Principal Garden vs Ascentia Sky: A Decade of Property Price & Rental Trends (2015–2025)
Principal Garden is a 663-unit condominium completed in 2019, located along Prince Charles Crescent in Singapore’s city-fringe District 3. Just a short distance away is Ascentia Sky – a 373-unit condo completed in 2013 near Redhill MRT station. This article examines 10-year trends (2015–2025) in sale prices and rental rates for Principal Garden’s various unit types (from 1-bedroom to 4-bedroom+), and compares the performance with Ascentia Sky for 2- to 4-bedroom units. We will analyse percentage capital appreciation and rental yield changes, discuss the impact of COVID-19, and highlight how factors such as each project’s age, proximity to the MRT, and size influenced their performance.
1-Bedroom Units: A Closer Look
Principal Garden’s 1-bedroom units were launched at around $1,600 per square foot (psf) in 2015. Prices climbed rapidly in the lead-up to the condo’s completion – peaking around $1,955 psf in 2019 – before facing a dip during the pandemic in 2020. By 2025, 1-bedroom prices recovered to roughly $1,939 psf, about 18% higher than the 2015 launch price. This modest growth (approximately 1.7% annually) reflects how smaller units, often favoured by investors, saw limited appreciation. The volatility is evident: a sharp 2019 peak, a softening during the COVID era, and a gentle rebound. In contrast, larger units (as we’ll see) enjoyed bigger gains. One reason is that initial psf prices for 1-bedders were relatively high (due to their small size), leaving less room for further increase. Investor demand also cooled during COVID, affecting small-unit resale values more than larger homes.
On the rental front, Principal Garden’s 1-bedroom rentals rose significantly once the project was completed. Starting around $5.6 psf per month in 2019, rents inched up to about $5.8 by 2021, then soared to a peak of $8.57 psf in 2023 amid Singapore’s pandemic-era rental surge. They have since eased slightly to roughly $7.37 psf in 2025. That’s a 31% increase in rent from 2019 to 2025. Notably, the COVID-19 period initially had minimal negative impact on 1-bedroom rents – demand held firm – but by 2022–2023, a combination of returning expatriates and a supply crunch caused rents to spike dramatically (private rents jumped nearly 30% in 2022 alone in Singapore. For owners of Principal Garden’s 1-bedders, this meant a boost in rental yield. The annual rental yield (rent as a percentage of property price) improved from roughly ~3.4%(($5.60×12)/$1955) in 2019 to around 4.5–4.7%(($7.37×12)/$1939) by 2025, as rents grew faster than resale prices. In summary, while 1-bedroom units saw modest capital appreciation, they benefited from a strong post-COVID rental upswing, making them attractive for yield-focused investors by 2025.
2-Bedroom Units: Principal Garden vs. Ascentia Sky
For 2-bedroom units, Principal Garden and Ascentia Sky present an insightful comparison. Principal Garden’s 2BR units were launched at around $1,620 psf in 2015 and have appreciated to about $2,220 psf in 2025, representing a 36% increase in value. Ascentia Sky’s 2BR units, being older, started from a slightly lower base of $1,550 psf in 2015 and climbed to around $2,030 psf by 2025 — a 31% rise over the same period. In absolute terms, Principal Garden’s 2-bedroom units not only grew faster in percentage terms but also now command higher resale prices (approximately $2,200+ psf versus ~$2,000 psf at Ascentia Sky in 2025).
This stronger appreciation for Principal Garden can be attributed to its newer build quality and competitive launch pricing, which gave early buyers more room for capital growth. By contrast, Ascentia Sky had already seen some price appreciation since its 2013 completion, resulting in a more measured trajectory thereafter. Interestingly, during the early pandemic years (2020–2021), both developments showed price resilience, with 2-bedroom values holding steady despite market uncertainties. While Ascentia Sky enjoys the advantage of closer proximity to Redhill MRT, Principal Garden ultimately delivered better long-term appreciation, reflecting buyers’ willingness to pay more for newer design, facilities, and living environment.
2-Bedroom rentals strengthened at both projects, especially after 2021. Principal Garden’s 2BRs leased at about $4.50 psf/month in 2019, peaked at $6.76 psf in 2023, and eased to $6.01 psf in 2025. Ascentia Sky started lower—around $3.95 psf in 2019—but climbed to $6.12 psf at peak and settled near $5.59 psf in 2025. In percentage terms, Ascentia’s rents rose roughly 41% (2019→2025), outpacing Principal Garden’s ~33%—helped by a lower starting base and its 1-minute walk (≈150 m) to Redhill MRT, which proved compelling as rental demand surged.
During the COVID lull (2020–2021), 2BR rents were largely flat (e.g., Ascentia stayed around $3.9–$4.0 psf). From late-2021 into 2022, border re-openings, construction delays and WFH-driven upsizing triggered an exceptional rental spike (nearly 30% y/y nationally in 2022), clearly visible in the step-up of both projects.
Rental yields improved alongside this surge. In 2019, yields were about ~3% (Principal Garden: 2.88% = ($4.50×12)/$1,886; Ascentia Sky: 3.03% = ($3.95×12)/$1,550). At the 2023 peak, yields briefly reached ~3.8% for Principal Garden (($6.76×12)/$2,147) and >4% for Ascentia (($6.12×12)/$1,796). By 2025, with rents cooling and prices higher, yields normalised to around 3.2% for Principal Garden (($6.01×12)/$2,220) and 3.3% for Ascentia (($5.59×12)/$2,027)—still a touch above 2019.
While Principal Garden’s psf rent is ~7% higher than Ascentia’s in 2025, unit sizes matter. Ascentia Sky’s 2BRs are larger (~947–1,023 sq ft), translating to ~$5,300–$5,700 a month at $5.59 psf. Principal Garden’s more compact 2BRs (~764–807 sq ft) yield ~$4,600–$4,800 a month at $6.01 psf. In short, Principal Garden leads on psf and capital gains, but Ascentia Sky delivers comparable rent growth and higher absolute monthly rent thanks to larger layouts and MRT-doorstep convenience.
3-Bedroom Units: Principal Garden vs. Ascentia Sky
3-Bedroom units recorded the most significant price appreciation in Principal Garden. Launched at around $1,620 psf in 2015, prices climbed to approximately $2,430 psf by 2025 — an impressive ~49% increase over the decade. Most of this growth occurred after 2019, with average prices reaching the mid-$2,400 psf range by 2022 before stabilising. In comparison, Ascentia Sky’s 3BR units rose from about $1,488 psf in the mid-2010s to roughly $1,944 psf in 2025, marking a 31% gain. The difference is notable — Principal Garden not only started slightly higher but widened its lead substantially by the end of the period.
One major factor behind Principal Garden’s outperformance was upgrader demand. During the COVID-19 period, many families prioritised larger living spaces. Unlike smaller units, Principal Garden’s 3-bedrooms actually rose in value during 2020, even as the broader market softened. Layout efficiency also played a part: Ascentia Sky’s older designs — with bay windows and planter ledges (even in some master bathrooms) — reduced usable space and made its layouts feel less practical by today’s standards. In contrast, Principal Garden’s modern, efficient layouts offered buyers more functional space for the same built-up area.
By 2025, a Principal Garden 3-bedroom (≈1,076 sq ft) transacted around $2.8 million, while an Ascentia Sky 3-bedroom (≈1,475 sq ft) fetched a similar overall price despite its larger size. This means that while Ascentia’s absolute pricing remains competitive, Principal Garden’s higher psf value reflects its newer design, better space efficiency, and stronger buyer appeal — key contributors to its superior capital appreciation in this category.
3-Bedroom rental performance mirrored the broader surge in Singapore’s rental market, especially after the pandemic. Principal Garden’s 3BR units began renting at around $4.70 psf (≈$5,000/month for a 1,076 sq ft unit) in 2019. Rents remained steady through 2020–2021 at about $4.8 psf, before jumping to $6.54 psf at the 2023 peak and stabilising at $6.46 psf in 2025.
At Ascentia Sky, larger 3BR units started lower—around $3.70 psf in 2019 (≈$5,000/month for 1,475 sq ft)—and climbed to $5.34 psf by 2023, before moderating to $5.30 psf in 2025. Overall, rents rose ~43% for Ascentia Sky and ~37% for Principal Garden.
While Ascentia Sky’s percentage increase was higher, this was due to its lower base. In absolute terms, Ascentia’s 3-bedrooms still command the higher monthly rent—about $7,800 versus $7,000 for Principal Garden in 2025. The narrowing rental gap, despite the 6-year age difference, highlights how MRT proximity and convenience continue to sustain rental demand. Ascentia’s doorstep access to Redhill MRT and nearby amenities gives it an enduring advantage with tenants.
Rental yields improved modestly for both projects.
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In 2019, yields were around 3% for both (Ascentia Sky: ($3.70×12)/$1,482 = 3.0%; Principal Garden: ($4.85×12)/$1,950 = 3.0%).
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At the 2023 peak, yields rose to roughly 3.5% (Ascentia Sky: ($5.34×12)/$1,813), (Principal Garden: ($6.54×12)/$2,230)
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By 2025, with prices higher and rents stabilising, yields normalised near 3.2% (Ascentia Sky: ($5.30×12)/$1,944; Principal Garden: ($6.46×12)/$2,428).
In essence, Principal Garden’s 3-bedrooms delivered greater capital appreciation, while Ascentia Sky’s offered steadier rental growth. For homeowners, Principal Garden built more equity; for landlords, Ascentia Sky—purchased earlier at lower prices—continues to yield slightly higher income returns relative to cost.
4-Bedroom and Larger Units: Principal Garden vs. Ascentia Sky
The 4-bedroom and larger units represent the premium tier of both developments—and they’ve shown robust appreciation, particularly at Principal Garden. In 2015, Principal Garden’s 4BR units averaged around $1,640 psf (comparable to its 1-bedroom launch pricing). By 2025, prices have reached approximately $2,446 psf, translating to a substantial 49% increase over ten years. In contrast, Ascentia Sky’s 4BR units rose from roughly $1,409 psf in 2015 to about $1,938 psf in 2025—an increase of 37.5%. That means a typical 4-bedroom unit at Principal Garden (≈1,572 sq ft) would be valued around $3.8 million in 2025, while a larger 4-bedroom at Ascentia Sky (≈1,776 sq ft) would fetch around $3.6 million.
Several factors could drive Principal Garden’s outperformance. Firstly, its initial launch quantum—around $2.5 million—was considered very attractive for a new city-fringe luxury project in 2015, leaving significant upside potential. Secondly, its modern layouts (without bay windows or planter ledges) and contemporary facilities appealed strongly to affluent upgraders once completed. Conversely, Ascentia Sky’s older design features, such as bay windows and planters—even within bedrooms and master bathrooms—reduce usable space and efficiency, dampening resale appeal.
By 2025, Ascentia Sky’s age (over 12 years) will also become apparent. Buyers may factor in renovation costs and shorter remaining lease, whereas Principal Garden, at roughly six years old, still feels fresh and modern. Despite Ascentia’s unbeatable doorstep proximity to Redhill MRT, in the luxury segment, design, age, and prestige weigh more heavily than pure convenience. As a result, Principal Garden’s larger units have delivered superior capital growth and remain more sought after among high-end owner-occupiers and investors seeking long-term appreciation.
Both projects saw notable rental gains for their 4-bedroom units, though Ascentia Sky’s rent growth (in percentage terms) was more pronounced. Principal Garden’s 4BR units started at about $4.70 psf in 2019 (≈$7,400/month for a 1,572 sq ft unit). Rents climbed to $6.58 psf in 2023 (≈$10,300/month) before easing slightly to $5.98 psf in 2025 (≈$9,400/month), marking a 27% increase from the initial levels.
At Ascentia Sky, 4-bedroom rents began lower at $3.45 psf in 2019 (≈$6,000/month for 1,776 sq ft), peaked at $5.36 psf in 2023, and settled at $5.03 psf in 2025 (≈$9,000/month). That’s an impressive 46% jump over six years—especially significant for larger homes. This sharp rise was driven by the pandemic recovery, when many expatriate families and affluent locals sought larger living spaces, pushing up demand across the luxury rental segment. Ascentia Sky’s doorstep proximity to Redhill MRT made it especially attractive for tenants seeking convenience, even as newer projects entered the market.
By 2025, as new completions eased supply pressures, rents cooled slightly but remained well above pre-COVID levels.
Rental yields tell a similar story:
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Principal Garden: Yield slipped from ~3.0% in 2019 (($4.70×12)/$1,854) to ~2.9% in 2025 (($5.98×12)/$2,446), as capital values rose faster than rents.
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Ascentia Sky: Yield improved modestly from ~3.0% (($3.45×12)/$1,375) to ~3.1% (($5.03×12)/$1,938) in 2025, thanks to stronger rent growth relative to price gains.
This trend—newer condos achieving higher rents on a per-square-foot basis, while older but better-located developments enjoy stronger percentage growth—echoes the pattern seen across smaller unit types. The result is an overall rental quantum that remains remarkably similar between both projects: Ascentia Sky’s larger unit sizes offset its lower psf rent, while Principal Garden’s smaller layouts command higher psf rates.
In summary, Principal Garden’s 4-bedroom units excelled in capital appreciation, while Ascentia Sky’s larger layouts delivered stronger rental growth from a lower base. Owners of both developments benefited from the 2022–2023 rental boom. Still, those at Principal Garden ultimately gained more in long-term asset value, while Ascentia owners enjoyed a greater boost in yield.
Impact of COVID-19 on Prices and Rentals
The COVID-19 pandemic (2020–2021) introduced a noticeable ripple in the trajectory of both projects, albeit affecting segments differently:
Sale Prices: In early 2020, Singapore’s circuit-breaker and economic uncertainties led to a brief slowdown in the property market. At Principal Garden, smaller units (1BR, 2BR) saw prices soften as investor activity cooled. In contrast, larger units (3BR, 4BR) held their values or even appreciated during this period, buoyed by genuine homebuyer demand. This aligns with the trend of buyers seeking larger living spaces during lockdowns. Ascentia Sky’s resale prices largely plateaued in 2020, with perhaps slight dips in some instances, indicating that established resale properties were relatively resilient – likely because their owners were end-users less prone to panic sell, and the MRT convenience sustained interest. By late 2020 and into 2021, confidence returned quickly. Low interest rates and government support measures kept the property market stable, and by 2021, both Principal Garden and Ascentia Sky were trending upward in prices again.
Rentals: The rental market initially faltered in 2020, especially for specific segments like small units in the city (as some expatriates left and travel restrictions hit the tenant pool). However, the dip was not huge for these two projects – as seen, 1BR and 2BR rents in Principal Garden still inched up in 2020, suggesting local tenant demand filled some gap. By mid-2021, a dramatic shift occurred. Rental demand came roaring back, and with a vengeance, in 2022. Factors included: delays in completing new condos (pushing people to rent longer), former homeowners cashing out and renting due to cooling measures (such as the 15-month wait-out for HDB resale), and the return of foreign students and professionals once borders reopened. This perfect storm caused a nearly 30% spike in private rents in 2022 – the fastest in 15 years. In our charts, the 2022 jump is evident across all unit types, with rents peaking in 2022/2023. For instance, Principal Garden’s 1BR rent leapt about 22% from 2021 to 2023, and Ascentia’s 3BR rent jumped ~27% in that same window. Notably, older condos like Ascentia Sky benefited greatly in rental demand during COVID-19’s aftermath – tenants who might have preferred newer condos were sometimes priced out or faced limited choice, so they turned to well-located older developments, driving those rents up sharply. By 2023–2025, as pandemic pressures eased and more new homes came onto the market, rents began to stabilise or dip slightly. We see this in 2024–2025, where rents in both projects came off their peak highs. Even so, they remained considerably above pre-COVID levels, and rental yields in 2025 are generally higher than in 2019 for both projects (except perhaps 4BR PG, which was offset by high price gains).
In summary, COVID-19 initially caused a minor speed bump in price growth (primarily for smaller, investor-centric units) but also catalysed an unprecedented rental boom from 2021 onwards. Both Principal Garden and Ascentia Sky emerged from the pandemic era with higher property values and significantly higher rents than before, demonstrating resilience. Principal Garden, in particular, leveraged its newness to attract price growth post-pandemic, while Ascentia Sky leveraged its location to capture surging rental demand. The pandemic highlighted an important lesson for investors: diversification in unit types can hedge against shocks – e.g. when 1BR values dipped, 4BR values rose; when sales were slower, rentals took off, and vice versa.
Key Differences Influencing Performance
Several intrinsic factors help explain why Principal Garden and Ascentia Sky performed differently over the past decade:
Project Age & Design:
Principal Garden is newer (TOP 2019) than Ascentia Sky (TOP 2013), and this age gap is reflected in design differences. Principal Garden benefited from the “new launch effect” – it was priced low initially to attract buyers and then naturally appreciated as the project neared completion (realising latent value). Its modern design (efficient layouts, no bay windows) remains a draw for buyers even years later. Ascentia Sky, being older, had less initial undervaluation by 2015 (having launched earlier around 2009). Its units include features such as bay windows and planter boxes that were common before 2014 but are now seen as wasted space. Thus, while Ascentia’s prices did rise, they were playing catch-up from an already higher base relative to their era. By 2025, Principal Garden’s units, still ~6 years old, will feel relatively contemporary, whereas Ascentia Sky, at ~12 years old, may face more maintenance/renovation considerations, slightly tempering its price growth. In rental terms, tenants generally pay a premium for newer finishes – helping Principal Garden command higher absolute rents – but there’s a practical limit to how much more rent a new condo can get versus an older one in the same area.
Proximity to MRT and Amenities:
This is Ascentia Sky’s trump card. Sitting only ~150m from Redhill MRT (essentially next door), Ascentia Sky offers unparalleled convenience. Principal Garden is about 600–700m from Redhill MRT– a 10-minute walk – which is decent but not doorstep convenience. For rental demand, this proximity made a big difference: Ascentia Sky remained highly attractive to tenants, as evidenced by its strong rental growth (its 2022–2023 rental rates nearly matched Principal Garden’s despite the age). Renters often prioritise location and connectivity, so an older condo right next to an MRT can compete well with a newer condo that’s a bit further away. In terms of resale demand, MRT proximity also usually boosts values. However, Principal Garden was able to overcome its slightly inferior location through other merits (price, design, environment). It’s nestled near the Alexandra Canal and low-rise Good Class Bungalow zones, offering a more park-like, exclusive feel compared to Ascentia’s bustling urban node. Different buyer segments have different priorities: some will prefer doorstep MRT (Ascentia), while others will prefer a quieter green enclave with more land (Principal Garden). Over 10 years, both locational advantages manifested: Ascentia maintained strong rental occupancy and steady resale interest, while Principal Garden attracted buyers seeking a modern condo near the prime Tanglin/Margaret Drive locale (even if it meant a longer walk to the train).
Project Size & Facilities:
Principal Garden, with 663 units spread across a large land area, is significantly bigger than Ascentia Sky’s 373 units. The larger scale allows Principal Garden to offer more expansive facilities—including 80% landscaping, multiple swimming pools, larger gym spaces, and garden zones—along with a wider mix of unit types. This variety attracts a broader buyer pool and supports a more active resale market. Indeed, Principal Garden has recorded higher transaction volumes, particularly in the 1- and 2-bedroom segments, thereby improving price transparency and market liquidity.
In contrast, the 3-bedroom (Ascentia Sky: 144 units; Principal Garden: 88 units) and 4-bedroom-and-larger segments (Ascentia Sky: 87 units; Principal Garden: 47 units) are more limited in both projects, naturally resulting in fewer transactions. Even so, Principal Garden benefited from its phased launch strategy, where prices gradually increased with each phase—enhancing overall price appreciation as demand grew.
Ascentia Sky’s smaller community has its own appeal. Some buyers prefer the exclusivity and lower density of a compact development. However, from a market performance standpoint, Principal Garden’s larger scale likely sustained stronger investor interest and aftermarket support (in both the resale and rental markets) simply because more units changed hands.
While Ascentia Sky is not lacking in amenities—it offers essentials such as a swimming pool, tennis court, and gym—Principal Garden’s newer, more extensive facilities, including multiple pools, lush landscaping, and modern clubhouses, provide a competitive edge. Additionally, the newer development’s upkeep and design freshness contribute to its visual appeal. In contrast, smaller, older developments like Ascentia Sky may begin to show their age sooner, subtly influencing buyer perception and long-term value.
Price Positioning:
Back in 2015, Principal Garden’s developers (UOL) priced it very competitively – reportedly around or just below nearby older resale prices. This pricing strategy (sometimes called the “market-making” strategy) meant early buyers of Principal Garden bought in at a steal, virtually guaranteeing good capital appreciation if the market held steady. Ascentia Sky, launched earlier by WingTai, may not have had that same buffer by 2015 (its units were already sold by then, trading in the resale market closer to fair value). Thus, Principal Garden’s stronger appreciation is partly a result of that initial low base – a benefit new launches can have. By 2025, Principal Garden’s psf prices even surpassed some District 10 condos, reflecting how that early value was realised. Ascentia Sky’s pricing was always anchored by its MRT advantage, so it started higher and had less room to run, appreciating more in line with the broader market (~30% over 10 years, which is close to the district average in D3).
In essence, Principal Garden’s newness and initial underpricing, plus its large scale and modern appeal, drove superior capital growth, especially in larger units. Ascentia Sky’s prime location and established status ensured it remained a strong competitor in rentals and saw steady, if not spectacular, price growth. Each project’s unique attributes influenced how it performed in different market conditions – e.g. during COVID, Principal Garden’s new spacious units shone, while Ascentia’s convenience kept it resilient.
Summary of Performance (2015–2025)
To sum up the numbers, below are tables highlighting sale price growth by unit type and the rental yield trends for Principal Garden and Ascentia Sky over the decade:
Table 1: Sale Price Growth by Unit Type (2015–2025)
| Unit Type | Principal Garden 2015 (Avg $psf) → 2025 (Avg $psf) | Growth (%) | Ascentia Sky 2015 (Avg $psf) → 2025 (Avg $psf) | Growth (%) |
| 1-Bedroom | $1,639 → $1,939 | +18% | N/A (no 1BR units) | – |
| 2-Bedroom | $1,623 → $2,220 | +37% | $1,550 → ~$2,027 | +31% |
| 3-Bedroom | $1,625 → $2,428 | +49% | ~$1,488 → $1,944 (2020) | +31% |
| 4-Bedroom+ | $1,639 → $2,446 | +49% | $1,409 → $1,938 | +38% |
Notes: “Avg $psf” refers to average resale price per square foot. Principal Garden’s 2015 values are based on launch-era transactions (pre-TOP), while Ascentia Sky’s starting values are from mid-2010s resale data (for 3BR, baseline taken around 2015–2016). Despite minor differences in data points, the percentage changes illustrate the clear trend: Principal Garden’s larger units (2BR–4BR) appreciated ~35–50%, far outpacing its 1BR (~18%). Ascentia Sky’s 2–4BR units appreciated ~30–38%, solid but generally less than Principal Garden’s, as expected for a more mature development.
Table 2: Rental Price Growth by Unit Type (2015–2025)
| Unit Type | Principal Garden 2019 (Avg $psf/m) → 2025 (Avg $psf/m) | Growth (%) | Ascentia Sky 2015 (Avg $psf/m) → 2025 (Avg $psf/m) | Growth (%) |
| 1-Bedroom | $5.60 → $7.37 | +32% | N/A (no 1BR units) | – |
| 2-Bedroom | $4.52 → $6.01 | +33% | $3.95 → $5.59 | +42% |
| 3-Bedroom | $4.72 → $6.46 | +37% | $3.70 → $5.30 | +43% |
| 4-Bedroom+ | $4.70 → $5.98 | +27% | $3.45 → $5.03 | +46% |
Notes: Between 2019 and 2025, both Principal Garden and Ascentia Sky experienced strong rental growth across all unit types, driven largely by the post-pandemic surge in demand between 2021 and 2023. For 1-bedroom units, only available at Principal Garden, rents rose about 32%, supported by investor interest and strong tenant demand for compact city-fringe homes. In the 2- and 3-bedroom categories, Ascentia Sky outperformed in percentage growth (+42% and +43%, respectively), benefiting from a lower starting rent base and its unbeatable proximity to Redhill MRT, which ensured steady tenant demand. Principal Garden, on the other hand, achieved higher psf rents, though its smaller unit sizes kept total monthly rentals comparable to Ascentia’s.
For 4-bedroom and larger units, both projects recorded notable gains, with Ascentia Sky (+46%) slightly ahead of Principal Garden (+27%), driven by renewed demand for spacious homes among expatriate families and professionals post-2020. Despite the higher psf rents achieved at Principal Garden, overall monthly rental amounts remained similar—Ascentia Sky’s larger unit sizes offset its lower psf, while Principal Garden’s smaller layouts commanded a higher psf premium. Overall, both developments demonstrated strong rental resilience, reflecting how location and layout efficiency each play important yet complementary roles in sustaining long-term rental demand.
Table 3: Rental Yield Comparison (Initial vs 2025)
| Unit Type | Principal Garden Yield at Launch/Rental Start (≈2019) | Principal Garden Yield in 2025 | Ascentia Sky Yield (2019) | Ascentia Sky Yield (2025) |
| 1-Bedroom | ~3.4% (TOP in 2019) | ~4.6% ↑ | N/A | N/A |
| 2-Bedroom | ~2.9% | ~3.2% ↑ | ~3.0% | ~3.2% ↑ |
| 3-Bedroom | ~3.0% | ~3.2% ↑ | ~3.0% | ~3.2% ↑ |
| 4-Bedroom+ | ~3.0% | ~2.9% ↓ | ~3.0% | ~3.1% ↑ |
Notes: Rental yield is calculated as (annual rent ÷ property price) × 100%. “Initial” yields for Principal Garden are taken around 2019 when the project was completed, and rental commenced (since one cannot rent out a unit before it’s built). Ascentia Sky’s 2019 yields are similarly computed from resale prices and rents for that year. An upward arrow (↑) indicates yield improved by 2025, meaning rents grew proportionally more than prices. We see that for most unit types, rental yields increased slightly from their 2019 levels – thanks to the post-COVID rent surge. The standout is Principal Garden’s 1BR, whose yield rose markedly (from ~3.4% to ~4.6%) as rent skyrocketed while its price stayed relatively flat after 2019. Principal Garden’s 4BR yield, however, stayed roughly the same (even dipping a hair), reflecting its strong price appreciation catching up with rent. Ascentia Sky’s yields were a tad higher than Principal Garden’s across 2–4 bedrooms by 2025 (e.g. ~3.3% vs ~3.2%), consistent with older properties typically yielding slightly more. Both projects’ yields of around 3%+ in today’s market are healthy for the Singapore context – and the fact that they didn’t compress (and even improved in some cases) over 10 years is a positive sign for investors.
Conclusion: Key Takeaways for Investors and Homeowners
Over the past decade, Principal Garden has proven to be a stellar investment for capital growth, particularly for larger units, while Ascentia Sky has demonstrated strong rental resilience and steady appreciation. Here are the key observations and what they might mean for future buyers or investors:
Capital Appreciation Winners:
Principal Garden’s 3-bedroom and 4-bedroom units were the top performers in price growth (~49% increase in 10 years). This suggests that buying into a new project at launch, especially the family-sized units (often priced attractively per square foot initially), can yield significant gains as the project matures. By contrast, Ascentia Sky’s appreciation, while respectable (~30+%), was more subdued – typical of an established condo growing with the overall market. If your goal is capital appreciation and you have a more extended holding period, investing early in a well-located new development (with competitive entry pricing) like Principal Garden was in 2015 can be rewarding. Even today, one might look for projects with similar profiles (good location, reputable developer, priced below nearby resale prices) as potential “growth” investments.
Rental Yield and Income:
For investors prioritising rental income, Ascentia Sky’s performance offers insight. Despite being older, it kept its units filled and achieved rental increases on par with (or higher than) those of a newer condo. Its proximity to MRT and amenities ensured that rental demand never wavered – even during downturns – and actually soared when the market tightened. Principal Garden, too, enjoyed rental surges, but because its property values also rose sharply, its yields remained roughly mid-3%, similar to Ascentia’s. This tells us that an older but well-located property can be a yield play: you might buy in at a lower price and ride the rental market up. For instance, an investor who bought an Ascentia Sky 3BR a few years back not only saw some appreciation but also got a nice boost in rent returns. However, one must weigh this against future potential: Ascentia Sky is ageing, and its upside in price might be limited going forward (plus maintenance costs rise as buildings age). Principal Garden’s rents and yields might improve further as it hasn’t hit the 10-year mark (often around that age, condos see another round of resale interest from HDB upgraders due to reaching a specific affordability sweet spot and still-young condition).
Impact of Location vs. Age:
One clear lesson is that location can rival age in importance. Ascentia Sky’s case showed that being next to an MRT station is a lasting advantage – it kept the project competitive with a much newer condo. Buyers and renters will always value connectivity. So when choosing between a newer project vs. an older one, consider why you’re buying. Suppose it’s for your own stay or long-term hold. In that case, a newer property like Principal Garden offers a comfortable margin of safety and modern living, which translates into higher long-term value. If it’s for rental or shorter-term hold, an older property in an A+ location (like Ascentia Sky) might deliver dependable returns and easier tenantability.
Future Outlook:
Which project/unit types look better moving forward? Principal Garden’s larger units have already run up in price quite a bit – their absolute prices are high now, so that future growth may moderate. However, being a relatively young condo, it should maintain value and could see another bump in value around the 10-15 year mark if the area further gentrifies (plus it will always attract those who want a modern condo near the Tanglin/Bukit Timah fringe without paying District 10 freehold prices). Ascentia Sky, approaching 12+ years old, might face more competition from new launches in the Redhill/Queenstown area. Its rents could face pressure once a wave of new condos (with more sophisticated amenities) enters the market, though its convenient location will always appeal to some segment. In terms of units: small units like 1-bedrooms tend to be more volatile – we saw Principal Garden’s 1BR had the lowest appreciation, but then the highest yield jump. They’re great for renting out (when the market is hot), but capital gains might lag larger units. Large units are superb for capital growth (when bought new or undervalued) and for own stay, but they require a bigger outlay and their rental yields can be lower if price runs up.
For homeowners deciding between these two projects (or similar ones): if you value a newer living environment, modern layouts, and larger communal spaces – and are banking on longer-term appreciation – Principal Garden would have been the better bet and likely will remain a solid choice. If you prioritise convenience, immediate rental returns, or a lower entry price for the location, an older project like Ascentia Sky holds its own. Both projects performed well, each in its own way, reinforcing that in real estate, fundamentals like location, entry price, and product quality all work together to determine outcome.
Ultimately, an ideal strategy might blend both worlds: e.g., buy into the “next Principal Garden” early (to ride the capital upside), or snap up a quality older property in a prime spot (for stable rental yield) – it depends on your investment horizon and objectives. The 10-year story of Principal Garden and Ascentia Sky shows that real estate is a game of trade-offs: new vs. old, growth vs. yield, convenience vs. exclusivity. Understanding these dynamics can help investors and homeowners make informed decisions in their property journey.
Article contributed by Jerry Wong.
Jerry Wong is a realtor at Propnex Realty, bringing a rich background in interior and lighting design to his work. He loves exploring diverse spaces and observing the transformative power of real estate. Beyond his professional role, Jerry finds his greatest fulfillment in connecting people with the right properties, gaining immense satisfaction from helping clients achieve their dreams.
