District 23 (Choa Chu Kang, Dairy Farm, Bukit Panjang, Hillview) delivers gross yields of 3.5–4.2% for older leasehold stock — outpacing many central districts. Affordable entry, large HDB upgrader rental base, and Feb 2025 Hume MRT opening make it compelling for yield-focused investors.
District 23 occupies Singapore's north-western frontier, stitching together Dairy Farm heritage corridors, Hillview's forested ridgeline, Choa Chu Kang self-contained town, and Bukit Panjang. United by a tenant base that is deep, stable, and structurally underserved by private rental supply.
Demand engine: 66,000+ HDB flats in CCK and Bukit Panjang alone — aspirational renters paying rarely below $2,800/month. Second cohort: expatriates and professionals employed in Jurong Lake District, Tuas, Cleantech Park. Hillview's nature-enclave branding plus DTL access is a lifestyle alternative to Buona Vista/Clementi at lower rental quantum.
Two tiers: older 99-yr estates (Northvale, Regent Grove, Hazel Park) at $966–$1,198 psf with $3,000–$3,800/month rents generating 3.8%+ yields. Newer integrated/mixed-use (Hillion Residences linked to Bukit Panjang ITH, Dairy Farm Residences) at $1,545–$2,056 psf compress yields to 3.1–3.5%.
2025 structural catalyst: Hume MRT station opened 28 February 2025 — final infill stop on DTL between Hillview and Beauty World. Dramatically shortens commute for residents in Rail Mall, The Hillier, Hillview Park cluster.
D23 recorded 9,706 rental transactions past 3 years — volume comparable to much larger central districts.
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 23 (Choa Chu Kang, Dairy Farm, Hillview, Bukit Panjang) is in Singapore's Outside 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 23
| Condo | Avg PSF | Avg Price | Avg Rent | Gross Yield | Tenure |
|---|---|---|---|---|---|
| FUYONG ESTATE | $284 psf | $1,112,978 | $5,511/mo | 5.9% | 99 yrs lease commencing from 1947 |
| LAUREL TREE | $1,552 psf | $718,333 | $2,654/mo | 4.4% | Freehold |
| HILLTOP GROVE | $1,128 psf | $1,245,333 | $4,533/mo | 4.4% | 99 yrs lease commencing from 1996 |
| THE TENNERY | $1,349 psf | $901,486 | $3,225/mo | 4.3% | 99 yrs lease commencing from 2010 |
| PARKVIEW APARTMENTS | $988 psf | $1,049,294 | $3,648/mo | 4.2% | 99 yrs lease commencing from 1994 |
| REGENT GROVE | $1,002 psf | $1,160,327 | $3,931/mo | 4.1% | 99 yrs lease commencing from 1997 |
| THE HILLIER | $1,571 psf | $1,007,011 | $3,289/mo | 3.9% | 99 yrs lease commencing from 2011 |
| REGENT HEIGHTS | $1,055 psf | $1,184,136 | $3,841/mo | 3.9% | 99 yrs lease commencing from 1995 |
| NICON GARDENS | $920 psf | $1,837,200 | $5,900/mo | 3.9% | 99 yrs lease commencing from 1981 |
| HILLVIEW REGENCY | $1,165 psf | $1,259,300 | $4,023/mo | 3.8% | 99 yrs lease commencing from 2000 |
| HILLSTA | $1,348 psf | $1,047,948 | $3,209/mo | 3.7% | 99 yrs lease commencing from 2011 |
| CHESTERVALE | $1,005 psf | $1,357,994 | $4,139/mo | 3.7% | 99 yrs lease commencing from 1997 |
| HILLS TWOONE | $1,544 psf | $1,126,211 | $3,407/mo | 3.6% | Freehold |
| KINGSFORD . HILLVIEW PEAK | $1,447 psf | $1,120,877 | $3,368/mo | 3.6% | 99 yrs lease commencing from 2012 |
| YEW MEI GREEN | $1,054 psf | $1,413,458 | $4,200/mo | 3.6% | 99 yrs lease commencing from 1997 |
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.
D23 yield benchmarks:
| Project | Tenure | Avg PSF | Median Rent/mo | Gross Yield | MRT Access |
|---|---|---|---|---|---|
| Northvale | 99-yr LH (1998) | $1,098 | $3,490 | ~3.8% | CCK (NS/BP) |
| Regent Grove | 99-yr LH (1999) | $1,050 | $3,200 | ~3.7% | CCK (NS/BP) |
| Hazel Park Condominium | 99-yr LH (2000) | $1,694 | $3,640 | ~3.5% | Hillview (DT3) |
| Hillview Park | Freehold | $1,675 | $3,500 | ~3.2% | Hillview / Hume |
| Hillion Residences | 99-yr LH (2017) | $1,810 | $3,450 | ~3.1% | Bukit Panjang ITH |
| Dairy Farm Residences | 99-yr LH (2022) | $1,804 | $3,600 | ~3.2% | Hillview (DT3) |
| Narra Residences | 99-yr LH (2024) | $2,180 | $3,800 | ~2.7% | Bukit Panjang |
Northvale (762 units 1998) leads at ~3.8% — 1,000 sqft 3-bedder ~$1.0–$1.2M entry supports positive-carry financing. Hillion + Dairy Farm offer brand-new stock with lease-up speed at 3.1–3.2%. Hillview Park freehold adds en-bloc/long-hold optionality at 3.2%.
- Prioritise late-1990s 99-yr LH in CCK and Bukit Panjang for max yield.
- Check remaining lease carefully. 1998 project = ~71 years remaining 2026.
- Target Hume MRT micro-node for quality-yield balance. Properties within 500m have seen uplift since Feb 2025.
- Negotiate IRAS-compliant 24-month lease terms.
- Run stress-test at 3.5% mortgage. $1.1M purchase at 75% LTV ~$3,100/month. Marginally positive cash flow before maintenance/property tax.
- Check IRAS property tax schedule. Non-owner-occupied 12–36% on AV from 2024.
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 are D23 yields higher than central districts?
Large stable tenant base (HDB upgraders + western corridor professionals) combined with purchase prices well below D9/D10/D11. Lower capital outlay relative to achievable rents.
How has Hume MRT affected rental demand?
Opened 28 Feb 2025 DTL. Anecdotal evidence of faster lease-up and firmer asking rents for properties within walking distance.
What is the tenant profile?
Predominantly Singaporean HDB upgrader families seeking private amenities under $4,000/month. Growing expatriate cohort in JLD/Tuas/western tech parks.
Hillion or older leasehold for better returns?
Depends on objective. Hillion ITH integration = strong demand + lower vacancy + modern finishes at 3.1–3.2%. Older Northvale ~3.8% but requires lease-decay management.
Any new-launch projects with attractive yields?
Narra Residences (2024 launch $2,180 psf) yields ~2.6–2.8%. New launches generally offer lower initial yields — thesis is capital appreciation.
What ongoing costs to budget?
Property tax 12–36% AV (non-owner-occupied), maintenance $250–$450/month, agent commission half-month for <12 month lease, vacancy 4–6 weeks/year. Reduces gross yield by 1.0–1.3pp.