The Octet
Overview & Key Facts
The Octet is a 56-unit freehold condominium on Lorong 24 Geylang in District 14, developed by Osmo Capital Pte Ltd and completed in 2017. It is, by almost every measurable metric, the yield king of D14 Geylang’s freehold segment — a compact boutique asset delivering a gross yield of 4.99% that is not only the strongest figure in its immediate peer group but one of the standout income returns recorded across the entire Rest of Central Region resale market.
The headline number deserves direct attention: 4.99% gross yield on a freehold RCR condominium is structurally exceptional. At a median transaction price of S$625,000 and an average rent of S$2,521 per month, The Octet achieves a return that no 99-year leasehold neighbour — not Parc Esta at S$2,182 PSF, not Penrose at S$1,928 PSF, not Sims Urban Oasis at S$1,760 PSF — can replicate at current pricing. The yield advantage is not marginal. It outperforms the nearest freehold D14 competitor, Grandview Suites (4.65%), by 34 basis points, and Melosa (4.75%) by 24 basis points. This is the top of the D14 freehold yield table.
That yield is underpinned by 106 rental transactions across a 56-unit development — a transaction-to-unit ratio that reflects persistent, deep rental demand rather than a handful of lucky lets inflating an average. For investors whose primary criterion is income return on a sub-S$700,000 freehold RCR asset, The Octet is one of the most compelling data points in the current Singapore resale market.
Location & Connectivity
Lorong 24 Geylang sits squarely in the mid-zone of the entertainment corridor. This review will not soften that fact. The higher-numbered lorongs — Lorongs 18 through 30 and above — are where the most concentrated activity is found at night, and Lorong 24 falls within this range. Buyers should visit the street in the evening and on weekends before making any commitment. The Octet is not a sanitised suburban address, and prospective buyers who require one should look at lower lorong numbers or adjacent districts.
What Lorong 24 also is: a 490-metre walk from Aljunied MRT (East-West Line) — a genuine 6-minute unassisted walk that gives direct access to Raffles Place in 4 stops and Changi Airport without transfer. Two Circle Line stations sit within 700 metres: Mountbatten CCL at 0.69 km and Dakota CCL at 0.69 km. Paya Lebar (EWL/CCL interchange, Cross Island Line future node) is 1.23 km away. Three MRT lines — East-West, Circle, and Cross Island via Paya Lebar — are accessible within 1.25 kilometres. That is an MRT coverage footprint that the majority of D14 and even D15 condominiums cannot match regardless of their PSF premium.
Geylang Methodist Primary School is 0.27 km from The Octet — within the 1 km priority registration phase for Phase 2A and Phase 2B. At 270 metres, this is not a borderline proximity; it is one of the closest primary school distances recorded for any freehold D14 condominium. One World International School (Mountbatten) is 0.37 km away, providing a quality international option for expat tenant families. Geylang Methodist Secondary sits at 0.46 km and Kong Hwa School at 0.81 km. The school catchment narrative for The Octet is, on the data, materially stronger than its address would lead most buyers to assume.
Geylang’s food culture remains one of the most genuinely distinctive aspects of the neighbourhood’s residential proposition. The 24-hour food corridor — durian stalls, frog porridge institutions, Teochew porridge coffee shops, beef hor fun specialists — operates at street level within walking distance and at price points that no other central Singapore district replicates. For residents who weight food accessibility and urban energy, Geylang delivers. This is not a compensation for the address; it is a genuine and recurring resident preference.
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 | ~1.4 km |
| Macpherson Primary School | primary | ~1.6 km |
| Tanjong Katong Primary School | primary | ~1.6 km |
| Tao Nan School | primary | ~1.7 km |
Facilities
The Octet was completed in 2017 and delivers a modern but pared-back facilities package commensurate with its 56-unit boutique scale. The development offers a swimming pool, gymnasium, and communal outdoor spaces at a standard that reflects its positioning as an investor-grade yield asset rather than a lifestyle flagship. There is no multi-level carpark podium, no sky garden, no function rooms, no tennis court, and no barbecue pavilion infrastructure associated with 500-unit or larger developments.
The 2017 completion date is a meaningful positive relative to other Geylang peers: the building fabric, M&E systems, and common area finishes are less than a decade old, which reduces the near-term MCST capital expenditure risk that older boutique condominiums in the same corridor carry. The facilities are not extensive, but they are modern — and the swimming pool and gym meet the baseline expectations of the professional tenant segment that forms the primary rental market.
The structural yield advantage of a 56-unit development is its maintenance fee economics. Fewer shared facilities spread across fewer units typically produces a leaner MCST charge relative to larger developments with resort amenity stacks. Investors calculating net yield should model maintenance fees explicitly: a S$200–S$300 per month saving on MCST relative to a comparable-sized unit in Parc Esta or Sims Urban Oasis can improve net yield by 30–40 basis points over a 5-year hold. At a 4.99% gross yield baseline, every basis point of net improvement is material.
Buyers seeking resort-tier amenities — lap pools, tennis courts, function rooms, concierge — will need to look at Parc Esta (1,399 units, Stadium CCL) or Sims Urban Oasis (1,024 units), both of which command PSF premiums of S$200 to S$1,600 above The Octet for the privilege. Whether that premium is justified depends entirely on how a buyer weights lifestyle amenities against income return, tenure permanence, and entry quantum.
Unit Sizes & Layout
The median transaction price of S$625,000 at The Octet signals clearly that this is a studio and one-bedroom dominant development. Units at this quantum in D14 RCR freehold are compact by design, calibrated for the professional tenant and investor-landlord rather than family accommodation. The average PSF of S$1,556 over the trailing 12 months — derived from 14 total sales transactions — sits at a discount to leasehold neighbours Parc Esta (S$2,182 PSF) and Penrose (S$1,928 PSF) that reflects the combined effect of Geylang address pricing, smaller unit size, and boutique scale.
The PSF trend across recent periods is constructive: S$1,385 → S$1,507 → S$1,542 → S$1,478 → S$1,556. This is not a sharp upward trajectory, but it shows a development that has not depreciated and has edged higher in each recent measurement window. For a sub-700,000 median freehold asset in a challenged address context, a steadily improving PSF trend is a positive signal rather than a neutral one.
The compact format is the structural driver of the 4.99% yield. An average rent of S$2,521 per month (median S$2,600) against a median purchase price of S$625,000 produces arithmetic that larger, more expensive units cannot replicate at prevailing D14 rental rates. The tenant market is demonstrably active: 106 rental transactions for 56 units represents a high turnover rate, confirming that tenants are consistently found and leases consistently renewed in this location. The proximity of Geylang Methodist Primary, One World International, and three MRT stations within 700 metres drives sustained tenant demand from working professionals and family tenants simultaneously.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 0 BR | 11 | $1,464 | $625,990 |
| 1 BR | 3 | $1,380 | $706,667 |
Pricing & Market Position
Based on 14 recorded transactions, sale prices range from $570,000 to $780,000, averaging $643,278 (~$1,556 psf).
Rents range from $1,600 to $3,400 per month across 108 rental transactions. Current rental yield sits at approximately 5.0%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 10.5% (from $1,408 to $1,556 psf).
Neighbourhood Comparison
The D14 RCR competitive landscape pits a small cohort of freehold boutique condominiums against a much larger field of 99-year leasehold projects that dominate the district’s new-launch and resale headlines. The Octet sits at the top of the freehold yield table and the bottom of the PSF table — a position that precisely reflects the Geylang address discount operating on a development with legitimate transit, school, and income fundamentals.
Parc Esta (S$2,182 PSF, 99yr/2018, 1,399 units, Stadium CCL) is the dominant benchmark: a large, fully facilitated contemporary development with a deep resale market and strong brand recognition. At S$1,556 PSF below Parc Esta on a perpetual lease versus a depreciating 99-year tenure, The Octet’s PSF discount is not a data anomaly — it is the full Geylang address discount expressed in numerical form. Penrose (S$1,928 PSF, 99yr/2019, 566 units) and The Antares (S$1,833 PSF, 99yr/2018, 265 units) are similarly positioned: newer leasehold builds with full facilities and price floors that structurally prevent 4%+ gross yields at prevailing D14 rental rates. Sims Urban Oasis (S$1,760 PSF, 99yr/2014, 1,024 units) and EuHabitat (S$1,326 PSF, 99yr/2010, 697 units) round out the leasehold cohort.
Within the D14 freehold segment, the most relevant peer comparisons are Grandview Suites (4.65% yield, Lorong 22, 52 units) and Melosa (4.75% yield). The Octet leads both on yield by 34 and 24 basis points respectively. Its 2017 completion date is more recent than most Geylang boutique peers, and Geylang Methodist Primary at 270 metres is materially closer than comparable distances for peer developments. The counterpoint is that Lorong 24 sits one lorong deeper into the entertainment corridor than Lorong 22 — a distinction that will matter to some buyers and be irrelevant to others.
- Parc Esta: S$2,182 PSF — 99yr/2018, 1,399 units, Stadium CCL.
- Penrose: S$1,928 PSF — 99yr/2019, 566 units, Sims Ave.
- The Antares: S$1,833 PSF — 99yr/2018, 265 units, Mattar Road.
- Sims Urban Oasis: S$1,760 PSF — 99yr/2014, 1,024 units, Geylang.
- EuHabitat: S$1,326 PSF — 99yr/2010, 697 units, Jalan Eunos.
- Grandview Suites: freehold, Lorong 22 Geylang, 52 units, 4.65% yield.
- The Octet: S$1,556 PSF — freehold, Lorong 24 Geylang, 56 units, 4.99% yield.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| THE OCTET | Freehold | 2017 | 56 | $1,556 |
| 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 OCTET across multiple dimensions.
What Residents Say
The Octet’s resident profile is investor-dominated, with the tenant base drawn primarily from working professionals commuting via EWL and corporate short-stay users who value central location over street prestige. The pattern from landlord accounts and tenant feedback is consistent: residents who choose Lorong 24 have made a deliberate location trade-off and are broadly satisfied with the transit and food access it provides.
“Aljunied is a 6-minute walk — I timed it on the first day. I’m at my Raffles Place office in 18 minutes door to door. The rent I pay here I cannot find anywhere this close to the city. And the food — I eat differently since moving to Geylang.”
— Working professional tenant, via property forum
“I bought it in 2019 purely for yield. The tenant market has been better than I expected — two different tenants, both renewed. At nearly 5% yield on a freehold, I have no intention of selling. Where else would I redeploy the capital at this return?”
— Investor-landlord, via online forum
The 106 rental transactions across 56 units confirm that tenant turnover is active and tenancies are regularly re-let at prevailing market rates. The dominant tenant profile is working professionals on EWL commutes, small family units attracted by the Geylang Methodist Primary proximity, and corporate short-stay users who weight transit and affordability above neighbourhood prestige. The 2017 build quality meets baseline expectations for the professional tenant segment — modern finishes and maintained common areas do not require immediate renovation prior to tenanting.
Owner-occupiers are a small minority of the residential base. The compact unit configuration, Geylang mid-lorong address, and investor-heavy ownership profile collectively weight The Octet toward tenant use. The 56-unit MCST is compact enough to be responsive and operationally efficient, with fewer shared stakeholders than large-scale developments. Residents who have settled into the Geylang lifestyle — its food culture, its urban energy, its unmatched 24-hour accessibility — consistently report that the trade-off was correct for their circumstances.
Strengths & Weaknesses
- 4.99% gross yield — the highest in the D14 freehold segment, outperforming Grandview Suites (4.65%) and Melosa (4.75%)
- Freehold tenure at median S$625,000 — sub-S$650K freehold RCR entry is an increasingly rare combination in Singapore
- Aljunied EWL 490m — genuine walking distance to East-West Line with direct CBD access in 4 stops
- Triple MRT access within 700m — Aljunied EWL, Mountbatten CCL, and Dakota CCL; Paya Lebar interchange at 1.23km
- 106 rental transactions for 56 units — exceptionally high tenant demand confirming active and persistent rental market
- Geylang Methodist Primary 270m — one of the closest primary school proximities for any freehold D14 condominium
- Walkability 90/100 — one of the highest walkability scores in the Singapore private residential dataset
- 2017 completion — modern build quality reduces near-term MCST capital expenditure risk relative to older Geylang peers
- Boutique 56-unit scale — responsive MCST, lean shared facility overhead, structurally lower maintenance fees
- Freehold tenure eliminates lease decay risk, preserves CPF usage eligibility and LTV ratios indefinitely
- Lorong 24 Geylang address — mid-to-high lorong in the entertainment corridor; not suitable for all lifestyle preferences
- Only 14 total sales transactions — thin volume limits price discovery reliability and resale exit liquidity
- Compact unit sizes — median S$625K signals studio/1BR dominant mix; limited suitability for families or space-sensitive buyers
- Profitability score 39/100 — low capital appreciation signal; confirms this is an income asset, not a momentum play
- Investment score 66/100 — respectable but below higher-scored D14 peers on composite fundamental metrics
- Minimal facilities — modern but basic pool and gym only; no resort-tier amenity stack or lifestyle infrastructure
- Constrained resale buyer pool — Geylang address stigma narrows exit options and resale price ceiling
- PSF dip visible in trend — S$1,542 → S$1,478 mid-sequence suggests some volatility; not a clean upward trajectory
- Osmo Capital developer — limited brand recognition; no developer warranty track record for brand-sensitive buyers
- En-Bloc score 39/100 — collective sale optionality is low given development size and current land value dynamics
Verdict
The Octet is the yield king of D14 Geylang freehold, and the investment case should be evaluated on exactly that basis. A 4.99% gross yield on a freehold RCR asset, supported by 106 rental transactions across 56 units, is one of the most compelling income profiles in the Singapore private residential resale market at any price tier. It outperforms the nearest D14 freehold competitor on yield, offers a lower median entry price than most of its peers, and carries the irreplaceable structural advantage of perpetual tenure.
The MRT position reinforces the investment thesis. Aljunied EWL at 490 metres is a genuine walking distance, not a map-drawn approximation. Mountbatten CCL and Dakota CCL both at 690 metres deliver Circle Line coverage on top of EWL access, with Paya Lebar interchange at 1.23 km adding Cross Island Line optionality for the future. The transit footprint is stronger than the majority of D14 and D15 condominiums at significantly higher price points. Geylang Methodist Primary at 270 metres is within 1 km priority for school registration — a practical and underappreciated driver of family tenant demand.
The profitability score of 39/100 warrants direct commentary. This low composite score reflects thin sales volume — 14 transactions in a 56-unit development does not produce reliable price momentum data — and the Geylang address discount compressing resale appreciation potential. The Octet is not a capital growth vehicle. It is a hold-and-collect-rent asset, and buyers who enter with that intention and a minimum 5-to-7-year horizon will find the return profile coherent. Buyers seeking capital gains, owner-occupier comfort, or a prestigious RCR address should look at Parc Esta, Penrose, or Sims Urban Oasis.
Compared to Grandview Suites (4.65% yield, D14 freehold, Lorong 22) and Melosa (4.75% yield), The Octet leads the D14 freehold yield table outright. The 2017 completion date gives it a modernity edge over older Geylang boutique stock. For investors whose primary lens is: “what is the best sustainable freehold yield I can achieve in RCR Singapore at sub-S$700,000 entry?” — The Octet is the answer that the data currently gives.