Throughout our series analysing executive condominiums (ECs) in Singapore, the story of The Canopy, a 406-unit development in Yishun, is a noteworthy case for the EC market.
Launched for sale in November 2010, it entered the market after the Global Financial Crisis when the residential market in Singapore experienced an optimistic boom. At the time, interest rates fell to historic lows, liquidity flooded into the property market, and home prices began climbing rapidly.
Despite this buoyant sentiment in the housing market, the long-term performance of The Canopy has been rather muted compared to most of its EC peers. In this article, we’ll uncover the reasons for this, along with its resale performance since its sales launch over 16 years ago, and what buyers today should make of this development.
Past performance is a useful signal, but it's not a forecast. The projects that outperformed over the last cycle aren't guaranteed to do so again, and the reasons they outperformed may no longer apply.
The more useful question is whether a particular property still makes sense at today's price, given your budget, objectives and timeline. That's where many buyers find it helpful to get a second opinion.
Over time, that's also why we decided to work with agents who shared the same data-driven and advisory-led approach behind our editorial, consultants who could help readers think through decisions more objectively, rather than simply push transactions.
Today, the team has worked with more than 2,000 clients across over $5B in property transactions.
A snapshot of price performance at The Canopy as of end-2025.
Located on Yishun Avenue 11 in District 27, the project has a mix of two- to four-bedroom units. The Canopy was also completed in 2014.
| Lease start year | 2010 |
| Completion year | 2014 |
| Land size (sqm) | 15,074 |
| No. of units | 406 |
| Unit types available | 2, 3, 4 |
As with most of the initial EC sites first released for sale, The Canopy doesn’t benefit from a convenient access to an MRT station. The closest station is Yishun on the North-South line, but that is more than a kilometre away.
However, The Canopy features spacious units, which are relatively large for housing developments built before the recent GFA harmonisation standards.
Average transacted prices for The Canopy in 2025
| Unit type | Average $PSF | Average price | Transaction volume |
| 2-bedroom | $1,163 | $1,155,778 | 9 |
| 3-bedroom | $1,142 | $1,379,077 | 13 |
| 4-bedroom | $1,228 | $1,731,111 | 1 |
| Likely buyer profiles | Less suitable for |
| Families who prioritise larger living spaces, or a lower $PSF | Buyers seeking a lower quantum by way of smaller units |
| Families focused on own-stay use | Buyers expecting fast resale gains, or a high-yield rental asset |
| Buyers who prefer heartland settings and its related amenities | Buyers who need MRT access, or want to be near major mall spaces |
First, let’s look at the overall performance of the private residential market in District 27 (D27), since this will frame our price expectations for condos in this area.
We will cover all transaction types, including new sales, resale, and sub sales over the past decade.
All tenures
| Year | D27 | All non-landed private properties |
| 2015 | $1,042 | $1,180 |
| 2016 | $899 | $1,232 |
| 2017 | $886 | $1,304 |
| 2018 | $893 | $1,435 |
| 2019 | $955 | $1,560 |
| 2020 | $1,007 | $1,513 |
| 2021 | $1,185 | $1,600 |
| 2022 | $1,220 | $1,712 |
| 2023 | $1,263 | $1,869 |
| 2024 | $1,290 | $1,886 |
| 2025 | $1,542 | $2,092 |
| Annualised | 4.00% | 5.90% |
99-year leasehold
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