D20 (Ang Mo Kio / Bishan) delivers blended gross rental yield ~2.6%, anchored by Singapore's densest school belt and incoming Cross Island Line Bright Hill station (target 2030). Bishan Park Condo leads on yield (~3.0%); AMO Residence and Tresalveo anchor the aspirational end. Vacancy is structurally low because school families sign 24-month tenancies and renew rather than move.
D20 has two structurally sticky tenant pillars. School families anchor leases around Raffles Institution, Catholic High and Ai Tong — these households prioritise zoning over short-term rent optimisation and routinely renew. Commuters form the second pillar: NSL and CCL converge at Bishan MRT interchange, putting Orchard and the CBD inside 20 minutes door-to-door.
Supply is the under-appreciated lever. D20 is almost entirely built out, with no large GLS sites in Bishan proper. That structural scarcity plus a dual-income tenant demographic produces gross yields of 2.4–2.8% even after capital values repriced upward post-2020.
Two macro tailwinds reshape D20's medium-term thesis:
Bishan 2.0 — URA Master Plan envisions a rejuvenated town centre, enhanced green corridors linking Bishan-AMK Park, upgraded retail, and more active-ageing amenities. The live-work-play upgrade compresses yields by repricing capital values upward.
CRL Phase 1 (target 2030) adds Bright Hill station just north of Bishan, connecting the estate to Clementi, Pasir Ris and Changi without a city-centre transfer. Landlords along Upper Thomson and Sin Ming benefit most.
Rental yield is the rawest measure of cash-flow-to-capital efficiency in any condo purchase. In Singapore, gross yields typically range from 2.5% in the CCR to 4.5% in the OCR, with mass-market one-bedders often at the top of that band. This article ranks condos by recent rental and sales data to surface the highest-yielding options in the selected district — but remember that yield alone does not tell the whole story: liquidity, tenure, and capital appreciation matter too.
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District 20 (Ang Mo Kio, Bishan) is in Singapore's Rest of Central Region. We ranked all condos in this district by gross rental yield using the latest 24 months of sales data and 12 months of rental data to find the best income-generating properties.
Top Rental Yield Condos in District 20
| Condo | Avg PSF | Avg Price | Avg Rent | Gross Yield | Tenure |
|---|---|---|---|---|---|
| THOMSON V TWO | $1,674 psf | $883,578 | $2,814/mo | 3.8% | Freehold |
| BRADDELL VIEW | $1,030 psf | $1,734,917 | $4,698/mo | 3.2% | 103 yrs lease commencing from 1977 |
| RAFFLESIA CONDOMINIUM | $1,574 psf | $1,706,868 | $4,612/mo | 3.2% | 99 yrs lease commencing from 1997 |
| FLORAVIEW | $1,475 psf | $1,191,717 | $3,155/mo | 3.2% | Freehold |
| LAKEVIEW ESTATE | $1,064 psf | $1,718,367 | $4,533/mo | 3.2% | 99 yrs lease commencing from 1977 |
| SKY VUE | $2,177 psf | $1,602,220 | $4,187/mo | 3.1% | 99-year leasehold |
| PEIRCE VIEW | $1,414 psf | $1,311,250 | $3,402/mo | 3.1% | Freehold |
| HORIZON GARDENS | $915 psf | $2,692,444 | $6,972/mo | 3.1% | 99 yrs lease commencing from 1995 |
| TRESALVEO | $2,011 psf | $1,738,336 | $4,482/mo | 3.1% | Freehold |
| HORIZON GREEN | $945 psf | $3,084,600 | $7,883/mo | 3.1% | 99 yrs lease commencing from 1995 |
| NUOVO | $1,306 psf | $1,866,824 | $4,761/mo | 3.1% | 99 yrs lease commencing from 2001 |
| GRANDEUR 8 | $1,429 psf | $1,814,341 | $4,613/mo | 3.1% | 99 yrs lease commencing from 2002 |
| 183 LONGHAUS | $1,863 psf | $1,411,250 | $3,550/mo | 3.0% | — |
| CENTRO RESIDENCES | $1,952 psf | $1,986,248 | $4,952/mo | 3.0% | 99 yrs lease commencing from 2007 |
| THOMSON IMPRESSIONS | $2,008 psf | $1,473,320 | $3,673/mo | 3.0% | 99 yrs lease commencing from 2015 |
Investment Considerations
- Gross vs net yield: Deduct maintenance fees (~$300–$800/mo), property tax, and agent commission (1 month) for a realistic net yield.
- Tenant demand: Higher yields often come from smaller units near MRT stations or business hubs — check vacancy rates.
- Capital appreciation: High-yield condos may have lower capital growth; balance yield with appreciation potential.
- Use the ROI Calculator to model your total return including leverage.
- Compare across districts with the District Comparison Tool.
D20 yield benchmarks (URA caveats 24-month rolling to Apr 2026, indicative 3BR rent):
| Project | Median PSF | 3BR Rent/month | Gross Yield | Tenant Draw |
|---|---|---|---|---|
| Bishan Park Condo | ~S$1,700 | ~S$5,800 | ~3.0% | Catholic High, RI, MRT |
| Sky@Eleven | ~S$1,950 | ~S$6,200 | ~2.7% | Bishan MRT, AMK Hub |
| AMO Residence | ~S$2,200 | ~S$6,800 | ~2.5% | New stock, full facilities |
| Tresalveo | ~S$2,100 | ~S$6,500 | ~2.5% | Boutique, Marymount MRT |
Cross-check before signing: pull trailing-12-month median rents by bedroom count from URA REALIS rather than relying on agent-quoted figures, which run 8–12% high in slower quarters.
Sources & methodology. Rental and resale aggregates compiled from URA REALIS transaction caveats for District 20. Gross yield = (median monthly rent × 12) / median resale price. MRT connectivity verified via LTA MRT system map (NSL Ang Mo Kio + CCL Bishan/Marymount). Bishan transformation timeline cross-referenced with URA Master Plan 2019 (Bishan precinct).
- Lock the school-belt premium. Verify the unit sits inside the 1km zone for Catholic High or Ai Tong on the MOE school-finder before signing — the rental premium evaporates outside the line.
- Underwrite on URA REALIS, not agent quotes. Pull trailing 12-month median rents by bedroom from REALIS; discount agent figures by 8–10% as your base case.
- Cap leverage with TDSR headroom. Use MAS TDSR (55% gross income, stress-tested at 4%) as the binding constraint — leave at least 5pp buffer for rate moves.
- Model CRL 2030 as upside, not base case. Bright Hill MRT is a real catalyst but completion risk is non-trivial; underwrite to 2.5% yield and treat re-rating as the bonus.
Methodology & Sources
This analysis covers full-year 2026 data and refreshes one-time.
Transaction data sourced from URA REALIS.
- Sales data: URA REALIS (past 24 months, min 2 transactions per condo)
- Rental data: URA REALIS (past 12 months, min 2 leases per condo)
- Gross yield = (avg monthly rent × 12) / avg transaction price × 100
Median values used to minimise outlier impact. PSF = price per square foot.
Frequently Asked Questions
What is a good gross rental yield in Singapore?
Why does yield matter more than capital gain?
Should I buy freehold or leasehold for rental yield?
Is D20 a better rental yield play than D19?
D20 averages ~2.6% vs D19 (Punggol/Hougang) ~2.9%. D19 wins on raw yield but D20 wins on tenant stickiness and capital appreciation. For 10-year holds with income reliability, D20 is the safer pick.
How does CRL Bright Hill affect rental yield timeline?
Cross Island Line Phase 1 targets 2030 completion. Historically rents reprice 6–9 months ahead of opening; capital values reprice 12–18 months ahead. Don't expect yield expansion — expect yield compression as capital values run faster than rents.
ABSD impact on a 2nd-property purchase in D20?
SC 2nd property: 20%, PR 2nd: 30%, Foreigner: 60% per the current IRAS schedule. On a S$2.0M D20 unit that adds S$400K–S$1.2M upfront — adds roughly 1.5–3.0pp annually to effective holding cost over a 10-year hold.