The Diamond
Overview & Key Facts
The Diamond is a compact freehold condominium situated at 17 Lorong 9 Geylang, within the established District 14 enclave of Kallang and Geylang. Completed in 1997, this eight-storey boutique development comprises approximately 10 residential units — a scale that speaks candidly to its identity: this is not a lifestyle resort condo, but a no-frills freehold asset in a location that has long been more relevant to yield-focused investors than owner-occupiers. That said, the fundamentals that underpin the investment case are genuine and deserve careful examination.
Freehold tenure, a PSF trajectory that has climbed from around S$1,032 to S$1,120 (an 8.5% appreciation over the recorded period), and a rental base of 22 transactions against only 10 units — a 2.2× rental turnover ratio — paint a clear picture of a building that tenants value for its central position and accessible pricing. With a gross yield of 3.11%, The Diamond holds its own against many new-launch 99-year leasehold peers that launch at PSF premiums of 50–90% above this property's current market level.
Buyers considering The Diamond should approach it with clear eyes: the Lorong 9 Geylang address carries context that affects both lifestyle appeal and resale audience, but the freehold status, competitive PSF, and sustained rental demand represent a real and defensible value proposition for investors who understand the D14 market.
Location & Connectivity
Lorong 9 Geylang occupies the lower-numbered, northern tier of the Geylang lorong grid — a meaningful distinction. The odd-numbered lorongs from 1 to around 15 are generally considered the more commercially mainstream corridors, bookended by Geylang Road and Sims Avenue, with active food-and-beverage operations, convenience shops, and long-established neighbourhood businesses. The deeper, even-numbered lorongs towards the 20s and 30s carry a heavier association with the area's more sensitive night-time economy. Lorong 9 sits closer to the northern fringe and benefits from this proximity to the broader Kallang-Paya Lebar corridor rather than the more challenging deeper grid.
The practical location story is strong. Kallang MRT (EW10) is approximately 560 metres away — a comfortable eight-minute walk or a short bus ride — providing direct East-West Line access to City Hall, Raffles Place, and the western employment corridors. Geylang Bahru MRT (DT24) on the Downtown Line is reachable at around 1.09 kilometres, while Stadium (CC6) and Mountbatten (CC7) on the Circle Line are within the 1.1–1.2 km band. This multi-line accessibility — EW, DT, and CC all within reasonable distance — is a genuine advantage that most Geylang properties share, and one that underpins the strong rental demand from working tenants and short-stay occupants alike.
Day-to-day amenities are plentiful. Geylang Serai Market and Food Centre, one of Singapore's most celebrated hawker destinations, is under two kilometres away and draws food enthusiasts from across the island. Paya Lebar Quarter (PLQ) Mall — a modern mixed-use development with supermarkets, F&B, and offices — is roughly 1.5 kilometres east. For a different retail experience, Kallang Wave Mall and Leisure Park Kallang sit just north, anchored by the Singapore Sports Hub precinct.
Kallang Alive Masterplan — A Nearby Catalyst
The 84-hectare Kallang Alive precinct, anchored by the Singapore Sports Hub and the redeveloped National Stadium, is being transformed into one of Southeast Asia's premier sports, entertainment, and lifestyle destinations. Ongoing and planned investments in F&B, waterfront activation, and public realm improvements directly benefit residents within the Kallang-Geylang corridor. Properties here stand to gain from rising footfall, improved infrastructure, and the wider urban uplift that sustained public investment in this precinct is expected to deliver over the next decade.
Schools & Education
| School | Type | Distance |
|---|---|---|
| One World International School (Mountbatten) | international | Within 1 km |
| Geylang Methodist School (Primary) | primary | ~1.1 km |
| Geylang Methodist School (Secondary) | secondary | ~1.3 km |
| Hong Wen School | primary | ~1.3 km |
| Kong Hwa School | primary | ~1.6 km |
| Bendemeer Secondary School | secondary | ~1.7 km |
| Bendemeer Primary School | primary | ~1.7 km |
| St. Andrew's Junior School | primary | ~1.9 km |
Facilities
The Diamond is a boutique development of approximately 10 units in an eight-storey walk-up and lift-served block, and its facilities reflect that intimate scale. Buyers and tenants should not expect the clubhouse, lap pool, and concierge amenities of larger condominium complexes. The building is understood to offer basic communal provisions — secured car parking, an intercom entry system, and shared lobby space — positioned as a low-maintenance, low-levy residential structure. This is not a shortcoming unique to The Diamond; it is a characteristic shared by virtually all of the boutique freehold boutique developments dotted through Geylang and Kallang that were completed in the 1990s.
The practical offset is equally clear: residents living close to Geylang Serai Market, Paya Lebar Quarter, the Kallang riverfront, and a rich cluster of hawker centres are not short of lifestyle options. The "facilities deficit" is absorbed by the surrounding public infrastructure rather than making itself felt in everyday quality of life — particularly for working tenants who are rarely home during peak facility-use hours.
"Boutique freehold developments in mature estates like D14 trade amenity quantity for location quality and land cost — for investors focused on yield, that is rarely a bad exchange."
Pricing & Market Position
Based on 2 recorded transactions, sale prices range from $1,300,000 to $1,350,000, averaging $1,325,000.
Rents range from $2,300 to $5,400 per month across 22 rental transactions. Current rental yield sits at approximately 3.1%.
Price Appreciation
From 2023 to 2024, the average PSF has appreciated by 8.5% (from $1,032 to $1,120 psf).
Neighbourhood Comparison
The Diamond's most direct value comparison is against the 99-year leasehold developments clustered across D14. Parc Esta (PSF ~S$2,182, 99yr, 1,399 units) and Penrose (PSF ~S$1,928, 99yr, 566 units) command premiums of 70–95% above The Diamond's current PSF, despite offering wasting leasehold tenure. EuHabitat (PSF ~S$1,326, 99yr, 697 units) is the closest leasehold comparator by price, but it too sits on a 99-year tenure that will erode over time. On a pure land-value basis, The Diamond's freehold status represents structural protection that no leasehold peer can match — the question for each buyer is whether that protection justifies the Geylang address premium over a longer hold.
For yield-focused buyers who have benchmarked the rental market, The Diamond's 3.11% gross yield compares favourably against many larger new-launch condominiums that launched at PSF levels of S$1,800–S$2,200, where yields have compressed to the 2.0–2.5% range. The boutique scale, while limiting in amenity terms, also means fewer competing units within the same building during tenant search periods — a small but real operational advantage for landlords managing multiple D14 investments.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| THE DIAMOND | Freehold | — | 10 | — |
| 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 THE DIAMOND across multiple dimensions.
What Residents Say
"I have been renting here for two years. The location is unbeatable — I walk to Kallang MRT in about eight minutes and I am in the CBD in under twenty. The building is quiet, the neighbours keep to themselves, and the rent is fair for this part of town. It is not fancy, but it works perfectly for what I need." — Long-term tenant, Lorong 9 Geylang
"Bought this as an investment after selling a larger unit elsewhere. The yield is consistent, vacancy has been minimal, and the freehold status gives me peace of mind about the long-term land value. Geylang gets a bad reputation that I think is overstated for this part of the area — the food alone is worth the address." — Owner-investor, D14 portfolio holder
"The neighbourhood has everything within walking distance — hawker centres, the MRT, convenience stores. Yes, it is Geylang, and you know what that means, but Lorong 9 is nothing like the stories about the deeper lorongs. I have lived here for over a year and found it a practical, well-connected place to be based." — Expat tenant, working in Paya Lebar commercial cluster
Strengths & Weaknesses
- Freehold tenure — no lease decay, full land value retention in perpetuity
- Competitive PSF (~S$1,120) well below comparable leasehold peers in D14
- Strong rental demand: 22 transactions across 10 units = 2.2× rental turnover ratio
- Gross yield of 3.11% solid for a freehold property in a central Singapore district
- Positive PSF appreciation: S$1,032 → S$1,120 (+8.5%) demonstrates steady value accretion
- Multi-line MRT access: Kallang EW (0.56km) + Geylang Bahru DT (1.09km) + Stadium/Mountbatten CC nearby
- Low maintenance fees typical of boutique boutique developments reduce ongoing holding costs
- Paya Lebar Airbase redevelopment (from 2030) is a significant long-horizon macro catalyst for all of D14
- Kallang Alive masterplan adds near-term precinct momentum to the broader Kallang corridor
- Close to Geylang Serai Market, Paya Lebar Quarter, and Kallang Leisure Park
- Lorong 9 is an odd-numbered Geylang lorong — known mixed-use streetscape context affects family buyer appeal
- Minimal facilities: no pool, gym, or clubhouse typical of larger condominium developments
- Very low transaction volume (2 sales in data set) makes resale price discovery difficult
- Boutique scale limits exit liquidity — small buyer pool relative to larger developments
- 1997 vintage means some units may require renovation investment before letting or resale
- Investment Score of 55/100 and En-Bloc Score of 39/100 reflect genuine resale and en-bloc constraints
- Geylang address may narrow tenant and buyer profile, primarily attracting investors over owner-occupiers
Verdict
The Diamond is a specialist asset — not a property for everyone, but a well-defined proposition for a specific buyer profile. Its freehold tenure, improving PSF trajectory, sub-S$1,200 PSF entry point, and demonstrated rental demand make it one of the more transparently investor-oriented opportunities in D14. The 2.2× rental turnover ratio (22 rental transactions against 10 units) is not a caution signal — it is a validation signal, confirming that tenants regularly seek out and return to units in this building. A 3.11% gross yield on a freehold property is a solid baseline in the current rate environment.
The honest caveat is the Lorong 9 address. Geylang's odd-numbered lorongs have historically attracted a mixed-use streetscape that can affect the ease of resale to owner-occupier families and the breadth of the buyer pool at exit. This is priced into the current PSF — which is why the freehold discount relative to leasehold peers in the same district is as wide as it is — but buyers should factor the resale audience into their exit strategy. The ShiokNest Investment Score of 55 reflects this genuine tension between yield strength and resale breadth.
Looking further out, the Paya Lebar Airbase redevelopment — slated to begin transformation from 2030 onward — represents one of the largest urban regeneration catalysts in Singapore's pipeline, with potential to reshape the entire D14 and D19 belt. Properties held through that cycle on freehold land will be best positioned to capture the structural uplift. For investors with a seven-to-twelve-year horizon and comfort with the Geylang context, The Diamond merits serious consideration.