28 Screened. 9 Pass. Mandarin Gardens at 4.04%.
I nearly filtered out Mandarin Gardens before I'd even run the math. A 1986-built leasehold condo — tenure decay, building age, the full checklist of red flags. Then I checked the entry price.
28 Screened. 9 Pass. Mandarin Gardens at 4.04%.
22 June 2026
I nearly filtered out Mandarin Gardens before I'd even run the math. A 1986-built leasehold condo with 60 years left on a 99-year lease sounds like the thing you filter out first — tenure decay is real and the building age triggers haircuts from every valuator in Singapore.
But at $998K for 732sqft in D15, the PSF is sitting 17.8% below the district median of $1,659psf across 689 transactions.
The Screen
Buy box: D09/D14/D15, $750K–$1.2M, net yield ≥3.2%, MRT ≤800m
| Property | Price | Net Yield | Verdict |
|---|---|---|---|
| Mandarin Gardens (D15) | $998K | 4.04% | BUY |
| NoMa (D14) | $1,000K | 3.58% | HOLD |
| Park 1 Suites (D14) | $1,038K | 3.45% | PASS |
Deep-Dive: Mandarin Gardens
4.04% net yield | 99yr LH (1986) | D15 Siglap
At $1,363psf, this unit is priced 17.8% below the D15 band median. That discount is the yield. URA Q2/2026 caveats (n=94) put D15 700–800sqft rents at $4,500/mth.
| Item | Amount |
|---|---|
| Purchase price | $998,000 |
| Monthly rent | $4,500 |
| Gross annual rent | $54,000 |
| Property tax (6%) | −$3,240 |
| Maintenance ($310/mth) | −$3,720 |
| Vacancy allowance (0.5 mth) | −$2,250 |
| Letting fee (1.0 mth) | −$4,500 |
| Net annual income | $40,290 |
| Net yield | 4.04% |
The tenure clock is the governing risk. This is a 7–10 year yield play, not a hold-forever asset.
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