How much passive income can you make by renting out private properties in Singapore?

Two Ridout Road estate black-and-white bungalow was featured in the news lately.

One was being rented at $26,500 per month while the other was being rented at $20,000 per month!

While both are seemingly large figures when viewed in the lens of the average earner, it got us wondering how much passive income can you actually make by renting out private properties in Singapore.

Let’s explore!

Benchmarking to market transactions

First up, we looked through the recent rental data from the Urban Redevelopment Authority (URA).

The median price per square metre for landed residentials was close to $25 per sqm per month, lower than the average price for the Ridout Road estate properties:

We also looked at recent rental data for non-landed private residential and observed a price range of $25 per sqm per month up to a high of nearly $100 per sqm per month for rental transactions in 1Q23.

The wide price range is because of location as well as the age and state of the unit:

Project Name	Postal District	25th Percentile ($ PSM per month)	Median ($ PSM per month)	75th Percentile ($ PSM per month)
OUE TWIN PEAKS	9	86	91.82	97.95
CAIRNHILL NINE	9	86.33	91.28	95.8
SCOTTS SQUARE	9	80.84	86.22	94.83
8 SAINT THOMAS	9	79.65	82.45	93.86
THE CLIFT	1	75.13	82.45	93.54
MARGARET VILLE	3	82.67	88.05	93.32
LOTUS AT PAYA LEBAR (EAST WING)	14	48.44	68.03	93.11
ALTEZ	2	76.64	84.6	91.82
EON SHENTON	2	73.41	82.02	91.71
HIGHLINE RESIDENCES	3	79.55	87.94	91.71
ILLUMINAIRE ON DEVONSHIRE	9	76.64	83.42	91.6
V ON SHENTON	1	72.23	79.44	91.49
QUEENS PEAK	3	71.9	81.48	91.28
STIRLING RESIDENCES	3	82.88	86.86	91.17
THE METZ	9	74.16	83.74	90.74
COMMONWEALTH TOWERS	3	75.02	82.24	90.52
FOURTH AVENUE RESIDENCES	10	83.85	88.26	90.2
UPTOWN @ FARRER	8	79.98	83.31	89.99
STURDEE RESIDENCES	8	60.92	76.21	89.77
ROBIN SUITES	10	66.63	74.49	89.56
SKYSUITES@ANSON	2	81.27	85.9	89.13
SPOTTISWOODE 18	2	72.87	83.31	88.91
PARK PLACE RESIDENCES AT PLQ	14	72.55	79.98	88.91
ESPADA	9	75.02	80.62	88.69
RV EDGE	10	82.56	86.86	88.59
VIVA VISTA	5	70.61	83.31	88.16
DUO RESIDENCES	7	75.89	81.27	88.05
ROBERTSON EDGE	9	82.02	85.79	88.05
THE CENTREPOINT	9	55.76	67.7	88.05
THE SCOTTS TOWER	9	78.25	84.5	88.05
RV RESIDENCES	10	77.5	81.27	88.05
PARC ESTA	14	73.41	77.93	87.51
MARINA BAY RESIDENCES	1	74.7	80.84	87.4
ROBINSON SUITES	1	79.98	84.17	87.4
ROYALGREEN	10	79.87	82.24	87.19
76 SHENTON	2	72.66	81.81	86.97
PARC IMPERIAL	5	75.24	82.45	86.97
ALEXIS	3	68.67	80.19	86.54
SOPHIA HILLS	9	73.73	78.79	86.54
VIVACE	9	70.29	83.1	86.22
SYCAMORE TREE	15	72.44	83.31	86.11
ARDMORE PARK	10	74.59	78.36	85.79
SPOTTISWOODE SUITES	2	73.19	77.61	85.68
ALEX RESIDENCES	3	73.3	82.02	85.68
PRESTIGE HEIGHTS	12	74.16	79.98	85.47
PARK COLONIAL	13	76.21	82.45	85.47
THE SAIL @ MARINA BAY	1	70.18	78.15	85.36
THE GAZANIA	19	69.64	80.19	85.36
REZI 24	14	72.55	77.72	85.25
VIDA	9	61.14	71.26	85.14
MAYFAIR MODERN	21	77.82	79.55	84.71
MARINA ONE RESIDENCES	1	73.52	79.33	84.6
SKYLINE RESIDENCES	4	58.34	64.91	84.39
ICON	2	67.6	77.07	83.53
ECHELON	3	64.69	72.98	83.53
THE LAURELS	9	72.12	78.47	83.31
LOFT @ NATHAN	10	64.05	75.02	83.31
ROBIN RESIDENCES	10	56.4	63.08	82.88
PRINCIPAL GARDEN	3	75.67	78.04	82.24
THE LINE @ TANJONG RHU	15	65.34	74.06	82.02
THE RISE @ OXLEY – RESIDENCES	9	62.54	77.39	81.91
ARTRA	3	71.26	75.35	81.81
URBAN SUITES	9	70.29	76.32	81.59
26 NEWTON	11	60.06	73.09	81.27
MILL POINT	10	63.4	71.9	80.84
CITY GATE	7	47.47	67.06	80.73
THE INTERWEAVE	12	61.25	75.56	80.73
SUITES @ EASTCOAST	15	62.86	75.02	80.62
THE ANTARES	14	71.15	76.21	80.41
RIVERGATE	9	68.78	74.49	80.19
THE BOUTIQ	9	60.71	71.9	80.08
JADESCAPE	20	70.07	74.06	79.55
J GATEWAY	22	69.86	75.99	79.55
ONE SHENTON	1	64.58	67.81	79.44
CAPE ROYALE	4	67.6	76.21	79.44
LINCOLN SUITES	11	60.82	68.67	79.11
RV SUITES	10	65.12	69.53	78.68
THE PIER AT ROBERTSON	9	67.27	72.12	78.58
THE MERCURY	10	64.37	71.15	77.93
SIMS URBAN OASIS	14	69	72.98	77.82
THE POIZ RESIDENCES	13	63.29	70.93	77.5
SEASIDE RESIDENCES	15	68.35	74.49	77.5
GRANDEUR PARK RESIDENCES	16	62.97	70.93	77.5
TRE RESIDENCES	14	66.31	75.45	77.39
SOLEIL @ SINARAN	11	64.37	73.95	77.18
LEEDON RESIDENCE	10	66.2	70.72	77.07
THE HILLFORD	21	65.55	72.66	77.07
FULCRUM	15	58.13	72.12	76.75
AIRSTREAM	12	58.13	70.83	76.64
THE TRE VER	13	68.78	72.44	76.64
SKYSUITES17	12	65.77	70.18	76.42
STELLAR RV	10	66.31	72.66	75.99
TRIBECA	9	52.64	62.32	75.89
NOTTINGHILL SUITES	21	64.48	70.29	75.89
CORALS AT KEPPEL BAY	4	65.66	69.75	75.56
VISIONCREST	9	66.63	73.09	75.56
MIRAGE TOWER	9	46.5	55.22	75.45
THE COSMOPOLITAN	9	65.66	70.72	75.45
L’VIV	11	65.01	68.46	75.45
ONE DUSUN RESIDENCES	12	56.4	66.63	75.45
6 DERBYSHIRE	11	57.48	70.29	75.24
MARTIN PLACE RESIDENCES	9	64.26	68.03	75.02
KALLANG RIVERSIDE	12	64.37	67.38	75.02
PARC BOTANNIA	28	61.78	69.1	75.02
BELLE VUE RESIDENCES	9	51.24	61.57	74.81
PARC RIVIERA	5	63.61	69.75	74.59
THE VERANDAH RESIDENCES	5	60.92	67.27	74.59
VIBES @ EAST COAST	15	50.7	62.54	74.59
THE CREST	3	63.61	70.83	74.49
CRADELS	12	64.15	70.72	74.38
THE WATER EDGE	14	61.03	66.63	74.16
LAKE GRANDE	22	65.55	68.46	74.06
EIGHT RIVERSUITES	12	52.96	57.8	73.73
WHITEHAVEN	5	49.08	61.03	73.63
LAUREL TREE	23	66.52	69.75	73.3
THE WHARF RESIDENCE	9	57.48	69	73.19
SKY VUE	20	60.71	68.24	73.19
CARIBBEAN AT KEPPEL BAY	4	62.54	69.86	73.09
LUMIERE	2	64.15	67.49	72.98
TWIN VEW	5	61.89	67.81	72.98
GUILLEMARD EDGE	14	60.82	63.4	72.98
MARINA BAY SUITES	1	67.06	69.53	72.87
VIVA	11	62.86	67.27	72.87
JUI RESIDENCES	12	56.94	64.91	72.87
THE INSPIRA	9	57.8	61.57	72.55
THE GLADES	16	57.91	65.34	72.44
PARK INFINIA AT WEE NAM	11	57.8	64.91	72.23
THE AZURE	4	64.15	67.27	72.12
REGENT RESIDENCES	12	47.47	57.8	72.12
CARDIFF RESIDENCE	19	60.92	64.15	72.12
HILLION RESIDENCES	23	61.03	65.88	72.01
SPOTTISWOODE RESIDENCES	2	62.11	66.09	71.47
FOUR SEASONS PARK	10	55.43	64.8	71.47
BIJOU	5	63.83	65.44	71.26
OKIO	12	64.26	66.63	71.26
SUITES AT BUKIT TIMAH	21	51.45	61.46	71.26
THE VERMONT ON CAIRNHILL	9	66.09	67.92	71.15
CITYLIGHTS	8	57.91	63.51	71.04
SUITES @ PAYA LEBAR	19	58.77	61.89	70.83
THE OCEANFRONT @ SENTOSA COVE	4	63.08	67.17	70.72
PARC SOPHIA	9	53.5	62.86	70.61
SUITES @ NEWTON	11	66.95	68.78	70.5
LA BRISA	14	54.57	61.57	70.5
TIONG BAHRU ESTATE	3	54.25	62.75	70.4
DAINTREE RESIDENCE	21	63.61	66.63	70.4
LAKEVILLE	22	61.57	67.27	70.4
NORTH PARK RESIDENCES	27	56.83	64.26	70.4
GEM RESIDENCES	12	57.48	64.48	70.29
THE GARDEN RESIDENCES	19	60.71	64.15	70.29
THE CLEMENT CANOPY	5	62.75	66.2	70.18
KATONG REGENCY	15	51.56	58.77	70.18
IDYLLIC SUITES	14	62.86	66.74	70.07
FOREST WOODS	19	60.39	64.48	70.07
CONCOURSE SKYLINE	7	63.4	66.95	69.86
FORTE SUITES	8	61.57	66.41	69.86
THE SHORE RESIDENCES	15	59.09	62.75	69.86
THE SUITES AT CENTRAL	9	61.68	66.41	69.75
THE TAPESTRY	18	62.54	67.7	69.64
ROBERTSON 100	9	56.83	65.77	69.53
MARINE BLUE	15	52.31	58.77	69.53
SUITES @ GUILLEMARD	15	48.98	65.12	69.43
WATERMARK ROBERTSON QUAY	9	61.03	63.08	69.21
THE MEYERISE	15	54.03	60.71	69.1
THE TRILLIUM	9	54.47	62.97	69
38 I SUITES	15	48.22	61.25	68.89
THE COAST AT SENTOSA COVE	4	49.08	59.63	68.78
NOVENA COURT	11	56.19	57.59	68.78
DOMAIN 21	3	58.45	66.31	68.67
REFLECTIONS AT KEPPEL BAY	4	58.88	62.97	68.67
GUILLEMARD SUITES	14	51.45	59.63	68.35
WATERBANK AT DAKOTA	14	55.43	61.35	68.35
THE TRILINQ	5	57.16	65.98	68.14
SKY GREEN	13	48.01	56.08	68.14
STARS OF KOVAN	19	57.37	60.82	68.14
BOTANIQUE AT BARTLEY	19	58.77	63.94	68.03
NATURA@HILLVIEW	23	52.53	58.77	68.03
D’LEEDON	10	58.02	61.89	67.81
CENTRA HEIGHTS	14	58.13	62.54	67.6
URBANA	9	60.6	64.48	67.38
AMARYLLIS VILLE	11	56.83	59.95	67.38
SANT RITZ	13	52.42	57.16	67.38
THE JOVELL	17	57.16	59.63	67.38
CASA CAMBIO	19	50.7	62.86	67.38
SEAHILL	5	57.91	62.11	67.27
SOUTHBANK	7	59.31	61.68	67.06
SEASCAPE	4	60.92	65.44	66.95
THE SCALA	19	50.48	59.09	66.95
URBAN VISTA	16	54.9	60.28	66.74
THE LIGHT @ CAIRNHILL	9	58.23	61.46	66.63
THE SHELFORD	11	51.13	59.31	66.63
KAP RESIDENCES	21	58.02	64.58	66.63
RICHMOND PARK	9	47.79	57.91	66.52
REZI 26	14	45.21	55.86	66.52
PARC ROSEWOOD	25	50.81	59.31	66.52
PARVIS	10	56.94	64.58	66.41
EAST VILLAGE	16	50.05	54.68	66.41
LUMA	9	58.88	59.63	66.09
ONE OXLEY RISE	9	49.84	61.35	66.09
THE REGENCY AT TIONG BAHRU	3	59.52	62.65	65.98
THE PANORAMA	20	53.6	58.02	65.98
WATERSCAPE AT CAVENAGH	9	52.53	55.76	65.88
HELIOS RESIDENCES	9	60.6	63.4	65.55
ONE-NORTH RESIDENCES	5	53.07	59.2	65.44
BARTLEY RIDGE	13	53.93	58.88	65.44
PARC ELEGANCE	15	58.13	61.14	65.44
LE QUEST	23	57.05	60.49	65.01
ASCENTIA SKY	3	55.22	60.71	64.91
THE ALPS RESIDENCES	18	52.31	59.42	64.91
KINGSFORD . HILLVIEW PEAK	23	46.28	56.4	64.69
THE METROPOLITAN CONDOMINIUM	3	48.76	55.54	64.58
PARC EMILY	9	51.02	57.16	64.48
THE GLYNDEBOURNE	11	47.68	52.42	64.15
NEWEST	5	29.39	51.77	64.05
THE IMPERIAL	9	58.99	61.78	64.05
CORALIS	15	49.41	55	64.05
THE SANTORINI	18	51.67	58.13	64.05
WATERTOWN	19	49.19	59.31	64.05
VIZ AT HOLLAND	10	47.15	56.3	63.72
QUESTA @ DUNMAN	15	47.79	56.08	63.72
SILVERSEA	15	54.03	61.14	63.72
THE LAKEFRONT RESIDENCES	22	50.38	55.97	63.72
BEDOK RESIDENCES	16	51.67	56.94	63.61
THE INFLORA	17	38.86	50.7	63.61
PARC CENTROS	19	43.49	52.1	63.61
ST THOMAS SUITES	9	59.52	61.57	63.51
SENNETT RESIDENCE	13	50.27	54.36	63.29
THOMSON IMPRESSIONS	20	52.42	56.3	63.29
CAIRNHILL CREST	9	54.14	61.14	63.08
WATERFORD RESIDENCE	9	57.8	61.89	63.08
SOPHIA RESIDENCE	9	51.56	56.94	62.86
CLIVEDEN AT GRANGE	10	53.39	60.71	62.86
8@WOODLEIGH	13	50.81	58.13	62.75
TRILIVE	19	55	58.34	62.75
THE ROCHESTER RESIDENCES	5	54.47	59.52	62.54
18 WOODSVILLE	13	49.84	57.69	62.54
TANGLIN PARK	10	45.42	54.03	62.43
SPACE @ KOVAN	19	47.15	57.8	62.22
EUHABITAT	14	44.67	55	61.89
CITY SQUARE RESIDENCES	8	49.73	57.59	61.78
ORCHARD SCOTTS	9	55.76	58.45	61.78
TRILIGHT	11	53.82	59.42	61.78
COCO PALMS	18	51.56	57.16	61.78
FLORIDIAN	21	54.36	58.45	61.68
THE HILLIER	23	53.5	58.66	61.68
BOTANIC GARDENS VIEW	10	39.07	42.95	61.57
THE TEMBUSU	19	46.82	55.33	61.57
ONE JERVOIS	10	49.51	54.36	61.46
JEWEL @ BUANGKOK	19	46.72	51.45	61.35
RESIDENCES @ EVELYN	11	54.14	56.73	61.25
THE VISION	5	50.48	53.71	61.14
BELMOND GREEN	10	54.79	56.73	61.14
ECO	16	51.99	56.51	61.14
HIGH PARK RESIDENCES	28	49.41	56.4	61.14
ASPEN HEIGHTS	9	52.85	56.94	61.03
MIDTOWN RESIDENCES	19	55.76	56.08	60.82
SPRING GROVE	10	50.7	53.17	60.71
TRELLIS TOWERS	12	38.86	52.53	60.6
THOMSON THREE	20	53.07	58.77	60.6
PEOPLE’S PARK COMPLEX	1	31.22	48.11	60.49
TWIN REGENCY	3	52.74	56.4	60.49
THOMSON EURO-ASIA	11	50.05	55.11	60.49
CYAN	10	53.28	58.99	60.28
CUBE 8	11	51.24	53.82	60.28
TURQUOISE	4	51.88	54.79	60.17
KINGSFORD WATERBAY	19	50.05	55.54	59.95
KOVAN REGENCY	19	50.91	55.22	59.95
LA FIESTA	19	51.24	52.64	59.95
THE PROMENADE@PELIKAT	19	41.66	50.05	59.95
TANGLIN VIEW	3	54.25	57.05	59.85
THE RESIDENCES AT W SINGAPORE SENTOSA COVE	4	55.54	58.13	59.85
UE SQUARE	9	44.78	50.05	59.85
NIN RESIDENCE	13	47.25	50.59	59.85
ONE AMBER	15	49.08	53.07	59.52
QUEENS	3	48.11	54.57	59.42
THE CLAYMORE	9	50.59	55.86	59.31
THE LEVELZ	10	46.72	51.02	59.31
NINETEEN SHELFORD ROAD	11	45.64	53.28	59.2
SEVENTY SAINT PATRICK’S	15	52.31	58.23	59.2
RIVER PLACE	3	48.22	53.6	59.09
THE SEAWIND	15	50.81	54.79	58.99
D’NEST	18	46.72	51.13	58.88
THE CASCADIA	21	48.87	54.9	58.88
THE WISTERIA	27	46.18	50.59	58.88
BURLINGTON SQUARE	7	51.02	53.6	58.77
THE SEA VIEW	15	49.62	55.22	58.77
ARCHIPELAGO	16	44.99	49.41	58.56
EMERALD GARDEN	1	51.24	53.93	58.45
THE BERTH BY THE COVE	4	47.36	55.54	58.45
8 @ MOUNT SOPHIA	9	52.64	56.3	58.45
THE COLONNADE	10	46.39	53.6	58.45
HERITAGE VIEW	5	43.92	52.96	58.34
SIGLAP V	15	44.78	50.05	58.34
THE BENCOOLEN	7	49.08	52.53	58.13
TREVISTA	12	50.48	52.96	58.13
THE NEXUS	21	47.79	51.99	58.13
BARTLEY RESIDENCES	19	48.44	51.34	58.02
WATER PLACE	15	51.67	55.43	57.69
HUNDRED TREES	5	49.08	52.53	57.48
THE VIRIDIAN	12	47.25	53.07	57.48
ECO SANCTUARY	23	51.67	54.9	57.37
RIVERWALK APARTMENTS	1	45.64	48.65	57.16
THE BEACON	2	48.01	50.48	56.83
THE INTERLACE	4	45.64	49.94	56.73
DAKOTA RESIDENCES	14	52.96	55.65	56.73
MY MANHATTAN	18	51.24	53.71	56.73
MELROSE PARK	10	46.5	53.6	56.62
THE ESTA	15	47.9	53.71	56.62
COTE D’AZUR	15	50.48	54.9	56.51
SEASTRAND	18	42.73	46.39	56.51
RIVERTREES RESIDENCES	28	44.89	48.55	56.51
THE TESSARINA	10	49.51	53.71	56.4
TERRENE AT BUKIT TIMAH	21	40.8	46.5	56.4
THE TENNERY	23	49.08	52.64	56.19
THE MARBELLA	10	50.38	54.57	55.54
NEWTON GEMS	11	49.73	52.96	55.54
WATERFRONT ISLE	16	47.25	52.42	55.22
CASPIAN	22	46.28	52.2	55.22
GAMBIR RIDGE	19	50.59	53.6	55.11
VARSITY PARK CONDOMINIUM	5	45.75	51.02	54.9
THE PALETTE	18	44.89	49.73	54.9
CENTRO RESIDENCES	20	46.72	49.41	54.9
SKY HABITAT	20	47.36	51.45	54.57
THE LAKESHORE	22	46.61	51.45	54.47
KOVAN MELODY	19	46.18	48.76	54.25
THE LUXURIE	19	44.78	47.68	54.25
THE BELVEDERE	15	46.61	49.94	54.03
THE SOUND	15	47.47	49.08	53.93
WATERFRONT GOLD	16	44.67	50.81	53.93
THE MEZZO	12	46.18	48.76	53.82
CARABELLE	5	42.63	50.38	53.71
VALLEY PARK	10	46.18	48.98	53.71
COSTA DEL SOL	16	47.04	50.38	53.71
CENTRAL GREEN CONDOMINIUM	3	43.06	48.76	53.6
VUE 8 RESIDENCE	18	45.85	46.93	53.6
THE PLAZA	7	38.64	46.82	53.5
NINE RESIDENCES	27	43.81	50.91	53.5
VISTA RESIDENCES	12	46.07	49.62	53.39
SYMPHONY SUITES	27	45.75	50.7	53.39
INTERNATIONAL PLAZA	2	38.75	44.02	53.28
THE TRIZON	10	44.02	48.98	53.28
VACANZA @ EAST	14	45.21	50.7	53.28
THE STERLING	21	43.06	49.51	53.28
HARBOURLIGHTS	4	42.95	46.93	53.17
SANCTUARY GREEN	15	45.1	50.38	53.17
EMERALD PARK	3	40.9	46.82	52.85
HILLSTA	23	44.02	47.47	52.85
BLUE HORIZON	5	45.32	48.11	52.74
RIPPLE BAY	18	41.98	47.15	52.74
ASTRID MEADOWS	10	43.7	50.27	52.64
FLAMINGO VALLEY	15	47.25	49.19	52.64
PEBBLE BAY	15	41.44	50.05	52.64
STRATUM	18	47.15	50.7	52.64
PAVILION 11	11	47.79	50.59	52.2
THE GREENWICH	28	42.3	50.05	52.2
THE PARC CONDOMINIUM	5	44.67	50.05	52.1
SEA ESTA	18	44.24	46.18	52.1
FORESQUE RESIDENCES	23	43.59	48.65	52.1
H2O RESIDENCES	28	41.01	45.1	52.1
Q BAY RESIDENCES	18	35.84	46.18	51.99
KERRISDALE	8	45.75	46.82	51.88
YONG AN PARK	9	38.97	42.09	51.88
BOTANNIA	5	41.33	46.07	51.67
THE WATERINA	14	41.44	50.05	51.67
BEACON HEIGHTS	12	42.19	48.44	51.56
A TREASURE TROVE	19	40.36	44.45	51.56
HEDGES PARK CONDOMINIUM	17	43.06	47.47	51.45
THE BLOSSOMVALE	21	40.69	41.66	51.45
THE PEAK@BALMEG	5	45.32	48.87	51.34
OPTIMA @ TANAH MERAH	16	42.41	49.41	51.24
MAPLE WOODS	21	41.44	47.15	51.24
LANGSTON VILLE	9	41.23	48.55	51.02
NV RESIDENCES	18	41.33	43.27	51.02
SELETAR PARK RESIDENCE	28	35.95	43.81	51.02
FLO RESIDENCE	19	42.52	46.5	50.91
THE CENTRIS	22	41.76	46.82	50.91
TREVOSE PARK	11	40.36	45.53	50.81
WOODHAVEN	25	42.09	46.28	50.81
SKIES MILTONIA	27	36.38	42.19	50.81
DOVER PARKVIEW	5	40.26	45.75	50.7
REGENCY PARK	10	39.5	44.02	50.7
PALM ISLES	17	41.33	48.87	50.7
RIVERSOUND RESIDENCE	19	41.66	45.75	50.48
THE LANAI	23	44.99	48.44	50.27
WATERFALL GARDENS	10	47.25	48.65	50.05
CLOVER BY THE PARK	20	44.99	47.79	50.05
RIVERSAILS	19	40.8	45.64	49.73
TANGLIN REGENCY	10	44.35	46.39	49.62
TREE HOUSE	23	41.76	43.92	49.62
WATERVIEW	18	38.32	43.59	49.51
THE GARDENS AT BISHAN	20	39.18	45.85	49.51
KOVAN RESIDENCES	19	39.93	42.95	49.41
REGENT PARK	5	35.74	43.92	49.3
THE ARTE	12	37.46	42.3	49.19
TRESALVEO	20	41.12	45.21	49.19
ASTORIA PARK	14	38.1	43.49	49.08
THE MAYFAIR	22	36.49	40.47	49.08
THE SEAFRONT ON MEYER	15	40.69	45.1	48.98
PARC VERA	19	41.44	45.53	48.98
THE NAUTICAL	27	35.84	39.61	48.98
CITYSCAPE @FARRER PARK	8	44.13	47.79	48.65
SPANISH VILLAGE	10	32.72	34.23	48.65
LE CRESCENDO	14	38.75	44.56	48.65
PARC OLYMPIA	17	41.01	44.24	48.65
EASTERN LAGOON	15	37.03	40.36	48.55
PINEWOOD GARDENS	10	42.63	45.42	48.33
GOLDENHILL PARK CONDOMINIUM	20	40.58	42.73	48.11
FABER CREST	5	38.75	43.16	47.79
THE MINTON	19	39.93	42.63	47.79
OLEANDER TOWERS	12	35.95	41.55	47.68
LEONIE CONDOTEL	9	45.1	45.85	47.58
AMBERGLADES	15	43.92	45.64	47.58
THOMSON GRAND	20	42.73	44.89	47.58
THE RAINTREE	21	36.17	42.3	47.58
WATERFRONT KEY	16	39.4	45.1	47.47
WEST BAY CONDOMINIUM	5	34.88	42.52	47.36
SUNGLADE	19	40.04	42.95	47.36
CAVENDISH PARK	21	41.01	43.81	47.36
COSTA RHU	15	41.12	43.27	47.25
CASA MERAH	16	41.98	44.35	47.15
DOUBLE BAY RESIDENCES	18	39.29	44.78	47.15
CHILTERN PARK	19	34.01	40.15	47.04
STARVILLE	14	34.98	40.26	46.82
SOMMERVILLE PARK	10	38.53	44.02	46.72
THE MAKENA	15	38.64	44.13	46.72
MEADOWS @ PEIRCE	26	32.51	37.14	46.72
THE BAYSHORE	16	38.75	43.7	46.39
RIVER ISLES	19	39.5	43.16	46.39
THE ESTUARY	27	38.64	41.55	46.18
MERA SPRINGS	8	40.58	41.66	45.64
SIMSVILLE	14	37.78	40.9	45.64
THE ANCHORAGE	3	37.89	42.19	45.21
SPRINGDALE CONDOMINIUM	21	36.7	40.58	45.21
HOLLAND PEAK	10	36.38	44.24	45.1
EIGHT COURTYARDS	27	41.44	42.73	45.1
BAYSHORE PARK	16	37.46	41.33	44.99
HILLVIEW REGENCY	23	35.63	41.01	44.99
THE CLEARWATER	16	38.43	43.27	44.89
TERRASSE	19	38.86	42.52	44.78
CASABLANCA	25	33.69	41.76	44.78
WING FONG MANSIONS/WING FONG COURT	14	28.63	38.21	44.67
BISHAN 8	20	38.43	42.3	44.67
CANBERRA RESIDENCES	27	36.49	41.33	44.67
CASUARINA COVE	15	39.93	42.52	44.45
MANDARIN GARDENS	15	33.58	39.29	44.35
THE WATERSIDE	15	36.38	39.72	44.24
COMPASS HEIGHTS	19	33.48	37.78	44.24
SEASONS VIEW	20	38.53	42.84	44.13
PARBURY HILL CONDOMINIUM	16	37.46	41.01	44.02
BUTTERWORTH 8	15	38.97	41.23	43.81
BOATHOUSE RESIDENCES	19	38.43	42.09	43.81
THE DRAYCOTT	10	35.63	36.38	43.59
PARC PALAIS	21	34.77	39.83	43.59
THE JADE	23	40.04	40.8	43.59
SAVANNAH CONDOPARK	18	36.06	42.19	43.49
CHANGI GREEN	16	31.43	37.46	43.16
EDELWEISS PARK CONDOMINIUM	17	34.55	38.21	43.06
WESTCOVE CONDOMINIUM	5	34.88	38.97	42.95
SUMMERHILL	21	37.46	40.36	42.84
BULLION PARK	26	32.51	37.35	42.84
SOUTHAVEN II	21	33.58	36.6	42.73
AVON PARK	13	35.52	38.21	42.52
KIM SIA COURT	9	34.34	38.75	42.41
HOLLAND GEMS	10	40.04	41.01	42.3
THOMSON 800	11	34.55	36.38	42.3
CENTRAL GROVE	14	35.09	37.57	42.3
EASTPOINT GREEN	18	33.8	38.32	42.19
THE WARREN	23	33.91	37.57	42.19
EAST MEADOWS	16	35.31	35.95	41.98
GRANGE HEIGHTS	9	29.17	35.74	41.87
CLEMENTI PARK	21	31.97	36.7	41.87
FERRARIA PARK CONDOMINIUM	17	31.54	38.64	41.76
CHANGI RISE CONDOMINIUM	18	38	39.18	41.44
SPOTTISWOODE PARK	2	32.18	37.03	41.33
MELVILLE PARK	18	32.61	37.46	41.33
GUILIN VIEW	23	34.55	38.21	41.33
AQUARIUS BY THE PARK	16	32.18	35.74	41.12
REGENT HEIGHTS	23	34.55	37.89	41.12
JERVOIS LODGE	10	36.7	38.43	41.01
ESTELLA GARDENS	17	31.22	34.98	41.01
PARC OASIS	22	35.09	38.86	41.01
GLENDALE PARK	23	32.18	36.17	41.01
MAYSPRINGS	23	28.31	35.2	41.01
HAIG COURT	15	35.74	40.04	40.8
THE SUNNY SPRING	14	35.09	36.38	40.58
TANAMERA CREST	16	32.72	33.69	40.36
THE TROPICA	18	35.63	38.21	40.26
SYMPHONY HEIGHTS	21	32.61	35.95	40.26
CHERRYHILL	19	25.3	28.42	40.15
LIVIA	18	33.37	38.1	40.04
OASIS @ ELIAS	18	29.6	36.92	39.93
CAVENAGH GARDENS	9	29.71	37.78	39.83
GRANDEUR 8	20	33.37	36.92	39.83
CHANGI COURT	16	32.61	36.7	39.72
REGENTVILLE	19	30.89	37.35	39.61
RIO VISTA	19	33.15	35.84	39.61
CARISSA PARK CONDOMINIUM	17	33.69	36.7	39.5
REGENT GROVE	23	32.51	35.74	39.4
THE GALE	17	33.69	36.92	39.18
ORCHID PARK CONDOMINIUM	27	32.18	34.55	39.18
THE HILLSIDE	21	31.65	36.7	39.07
THE DAIRY FARM	23	29.39	35.41	39.07
HAZEL PARK CONDOMINIUM	23	29.71	34.88	38.86
HILLINGTON GREEN	23	30.14	33.48	38.86
EURO-ASIA PARK	13	26.8	29.92	38.75
AVILA GARDENS	17	29.39	34.01	38.53
HILLVIEW GREEN	21	27.66	36.6	38.32
RIDGEWOOD	10	26.91	37.03	38.21
PARK EAST	15	29.6	33.91	38
SIGNATURE PARK	21	30.57	33.58	38
PARC VISTA	22	32.72	35.2	38
PARKVIEW APARTMENTS	23	28.85	31.22	38
OCEAN PARK	15	29.49	33.15	37.78
VILLA MARINA	15	32.08	33.15	37.78
SEASONS PARK	26	32.83	35.84	37.78
CAVENAGH LODGE	9	33.26	35.84	37.46
RIS GRANDEUR	18	33.37	35.31	37.35
CASTLE GREEN	26	30.14	35.52	37.35
MI CASA	23	34.34	36.06	37.14
SUNHAVEN	16	32.08	35.84	36.92
THE TANAMERA	16	30.46	35.41	36.6
PALM GARDENS	23	32.18	33.69	36.6
HAWAII TOWER	15	28.09	31	36.49
CHUAN PARK	19	24.33	28.95	36.17
HUME PARK I	21	26.69	31.22	36.06
NEPTUNE COURT	15	29.6	33.58	35.63
NORTHVALE	23	27.99	34.34	35.63
DAHLIA PARK CONDOMINIUM	17	29.06	29.92	35.41
HUME PARK II	21	31.54	33.05	35.31
HILLVIEW HEIGHTS	23	31.54	33.8	35.31
AZALEA PARK CONDOMINIUM	17	32.83	33.91	34.66
BANYAN CONDOMINIUM	5	28.85	31.11	34.23
CASHEW HEIGHTS CONDOMINIUM	23	28.95	31.32	33.58
ELIAS GREEN	18	28.95	31.43	33.15
AVA TOWERS	12	27.77	30.78	32.72
GLORIA MANSION	5	19.27	32.08	32.08
PANDAN VALLEY	21	26.26	29.6	31.86
TERESA VILLE	4	24.43	27.13	31.54
SELETARIS	27	26.05	27.45	30.68
KUM HING COURT	10	27.02	29.28	30.25
LOYANG VALLEY	17	24.11	25.51	28.95

Should you invest in a private property for rental yields?

Looking at the rental price statistics above, you may be thinking if you should invest in a Singapore private property too.

Let’s break down the costs and find out if it really makes sense.

What do you need to consider before buying a private property?

Private property investments like dividend-yielding stocks, offer the dual benefits of capital gain and regular rental income. The capital gain component is unlocked only when the asset is disposed of, which would occur many years later while the rental income can be unlocked once you manage to find a tenant.

However unlike dividend-yielding stocks, there are various costs outlay.

A big part to the private property investment game is determining the loan quantum and monthly mortgage payment.

We previously analyzed the mortgage payment at a 4% interest rate for both HDB and private properties. Note that some banks are currently calculating the housing loan quantum using a 4.5% benchmark rate, hence higher income levels are required to secure the required loan quantum and monthly mortgage repayment is expected to be higher.

Selling considerations for private property investors

You’ll also need to hold the private property for at least 3 years to be able to unlock your full capital gain!

Selling less than 3 years from the purchase date would incur a Seller’s Stamp Duty (SSD). The SSD rate have been updated frequently to keep up with prevailing market conditions. Hence the taxes imposed differ for each date of purchase:

Essentially for properties purchased after 11 March 2027, you’ll incur at least 4% in Seller Stamp Duty, if your holding period is 3 years or less.

Although it sounds small, that 4% will significantly reduce the capital gains from your private property.

In the high interest rate environment, investors are seeking higher yielding assets.

Gross rental yield typically ranges from 2.7% to 3.9% but investors prefer to seek out investment properties generating gross rental yield of at least 3.3% to 3.5%.

This is because one needs to consider the net rental yield which will be much lower:

Net rental yield (because you cannot run from taxes)

Besides mortgage payments, there are various rental related expenses such as costs to secure tenant (agent fees, stamp duties, etc), certain repair and maintenance costs, replacement costs for existing furniture and fittings and utilities. For non-landed private residential, there is also condo maintenance fees that are paid to the MCST otherwise known as the managing body for the condo.

Property tax on properties used for rental is also higher than owner occupied properties. On top of that, many investors fail to look at the income tax levied on the rental income.

Net income derived from the rental arrangement (i.e. rental income less expenses) is taxed. If the property is being held under the individual’s name, then this rental income is added to the individual’s employment and other taxable income. Your rental income will then be taxed at the individual income tax rates.

Expenses incurred solely for producing the rental income and during the period of tenancy may be claimed as tax deduction. Property owners typically opt to claim the amount of actual rental expenses incurred.

The Singapore tax authorities have allowed for a simplified method to reduce the burden of record-keeping. This method assumes for deemed rental expenses of 15% of the gross rent. In addition to the 15% deemed rental expenses, property owners may claim the interest component of the loan taken to purchase the tenanted property.

So, how much passive income can actually you make?

tl;dr Based on recent rental data:

• Median rental income for Landed residential property: ~$25 per sqm per month
• Median rental income for Non-Landed residential property has a wider range: ~$25 – $100 per sqm per month, depending on location

You should note that the absolute rental income depends on location and size of property and net rental yield is usually much lower. A rule of thumb is about one-third of rental income goes to the various aforementioned expenses.

Another practical perspective that property investors tend to look at is the net cash outflow required, after taking into consideration rental income, mortgage payments, taxes and other expenses due.

In many cases, it is unlikely that the total income will be adequate to cover all these required cash outflows, especially after considering for income tax.

While gross rental income looks tempting, you should keep in mind the upfront investment capital required as well as the numerous expenses that come along with it.

Also, rental yields can vary a lot in terms of districts and development types, so be sure to do your market research before purchasing your property.

Before you jump in, consider alternative investment products such as stocks or REITs are better suited for your profile. We had looked at the age old question on whether you should invest in a REIT or a property, to help you decide which is better for you.