# International School Condo Yields: Closer Is Not Always Better

- **Source:** Stacked Homes
- **Published:** 2026-09-21T13:09:31.000Z
- **Author:** Sabrina Lee
- **Original:** https://stackedhomes.com/we-analysed-condos-near-5-international-schools-in-singapore-one-area-had-surprisingly-high-rental-yields/
- **Topics:** Private Residential, Government & Policy

## Featured rationale

This signals unusually strong family-tenant demand and limited nearby housing supply, which may support rents and investor interest around Singapore American School.

## AI summary

Condos within 1km of Singapore American School delivered net rental yields of 4.84% for two-bedroom units and 4.86% for three-bedroom units.

## Original article

Most landlords who search for a property to invest in typically focus their attention on areas with a large catchment of existing renters. In Singapore, the largest proportion of renters comes from professional expatriates who live and work here for prolonged periods of time.

Rental demand from these expats and their families has largely been consistent, and barring black swan events like the Covid-19 pandemic, is able to weather through most property market cycles. Purchasing a home here is often out of reach considering the steep 60% Additional Buyer’s Stamp Duty (ABSD) for foreigners purchasing residential property here.

Moreover, expatriate families with school-going children are also more likely to send their kids to international schools. As a result, small communities of foreigners have emerged in the areas around most international schools.

Broadly speaking, proximity to an international school – or any educational institution for that matter – contributes positively to average property values in that area. Last year we took a broad look at some of the well-known international schools and the condos with the best average yields back then.

Living close to, or even at the doorstep, of schools has long been a desirable attribute for many families, especially if we’re talking about avoiding traffic jams in the morning and for families with parents who teach or work at the schools that their kids go to.

In this article, we’re taking an even closer look at some of the best performing condos around recognisable international schools in Singapore.

We compared the median resale prices of condos against their median rents to compute the rental yields of condos that sit close to five major international schools. Then, we split the list into projects which are less than a kilometre away from, and those between 1 and 2 kilometres, of the international school campuses.

Overall, we saw a slight increase in rental yields for condos that are less than a kilometre away from an international school, compared to condos which are between 1 – 2km away. But the influence this had on yields was rather small.

But the data compiled by Stacked does show that most condos close to international schools tend to reap healthy yields in these areas, which suggests that they benefit from healthy leasing demand and low vacancy rates – all important factors for landlords looking to maximise their real estate assets.

Besides this, our analysis did point out a standout winner, as well as a series of other unexpected bright spots.

The most central and established cluster of international schools in Singapore

The Dover campus of the United World College (UWC) of Southeast Asia, as well as the British-based Tanglin Trust School, are reasonably close by in the Dover/one-north precinct. This part of Singapore is characterised as a major education and business park corridor, and other schools in the area include Anglo-Chinese School (Independent) and National University of Singapore (NUS) College.

At the moment, the Dover/one-north area is not predominantly residential in nature, so there are fewer examples of condos within walking distance of UWC Dover and Tanglin Trust. In fact, we were only able to find one private residential development that sits less than a kilometre from these two schools.

United World College – Dover

We’ll briefly touch on this campus because UWC Dover is set to relocate to Tengah in 2032.

Overall, condos close to UWC Dover posted reasonably strong rental yields. For condos between one and two kilometers from the school, two-bedroom units posted a median yield of 3.25%, while three-bedroom units posted a median yield of 2.87%.

Two-Bedroom Yields Near UWC Dover

Distance | Project | Median resale price | Median rent | Net yield after property tax | 5Y-AGR | Completion year | Tenure

Within 1km | DOVER PARKVIEW | $1,370,000 | $4,100 | 3.29% | 6.35% | 1997 | 99-year

Within 1-2km | THE CLEMENT CANOPY | $1,384,444 | $4,200 | 3.33% | 3.09% | 2019 | 99-year

Within 1-2km | WEST BAY CONDOMINIUM | $1,055,000 | $3,800 | 3.98% | 7.04% | 1993 | 99-year

Within 1-2km | WESTCOVE CONDOMINIUM | $1,270,000 | $4,200 | 3.63% | 6.49% | 1998 | 99-year

Within 1-2km | THE VISION | $1,455,000 | $4,275 | 3.23% | 4.83% | 2014 | 99-year

Within 1-2km | SEAHILL | $1,472,500 | $4,400 | 3.28% | 3.49% | 2016 | 99-year

Within 1-2km | THE ROCHESTER RESIDENCES | $2,170,000 | $6,500 | 3.21% | 5.23% | 2011 | 99-year

Within 1-2km | PANDAN VALLEY | $2,350,000 | $5,000 | 2.32% | 3.84% | 1978 | Freehold

Within 1-2km | PARKSUITES | $1,891,050 | $5,500 | 3.16% | 2023 | 110-year

Distance | Median resale price | Median rent | Median net yield

Within 1km | $1,370,000 | $4,100 | 3.29%

Within 1-2km | $1,463,750 | $4,338 | 3.25%

Three-Bedroom Yields Near UWC Dover

Distance | Project | Median resale price | Median rent | Net yield after property tax | 5Y-AGR | Completion year | Tenure

Within 1km | HERITAGE VIEW | $1,979,000 | $6,000 | 3.27% | 6.87% | 2000 | 99-year

Within 1-2km | THE CLEMENT CANOPY | $2,188,000 | $5,800 | 2.87% | 5.55% | 2019 | 99-year

Within 1-2km | THE PARC CONDOMINIUM | $2,672,500 | $5,800 | 2.35% | 8.62% | 2010 | Freehold

Within 1-2km | PANDAN VALLEY | $3,015,000 | $6,200 | 2.21% | 4.29% | 1978 | Freehold

Within 1-2km | WESTCOVE CONDOMINIUM | $1,588,888 | $5,000 | 3.43% | 7.07% | 1998 | 99-year

Within 1-2km | BLUE HORIZON | $1,690,000 | $5,500 | 3.53% | 6.49% | 2005 | 99-year

Within 1-2km | VARSITY PARK CONDOMINIUM | $2,407,500 | $6,650 | 2.95% | 8.22% | 2008 | 99-year

Within 1-2km | THE ROCHESTER RESIDENCES | $2,869,000 | $9,000 | 3.25% | 4.70% | 2011 | 99-year

Within 1-2km | THE TRIZON | $4,250,000 | $7,500 | 1.87% | 5.68% | 2012 | Freehold

Within 1-2km | RIDGEWOOD | $3,025,000 | $5,400 | 1.94% | 6.07% | 1981 | 999-year

Distance | Median resale price | Median rent | Median net yield

Within 1km | $1,979,000 | $6,000 | 3.27%

Within 1-2km | $2,672,500 | $5,800 | 2.87%

By and large, the strongest yields were two-bedroom units in West Bay Condominium, which fetch a median monthly rent of $3,800 that results in most landlords reaping a net yield of 3.98%. Likewise, the three-bedroom units in Blue Horizon also stood out with a median monthly rent of $5,500, and a net yield of 3.53%.

However, this calculus will change when the campus relocates to Tengah in 2032, and marks the end of UWC’s existing lease at the Dover site. The land will then be returned to the Singapore Land Authority. The existing Dover campus is the school’s largest in Singapore, with over 3,000 students spread out across the 11ha site.

Tanglin Trust School

The British-based Tanglin Trust School is more firmly within the one-north precinct, but is less than three kilometers from UWC Dover. Established in 1925, Tanglin Trust is also the oldest international school in Singapore.

One-north has grown its reputation as a key commercial and business precinct for a range of industries, from media and technology companies, to biomedical and advanced computing. Some of the landmark business parks there include Fusionopolis and the Mediacorp Campus at Mediapolis.

According to the data compiled by Stacked, the rental figures were broadly in line with the condos around UWC Dover, with two-bedroom units doing slightly better compared to three-bedroom units.

Two-Bedroom Yields Near Tanglin Trust

Distance | Project | Median resale price | Median rent | Net yield after property tax | 5Y-AGR | Completion year | Tenure

Within 1km | THE ROCHESTER RESIDENCES | $2,170,000 | $6,500 | 3.21% | 5.23% | 2011 | 99-year

Within 1-2km | DOVER PARKVIEW | $1,370,000 | $4,100 | 3.29% | 6.35% | 1997 | 99-year

Within 1-2km | KENT RIDGE HILL RESIDENCES | $1,560,000 | $4,300 | 3.03% | 2023 | 99-year

Within 1-2km | NORMANTON PARK | $1,392,500 | $4,200 | 3.31% | 2023 | 99-year

Within 1-2km | COMMONWEALTH TOWERS | $1,679,444 | $4,700 | 3.06% | 5.35% | 2017 | 99-year

Within 1-2km | MARGARET VILLE | $1,580,000 | $4,500 | 3.12% | 2021 | 99-year

Within 1-2km | STIRLING RESIDENCES | $1,536,500 | $4,500 | 3.21% | 2022 | 99-year

Distance | Median resale price | Median rent | Median net yield

Within 1km | $2,170,000 | $6,500 | 3.21%

Within 1-2km | $1,548,250 | $4,400 | 3.16%

Three-Bedroom Yields Near Tanglin Trust

Distance | Project | Median resale price | Median rent | Net yield after property tax | 5Y-AGR | Completion year | Tenure

Within 1km | THE ROCHESTER RESIDENCES | $2,869,000 | $9,000 | 3.25% | 4.70% | 2011 | 99-year

Within 1-2km | NORMANTON PARK | $2,030,000 | $5,799 | 3.09% | 2023 | 99-year

Within 1-2km | HERITAGE VIEW | $1,979,000 | $6,000 | 3.27% | 6.87% | 2000 | 99-year

Within 1-2km | KENT RIDGE HILL RESIDENCES | $1,960,000 | $5,800 | 3.20% | 2023 | 99-year

Within 1-2km | THE ANCHORAGE | $3,184,000 | $6,000 | 2.03% | 7.98% | 1997 | Freehold

Within 1-2km | QUEENS | $2,200,888 | $5,800 | 2.85% | 7.97% | 2002 | 99-year

Within 1-2km | COMMONWEALTH TOWERS | $2,495,000 | $6,300 | 2.71% | 6.09% | 2017 | 99-year

Within 1-2km | QUEENS PEAK | $1,952,500 | $6,000 | 3.31% | 4.21% | 2020 | 99-year

Within 1-2km | MARGARET VILLE | $2,225,000 | $5,800 | 2.82% | 2021 | 99-year

Within 1-2km | STIRLING RESIDENCES | $2,505,000 | $6,845 | 2.91% | 2022 | 99-year

Distance | Median resale price | Median rent | Median net yield

Within 1km | $2,869,000 | $9,000 | 3.25%

Within 1-2km | $2,200,888 | $6,000 | 2.91%

Capitalising on the growth of the one-north Corridor

While we were consolidating the data for these two regional clusters, Dover and one-north, we picked up on a trend that should catch the eye of interested investors. Essentially, capitalising on the proximity to both international schools, as well as gaining exposure to white-collar and professional tenants employed at the companies in one-north.

Rochester Residences and Dover Parkview are within 2km of both schools, with Dover Parkview being within a kilometer from UWC Dover, and Rochester Residences within a kilometer from Tanglin Trust.

We found that resale prices at Rochester Residences commanded some of the highest rates among all of the condos we surveyed in this article; with resale units fetching a median price of $2.87 million but most rental units there going at a monthly median rent of $6,500 for a two-bedroom unit, and $9,000 for a three-bedroom unit.

The combination of price and rent at both of these developments results in the higher end of yields compared to other nearby condos in the area, with most landlords at Rochester Residences reaping a net yield of 3.21% and landlords at Dover Parkview seeing a net yield of 3.29%.

A note on one-bedroom units

Overall, we usually see that one-bedroom units tend to record higher rental yields compared to two- or three-bedroom units. But this is largely attributed to the fact that the yield to quantum ratio decreases with square footage.

And we observed this trend hold throughout all but one of the condos close to international schools. While two- and three-bedroom units in condos near Tanglin Trust and UWC Dover recorded median net yields of 2.9% to 3.3%, one-bedroom units took home net yields of 3.9% to 4.4%.

When it comes to expat families who send their children to international schools in Singapore, we still expect two- and three-bedroom units to be the preferred unit type, since those units offer the best balance of liveability, space, and affordability.

There was one international school which had a strong enough demand to buck this trend. That was the Singapore American School, where the two- and three-bedroom units at condos around it posted yields between 3.5% and 4.9%, respectively – and higher than their one-bedroom counterparts.

Meaningful returns in the North

We also wanted to examine if condos at the doorstep of international schools are able to command premium rents compared to those slightly further away. And we found this to be true for the developments neighbouring the Singapore American School (SAS).

Located at Woodlands Street 41, close to the Marsiling neighbourhood, SAS was founded in 1956 and its 1.5ha campus accommodates over 4,000 students. The land is on a 90-year lease and the existing campus was developed at the cost of $150 million, and welcomed its first students in 1996.

Two- and three-bedroom condo units that are sited within a kilometer of the school recorded exceptionally strong rental returns of 4.84% and 4.86%, respectively. On the other hand, developments beyond this distance posted net rental yield of about 3.57% for both unit types.

However, we caveat this by stating that we were only able to reasonably rely on transaction data from two private residential developments close to SAS.

Two-bedroom yields near SAS

Distance | Project | Median resale price | Median rent | Net yield after property tax | 5Y-AGR | Completion year | Tenure

Within 1km | THE WOODGROVE | $861,444 | $3,775 | 4.84% | 4.99% | 1998 | 99-year

Within 1-2km | PARC ROSEWOOD | $896,500 | $2,900 | 3.57% | 6.53% | 2014 | 99-year

Distance | Median resale price | Median rent | Median net yield

Within 1km | $861,444 | $3,775 | 4.84%

Within 1-2km | $896,500 | $2,900 | 3.57%

Three-bedroom yields near SAS

Distance | Project | Median resale price | Median rent | Net yield after property tax | 5Y-AGR | Completion year | Tenure

Within 1km | WOODGROVE CONDOMINIUM | $1,240,000 | $5,550 | 4.86% | 8.21% | 1999 | 99-year

Within 1-2km | ROSEWOOD | $1,300,000 | $4,200 | 3.55% | 9.93% | 2003 | 99-year

Within 1-2km | CASABLANCA | $1,284,444 | $4,200 | 3.59% | 9.51% | 2005 | 99-year

Within 1-2km | ROSEWOOD SUITES | $1,220,000 | $4,200 | 3.78% | 9.40% | 2011 | 99-year

Within 1-2km | WOODHAVEN | $1,650,000 | $5,100 | 3.37% | 5.53% | 2015 | 99-year

Distance | Median resale price | Median rent | Median net yield

Within 1km | $1,240,000 | $5,550 | 4.86%

Within 1-2km | $1,292,222 | $4,200 | 3.57%

Our initial suspicion is that this is an effect of the school itself, especially because it has the largest AP programme in the world outside of the US. But we believe that it might have more to do with the geography of the area, with the school being a key rental demand driver in a neighbourhood that is otherwise far from the central region.

The neighbourhood around the school does tend to give off a uniquely American feel that is not found elsewhere in Singapore, based on a handful of visits I’ve taken there.

This disparity in terms of net rental yield could even come down to the topography of the neighbourhood. The school sits at the edge of the neighborhood, bound by Seletar Expressway and Bukit Timah Expressway. The relative scarcity of available homes in this area contributes to the high competition for rental homes there.

The two-bedroom units at The Woodgrove recorded the highest rental yield of 4.84% within the two-bedroom segment, while the three-bedroom units in Woodgrove Condominium took the top spot among the three-bedders. The neighbouring developments are within 1km of SAS, which explains the razor-thin difference.

Rental yields around other international schools were much less pronounced

Over in the West is Dulwich College which is found in Bukit Batok. But the condos surrounding it barely posted any difference in yields – particularly the condos less than a kilometer away from the school, and those that are between two and three kilometers away.

Dulwich College, the British school founded in 2014, has improved its reputation in recent years, according to anecdotal reports from the expat community in Singapore. It’s unique because the British-based school has a sole IB Diploma focus and does not offer A levels, unlike others like Tanglin Trust.

Two-bedroom yields near Dulwich College

Distance | Project | Median resale price | Median rent | Net yield after property tax | 5Y-AGR | Completion year | Tenure

Within 1km | LE QUEST | $1,167,500 | $3,625 | 3.43% | 1.84% | 2020 | 99-year

Within 1-2km | THE LAKESHORE | $1,335,000 | $4,100 | 3.38% | 7.72% | 2007 | 99-year

Within 1-2km | J GATEWAY | $1,490,000 | $4,500 | 3.31% | 5.05% | 2016 | 99-year

Within 1-2km | LAKEVILLE | $1,250,000 | $4,000 | 3.53% | 3.10% | 2017 | 99-year

Within 1-2km | LAKE GRANDE | $1,438,000 | $4,100 | 3.14% | 4.35% | 2019 | 99-year

Within 1-2km | GUILIN VIEW | $1,060,000 | $3,500 | 3.65% | 10.04% | 1999 | 99-year

Within 1-2km | REGENT HEIGHTS | $1,050,000 | $3,650 | 3.84% | 6.77% | 1999 | 99-year

Within 1-2km | THE MADEIRA | $1,200,000 | $3,800 | 3.50% | 7.25% | 2003 | 99-year

Within 1-2km | THE JADE | $1,380,000 | $4,100 | 3.27% | 5.29% | 2004 | 99-year

Distance | Median resale price | Median rent | Median net yield

Within 1km | $1,167,500 | $3,625 | 3.43%

Within 1-2km | $1,292,500 | $4,050 | 3.44%

Three-bedroom yields near Dulwich College

Distance | Project | Median resale price | Median rent | Net yield after property tax | 5Y-AGR | Completion year | Tenure

Within 1km | THE MAYFAIR | $1,457,500 | $4,500 | 3.38% | 7.50% | 2000 | 99-year

Within 1km | LE QUEST | $1,550,000 | $4,550 | 3.21% | 3.26% | 2020 | 99-year

Within 1-2km | PARC OASIS | $1,588,000 | $4,793 | 3.30% | 7.07% | 1994 | 99-year

Within 1-2km | WESTMERE | $1,339,000 | $4,500 | 3.68% | 7.98% | 1999 | 99-year

Within 1-2km | THE LAKESHORE | $1,710,000 | $5,300 | 3.37% | 9.39% | 2007 | 99-year

Within 1-2km | J GATEWAY | $1,930,000 | $6,000 | 3.35% | 5.69% | 2016 | 99-year

Within 1-2km | LAKEVILLE | $2,103,000 | $6,000 | 3.08% | 6.62% | 2017 | 99-year

Within 1-2km | LAKE GRANDE | $1,750,000 | $5,500 | 3.41% | 2.44% | 2019 | 99-year

Within 1-2km | GUILIN VIEW | $1,571,888 | $4,300 | 3.00% | 8.94% | 1999 | 99-year

Within 1-2km | REGENT HEIGHTS | $1,350,000 | $4,200 | 3.42% | 9.03% | 1999 | 99-year

Within 1-2km | THE MADEIRA | $1,500,000 | $4,200 | 3.08% | 9.43% | 2003 | 99-year

Within 1-2km | THE JADE | $1,988,888 | $5,000 | 2.74% | 7.82% | 2004 | 99-year

Distance | Median resale price | Median rent | Median net yield

Within 1km | $1,503,750 | $4,525 | 3.30%

Within 1-2km | $1,649,000 | $4,896 | 3.32%

Overall, we noted that the highest rental yields for each unit type were developments that are further than a kilometer from the school. The two-bedders at Regent Heights command a median monthly rent of $3,650 and a net rental yield of 3.84%, while the two-bedders at Westmere lease for around $4,500 per month and rake in a net rental yield of 3.86%.

In this neighborhood, there was also no significant difference between the net yield of two- and three-bedroom units, for condos close to Dulwich College.

Condos around other international schools didn’t see that much more appealing yields at all

The Stamford American International School, close to Woodleigh MRT station on the North-East Line, is one of the international schools that seem to have a marginal impact on rents among nearby condos.

Based on the data compiled by Stacked, condos close to the school posted the lowest two- and three-bedroom yields among the entire dataset. This ranged from 2.95% to 3.00% for two-bedroom units, and 2.66% to 2.88% for three-bedroom units.

This is despite apparently positive locational attributes, such as proximity to Woodleigh Mall, neighbourhood amenities, and public transport options. Two of the projects in this area are either linked to MRT stations or right beside them – namely, The Woodleigh Residences and Poiz Residences.

Among all of the three-bedroom rental yields that we consolidated here, The Poiz stood out amongst the other nearby developments, posting a net rental yield of 3.28% – against the others which were largely less than 3%. The median monthly rent for a three-bedroom unit at The Poiz was $6,100.

Three-bedroom yields near Stamford American International School

Distance | Project | Median resale price | Median rent | Net yield after property tax | 5Y-AGR | Completion year | Tenure

Within 1km | 8@WOODLEIGH | $2,180,000 | $5,800 | 2.88% | 6.93% | 2012 | 99-year

Within 1km | SANT RITZ | $1,890,000 | $5,000 | 2.88% | 8.73% | 2016 | 99-year

Within 1km | THE POIZ RESIDENCES | $2,000,000 | $6,100 | 3.28% | 6.75% | 2018 | 99-year

Within 1km | PARK COLONIAL | $2,499,000 | $6,900 | 2.94% | 5.91% | 2021 | 99-year

Within 1km | THE TRE VER | $2,288,888 | $5,900 | 2.78% | 2022 | 99-year

Within 1km | THE WOODLEIGH RESIDENCES | $2,657,250 | $7,100 | 2.84% | 2023 | 99-year

Within 1-2km | JADE RESIDENCES | $1,580,000 | $3,680 | 2.57% | 7.34% | 2017 | Freehold

Within 1-2km | CHILTERN PARK | $2,100,000 | $5,200 | 2.69% | 7.73% | 1995 | 99-year

Within 1-2km | THE SPRINGBLOOM | $2,250,000 | $5,200 | 2.51% | 9.47% | 1999 | 99-year

Within 1-2km | SUNGLADE | $1,907,500 | $5,000 | 2.86% | 7.89% | 2003 | 99-year

Within 1-2km | BARTLEY RESIDENCES | $2,030,000 | $5,000 | 2.68% | 8.51% | 2015 | 99-year

Within 1-2km | BOTANIQUE AT BARTLEY | $2,260,000 | $5,000 | 2.41% | 8.66% | 2019 | 99-year

Within 1-2km | FOREST WOODS | $2,050,444 | $5,000 | 2.66% | 6.26% | 2020 | 99-year

Within 1-2km | EIGHT RIVERSUITES | $1,870,000 | $5,000 | 2.91% | 6.41% | 2016 | 99-year

Within 1-2km | BARTLEY RIDGE | $2,088,888 | $5,000 | 2.61% | 8.70% | 2016 | 99-year

Distance | Median resale price | Median rent | Median net yield

Within 1km | $2,234,444 | $6,000 | 2.88%

Within 1-2km | $2,050,444 | $5,000 | 2.66%

We also took a look into whether the relocation of an international school improves the rental yields of surrounding condos.

Both the German European School Singapore and Overseas Family School relocated their campuses in the last 10 years.

The German School relocated from Bukit Timah to Bukit Panjang in 2018. We saw rents for two- and three-bedroom units within a two kilometer radius from the school begin to climb after the school’s relocation, compared to before.

In the years leading up to the relocation, rents held steady across most of the developments. Resale prices began to rise year on year after 2018 for a period of about four years, as the market began to price in the school’s proximity.

2-bedroom units

Year | DAIRY FARM RESIDENCES | ECO SANCTUARY | FORESQUE RESIDENCES | GLENDALE PARK | HILLVIEW PARK | THE DAIRY FARM | THE SKYWOODS | TREE HOUSE

2015 | $2,100 | $2,400 | $2,100 | $2,500 | $2,400

2016 | $2,150 | $2,100 | $2,500 | $2,000 | $2,500 | $2,200 | $2,300

2017 | $2,100 | $2,100 | $2,450 | $1,900 | $2,400 | $2,150 | $2,180

2018 | $2,100 | $2,100 | $2,450 | $2,025 | $2,500 | $2,300 | $2,200

2019 | $2,100 | $2,100 | $2,450 | $2,000 | $2,500 | $2,300 | $2,200

2020 | $2,200 | $2,150 | $2,500 | $2,000 | $2,600 | $2,300 | $2,300

2021 | $2,200 | $2,300 | $2,600 | $2,200 | $2,700 | $2,475 | $2,300

2022 | $3,000 | $2,825 | $3,300 | $2,950 | $3,200 | $2,750 | $3,050

2023 | $3,600 | $3,475 | $3,900 | $3,200 | $4,300 | $3,500 | $3,700

2024 | $3,500 | $3,300 | $3,300 | $3,900 | $3,200 | $4,000 | $3,400 | $3,500

2025 | $3,600 | $3,400 | $3,300 | $3,900 | $3,100 | $4,375 | $3,350 | $3,325

2026 | $3,600 | $3,300 | $3,300 | $4,000 | $3,100 | $4,250 | $3,450 | $3,400

3-bedroom units

Year | DAIRY FARM RESIDENCES | ECO SANCTUARY | FORESQUE RESIDENCES | GLENDALE PARK | HILLVIEW PARK | THE DAIRY FARM | THE SKYWOODS | TREE HOUSE

2015 | $2,800 | $2,700 | $2,400 | $3,900 | $2,925

2016 | $2,900 | $2,800 | $2,750 | $2,500 | $4,100 | $2,700 | $2,900

2017 | $2,650 | $2,700 | $2,800 | $2,300 | $3,900 | $2,700 | $2,850

2018 | $2,700 | $2,850 | $2,800 | $2,400 | $3,900 | $2,800 | $2,850

2019 | $2,800 | $2,900 | $2,850 | $2,600 | $4,000 | $2,800 | $2,875

2020 | $2,950 | $3,025 | $2,875 | $2,575 | $4,000 | $3,000 | $3,000

2021 | $3,000 | $3,100 | $3,150 | $2,700 | $4,200 | $3,050 | $3,100

2022 | $4,200 | $3,850 | $3,500 | $3,400 | $4,600 | $4,000 | $3,700

2023 | $4,750 | $5,000 | $4,800 | $4,050 | $6,250 | $4,800 | $5,200

2024 | $4,800 | $4,450 | $4,850 | $4,700 | $4,100 | $5,900 | $4,575 | $4,800

2025 | $4,800 | $4,800 | $4,900 | $4,900 | $4,300 | $6,350 | $4,800 | $5,000

2026 | $4,800 | $4,344 | $5,000 | $4,650 | $4,450 | $6,000 | $4,500 | $5,000

Overall, the trajectory of yields reflected this rental growth. But we also can’t discount the impact of nearby developments too: for example, the three-bedroom rents in Glendale Park, Hillview Park, and The Dairy Farm rose between 2018 and 2021, while the available yields remained below pre-relocation levels. This could be due to purchase prices rising just as quickly as rental prices in those developments.

Furthermore, we saw the sharpest rental growth in 2022 and 2023, but this was due to islandwide increases in the rental market, and cannot be attributed directly to the opening of the new campus in the neighborhood.

2-bedroom units

Sale year | DAIRY FARM RESIDENCES | ECO SANCTUARY | FORESQUE RESIDENCES | GLENDALE PARK | HILLVIEW PARK | THE DAIRY FARM | THE SKYWOODS | TREE HOUSE

2015 | 3.00% | 2.37% | 2.88% | 1.94% | 3.00%

2016 | 2.93% | 2.96% | 2.94% | 2.08% | 3.39%

2017 | 2.73% | 3.12% | 2.66% | 2.38% | 2.09% | 3.27%

2018 | 2.82% | 2.86% | 2.41% | 2.32% | 3.42% | 3.02%

2019 | 2.64% | 2.85% | 2.39% | 2.50% | 1.92% | 2.88% | 2.87%

2020 | 2.87% | 3.12% | 2.32% | 2.40% | 1.80% | 2.91% | 3.21%

2021 | 2.80% | 3.12% | 2.23% | 2.30% | 1.87% | 3.46% | 3.15%

2022 | 3.64% | 3.50% | 2.69% | 2.72% | 1.85% | 3.51% | 3.59%

2023 | 3.99% | 3.70% | 2.84% | 2.46% | 4.20% | 3.57%

2024 | 3.31% | 3.52% | 3.50% | 2.63% | 2.95% | 2.28% | 3.92% | 3.50%

2025 | 3.48% | 3.67% | 3.32% | 2.56% | 2.27% | 3.79% | 3.27%

2026 | 3.54% | 3.36% | 3.34% | 4.25%

3-bedroom units

Sale year | DAIRY FARM RESIDENCES | ECO SANCTUARY | FORESQUE RESIDENCES | GLENDALE PARK | HILLVIEW PARK | THE DAIRY FARM | THE SKYWOODS | TREE HOUSE

2015 | 2.47% | 2.30% | 2.37% | 2.10% | 2.93%

2016 | 2.84% | 2.49% | 2.29% | 2.82%

2017 | 2.56% | 2.64% | 2.49% | 2.28% | 2.23% | 2.90%

2018 | 2.35% | 2.53% | 2.20% | 2.06% | 2.68%

2019 | 2.73% | 2.53% | 2.07% | 2.11% | 2.04% | 2.61% | 2.61%

2020 | 2.76% | 2.57% | 2.20% | 2.13% | 2.04% | 2.77% | 2.72%

2021 | 2.62% | 2.64% | 2.14% | 1.98% | 1.90% | 2.74% | 2.59%

2022 | 3.41% | 2.93% | 2.15% | 2.40% | 1.85% | 3.33% | 2.66%

2023 | 3.59% | 3.41% | 2.93% | 2.64% | 2.20% | 3.65% | 3.52%

2024 | 3.06% | 3.15% | 2.90% | 2.75% | 2.56% | 2.13% | 3.38% | 3.01%

2025 | 3.23% | 3.27% | 2.90% | 2.63% | 2.67% | 2.27% | 3.43% | 3.03%

2026 | 3.11% | 3.04% | 3.11% | 2.43% | 2.70% | 2.03% | 3.14% | 3.24%

Broadly speaking, we saw similar rental and yield trends taking shape in the condos around the new Overseas Family School. That international school relocated from Orchard to Pasir Ris in 2015.

Conclusion

In general, rental yields for condos close to most international schools in Singapore have benefitted from the proximity. We saw rental yields largely over 3% in most cases, which is already considered relatively high among the average rental property in Singapore.

We also deduced that rentability is strong among the condos around these schools, and for landlords – being able to fill your units with tenants, while avoiding months where your condo sits empty – is half the battle won.

But we also conclude that in most areas where a sizeable proportion of rental demand is anchored by an international school, a condo less than one kilometer away from the school was not likely to have outsized returns compared to those just over a kilometer from the school.

Proximity to an international school was not enough to overwrite the overarching rental effect we see across Singapore, where one-bedroom condos usually offer stronger yields than two- or three-bedroom units because of their smaller absolute quantum. But of course, tenants of one-bedroom condos are less likely to be school going families.

Thus, investing in a property close to an international school gives you good protection against all but the most severe up-and-down cycles in the residential market, since demand in these areas is usually stable and consistent.

But we wouldn’t look too much into just how close the condo is, as long as it’s accessible and convenient to the school. That’s unless you are planning to buy in Woodlands, to target the SAS-going family. Instead, getting a good deal for a good product that will attract these families, will attract the right tenants.

## Chinese translation

> Translation model: grok_cli

### 国际学校周边公寓收益率：更近未必更好

新加坡国际学校周边的租金收益率以新加坡美国学校一带最强，到校距离的影响远大于联合世界书院杜佛校区、东陵信托学校、德威学院和斯坦福美国国际学校所服务的区域。

大多数寻找投资物业的房东，通常会把注意力放在现有租客基数较大的区域。在新加坡，租客中占比最高的是在此长期生活和工作的专业外籍人士。

这些外籍人士及其家庭的租赁需求大体保持稳定，除冠病疫情这类黑天鹅事件外，往往能够经受住大多数楼市周期。考虑到外籍人士在此购买住宅物业须缴纳高达60%的额外买方印花税（ABSD），在新加坡买房对他们而言常常遥不可及。

此外，有学龄子女的外籍家庭也更倾向于把孩子送入国际学校。因此，大多数国际学校周边都形成了小型外籍社区。

总体而言，靠近国际学校——或任何教育机构——对该区域的平均房价有正面贡献。去年我们曾对一些知名国际学校及其周边当时平均收益率最高的公寓做过一次概览。

住在学校附近、甚至就在校门口，长期以来都是许多家庭看重的条件，尤其是为了避开早高峰拥堵，以及父母在子女就读学校任教或工作的家庭。

本文将更细致地审视新加坡一些知名国际学校周边表现较好的公寓。

我们比较了公寓转售价中位数与租金中位数，以计算五所主要国际学校附近公寓的租金收益率，再把项目分为距离校园不足一公里，以及距离1至2公里两组。

总体来看，距离国际学校不足一公里的公寓，租金收益率较距离1至2公里的公寓略高，但这一因素对收益率的影响相当有限。

不过，Stacked整理的数据确实显示，国际学校附近的大多数公寓往往能获得稳健收益率，表明它们受益于旺盛的租赁需求和较低空置率——这些都是房东希望最大化房产收益时的重要因素。

除此之外，我们的分析也找出了一个尤为突出的赢家，以及其他一些出人意料的亮点。

新加坡最核心、最成熟的国际学校集聚区

东南亚联合世界书院（UWC）杜佛校区，以及英式的东陵信托学校，都位于相距不远的杜佛／one-north一带。这一带是新加坡重要的教育与商务园走廊，附近还有英华中学（自主）和新加坡国立大学（NUS）学院。

目前，杜佛／one-north一带并非以住宅为主，因此步行可达UWC杜佛校区和东陵信托学校的公寓案例较少。事实上，我们只找到一个距离这两所学校不足一公里的私人住宅项目。

联合世界书院——杜佛校区

我们只简要谈及该校区，因为UWC杜佛校区计划于2032年迁往登加。

总体而言，UWC杜佛校区附近公寓的租金收益率相当稳健。距离学校一至两公里的公寓中，两房单位收益率中位数为3.25%，三房单位收益率中位数为2.87%。

UWC杜佛校区附近两房收益率

距离 | 项目 | 转售价中位数 | 租金中位数 | 扣除房产税后净收益率 | 五年年均增长率 | 竣工年份 | 地契年期

距离1公里内 | DOVER PARKVIEW | 新币1,370,000 | 新币4,100 | 3.29% | 6.35% | 1997 | 99年

距离1-2公里 | THE CLEMENT CANOPY | 新币1,384,444 | 新币4,200 | 3.33% | 3.09% | 2019 | 99年

距离1-2公里 | WEST BAY CONDOMINIUM | 新币1,055,000 | 新币3,800 | 3.98% | 7.04% | 1993 | 99年

距离1-2公里 | WESTCOVE CONDOMINIUM | 新币1,270,000 | 新币4,200 | 3.63% | 6.49% | 1998 | 99年

距离1-2公里 | THE VISION | 新币1,455,000 | 新币4,275 | 3.23% | 4.83% | 2014 | 99年

距离1-2公里 | SEAHILL | 新币1,472,500 | 新币4,400 | 3.28% | 3.49% | 2016 | 99年

距离1-2公里 | THE ROCHESTER RESIDENCES | 新币2,170,000 | 新币6,500 | 3.21% | 5.23% | 2011 | 99年

距离1-2公里 | PANDAN VALLEY | 新币2,350,000 | 新币5,000 | 2.32% | 3.84% | 1978 | 永久地契

距离1-2公里 | PARKSUITES | 新币1,891,050 | 新币5,500 | 3.16% | 2023 | 110年

距离 | 转售价中位数 | 租金中位数 | 净收益率中位数

距离1公里内 | 新币1,370,000 | 新币4,100 | 3.29%

距离1-2公里 | 新币1,463,750 | 新币4,338 | 3.25%

UWC杜佛校区附近三房收益率

距离 | 项目 | 转售价中位数 | 租金中位数 | 扣除房产税后净收益率 | 五年年均增长率 | 竣工年份 | 地契年期

距离1公里内 | HERITAGE VIEW | 新币1,979,000 | 新币6,000 | 3.27% | 6.87% | 2000 | 99年

距离1-2公里 | THE CLEMENT CANOPY | 新币2,188,000 | 新币5,800 | 2.87% | 5.55% | 2019 | 99年

距离1-2公里 | THE PARC CONDOMINIUM | 新币2,672,500 | 新币5,800 | 2.35% | 8.62% | 2010 | 永久地契

距离1-2公里 | PANDAN VALLEY | 新币3,015,000 | 新币6,200 | 2.21% | 4.29% | 1978 | 永久地契

距离1-2公里 | WESTCOVE CONDOMINIUM | 新币1,588,888 | 新币5,000 | 3.43% | 7.07% | 1998 | 99年

距离1-2公里 | BLUE HORIZON | 新币1,690,000 | 新币5,500 | 3.53% | 6.49% | 2005 | 99年

距离1-2公里 | VARSITY PARK CONDOMINIUM | 新币2,407,500 | 新币6,650 | 2.95% | 8.22% | 2008 | 99年

距离1-2公里 | THE ROCHESTER RESIDENCES | 新币2,869,000 | 新币9,000 | 3.25% | 4.70% | 2011 | 99年

距离1-2公里 | THE TRIZON | 新币4,250,000 | 新币7,500 | 1.87% | 5.68% | 2012 | 永久地契

距离1-2公里 | RIDGEWOOD | 新币3,025,000 | 新币5,400 | 1.94% | 6.07% | 1981 | 999年

距离 | 转售价中位数 | 租金中位数 | 净收益率中位数

距离1公里内 | 新币1,979,000 | 新币6,000 | 3.27%

距离1-2公里 | 新币2,672,500 | 新币5,800 | 2.87%

总体来看，收益率最高的是West Bay Condominium的两房单位，月租金中位数为新币3,800元，多数房东可获得3.98%的净收益率。同样，Blue Horizon的三房单位也较为突出，月租金中位数为新币5,500元，净收益率为3.53%。

不过，待校区于2032年迁往登加，上述计算将发生变化，这也标志着UWC在杜佛现有租约结束。土地随后将交还给新加坡土地管理局。现有杜佛校区是该校在新加坡最大的校区，超过3,000名学生分布在占地11公顷的场地内。

东陵信托学校

英式的东陵信托学校更稳固地位于one-north一带，但距离UWC杜佛校区不足三公里。该校创立于1925年，也是新加坡历史最悠久的国际学校。

one-north已逐步树立起关键商业与商务区的声誉，覆盖媒体和科技公司，以及生物医学与先进计算等行业。当地地标性商务园包括Fusionopolis，以及位于Mediapolis的新传媒园区。

根据Stacked整理的数据，租金表现与UWC杜佛校区周边公寓大体一致，两房单位的表现略好于三房单位。

东陵信托学校附近两房收益率

距离 | 项目 | 转售价中位数 | 租金中位数 | 扣除房产税后净收益率 | 五年年均增长率 | 竣工年份 | 地契年期

距离1公里内 | THE ROCHESTER RESIDENCES | 新币2,170,000 | 新币6,500 | 3.21% | 5.23% | 2011 | 99年

距离1-2公里 | DOVER PARKVIEW | 新币1,370,000 | 新币4,100 | 3.29% | 6.35% | 1997 | 99年

距离1-2公里 | KENT RIDGE HILL RESIDENCES | 新币1,560,000 | 新币4,300 | 3.03% | 2023 | 99年

距离1-2公里 | NORMANTON PARK | 新币1,392,500 | 新币4,200 | 3.31% | 2023 | 99年

距离1-2公里 | COMMONWEALTH TOWERS | 新币1,679,444 | 新币4,700 | 3.06% | 5.35% | 2017 | 99年

距离1-2公里 | MARGARET VILLE | 新币1,580,000 | 新币4,500 | 3.12% | 2021 | 99年

距离1-2公里 | STIRLING RESIDENCES | 新币1,536,500 | 新币4,500 | 3.21% | 2022 | 99年

距离 | 转售价中位数 | 租金中位数 | 净收益率中位数

距离1公里内 | 新币2,170,000 | 新币6,500 | 3.21%

距离1-2公里 | 新币1,548,250 | 新币4,400 | 3.16%

东陵信托学校附近三房收益率

距离 | 项目 | 转售价中位数 | 租金中位数 | 扣除房产税后净收益率 | 五年年均增长率 | 竣工年份 | 地契年期

距离1公里内 | THE ROCHESTER RESIDENCES | 新币2,869,000 | 新币9,000 | 3.25% | 4.70% | 2011 | 99年

距离1-2公里 | NORMANTON PARK | 新币2,030,000 | 新币5,799 | 3.09% | 2023 | 99年

距离1-2公里 | HERITAGE VIEW | 新币1,979,000 | 新币6,000 | 3.27% | 6.87% | 2000 | 99年

距离1-2公里 | KENT RIDGE HILL RESIDENCES | 新币1,960,000 | 新币5,800 | 3.20% | 2023 | 99年

距离1-2公里 | THE ANCHORAGE | 新币3,184,000 | 新币6,000 | 2.03% | 7.98% | 1997 | 永久地契

距离1-2公里 | QUEENS | 新币2,200,888 | 新币5,800 | 2.85% | 7.97% | 2002 | 99年

距离1-2公里 | COMMONWEALTH TOWERS | 新币2,495,000 | 新币6,300 | 2.71% | 6.09% | 2017 | 99年

距离1-2公里 | QUEENS PEAK | 新币1,952,500 | 新币6,000 | 3.31% | 4.21% | 2020 | 99年

距离1-2公里 | MARGARET VILLE | 新币2,225,000 | 新币5,800 | 2.82% | 2021 | 99年

距离1-2公里 | STIRLING RESIDENCES | 新币2,505,000 | 新币6,845 | 2.91% | 2022 | 99年

距离 | 转售价中位数 | 租金中位数 | 净收益率中位数

距离1公里内 | 新币2,869,000 | 新币9,000 | 3.25%

距离1-2公里 | 新币2,200,888 | 新币6,000 | 2.91%

借力one-north走廊的增长

在汇总杜佛和one-north这两个区域集群的数据时，我们捕捉到一个应能引起有兴趣投资者注意的趋势。本质上，就是同时借力靠近这两所国际学校，并接触在one-north各公司任职的白领和专业租客。

Rochester Residences和Dover Parkview均距离两所学校2公里以内，其中Dover Parkview距离UWC杜佛校区不足一公里，Rochester Residences距离东陵信托学校不足一公里。

我们发现，Rochester Residences的转售价格在本文调查的所有公寓中属于最高之列；转售单位中位价达新币287万元，但大多数租赁单位的月租金中位数为两房新币6,500元、三房新币9,000元。

这两个项目的房价与租金组合，使其收益率处于该区域附近其他公寓的较高水平，Rochester Residences的多数房东可获得3.21%的净收益率，Dover Parkview的房东净收益率为3.29%。

关于一房单位的说明

总体而言，我们通常看到一房单位的租金收益率往往高于两房或三房单位。但这在很大程度上是因为收益率与总价的比率会随面积增加而下降。

我们观察到，这一趋势在国际学校附近的公寓中几乎全部成立，仅有一个例外。东陵信托学校和UWC杜佛校区附近公寓的两房和三房单位，净收益率中位数为2.9%至3.3%，而一房单位的净收益率则达到3.9%至4.4%。

对于把子女送入新加坡国际学校的外籍家庭，我们仍预期两房和三房会是更受欢迎的户型，因为这类单位在宜居性、空间和负担能力之间取得了最佳平衡。

有一所国际学校的需求强劲到足以打破这一趋势，那就是新加坡美国学校：其周边公寓的两房和三房单位收益率分别介于3.5%至4.9%——并且高于同一项目的一房单位。

北部可观的回报

我们还想考察，紧邻国际学校的公寓是否能比稍远一些的项目拿到溢价租金。我们发现，新加坡美国学校（SAS）周边的项目确实如此。

位于兀兰第41街、靠近马西岭邻里的SAS创立于1956年，占地1.5公顷的校园可容纳逾4,000名学生。该地段为90年地契，现有校园以新币1.5亿元建成，并于1996年迎来首批学生。

距离学校一公里内的两房和三房公寓单位，分别录得4.84%和4.86%的异常强劲租赁回报。另一方面，超出这一距离的项目，两类户型的净租金收益率均约为3.57%。

不过需要说明的是，我们只能较有把握地依赖SAS附近两个私人住宅项目的成交数据。

SAS附近两房收益率

距离 | 项目 | 转售价中位数 | 租金中位数 | 扣除房产税后净收益率 | 五年年均增长率 | 竣工年份 | 地契年期

距离1公里内 | THE WOODGROVE | 新币861,444 | 新币3,775 | 4.84% | 4.99% | 1998 | 99年

距离1-2公里 | PARC ROSEWOOD | 新币896,500 | 新币2,900 | 3.57% | 6.53% | 2014 | 99年

距离 | 转售价中位数 | 租金中位数 | 净收益率中位数