# Why Jurong’s HDB rental yields are outpacing the rest of Singapore

- **Source:** EdgeProp Singapore
- **Published:** 2026-09-10T08:00:00.000Z
- **Author:** Ng Ming Yang
- **Original:** https://www.edgeprop.sg/property-news/why-jurongs-hdb-rental-yields-are-outpacing-rest-singapore
- **Topics:** HDB & Public Housing, Commercial & Industrial, Transactions & Deals

## Featured rationale

This signals resilient tenant demand alongside relatively affordable resale values, which may support yields, although expanding supply in Tengah could redistribute western rental demand.

## AI summary

Jurong East and Jurong West ranked among the top two towns for four-room HDB rental yields in 19 of the past 22 quarters.

## Original article

Jurong’s development as Singapore’s first industrial estate started in 1961. More than six decades later, that identity continues to shape Jurong East and Jurong West — including their HDB rental markets today.

Rental yields for HDB flats in both Jurong towns are among the highest islandwide.

While relatively lower resale prices contribute to these yields, two other factors could be supporting rental demand: Jurong’s diverse employment base and a renter pool that may include more work pass holders who have fewer pathways to home ownership.

Rental yields in Jurong among highest islandwide

Rental yields of four- and five-room flats in Jurong East and Jurong West have consistently exceeded the islandwide yield (see Charts 1 and 2). Rental yield is calculated as a year’s median rent for a whole flat divided by the median resale price for each town and flat type.

Read also: New records set for five-room flats at Pinnacle@Duxton and Clementi, at $1.701 million and $1.59 million respectively

For example, at the block level, four-room flats at 466 Jurong West Street 41 recorded a median resale price of $461,500 and a median monthly rent of $3,450 in 2Q2026. This translates to a gross rental yield of 8.97% (see Table 1).

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At 166B Yung Kuang Road in Jurong West, four-room flats recorded a median resale price of $650,000 and monthly rent of $3,800 in the same quarter, translating to a yield of 7.02%.

And in 19 of the past 22 quarters, both Jurong East and Jurong West ranked among the top two towns for rental yields of four-room flats. When it came to five-room flats, Jurong West ranked among the top two in 21 of 22 quarters, while Jurong East did so in 13.

To understand what is driving these yields, it is necessary to look at rents and resale prices.

Rents are up, but still below the priciest towns

During the decade from 1Q2016 to 2Q2026, rents of four- and five-room flats in Jurong East rose 45% and 52%, respectively. Jurong West recorded similar increases of 52% and 48%.

Islandwide, median rents went up by 50% for four-room flats and 52% for five-room flats over the same period (see Chart 3).

This suggests rental growth in Jurong has broadly tracked the wider HDB market.

That said, in terms of absolute value, rents in both Jurong towns remain well below those in Singapore’s most expensive rental locations (see Charts 4 and 5). In 2Q2026, rents in Jurong East and Jurong West were between 24% and 27% lower than those in the highest-rent towns.

Read also: Has the HDB market decoupled from the private property market?

For example, even the five highest rents in Jurong East in the second quarter of this year — ranging from $4,300 to $4,600 per month (see Table 2) — only hovered around Queenstown’s median of $4,400 and were significantly lower than the Central Area’s median of $5,100 (see Chart 5).

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Out of the 130 rental transactions recorded in Jurong East that quarter, only 31 reached $4,000 or more.

Home values have lagged the wider market

In the HDB resale market, price growth in Jurong also trailed the islandwide median for both four- and five-room flats between 1Q2016 and 2Q2026 (see Chart 6).

In Jurong East, resale prices for four-room flats rose 38%, while five-room flats’ prices grew 19%. Jurong West recorded a similar 37% increase for four-room flats and a stronger 32% gain for five-room flats.

In contrast, median resale prices across Singapore climbed more quickly at 58% for fourroom flats and 54% for five-room flats over that decade.

In the second quarter of this year, the median resale price of a four-room flat in Jurong East was $559,444, compared with $630,000 across Singapore. Jurong West’s median was even lower at $530,000. This puts pric-es in the two towns at 11% and 16% below the islandwide median, respectively.

Read also: A Bukit Merah four-room flat just set a record $1,466 psf, while a Pasir Ris flat became the first five-room flat in the town to cross $1 mil

A similar gap can be seen for five-room units, with median resale prices in Jurong East and Jurong West 2% and 14% lower, respectively.

Rents have grown faster than resale prices in Jurong

The relationship between rents and resale prices could help explain why yields in Jurong have remained high.

Take Jurong West’s fourroom flats for example. Rents advanced 52% between 1Q2016 and 2Q2026, while resale prices grew by a smaller 37%.

Given that rental yield is calculated based on rent relative to a property’s value, it can increase when rents grow more quickly than resale prices. This can be seen in both Jurong towns, where yields for four- and five- room flats were higher in 2Q2026 than they were 10 years ago (see Charts 1 and 2).

Beyond this price relationship, Jurong’s employment profile could also be supporting rental demand.

Diverse employment base brings broad tenant pool

Together, Jurong East and Jurong West form one of Singapore’s largest employment nodes outside the CBD.

SingStat’s General Household Survey 2025 recorded 109,700 resident working persons across the two towns, behind only the Downtown Core, Queenstown and Geylang.

Jurong’s employment base also spans a broad range of industries. Petrochemicals and energy processing are concentrated on Jurong Island, while manufacturing has a longstanding base at Jurong Industrial Estate.

The Jurong Innovation District supports advanced manufacturing and Industry 4.0 activities, while Nanyang Technological University provides academic and administrative employment. Farther west, Tuas Port generates logistics and port-related jobs.

This mix potentially generates rental demand from workers across a diverse range of occupations and income levels — from plant and shift workers to researchers and office staff.

Such breadth is noteworthy, as other major employment nodes outside the CBD tend to have a narrower industry mix. Woodlands, for example, has a strong semiconductor manufacturing and cross-border trade presence, while Tampines has commercial back offices, retail and semiconductor manufacturing.

Jurong, meanwhile, combines heavy industry, advanced manufacturing, higher education and logistics within the wider western employment corridor.

Many working in Jurong may rely on renting long term

At the same time, Jurong’s industrial employment base may also mean that a portion of its workforce holds work passes that limit their ability to purchase HDB resale flats, potentially creating a pool of longer-term renters.

Jurong West ranked third among planning areas for resident employment in manufacturing, behind Tuas and Pioneer, according to SingStat’s survey.

While the survey covers residents rather than foreign workers, Jurong’s concentration of labour-intensive industries suggests that non-resident workers are also an important part of its employment base.

The Ministry of Manpower issues work permits to workers in sectors including construction, manufacturing, marine shipyard and process. Several of these overlap with Jurong’s industrial base.

However, not every foreign worker employed in these sectors can rent an HDB flat. HDB imposes eligibility conditions on the rental of whole flats and bedrooms, including restrictions based on work pass type and sector.

For eligible workers, renting may nevertheless be a longer-term necessity. Work Permit holders, for example, do not have a direct pathway to permanent residency through their work pass and therefore cannot purchase HDB resale flats while remaining on that pass.

Demand from workers employed in Boon Lay, Pioneer and Tuas could also spill over into neighbouring Jurong West, where there is a much larger housing stock.

This may partly explain why rental growth for four-room flats has been stronger in Jurong West than in Jurong East, although the transaction data alone cannot establish a direct link.

What does this mean for Jurong’s rental yields?

Jurong East and Jurong West have consistently recorded HDB rental yields above the islandwide level over the past decade.

Part of the explanation lies in the numbers. Rents have grown faster than resale prices, while home prices in both towns remain below the islandwide median.

Jurong’s employment profile could be another contributing factor. Its mix of manufacturing, petrochemicals, advanced manufacturing, higher education and logistics supports a broad employment base, while some workers may have fewer options to transition from renting to home ownership.

Jurong West could also benefit from rental demand spilling over from nearby employment nodes such as Pioneer and Tuas, where housing options are more limited.

Looking ahead, the rental landscape could change as Tengah, HDB’s newest town, matures. Bordering Jurong, Tengah will be connected to the wider western region by the future Jurong Region Line. As its housing stock expands, Tengah could offer another option for tenants who are based in the west.

Whether that moderates rental demand in Jurong or simply redistributes it across the wider western region remains to be seen.

## Chinese translation

> Translation model: grok_cli

### 为何裕廊组屋租金收益率领先新加坡其他地区

裕廊东和裕廊西组屋租金收益率位居新加坡最高之列。以下是推动这一现象的原因

裕廊作为新加坡首个工业区的开发始于1961年。六十多年后，这一身份仍在塑造裕廊东和裕廊西——包括两地如今的组屋租赁市场。

两地组屋的租金收益率均位居全岛最高之列。

虽然相对较低的转售价格有助于推高这些收益率，但另外两个因素也可能在支撑租赁需求：裕廊多元化的就业基础，以及租客群体中可能包含更多购房途径较少的工作准证持有者。

裕廊租金收益率位居全岛最高之列

裕廊东和裕廊西四房式和五房式组屋的租金收益率一直高于全岛水平（见图1和图2）。租金收益率的计算方法是：某市镇、某户型整套组屋一年的租金中位数，除以该市镇该户型的转售价中位数。

延伸阅读：达士岭峰和金文泰五房式组屋分别以新元170.1万和新元159万创下新纪录

例如，在组屋大厦层面，裕廊西街41号466座的四房式组屋在2026年第二季的转售价中位数为新元46万1500，月租中位数为新元3450。据此计算，毛租金收益率为8.97%（见表1）。

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在裕廊西雍光路166B座，四房式组屋同季转售价中位数为新元65万，月租为新元3800，收益率合7.02%。

在过去22个季度中，有19个季度裕廊东和裕廊西的四房式组屋租金收益率均位列全岛市镇前两名。五房式方面，裕廊西在22个季度中有21个季度跻身前两名，裕廊东则有13个季度。

要理解这些收益率的驱动因素，有必要审视租金和转售价格。

租金有所上涨，但仍低于最贵市镇

从2016年第一季到2026年第二季的十年间，裕廊东四房式和五房式组屋租金分别上涨45%和52%。裕廊西录得类似升幅，分别为52%和48%。

同期，全岛四房式组屋租金中位数上涨50%，五房式上涨52%（见图3）。

这表明裕廊的租金涨幅大致跟上了整体组屋市场。

不过，就绝对金额而言，两个裕廊市镇的租金仍远低于新加坡最昂贵的租赁地段（见图4和图5）。2026年第二季，裕廊东和裕廊西的租金比租金最高的市镇低24%至27%。

延伸阅读：组屋市场是否已与私人房地产市场脱钩？

例如，即使是裕廊东今年第二季最高的五笔租金——每月介于新元4300至4600（见表2）——也仅在女皇镇中位数新元4400附近徘徊，并明显低于中央区中位数新元5100（见图5）。

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该季裕廊东录得的130笔租赁交易中，只有31笔达到新元4000或以上。

房价涨幅落后于整体市场

在组屋转售市场，2016年第一季至2026年第二季期间，裕廊四房式和五房式的价格涨幅也落后于全岛中位数（见图6）。

裕廊东四房式转售价上涨38%，五房式仅涨19%。裕廊西四房式录得类似的37%升幅，五房式则有较强的32%涨幅。

相比之下，同期新加坡全岛转售价中位数上涨更快，四房式升58%，五房式升54%。

今年第二季，裕廊东四房式组屋转售价中位数为新元55万9444，全岛则为新元63万。裕廊西中位数更低，为新元53万。这意味着两地房价分别比全岛中位数低11%和16%。

延伸阅读：红山一套四房式组屋刚创下每平方英尺新元1466的纪录，而巴西立一套组屋则成为该市镇首个突破新元100万的五房式单位

五房式单位也出现类似差距，裕廊东和裕廊西的转售价中位数分别低2%和14%。

裕廊租金涨幅快于转售价

租金与转售价之间的关系，有助于解释裕廊收益率为何居高不下。

以裕廊西四房式为例。2016年第一季至2026年第二季，租金上涨52%，转售价仅上涨37%。

由于租金收益率按租金相对于房价计算，当租金涨幅快于转售价时，收益率就会上升。两个裕廊市镇都出现了这一情况：2026年第二季，四房式和五房式的收益率均高于十年前（见图1和图2）。

除了这一价格关系外，裕廊的就业结构也可能在支撑租赁需求。

多元化就业基础带来广泛租客群体

裕廊东和裕廊西合计构成新加坡中央商务区以外最大的就业节点之一。

统计局《2025年综合住户调查》显示，两地共有10万9700名居民就业人口，仅次于市中心核心区、女皇镇和芽笼。

裕廊的就业基础也涵盖广泛行业。石油化工和能源加工集中在裕廊岛，制造业则长期扎根于裕廊工业区。

裕廊创新区支撑先进制造业和工业4.0活动，南洋理工大学则提供学术和行政就业。再往西，大士港带来物流和港口相关岗位。

这种组合有可能带来来自不同职业和收入水平劳动者的租赁需求——从工厂和轮班工人到研究人员和办公室职员。

这种广度值得注意，因为中央商务区以外的其他主要就业节点往往产业组合更窄。例如，兀兰以半导体制造和跨境贸易见长，淡滨尼则有商业后台、零售和半导体制造。

与此同时，裕廊在更广阔的西部就业走廊内，将重工业、先进制造业、高等教育和物流结合在一起。

许多在裕廊工作的人可能长期依赖租房

与此同时，裕廊的工业就业基础也可能意味着，部分劳动力持有的工作准证限制了他们购买组屋转售单位的能力，从而可能形成一个较长期的租客群体。

根据统计局调查，裕廊西在制造业居民就业方面在各规划区中排名第三，仅次于大士和先驱。

虽然该调查覆盖的是居民而非外籍劳工，但裕廊劳动密集型产业的集中，表明非居民工人也是其就业基础的重要组成部分。

人力部向建筑、制造、海事船厂和工艺等行业的工人发放工作准证。其中若干行业与裕廊的工业基础重叠。

不过，并非这些行业的每名外籍工人都能租组屋。建屋发展局对整套组屋和房间的出租设有资格条件，包括基于工作准证类型和行业的限制。

对符合资格的工人而言，租房仍可能是较长期的必要选择。例如，工作准证持有者无法通过其准证直接申请永久居民身份，因此在持有该准证期间不能购买组屋转售单位。

在文礼、先驱和大士就业的工人，其租赁需求也可能外溢到住房存量大得多的邻近裕廊西。

这或许部分解释了为何裕廊西四房式租金涨幅强于裕廊东，不过仅凭交易数据无法确立直接关联。

这对裕廊的租金收益率意味着什么？

过去十年，裕廊东和裕廊西的组屋租金收益率一直高于全岛水平。

部分解释在于数据本身。租金涨幅快于转售价，而两地房价仍低于全岛中位数。

裕廊的就业结构可能是另一个因素。制造业、石油化工、先进制造业、高等教育和物流的组合支撑了广泛的就业基础，而部分工人从租房转向置业的选择可能较少。

裕廊西也可能受益于邻近就业节点（如住房选择更有限的先驱和大士）外溢的租赁需求。

展望未来，随着建屋发展局最新市镇登加走向成熟，租赁格局可能发生变化。登加毗邻裕廊，未来将通过裕廊区域线与更广阔的西部地区相连。随着住房供应增加，登加可能为在西部工作生活的租客提供另一个选择。

这究竟会缓和裕廊的租赁需求，还是仅仅将需求重新分配到更广阔的西部地区，仍有待观察。