D12 (Toa Payoh / Balestier / Serangoon) delivers blended gross rental yield ~2.5%, anchored by NSL/NEL connectivity, Mount Elizabeth Novena medical-tourism demand and the Bidadari estate transformation. Trevista and The Venue Residences anchor the yield-and-MRT end; Balestier walk-ups offer freehold but lack condo facilities. Yield-vs-quality tradeoff is sharper here than in any other RCR district.
D12 is the RCR district with the cleanest CBD commute and the most reliable medical-tourism rental demand. Toa Payoh sits on the NSL spine, Serangoon on NEL/CCL interchange, and Novena anchors the medical cluster around Mount Elizabeth Novena and Tan Tock Seng. That triangle produces unusually stable tenant demand from healthcare professionals, MNC mid-managers and short-stay medical-tourism families.
The tradeoff: D12 stock is bifurcated. New 99yr launches near Toa Payoh and Serangoon MRT trade at S$2,200–2,500 PSF; older Balestier walk-ups are freehold and cheaper but lack pool/gym facilities expat tenants expect.
Two structural tailwinds shape D12 through 2030:
Bidadari estate — HDB and URA have repositioned the former cemetery site as a green-belt residential precinct with Woodleigh MRT (NEL/CRL future interchange). Capital values along the Upper Aljunied / Bartley corridor reprice as BTO BTO completions land 2024–2027.
Novena medical cluster expansion — Mount Elizabeth Novena, Tan Tock Seng, and the Health City Novena masterplan tighten the tenant demand pool for "walking distance to hospital" units, commanding a 5–10% rental premium.
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 12 (Toa Payoh, Serangoon, Balestier) is in Singapore's Rest of 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 12
| Condo | Avg PSF | Avg Price | Avg Rent | Gross Yield | Tenure |
|---|---|---|---|---|---|
| ST FRANCIS COURT | $1,154 psf | $1,129,125 | $4,363/mo | 4.6% | 99 yrs lease commencing from 1992 |
| VIIO @ BALESTIER | $1,862 psf | $986,000 | $3,710/mo | 4.5% | Freehold |
| THE TIER | $1,535 psf | $818,022 | $3,070/mo | 4.5% | Freehold |
| KIM KEAT HOUSE | $1,112 psf | $1,215,000 | $4,450/mo | 4.4% | Freehold |
| OKIO | $1,798 psf | $859,000 | $3,117/mo | 4.4% | Freehold |
| KIM KEAT GARDENS | $1,027 psf | $1,365,000 | $4,950/mo | 4.4% | 99 yrs lease commencing from 2001 |
| BLISS LOFT | $1,441 psf | $892,500 | $3,186/mo | 4.3% | Freehold |
| ASCENT @ 456 | $1,488 psf | $1,061,378 | $3,779/mo | 4.3% | Freehold |
| AIRSTREAM | $1,523 psf | $798,125 | $2,729/mo | 4.1% | Freehold |
| VA RESIDENCES | $1,583 psf | $923,333 | $3,100/mo | 4.0% | Freehold |
| SKYSUITES17 | $1,879 psf | $998,684 | $3,328/mo | 4.0% | Freehold |
| VETRO | $1,515 psf | $884,200 | $2,920/mo | 4.0% | 999 yrs lease commencing from 1882 |
| NEEM TREE | $1,822 psf | $1,002,740 | $3,289/mo | 3.9% | Freehold |
| OPAL SUITES | $1,544 psf | $798,222 | $2,506/mo | 3.8% | Freehold |
| THE VERVE | $1,520 psf | $981,600 | $3,073/mo | 3.8% | Freehold |
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.
D12 yield benchmarks (URA caveats 24-month rolling to Apr 2026, indicative 2BR / 3BR rent):
| Project | Median PSF | Rent/month | Gross Yield | Tenant Draw |
|---|---|---|---|---|
| Trevista (Toa Payoh, 99yr) | ~S$1,800 | ~S$5,500 (3BR) | ~2.8% | Toa Payoh MRT, CBD 15min |
| The Venue Residences (99yr) | ~S$2,000 | ~S$5,200 (2BR) | ~2.6% | Tai Seng MRT, biz parks |
| Skyline @ Bukit Batok / Bidadari new stock | ~S$2,300 | ~S$5,800 (2BR) | ~2.4% | Woodleigh MRT |
| Balestier FH walk-ups (older) | ~S$1,500 | ~S$4,200 (2BR) | ~2.7% | Freehold, no facilities |
Note the “Walking distance to Mount Elizabeth Novena” premium of ~5–10% on advertised rents — verify with a Google Maps walking-time check before paying for it.
Sources & methodology. Aggregates from URA REALIS transaction caveats. NSL/NEL connectivity per LTA MRT system map. Bidadari transformation timeline cross-checked against HDB press releases (Bidadari) and URA Master Plan 2019 (Bidadari/Toa Payoh precincts).
- Pay for MRT proximity, not Balestier nostalgia. Toa Payoh / Serangoon MRT-adjacent leasehold beats Balestier freehold walk-ups on yield AND on tenant pool quality.
- Verify the hospital-walk premium. Pull Google Maps walking time to Mount Elizabeth Novena; if >10 min, the 5–10% rental premium evaporates.
- Track Bidadari completions. BTO completions 2024–2027 increase tenant supply (BTOs eventually go onto resale or rental); model a 50–80bps yield headwind for Woodleigh-adjacent stock 2027–2029.
- Lease vintage matters for >15-year holds. Older Balestier walk-ups carry meaningful lease-decay risk in a 30-year hold; check remaining tenure before committing.
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?
Why is D12 yield lower than D14 (Geylang) despite similar PSF?
D14 commands a yield premium because the tenant pool skews to single working professionals on shorter leases (higher vacancy turnover cost). D12 tenants are families and medical professionals on 24-month leases — lower headline yield, lower friction.
Is Balestier freehold worth the yield discount?
Only if you have a 20+ year hold and value the inflation hedge. For a 5–10 year flip horizon, leasehold near Toa Payoh / Serangoon MRT wins on both yield and capital growth.
ABSD impact on 2nd-property purchase in D12?
SC 2nd: 20%, PR 2nd: 30%, Foreigner: 60% per IRAS. On a S$1.8M D12 unit that adds S$360K–S$1.08M upfront — roughly 1.2–2.0pp annually to effective holding cost over a 10-year hold.