Where To Find Affordable Old Condos With Good Rental Yields In 2024 (From $545,000)

Old projects go hand-in-hand with somewhat better rental yields. It’s usually inevitable because older projects tend to cost less. But even among the more seasoned developments, there are a few that manage to stand out – and with some landlords now having to quickly recoup their 20 per cent ABSD (or more if they’re PRs or foreigners) – the most sensible options may be the projects with proven track records. As of 2024, here are the developments that top the charts for gross rental yield, even among their older peers:

Top rental yields by project

A look at the top five performers except for People’s Park Complex

We’re skipping People’s Park Complex because we’ve covered it many times; suffice it to say it’s almost always the top property for gross yield, because it’s been the cheapest place to buy and rent within the CBD for ages.

1. Textile Centre

Textile Centre is a leasehold, mixed-use project dating back to 1977. There are 132 residential units, and it’s close to both Lavender MRT station (EWL) and Nicoll Highway (CCL). Note that Nicoll Highway is more walkable than it appears on the map – you just need to go to City Gate Mall (next to neighbouring Sultan Plaza), and from there you can get on an overhead bridge to Nicoll Highway.

Textile Centre provides a more affordable alternative to renting in Bugis itself; and it’s a highly convenient location near the Golden Mile Food Centre (this is also near the famous Beach Road army market, where some of you bought your SAF gear). Toward the Lavender area, there’s easy access to Kitchener Complex, which has an NTUC as well as several eateries. 

The downside is that Textile Centre (and its adjacent Sultan Plaza) don’t provide much amenity in their commercial components. The shops are all very niche and scrambled, and as far as retail goes it’s mostly dead. There are also several shady lounges and massage parlours in both Textile Centre and neighbouring Sultan Plaza, which rules out the location for families. It’s mostly just the food outlets downstairs that are a true amenity.

As an aside, note that there’s a place of worship in Textile Centre, although the religious ceremonies don’t seem noisy, and don’t seem to affect residents.

While its commercial segment isn’t pretty, we expect demand for the location to stay strong, as well as its en-bloc prospects. This is on the back of the Ophir-Rochor corridor, which could well steal the crowd from the existing CBD in coming decades. 

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2. Spottiswoode Park

Spottiswoode Park is nestled in one of Singapore’s trendiest areas – the surroundings are full of conserved shophouses, with artisanal cafes and boutique stores. It’s also close to both Tanjong Pagar and Chinatown, making it ideal for those who want fast access to CBD areas. So even though its age definitely shows (Spottiswoode Park was built in 1970), this 340-unit apartment is still a particularly desirable project.

Apart from the trendy cafes at Everton Park, Spottiswoode Park is close to an actual park – so you get some greenery despite being in a heavily built up area. The proximity of SGH, just across from Kampong Bahru/Eu Tong Sen Street, always works in its favour as a rental property: foreign workers in the hospital will find this a convenient place to rent. 

For daily amenities, such as groceries, the Tanjong Pagar area, with malls like 100 KM, can serve most needs. Meanwhile, Chinatown provides a lot of late night supper locations, and you’ll find it easy to grab a bite even at one or two in the morning. 

Note that Cantonment MRT (CCL) will be within walking distance of this project, once it’s up and running in 2026.

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3. Melville Park

Built in 1996, Melville Park is a massive 1,232 unit development with a 99-year lease. The high rental yields are mainly due to the low price point: units here hover at around $900 psf, which has been rather affordable for the past few years. In fact just this month, a 1,345 sq. ft. unit was sold here for just $1.22 million. This does make Melville Park of interest to families who want larger units too, and not just landlords. 

That said, there’s a reason for the lower prices: Melville Park is not the most accessible project. You can walk to Upper Changi MRT (DT) although it is a distance away. So this is a more suitable project if you drive, or don’t mind using cabs regularly. Simei MRT (EWL) is generally the easiest to get to from here, if you use services like 9. Eastpoint Mall in Simei is the most convenient overall spot for groceries and other day-to-day needs.

But Melville Park’s location becomes better by leaps and bounds if you drive, as you can get to Tampines Central fairly fast. This area has multiple malls, Grade A office space, a cinema, etc. 

While it’s a little odd to say this on a list for rental yields, we feel Melville Park is more of a family condo than a rental asset (the high yield is simply the side-effect of its low price). Those who want a large unit, in a quiet location, will find this still an underrated gem in the 2024 market.

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4. Woodsvale (EC)

Woodlands is a 696-unit EC built in 2000, so it’s already fully privatised. High rental yields here are due to the low cost of the units – even today, prices of around $830 psf are common. The last transaction, for a 1,313 sq. ft. unit, was a mere $1.09 million. So much like Melville Park above, this isn’t just of interest to landlords – families who want a spacious unit might also find this an affordable option. 

Access to public transport is somewhat walkable. While it’s not the nearest, you can make it on foot to Admiralty MRT (NSL). An HDB-run mall, Admiralty Place, is next to the station; the wet market is here, as is a Giant and a range of everyday amenities like banking, some tuition centres, food outlets, etc. You don’t need to go all the way there though, as the nearby HDB enclave also has the usual assortment of coffee shops, minimarts, and other heartland amenities.

Woodsvale might be of interest to those working in the north, or who want access to the Causeway. We also predict that, with the completion of the Woodlands North Coast project, condos like Woodsvale will see increased demand. 

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5. West Bay Condominium

West Bay condo is a leasehold project built in 1993, with just 318 units. This condo is close to NUS (just a few minutes’ drive depending on which part of the campus you’re headed to), and the NUS High School of Mathematics and Science is within a one-kilometre radius. It may be a viable rental option for students and staff at the university.

Besides access to NUS, it’s easy to get from West Bay to Clementi Mall, and the adjacent Clementi MRT station (EWL). Bus services like 175 will get you to Clementi MRT in just a few minutes. As Clementi Mall is one of the largest heartland malls, it’s unlikely that you can’t find what you need there.

The other major appeal of West Bay is the proximity to West Coast Park. The condo overlooks the greenery of the area, and out toward the seafront. On the other side of the condo is Clementi Woods Park, so the project is surrounded by greenery. This is a good option for families who are more outdoorsy, and like bike and walking trails. 

There are relatively few condos that can boast easy access to NUS, and Clementi is a perpetual hotspot due to the education institutions clustered near here; so it’s unlikely that landlords will see a shortage of tenants. West Bay is also worth considering for families, as it provides a less busy alternative to living in the heart of Clementi itself. 

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