2 Listings. 1 Pass. One Suites at 4.03%.

2 Listings. 1 Pass. One Suites at 4.03%.

31 July 2026

I almost skipped One Suites. A Lorong 1 Geylang boutique branded "#1 Suites" reads like a flipper's prop — a name doing a lot of work to dress up a Lorong address. Then the comps came back 7.2% under the D14 median with URA's rent book holding at $4,000/mth, and the freehold yield cleared 4.03%. That's the number that changed the read.

This screen ran two D14 freehold resales and only one cleared the bar: One Suites at 4.03% net on an $888,000 entry, against a URA resale median of $1,558psf across 794 caveats.

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The Screen

Buy box: D14 freehold resale, $750K–$1.2M, ≤800 m to MRT, net yield ≥3.5% after the 92% occupancy haircut. The full buy box is on site.

Failed: NoMa (3.41% net) — cleared the buy box on structure but not on price: at $1,598psf asking it's only −4% vs the D14 median, a fair number with no discount in it, and the yield lands under the 3.5% floor.

Macro: D14 rental evidence is the firmest in this run (n=149 caveats) and D14 proper has zero projects in the URA pipeline — but Katong's TOP calendar just across the border (Grand Dunman 1,008 units, The Continuum 816, Emerald of Katong 846, Meyer Blue 226 by 2028) is the overhang that could pull tenants east.

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Deep-Dive: One Suites

4.03% net yield | Freehold | D14 | 540 m to EW9 Aljunied

QuantField Score: 71/100 — Yield Strength 17/40 · Valuation Discount 14/20 · Tenure Durability 15/15 · Data Confidence 10/10 · Supply Risk 15/15

One Suites is a 2015 freehold boutique on Lorong 1 Geylang, 540 m from EW9 Aljunied — a seven-minute walk down the Lorong to the station on Geylang Road. It surfaced for one reason: price. At $1,446psf asking it sits 7.2% below the $1,558psf D14 resale median (794 caveats, Dec 2021–Mar 2024), while the district's nearest new comparable — 99-year The Antares, same size band — has changed hands at $1,910–$2,186psf since 2024. A freehold asking a third less than a leasehold neighbour is the dislocation this screen exists to catch. The rent book backs it: $4,000/mth drawn from URA Q2/2026 rental caveats (n=149 transactions in the D14 band), not a cherry-picked listing.

The Numbers

The rent side is the strongest evidence in this run — URA Q2/2026 caveats, n=149, not a hardcoded table. Stress it anyway. The 4.0% buy bar needs $3,978/mth; at the screen's $4,000 assumption you clear by $22 a month. Drop to $3,800 and net yield falls to 3.78%; at $4,200 it's 4.28%. There is no fat in this number — the trade is a $200/mth rent swing from edge to edge.

The QuantField Score Breakdown

Tenure Durability 15/15 and Supply Risk 15/15 are the easy marks: it's freehold, and D14 has zero projects in the URA pipeline (district_pipeline_units: 0), so no new stock competes for the Lorong rental dollar. Data Confidence 10/10 because both samples are deep — n=149 rents, n=794 comps. Valuation Discount 14/20: the 7.2% gap to median is real and it's the reason the yield exists, but the district median is a broad average over older stock, so it doesn't get full marks.

Yield Strength 17/40 is the honest weak point. The 5.41% gross is healthy for D14, but the screen sizes maintenance plus a conservative property-tax and holding-cost line at roughly $8,400/yr, then takes another $3,840 off the top for vacancy — together that shaves the net to a 3-basis-point clearance over the buy bar.

Supply Risk deserves one caveat despite the full marks: they're for D14 proper. Katong, one district over, has ~2,900 units in the pipeline. When those TOP, landlords compete for the same tenant pool, and Lorong rents are the first to flex. See our QuantField Score methodology explainer for how every component is calculated.

Why This Works

• A freehold at a leasehold price. One Suites asks $1,446psf. The Antares, 99-year and in the same size band, trades $1,910–$2,186psf. That inversion is the whole trade.
• 7.2% below median, 794-caveat backed. The discount isn't anecdotal.
• Freehold within 600 m of a station with $280/mth maintenance — no lease decay to amortise, no heavy sinking-fund drag.
• Zero D14 supply until the Katong wave lands.

The Honest Risks

1. Tenant profile. This is the Geylang Lorong area. The tenant base skews transient and shift-oriented, and landlords here sometimes sit empty rather than cut rent. The 92% occupancy assumption is doing real work; a softer tenant market turns 4.03% into ~3.8% fast.
2. Three basis points of clearance. One $100/mth rent cut — $4,000 to $3,900 — drops net yield to ~3.9%, under the buy bar. There's no buffer in the number itself, only in the rent evidence behind it.
3. Thin project liquidity. The comps are district-wide (The Antares, not One Suites itself). A 2015 boutique on a Lorong has a shallow resale book — the exit may take longer than the entry, so the asking PSF has to stay disciplined.

Verdict

One Suites is the single BUY in this screen: $888,000, freehold, URA-backed $4,000/mth rent, the only listing that clears the 4.0% bar. The whole trade hinges on that rent holding, so buy it as what it is — a yield asset with a Lorong address, not a trophy. Push the price under $888k and the margin turns real.

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The Rest of the Shortlist

No remaining passes — the shortlist is a shortlist of one. The only other listing screened, NoMa (D14) — 3.41% net, $1,050,000, 657 sqft, 640 m to CC8 Dakota, QuantField Score 56/100 — is a 2024 freehold with a genuine walk-to-Dakota pitch and a fair, not cheap, asking price (−4% vs median). Its score breakdown tells the story: Yield Strength 4/40. On a $1.05M entry, the same $4,000/mth rent can't produce a usable number. Watchlist, not buy-list — and if it ever trades near $950k, re-run it.

Got a D14 freehold you want run through the same screen? Submit a listing and get the same yield, comp and pipeline treatment.

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Net yield = (monthly rent × 12 × 0.92 − maintenance − property tax) ÷ purchase price. Rent assumptions from URA Q2/2026 rental caveats (n=149, D14 band). Not financial advice.