True Case: People’s Park Complex | Condo@$1m, 6% Yield

📌True Case Intro:

People’s Park Complex is a very rare gem that you should at least take a look. It was brought to my attention by a client, which made very good investment option: Good location, $1m prices, 6% rental yield and en bloc potential

As real estate agents, we will sometimes also miss out on unpolished gems. Without this client of mine, I don’t think this is a development that will come under my investment radar

3 key selling points

  1. Good location: Near 3 MRT stations
  2. Affordable Prices: About 1 million budget
  3. High Rental Yield: 4.5 – 6 %

📌About People’s Park Complex

Located at the foot of Pearls hill. Formerly known as the people’s market with lots of outdoor stalls. The original market was destroyed by a fire in 1966. The new people’s park complex was rebuilt into one of the earliest mixed-use building of its own in Southeast Asia.

people's park complex

People’s Park Complex is near 3 MRT stations (Outram Park, Chinatown & Future Maxwell Station). The lease tenure is from 1968, with a remaining lease of less than 60 years. This is likely the biggest single factor why many people will avoid this development


On average, the per square foot prices is about $800+, based on 2021 transactions. If we zoom into the specific unit type with a size of 1,100-,1200 square foot, we are talking about an average of $9xxK+ or a little bit below a million. This amount is actually a very comfortable budget for many investors.

📌High Rental Yield

According to Square foot Research (updated Feb 2022), the average rental yield is about 4.5% (i.e., average of all unit types) In our case study, we will focus on the 1,100 to 1,200 square foot units only.

people's park complex rental yield

For this particular unit type, they are recorded as “three bedrooms” type. But in actual fact, many have been partitioned into units with five to six rooms or even more. The rental yield for such units can go as high as 6% (Refer recent listing in propertyguru).

In Singapore, by law, you’re not supposed to have more than 6 unrelated tenants for private property. So my client and I concluded that we should only look at the 1,100 to 1,200 square feet units that are already partitioned into five bedrooms, or max six bedrooms

people's park complex

The market rate for room rental is about $1,200/month for a unit in such prime location. If all 5 rooms are rented out, the total gross rental income will be $1,200 X5 = $6,000. Assuming that you have invested $1 million, the gross rental yield will be 6%. That’s why I say this rental yield is quite high.


Assuming you can take 30 years maximum loan and the interest rate is currently about 1%, the monthly mortgage will be about $2,400+ per month. You will still have much spare case if all 5 rooms are rented out What if the interest rate increases?

people's park complex

Assuming that interest rates rise by double to 2%, your monthly mortgage will be about $2,700+, which is still very attractive

📌En Bloc Potential?

This is actually a very old-style architecture in Singapore, which was very popular in 1950s-1970s. The original people’s park complex had a very raw and cement-like outlook.

The current retro yellow and green retro colors were added later This building is very iconic and you can see it wherever you are in the Outram park area.

people's park complex

Although it’s very prominent, but it really never crossed my mind until my client mentioned this development to me. This is a True-case, Real-Story, which sounds like a brilliant investment.

📌This project might not be for everyone.

The remaining lease is less than sixty years and there is lease decaying factor. Also en bloc is not guaranteed. There have been a few attempts at collective sale, but they were blocked by the commercial owners, who do not want to vacate their shops.

Basically, it boils down to a case of residential owners versus the commercial owners. I think it is only a matter of time, especially as the building continue to age with much wear and tear.

For those who drive there, you will realize that the carpark lots are very narrow and unwelcoming. So given time, with more electric cars and new technology, the building maintenance will become a problem or hazard. All in all, this is a long-term investment, which may not be for everyone

Like this Article or Video ?

See more articles (videos) here

Posted in

Your Property?

Don't pay 1-2% agent fees when you can pay a fixed reasonable price. Try our services risk-free. Pay the fixed price after the sale of your home. No exclusive contract is required, so you can switch if you are unsatisfied with our services.

Dennis Lim

Dennis has more than a decade of experience investing in real estate. Like many fellow Singaporeans, he grew up in a HDB flat with dreams to live in a condominium. Through careful financial planning & hardwork, this became a reality when he was 30. He now owns 3 private properties in Singapore and has helped hundreds of Singaporeans to achieve their goal of upgrading their homes in land-scarce Singapore.

Insight Topics

Connect With Us

Upgrader Insights

HDB to condo without ABSD

How to Upgrade from HDB to Condo without ABSD (Proven Hybrid Method!)   

30 August 2022

This article will elaborate on the hybrid method, which will help you upgrade from HDB to condo without ABSD and the hassle of having to move twice

Read More
CPF accrued interest

What is CPF Accrued Interest? Who should use less CPF for property mortgage?

29 August 2022

There are different views regarding the use of CPF for property mortgage because of CPF accrued interest. When is it better to use more CPF and when is it not?

Read More
keep HDB and pay ABSD (05)

Should you keep HDB and buy condo when upgrading (i.e. Pay ABSD)?

29 August 2022

Should you keep HDB and buy condo? A common dilemma for HDB upgraders who wants the passive rental income from renting out their flat but do not wish to pay ABSD

Read More
HDB to condo

Avoid these 4 Common Mistakes when upgrading from HDB to Condo

28 August 2022

Many HDB owners share the common aspirations to upgrade from HDB to condo after completing their Minimum Occupation Period (MOP). Below are 4 common mistakes to avoid when upgrading

Read More

Hottest HDB Towns in 2021

24 July 2021

Which are the hottest HDB towns in 2021? HDB prices have been rising for the past year and prices are near the 2013 peak. Watch this video to find out more.

Read More



"Dennis came with strong recommendations from a dear friend. He helped me with the purchase of my first property. He was very patient and never once tried to hard sell me to buy a property. Dennis is a trustworthy and knowledgeable professional who I highly recommend with confidence to everyone I know!"




"Dennis was very helpful and has guided us throughout on the process. He managed to get good number of clients for viewing of our unit. He is very responsive and always readily available when needed. He has excellent negotiation skills as well when required for the deal"