats, 12 monthsNone. 2-beds S$2,226–2,338 psf

FloorMid, per photos. Confirm

Recent rent, 1,800–1,900 sqftS$5,800 · 1.7% gross

Why

• The closest 4-bed to Stevens MRT on the market: 390 m, five minutes.
• Plan checked: senior master, junior master, bedrooms 1 and 2, helper's room, private lift, enclosed balconies.
• Ask is at the project's own 2-bed psf (S$2,226 in Mar 2025). No 4-bed premium.
• Cheapest entry of the six by S$1.2M. Leaves S$6M of the budget unused.

Exit in 2030

• +12% = S$4.48M (S$2,433 psf). +20% = S$4.80M (S$2,607 psf).
• Parc Stevens and Sui Generis, the freehold neighbours, trade 4-beds at S$2,415–2,440 psf today. +12% lands there.
• Buyers: 83% Singaporean. A local, school-driven market. SCGS is next door.

Watch

• Only one 4-bed caveat in the project's history: S$3.0M in Sep 2021. Ten units this size. The thinnest record of the six.
• Rent is weak: S$5,400 and S$6,200 for this size in 2026. A home, not a hold-and-rent.
• The same agent lists a second 1,841 sqft unit at S$4.15M (500257275). Ask which is which.

Cheapest listing: S$3,999,999Roy LowListing 500268306Floor plan from the listing.

Floor plan

Reserve

Orange Grove Residences

27 Orange Grove Road · D10 · 900 m to Stevens MRT · TOP 2009 · Freehold · 60 units, 5 storeys

Unit4-bed, 2,379 sqft

AskingS$5,750,000

PsfS$2,417

Last 4-bed caveats, Nov 2024–Feb 2025S$2,155–2,212 psf

FloorLow, not ground. Confirm

Recent rent, 2,300–2,400 sqftS$11,500 · 2.4% gross

Why

• Plan checked: master plus bedrooms 2, 3 and 4, private lift lobby, two balconies.
• 27 of the 60 units are this size. When one sells, there is a comparable.
• Rents fresh: three contracts at S$11,000–12,000 signed Jun–Jul 2026.
• Steps in if Treasure on Balmoral or Belmond Green goes.

Exit in 2030

• +12% = S$6.44M (S$2,707 psf). +20% = S$6.90M (S$2,900 psf).
• Buyers: 55% Singaporean, 17% PR, 20% foreign.

Watch

• Ask is 9–12% above the last two 4-bed caveats, and those are 19–22 months old. Open at S$5.2M.
• Three units listed at S$5.75M–6.45M. Sellers are anchored high.
• Tenanted to Dec 2026. Low floor in a 5-storey block; confirm it is not the second storey over the car park.

Cheapest listing: S$5,750,000Gibson HoListing 500194654Floor plan from the listing.

The numbers

Score is the 36-month BuySafe Score for the 4-bed type. Scores across this pocket are low or unavailable because each project sells only a handful of 4-beds a year, which starves the liquidity and growth terms. Read the caveat and rent columns first. Growth is BuySafe's size- and floor-adjusted estimate for the type, per year; "n/a" means too few sales to estimate. Exit psf divides the +12% and +20% sale prices by the unit's area. Rent is the average of the latest URA rental contracts for the unit's size band via EdgeProp (leases from Jan to Jul 2026): Ardmore II 19 contracts, Goodwood 5, Treasure 2, Cyan 3, Signature at Lewis 2, Orange Grove 3; Belmond Green has no contract for the penthouse size. Gross yield is that rent over the asking price. The best rent here, Goodwood at S$16,000–17,400, covers about 70% of its instalment at 2.5%. These are homes to live in and sell, not yield plays.

Buy now, sell after year four

Sell inside year four and seller's stamp duty is 4% of the price. That lifts the growth needed to about 3.9% and 5.8%. The clock starts on the day the option is exercised. Scale the funds tile to the unit: the S$4.0M Signature at Lewis unit needs about S$1.18M up front, the S$7.68M Goodwood unit about S$2.32M.

The buyer at S$4.5M–9M

Needs about S$1.3M–2.7M up front and S$30,000–59,000 a month of household income. Four groups buy at this level in this pocket, and the caveats say who they have been.

Close, and why not

• Ferrell Residences, 1,841 sqft at S$4.58M, high floor, private lift, 1.8% over the July caveat. The best-priced unit in the pocket, but the plan shows master, bedroom 2, bedroom 3 and a reading room. It is a 3 + study, and URA codes it 3-bed. Fails the four-bedroom minimum. Back on the list if a 3 + study will do.
• Balmoral Residences, 2,314 sqft at S$6.49M, 1.4% over the Dec 2025 caveat. Marketed as a 4-bed; the developer plan (Type A) shows master, bedroom 2, bedroom 3 and a study. 3 + study, URA-coded 3-bed. Out for the same reason.
• Palm Spring (Ewe Boon Road, freehold 1998). The 2,131 sqft 4-bed at S$4.80M is a ground-floor unit, tenanted to Jul 2027. Same-size caveat S$4.58M in Aug 2026. The other two units are 2,659 sqft at S$6.9M and 3,014 sqft at S$7.0M (last sold S$6.25M, Oct 2025). Back on the list the day an upper-floor 2,1xx sqft unit appears near S$4.6M.
• Goodwood Gardens duplex penthouse, 3,874 sqft at S$8.33M. No same-size caveat in a 29-unit block; the 2,239 sqft unit sold at S$2,010 psf in Jun 2026, and URA codes the 3,8xx sqft rental as a 3-bed. Viewings Fridays only. A one-off with a narrow exit.
• Priced ahead of their caveats: One Robin S$5.5M (+19% on the May 2026 psf), The Glyndebourne 2,475 sqft S$6.5M (+18%), Chelsea Gardens S$5.0M (+36% on 2024), Stevens Suites penthouse S$4.2M (+39%), Bellerive 2,239 sqft S$5.6M (no same-size comp).
• No record to price against: Dalvey Haus S$7.4M–7.56M (developer psf cut from S$4,300 to S$3,900, no caveat since Apr 2024), The Giverny Residences S$5.98M–9.98M (new, no resale). Draycott Eight S$6.32M is 99-year with a bulk seller holding 21 units.
• Good projects with nothing listed today: Sui Generis, Hallmark Residences (60-month growth +12.3% a year), Parc Stevens. Worth a watch alert.
• 5-beds under S$10M near Stevens are scarce: Palm Spring 3,014 sqft S$7.0M, Draycott Eight 2,906 sqft S$6.32M, Pinetree Condominium 2,874 sqft S$7.0M. Nassim Jade and The Ladyhill 5-beds caveated at S$6.5M–8.1M with none listed. Belmond Green's 2,454 sqft penthouses are marketed as 5-bed by one agent at S$5.88M; check that plan before believing it.
• The Trevose, 1,894 sqft 4-bed at S$3.85M, 300 m to Stevens, is the other true 4-bed under S$4M, but it is 99-year from 1996 (caveats S$3.36M–3.39M). Out on tenure.