Rezi 24
Overview & Key Facts
Rezi 24 (formerly known as Residences 1) is a 110-unit freehold condominium at 39 Lorong 24 Geylang in District 14 (Rest of Central Region), developed by a consortium of Heeton Holdings, Lian Beng Group, and KSH Holdings — three established Singapore-listed developers. Completed in 2023, the development stands at 8 storeys on a 26,188 sq ft site with a generous plot ratio of 2.8. This is a modern, city-fringe freehold that delivers one of the highest gross yields in Singapore’s private residential market at approximately 3.7%, combined with an exceptional walkability score of 80/100.
The development is within walking distance of three MRT stations: Aljunied (0.55 km), Mountbatten (0.63 km), and Dakota (0.66 km) — providing access to the East-West Line, Circle Line, and a range of bus services. Transaction data shows consistent rental demand, with the gross yield of 3.7% ranking among the top performers in our database for freehold condominiums. The walkability score of 80/100 reflects the dense urban fabric of the Geylang area, where hawker centres, shops, supermarkets, and transport links are all within easy reach on foot.
Location & Connectivity
Rezi 24 is located on Lorong 24 Geylang, a residential side street in District 14’s city fringe. The Geylang address is the development’s most polarising feature — and simultaneously its greatest investment advantage. Geylang is one of Singapore’s most centrally located districts, bordering the CBD and Paya Lebar Central, yet it trades at PSF levels typically associated with suburban locations. This pricing anomaly exists because of the area’s reputation, which the Singapore government has been systematically addressing through urban renewal, rezoning, and the transformative Paya Lebar Air Base relocation plan.
The immediate neighbourhood is vibrant and practical. Geylang Methodist Primary School is just 0.28 km away — one of the closest school-to-condo distances in Singapore and well within the 1 km priority enrollment radius. For daily conveniences, the Geylang area is saturated with hawker centres (including the famous Geylang Serai Market), minimarts, coffee shops, and 24-hour eateries. Old Airport Road Food Centre (0.8 km) is one of Singapore’s most celebrated hawker centres. Paya Lebar Quarter (PLQ) — a major mixed-use development with office towers, retail, and F&B — is two MRT stops away. Kallang Wave Mall and the Singapore Sports Hub are within a 10-minute walk, adding recreational and entertainment options to an already dense amenity catchment.
Schools & Education
2 primary schools within the 1 km Priority Phase balloting radius.
| School | Type | Distance |
|---|---|---|
| Geylang Methodist School (Primary) | primary | Within 1 km |
| One World International School (Mountbatten) | international | Within 1 km |
| Geylang Methodist School (Secondary) | secondary | Within 1 km |
| Kong Hwa School | primary | Within 1 km |
| Haig Girls' School | primary | ~1.3 km |
| Tanjong Katong Primary School | primary | ~1.6 km |
| Macpherson Primary School | primary | ~1.7 km |
| Tao Nan School | primary | ~1.7 km |
Facilities
Rezi 24 offers a well-considered facility deck for a 110-unit development, anchored by a skyline swimming pool with sun deck positioned to capture open views above the 8-storey roofline. The elevated pool placement is a smart design choice in the Geylang context, rising above the surrounding low-rise shophouses to create a resort-like escape that belies the urban location below. A jacuzzi complements the main pool for post-workout relaxation, while the gymnasium is adequately equipped for daily fitness routines.
The development also includes Smart Home devices for all units — a modern touch that allows residents to control lighting, air-conditioning, and security features remotely. Parking is generous at 110 car park lots across the first and second storeys (1:1 ratio), with dedicated handicap lots, bicycle lots, and motorbike lots for comprehensive transport options. The car park occupies the lower floors, which means residential units start from the 3rd storey, providing better elevation and views. Security is maintained through card access, CCTV, and intercom systems.
Unit Sizes & Layout
Rezi 24 offers a range of 1-bedroom to 4-bedroom units across its 110-unit inventory, with the majority being compact 1-bedroom+study and 2-bedroom configurations. The 1-bedroom units start from approximately 463 sq ft, while 3-bedroom and 4-bedroom units extend to around 1,001 sq ft for families seeking more space. Some units feature corner terraces and balconies — a design element that adds outdoor living space and natural light to the otherwise compact floor plates.
Unit finishes are contemporary and functional, with the developer specifying quality flooring, branded bathroom fittings, and kitchen appliances appropriate to the price point. The Smart Home integration is a genuine value-add rather than a gimmick, allowing keyless entry, remote appliance control, and energy monitoring. For investors, the compact unit sizes are a strategic advantage — smaller units in high-demand rental locations consistently deliver higher yields per square foot. The 1-bedroom+study units are particularly popular with tenants, offering just enough space for a home office setup alongside the living and sleeping areas.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 0 BR | 2 | $1,784 | $854,000 |
| 1 BR | 9 | $1,732 | $1,046,210 |
| 2 BR | 3 | $1,681 | $1,266,667 |
| 3 BR | 7 | $1,560 | $1,827,400 |
Pricing & Market Position
Based on 21 recorded transactions, sale prices range from $840,000 to $1,980,000, averaging $1,319,795 (~$1,715 psf).
Rents range from $2,600 to $7,200 per month across 128 rental transactions. Current rental yield sits at approximately 3.7%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 5.7% (from $1,576 to $1,665 psf).
Neighbourhood Comparison
Rezi 24 ($1,731 PSF, Freehold) vs Parc Esta ($2,181 PSF, 99-year): Parc Esta is a 1,399-unit mega-development by MCL Land at Sims Avenue, completed in 2023. At $450 PSF more with a 99-year lease (vs freehold), Parc Esta offers significantly superior facilities (50m lap pool, tennis courts, function rooms, childcare centre), a much larger unit count for resale liquidity, and a Eunos/Paya Lebar address that carries less stigma. However, Rezi 24 counters with freehold tenure (permanent land ownership vs depreciating lease), comparable MRT access (Eunos MRT vs triple-station access), and substantially higher yield. For investors, the $450 PSF gap and leasehold disadvantage make Rezi 24 the superior cash-flow investment.
Rezi 24 ($1,731 PSF, Freehold) vs Penrose ($1,927 PSF, 99-year): Penrose is a 566-unit development by CDL and Hong Leong at Sims Drive, completed in 2023. At $196 PSF more with a 99-year lease, Penrose occupies a similar city-fringe position but with a Sims Drive address that reads better than Lorong 24 Geylang. Penrose offers a larger facility deck, more unit types, and the CDL brand premium. Rezi 24 offers freehold tenure, higher yield (3.7% vs ~2.8%), lower absolute pricing, and the unique courtyard-garden design. For own-stay buyers who value brand and address, Penrose wins. For investors who value yield and freehold optionality, Rezi 24 is the clear choice.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| REZI 24 | Freehold | 2021 | 110 | $1,715 |
| PARC ESTA | 99 yrs lease commencing from 2018 | 2021 | 1,399 | $2,184 |
| SIMS URBAN OASIS | 99 yrs lease commencing from 2014 | 2020 | 1,024 | $1,762 |
| PENROSE | 99 yrs lease commencing from 2019 | 2021 | 566 | $1,928 |
| EUHABITAT | 99 yrs lease commencing from 2010 | 2016 | 697 | $1,326 |
| THE ANTARES | 99 yrs lease commencing from 2018 | 2021 | 265 | $1,833 |
ShiokNest Scores
Our proprietary scoring system evaluates REZI 24 across multiple dimensions.
What Residents Say
The resident profile at Rezi 24 reflects its dual appeal to investors and young professionals. Transaction data shows 81.5% Singaporean, 14.5% PR, and 4% foreign buyers — the PR proportion is notably higher than average, suggesting strong appeal among new permanent residents seeking affordable freehold property in a central location. The compact unit mix (predominantly 1-bedroom+study and 2-bedroom) naturally attracts a younger demographic: working professionals, couples, and small families who prioritise connectivity and convenience over space.
The tenant population is diverse, drawing from the broad employment catchment of Paya Lebar, the CBD, and the Aljunied corridor. Tenants include mid-level professionals working at PLQ and the surrounding commercial belt, young couples saving for their first HDB or condo purchase, and foreign workers in skilled roles who appreciate the central location and affordable rents relative to Districts 9–10. The 24-hour food culture of the Geylang area is a genuine lifestyle draw for residents who work late or irregular hours — few locations in Singapore offer this level of round-the-clock convenience.
Resident feedback highlights the courtyard layout and communal gardens as standout features that create a more pleasant living environment than the development’s Geylang address might suggest. The pool and facilities are described as generally quiet and uncrowded, and the direct bus connections to PLQ, Orchard, Bugis, City Hall, and Chinatown (via the rear gate bus stop) are frequently cited as a daily convenience advantage. The proximity to three MRT stations within a 7-minute walk gives residents genuine flexibility in their commuting routes.
Strengths & Weaknesses
- Freehold tenure at $1,731 PSF — below leasehold competitors in the same area
- Exceptional 3.7% gross yield — among the highest for freehold condominiums in Singapore
- Triple MRT access: Aljunied (0.55km), Mountbatten (0.63km), Dakota (0.66km)
- Walkability score of 80/100 — dense urban amenity network within walking distance
- Geylang Methodist Primary School just 0.28km — within 1km priority enrollment
- Communal gardens on every floor create a unique courtyard living experience
- Smart Home integration in all units for modern connected living
- Paya Lebar Air Base relocation could unlock significant long-term upside
- Plot ratio of 2.8 provides strong en-bloc potential for freehold site
- 110 car park lots (1:1 ratio) — generous parking for city-fringe development
- Geylang address carries stigma that affects resale perception and capital appreciation
- 8-storey height cap limits views — lower floors face surrounding low-rise buildings
- Compact unit sizes (from 463 sq ft) may feel constrained for larger families
- No tennis court or large-scale recreational facilities
- Geylang area can be noisy at night — especially on weekends
- Limited upscale retail and dining — PLQ is the nearest quality mall (2 MRT stops)
- Higher proportion of investor-owned units may create transient community feel
- Narrow lorong streets can be congested during peak hours
Verdict
Rezi 24 is, quite simply, one of the strongest value propositions in Singapore’s private residential market for yield-focused investors. A freehold condominium delivering 3.7% gross yield with triple MRT access at $1,731 PSF — below the PSF of leasehold competitors — is an anomaly that exists solely because of the Geylang address. For investors who evaluate properties on cash flow metrics rather than postcode prestige, this is a compelling proposition that the numbers overwhelmingly support.
The risks are real but well-understood: Geylang’s reputation affects both capital appreciation velocity and the tenant demographic, the 8-storey height limit means limited views from lower floors, and the compact unit sizes may not suit families who need more space. But the Paya Lebar Air Base relocation — one of Singapore’s largest urban transformation projects — will fundamentally reshape this precinct over the next 10–20 years, potentially removing the height restrictions and unlocking en-bloc value for freehold sites with high plot ratios. Rezi 24’s combination of freehold tenure, 2.8 plot ratio, and triple MRT proximity positions it squarely in the path of this transformation.