D11 (Watten Estate / Novena / Thomson) delivers blended gross rental yield ~2.6%, anchored by Mount Elizabeth Novena medical-tourism demand, top GEP schools (ACS Barker, RGS, SCGS) and DTL/NSL connectivity. Leasehold near Novena MRT leads on yield; freehold Watten Estate landed-adjacent condos compress to ~2.2-2.4%.
D11 is the prime CCR district where school-belt rental demand meets medical-tourism rental demand. Three tenant pillars: expat families (ACS Barker, RGS, SCGS, Anglo-Chinese Junior); medical professionals and short-stay families (Mount Elizabeth Novena, Tan Tock Seng, NUH); MNC mid-managers commuting via DTL/NSL.
Stock is bifurcated: newer leasehold launches near Novena MRT (Newton Suites, The Lincoln Residences) trade at S$2,400-2,700 PSF; older freehold Watten Estate condos (Watten Residences, Cluny Court area) at S$2,200-2,500 PSF but with landed-feel layouts.
Two structural tailwinds for D11:
Health City Novena masterplan — URA flags continued medical cluster expansion around Mount Elizabeth Novena and Tan Tock Seng, tightening "walking distance to hospital" rental demand.
School-belt scarcity — RGS, SCGS, ACS Barker, Anglo-Chinese Junior all sit within D11's 1km MOE zone, drawing structurally sticky family tenants on 24-month leases.
Rental yield is the rawest measure of cash-flow-to-capital efficiency in any condo purchase. In Singapore, gross yields typically range from 2.5% in the CCR to 4.5% in the OCR, with mass-market one-bedders often at the top of that band. This article ranks condos by recent rental and sales data to surface the highest-yielding options in the selected district — but remember that yield alone does not tell the whole story: liquidity, tenure, and capital appreciation matter too.
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District 11 (Watten Estate, Novena, Thomson) is in Singapore's Core Central Region. We ranked all condos in this district by gross rental yield using the latest 24 months of sales data and 12 months of rental data to find the best income-generating properties.
Top Rental Yield Condos in District 11
| Condo | Avg PSF | Avg Price | Avg Rent | Gross Yield | Tenure |
|---|---|---|---|---|---|
| SUITES @ SHREWSBURY | $1,863 psf | $748,629 | $2,692/mo | 4.3% | Freehold |
| MULBERRY TREE | $1,760 psf | $952,500 | $3,312/mo | 4.2% | Freehold |
| DUNEARN SUITES | $2,194 psf | $913,333 | $3,082/mo | 4.0% | Freehold |
| 10 SHELFORD | $1,681 psf | $948,714 | $3,064/mo | 3.9% | — |
| GENTLE VILLAS | $1,758 psf | $3,944,333 | $11,638/mo | 3.5% | 99 yrs lease commencing from 1993 |
| 368 THOMSON | $1,887 psf | $1,657,530 | $4,773/mo | 3.5% | — |
| MIRO | $1,665 psf | $2,246,000 | $6,330/mo | 3.4% | Freehold |
| 26 NEWTON | $2,178 psf | $1,316,657 | $3,651/mo | 3.3% | — |
| ADRIA | $2,128 psf | $1,668,000 | $4,608/mo | 3.3% | Freehold |
| NOVENA HILL | $1,686 psf | $1,155,000 | $3,188/mo | 3.3% | Freehold |
| D' IXORAS | $1,616 psf | $1,470,000 | $3,986/mo | 3.3% | Freehold |
| HILLCREST ARCADIA | $1,269 psf | $2,228,052 | $6,032/mo | 3.2% | 99 yrs lease commencing from 1975 |
| NOVENA COURT | $1,626 psf | $1,389,600 | $3,742/mo | 3.2% | Freehold |
| THE ARMADALE | $1,944 psf | $1,675,000 | $4,490/mo | 3.2% | Freehold |
| HILLCREST VILLA | $1,315 psf | $4,106,556 | $10,733/mo | 3.1% | 99 yrs lease commencing from 2006 |
Investment Considerations
- Gross vs net yield: Deduct maintenance fees (~$300–$800/mo), property tax, and agent commission (1 month) for a realistic net yield.
- Tenant demand: Higher yields often come from smaller units near MRT stations or business hubs — check vacancy rates.
- Capital appreciation: High-yield condos may have lower capital growth; balance yield with appreciation potential.
- Use the ROI Calculator to model your total return including leverage.
- Compare across districts with the District Comparison Tool.
D11 yield benchmarks (URA caveats 24-month rolling to Apr 2026, indicative 2BR rent):
| Project | Median PSF | 2BR Rent/month | Gross Yield | Tenant Draw |
|---|---|---|---|---|
| Newton Suites (FH) | ~S$2,500 | ~S$5,800 | ~2.8% | Newton MRT, Anglo-Chinese |
| The Lincoln Residences (99yr) | ~S$2,400 | ~S$5,600 | ~2.8% | Novena MRT, Mount E walk |
| Watten Residences (FH) | ~S$2,500 | ~S$5,400 | ~2.6% | Watten Estate, RGS |
| Soleil @ Sinaran (99yr) | ~S$2,300 | ~S$5,200 | ~2.7% | Novena MRT, medical cluster |
Leasehold near Novena MRT beats freehold Watten by ~20bps because capital values for FH landed-adjacent stock are bid up by domestic wealth-preservation buyers.
Sources & methodology. Aggregates from URA REALIS transaction caveats. NSL/DTL connectivity per LTA MRT system map. Health City masterplan per URA Master Plan 2019 (Novena precinct).
- Verify the MOE 1km zone. Pull the school-finder map for ACS Barker / RGS / SCGS before signing — the rental premium evaporates outside the zone.
- Time-test the hospital walk. Mount Elizabeth Novena walking-distance premium is ~5-10% on rent — verify with Google Maps walking time; under 8 min wins, over 12 min loses.
- Match tenant pool to unit type. 2-3BR family units serve school families on 24-month leases; 1BR/studios serve medical professionals on shorter rotations.
- Stress-test on TDSR + LTV. Use MAS TDSR (55% gross income, 4% stress rate); 5pp rate buffer for prime-stock holding cost.
Methodology & Sources
This analysis covers full-year 2026 data and refreshes one-time.
Transaction data sourced from URA REALIS.
- Sales data: URA REALIS (past 24 months, min 2 transactions per condo)
- Rental data: URA REALIS (past 12 months, min 2 leases per condo)
- Gross yield = (avg monthly rent × 12) / avg transaction price × 100
Median values used to minimise outlier impact. PSF = price per square foot.
Frequently Asked Questions
What is a good gross rental yield in Singapore?
Why does yield matter more than capital gain?
Should I buy freehold or leasehold for rental yield?
Is D11 yield better than adjacent D10 (Bukit Timah)?
D11 averages ~2.6% vs D10 ~2.4%. D11 wins on yield because Novena leasehold stock anchors lower PSF; D10 is freehold-heavy with wealth-preservation premium baked in.
How important is Mount Elizabeth Novena to D11 rental demand?
It is one of three demand pillars (along with school-belt and CBD commuters). Units within an 8-minute walk command ~5-10% rent premium and serve short-stay medical-tourism families willing to pay above-market for convenience.
ABSD impact on 2nd-property purchase in D11?
SC 2nd: 20%, PR 2nd: 30%, Foreigner: 60% per IRAS. On a S$2.0M D11 unit that adds S$400K-S$1.2M upfront — roughly 1.5-3.0pp annually to effective holding cost.