28 Listings. 3 BUY Signals. Mandarin Gardens at 5.02% - Read the Asterisk.
I almost binned Mandarin Gardens on sight. A 1986 leasehold tower in D15 with 99-year tenure burning down to roughly 59 years remaining is not an obvious buy at $998K. Then I looked at the floor area — 732sqft, the largest unit in today's screen — and the MRT pull: 540m to TE28 S
28 Listings. 3 BUY Signals. Mandarin Gardens at 5.02% — Read the Asterisk.
25 June 2026
I almost binned Mandarin Gardens on sight. A 1986 leasehold tower in D15 with 99-year tenure burning down to roughly 59 years remaining is not an obvious buy at $998K. Then I looked at the floor area — 732sqft, the largest unit in today's screen — and the MRT pull: 540m to TE28 Siglap on the Thomson-East Coast Line. At a hardcoded $5,500/mth rent assumption, that prints 5.02% net. The asterisk is real and material, but so is the number.
28 listings screened today. 3 cleared the BUY threshold at 4.0%+, making this the richest screen in at least a week. The top yield came from Mandarin Gardens (D15), with Mount Sophia Suites (D09, freehold) and Two8one Studio (D09, leasehold) rounding out the BUY column.
URA API note: All rent figures today are hardcoded estimates — URA caveats timed out. Treat every yield figure as indicative, not validated. Mandarin Gardens in particular carries a wide range: $5,500/mth hardcoded gives 5.02%; the live URA D15 700–800sqft median is $4,500/mth (n=94), which collapses the yield to ~4.04%. That swing matters. Details in the deep-dive.
The Screen
Buy box: $750K–$1.2M | Freehold or leasehold (noted) | D09/D10/D11/D14/D15 | MRT ≤800m | Net yield ≥3.2%
| Property (District) | Price | Sqft | Tenure | MRT | Net Yield | Verdict |
|---|---|---|---|---|---|---|
| Mandarin Gardens (D15) | $998,000 | 732 | 99yr LH (1986) | 7 min / 540m TE28 Siglap | 5.02%* ⭐ | BUY |
| Mount Sophia Suites (D09) | $980,000 | 517 | Freehold | 8 min / 700m NE6 Dhoby Ghaut | 4.18% | BUY |
| Two8one Studio (D09) | $998,888 | 517 | 99yr LH | 8 min / 650m DT20 Fort Canning | 4.11% | BUY |
| Sophia Hills (D09) | $1,030,000 | 506 | 99yr LH | 5 min / 420m CC1 Dhoby Ghaut | 3.98% | HOLD |
| The Trumps (D14) | $950,000 | 646 | 99yr LH | 3 min / 190m EW6 Kembangan | 3.95% | HOLD |
| Suites @ Newton (D11) | $1,000,000 | 517 | Freehold | 8 min / 620m NS20 Novena | 3.91% | HOLD |
| 28 Imperial Residences (D14) | $999,999 | 743 | Freehold | 9 min / 760m EW9 Aljunied | 3.83% | HOLD |
| NoMa (D14) | $999,999 | 614 | Freehold | 8 min / 640m CC8 Dakota | 3.75% | HOLD |
| Sixteen35 Residences (D14) | $1,030,000 | 635 | 99yr LH | 8 min / 670m EW8 Paya Lebar | 3.64% | HOLD |
| Park 1 Suites (D14) | $1,038,000 | 603 | Freehold | 9 min / 770m EW8 Paya Lebar | 3.61% | HOLD |
| Killiney 118 (D09) | $1,150,000 | 570 | Freehold | 5 min / 380m NS23 Somerset | 3.57% | HOLD |
| Prestige Loft (D15) | $960,000 | 527 | Freehold | 8 min / 640m TE27 Marine Terrace | 3.56% | HOLD |
| 323C Thomson Road (D11) | $1,200,000 | 667 | Freehold | 9 min / 750m NS20 Novena | 3.55% | HOLD |
| WaterScape @ Cavenagh (D09) | $1,160,000 | 581 | Freehold | 9 min / 760m NS23 Somerset | 3.54% | HOLD |
| Vibes @ East Coast (D15) | $930,000 | 581 | Freehold | 7 min / 550m TE27 Marine Terrace | 3.67% | HOLD |
| Soleil @ Sinaran (D11) | $1,120,000 | 581 | 99yr LH | 5 min / 430m NS20 Novena | 3.49% | PASS |
| Devonshire Residences (D09) | $1,180,000 | 506 | Freehold | 4 min / 360m NS23 Somerset | 3.48% | PASS |
| d'Leedon (D10) | $1,118,000 | 592 | 99yr LH | 4 min / 370m CC20 Farrer Road | 3.41% | PASS |
| The Lenox (D14) | $928,000 | 592 | Freehold | 5 min / 430m EW6 Kembangan | 3.37% | PASS |
| The Antares (D14) | $1,149,000 | 603 | 99yr LH | 6 min / 470m DT25 Mattar | 3.27% | PASS |
*Mandarin Gardens yield uses hardcoded $5,500/mth rent. Live URA D15 700–800sqft median of $4,500/mth gives ~4.04%. See deep-dive.
Failed: The Antares at 3.27% and The Lenox at 3.37% fell just under the 3.5% HOLD floor; d'Leedon at 3.41% (leasehold at $1,118K) and Soleil @ Sinaran at 3.49% (leasehold, Novena premium priced in) missed the cut; Devonshire Residences at 3.48% is priced for capital appreciation, not yield.
Deep-Dive: Mandarin Gardens
5.02% net yield (hardcoded) / 4.04% (URA-calibrated) | 99yr Leasehold (1986, ~59 yrs remaining) | D15 | 7 min / 540m to TE28 Siglap (Thomson-East Coast Line)
Mandarin Gardens is a large-scale 1,006-unit development on Siglap Road, built in 1986 on a 99-year lease. At $998,000 for a 732sqft unit, you're buying at $1,363 psf — cheap by any D15 standard, and the floor area is unusually generous for this price band. The TE Line opened Siglap station in 2023, transforming what was once a car-dependent location. This surfaced as a BUY on 22 Jun at 4.04% using live URA data; it's back again today.
The Numbers
| Item | Amount |
|---|---|
| Purchase price | $998,000 |
| Assumed monthly rent (hardcoded) | $5,500 |
| URA D15 700–800sqft median (live, n=94) | $4,500 |
| Gross annual rent (hardcoded) | $66,000 |
| Gross yield (hardcoded) | 6.61% |
| Property tax (6% of gross rent) | –$3,960 |
| Annual maintenance ($310/mth × 12) | –$3,720 |
| Vacancy allowance (0.5 month) | –$2,750 |
| Letting fee (1.0 month, annualised) | –$5,500 |
| Net annual income (hardcoded $5,500 rent) | $50,070 |
| Net yield (hardcoded — unvalidated) | 5.02% ($50,070 ÷ $998,000) |
| Net annual income (URA median $4,500 rent) | $40,290 |
| Net yield (URA-calibrated) | ~4.04% — treat this as the conservative figure |
The $5,500 hardcoded figure likely reflects the larger-format unit commanding a premium over D15 median — 732sqft is 30–40% bigger than the typical 500–560sqft rental comps. That premium has some basis: tenants who need the floor area will pay for it. But the URA median at $4,500 (n=94) is the more defensible anchor until live data confirms otherwise.
At $4,500/mth, net yield is 4.04% — still above the BUY floor, still 4 basis points of margin. At $4,200/mth (a mild stress), yield compresses to ~3.75% and drops to HOLD. That's the range to underwrite.
Why This Works
- Tenure discount is already priced in. At $1,363 psf with ~59 years on the lease, the market has baked in the decay. New D15 freehold product trades at $2,000–$2,400 psf. You're not paying for land value retention — you're buying yield.
- TE28 Siglap at 540m is a genuine re-rating event. Pre-TEL, Siglap Road was a taxi-or-car suburb. The station opened 2023, effectively adding 15–20 minutes of commuter reach with no infrastructure cost to the buyer. Rental demand from TEL commuters has been building since.
- 732sqft is rare in the buy box. Everything else that clears 4% in this screen is 506–517sqft. Larger units have a distinct tenant pool — couples, small families — and tend to retain occupancy better than studios in downturns.
- Appeared as a BUY on 22 Jun using live URA data at 4.04%. Two screens, same signal. Consistency matters when rents are unverified today.
The Honest Risks
- Lease decay is the structural ceiling on capital. At ~59 years remaining, CPF usage restrictions tighten at the 30-year mark (sub-30 years remaining). Resale pool narrows meaningfully from the mid-2040s. This is a yield play with a sell-by date, not a hold-forever asset. Model an exit before 2045.
- Hardcoded rent is unverified. The $1,000/mth gap between $5,500 and the URA median $4,500 is the difference between 5.02% and 4.04% — a 98bp swing. Until live URA comps confirm D15 large-format rents, treat the 5.02% as an upper bound. Check current PropertyGuru D15 listings for 700sqft+ units before committing.
- Large-estate management risk. 1,006 units means majority-vote sinking fund and maintenance decisions. Older estates at this scale can carry deferred maintenance costs. Request the last two AGM minutes and sinking fund balance before exercising option.
Verdict
At the URA-calibrated 4.04%, Mandarin Gardens is a BUY — it clears the floor and has the floor area and TEL access to support it. At the hardcoded 5.02% it looks exceptional, but that number needs verification. The immediate next step is to pull live PropertyGuru listings for 700sqft+ D15 units and reconcile the rent. If D15 large-format rents hold at $4,800–$5,000+, this moves firmly into the top tier. Tenure decay is the known risk; price it as an 18–20 year hold, not a forever asset.
The Rest of the Shortlist
Mount Sophia Suites (D09) — 4.18%, $980K, 517sqft, 8 min / 700m to NE6 Dhoby Ghaut (North-East Line) Freehold 2008 build in Sophia Road, D09. The 700m walk is the longest in the BUY column — in practice that's 8 minutes on flat ground, not a dealbreaker. Dhoby Ghaut is a triple-interchange (CC, NE, NS), which expands the tenant catchment considerably. At $4,500/mth hardcoded and $980K purchase, the math is clean. The D09 supply concern is real: River Green, Robertson Opus, and The Collective add 1,694 new units to the district over the next few years. Freehold status insulates capital somewhat, but rental competition will intensify. Price before committing on rent assumptions — D09 new supply will cap upside.
Two8one Studio (D09) — 4.11%, $998,888, 517sqft, 8 min / 650m to DT20 Fort Canning (Downtown Line) Leasehold 2014, also D09, same 517sqft footprint as Mount Sophia Suites. Fort Canning DTL gives CBD and Marina Bay access in under 10 minutes. The leasehold status at 99 years from 2014 means roughly 87 years remaining — long enough that tenure decay is not a near-term concern for a 10-year hold. The same D09 supply pipeline applies. The freehold premium goes to Mount Sophia Suites; if you're indifferent on tenure and want the DTL connection over the NE Line, Two8one is a reasonable substitute. Both need rent verification before proceeding.
Sophia Hills (D09) — 3.98%, $1,030K, 506sqft, 5 min / 420m to CC1 Dhoby Ghaut (Circle Line) Missed the BUY cut by 20bp. 2017 leasehold, the most recent build in the D09 cluster, and the closest walk to MRT at 420m. The CC1/NE6/NS24 interchange at Dhoby Ghaut is arguably the strongest MRT position in today's screen. At $1,030K it's the most expensive of the D09 trio on a per-unit basis despite being smallest. The newer build commands a premium the yield doesn't quite justify at 3.98%. Watch for any price softening — at $1,000K flat this becomes a 4.09% BUY.
The Trumps (D14) — 3.95%, $950K, 646sqft, 3 min / 190m to EW6 Kembangan (East-West Line) The walk distance is the headline: 190m to EW6 Kembangan is the shortest MRT walk in today's entire screen. 2008 leasehold, 646sqft, $950K. The yield is 3.95% — 5bp short of BUY — and the leasehold tenure means yield needs to compensate for capital decay over the hold period. At this price, it's close. The EW Line Kembangan positioning serves Tampines, Bedok, and Paya Lebar workers efficiently. Worth tracking; a $5K–$10K price reduction tips it over.
Suites @ Newton (D11) — 3.91%, $1,000K, 517sqft, 8 min / 620m to NS20 Novena (North-South Line) Freehold 2011, D11. Novena is a medical hub with strong expatriate rental demand — corporate leases from Tan Tock Seng Hospital and Mount Elizabeth tenants. $4,300/mth hardcoded on a 517sqft unit is at the upper end of what the location supports for non-renovated stock; verify against current Novena listings. The 620m walk is manageable. At 3.91% it's a HOLD, but the tenant demand profile here is more stable than comparable D14 listings.
28 Imperial Residences (D14) — 3.83%, $999,999, 743sqft, 9 min / 760m to EW9 Aljunied (East-West Line) Freehold 2013, the largest floor area in the HOLD column at 743sqft. Aljunied EW9 at 760m is at the outer edge of the walk tolerance. The floor area premium isn't translating into yield here — $4,300/mth on 743sqft implies a low rent-per-sqft that drags the number. If you're sizing up for a larger unit and can accept 3.83%, the freehold and size are the arguments. The MRT walk is the main friction.
NoMa (D14) — 3.75%, $999,999, 614sqft, 8 min / 640m to CC8 Dakota (Circle Line) 2023 build, freehold, CC8 Dakota at 640m. The newest construction in the screen and the only post-2020 build in the shortlist. New build premium is priced in at $999,999 — that's why the yield is 3.75% rather than 3.9%+. The Dakota CC line connects Paya Lebar interchange quickly. If your investment thesis is capital appreciation on a new freehold in a gentrifying D14 pocket, NoMa makes a different kind of sense — but that's not a yield story.
Vibes @ East Coast (D15) — 3.67%, $930K, 581sqft, 7 min / 550m to TE27 Marine Terrace (Thomson-East Coast Line) Freehold 2012, TEL station at Marine Terrace. The rent assumption of $3,800/mth looks conservative relative to other D15 entries — if this unit achieves $4,000–$4,200/mth, yield moves to 3.9–4.1%. Worth stress-testing upward, not just downward, given the TEL re-rating. The freehold at $930K and 581sqft is the more defensible capital position compared to Mandarin Gardens' leasehold. If yield verification comes in higher, this could re-rank.
Net yield = (rent × 12 – rent × 12 × 0.06 – maintenance × 12 – rent × 0.5 – rent × 1.0) ÷ purchase price. Verdicts: BUY ≥4.0%, HOLD 3.5–3.99%, PASS <3.5%. Rent assumptions hardcoded — URA API unavailable 25 Jun 2026. Mandarin Gardens hardcoded at $5,500/mth (above D15 validated band); treat 5.02% as speculative, 4.04% (URA $4,500 median) as conservative. Mandarin Gardens URA D15 700–800sqft median ($4,500, n=94) sourced from prior 22 Jun screen run. All other rent figures unvalidated until URA API resumes. Not financial advice.
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