Right now, there are 2,396 landed houses for rent across Singapore. That's not a small number, but when you think about how much land there actually is, it's actually quite tight. I've been watching this market for 25 years, and what's happening with landed property right now tells you something important about where Singapore's real estate is heading. Whether you're an HDB upgrader looking at your first terrace, an investor chasing yield, or a family wanting space with long-term growth, the landed market is moving in a direction you need to understand.
Let me be direct about the numbers I'm seeing on the ground. D13 terraces are pulling gross yields between 3.2% and 3.5% right now. Semi-Ds are closer to 3.4%. That's solid, but here's the catch. Once you factor in property tax, maintenance, agent fees, and vacancy risk, your net yield drops to around 1.5% to 2.5%. That's the reality of landed rental in Singapore in 2026.
For context, rental volumes have been stable, and occupancy is sitting at about 85% for D13 properties. That means one out of every six months you might have the property empty, or you're dealing with tenant turnover. If you're banking on landed as a pure income play, you need to do the math seriously. Plug in your purchase price, work out the monthly rent, and then subtract everything. Only then will you know if this makes sense for your situation.
What's interesting is that prices keep climbing. We saw a 3.4% quarterly jump in January, and over the past few years, D13 landed prices have been appreciating at 5% to 7% annually. That appreciation is your real wealth builder, not the rent. The rental income is just the steady kicker while you wait for the asset to grow.
Here's something I tell buyers all the time. Landed property in Singapore outperforms private condos by 2% to 4% annually, and the reason is simple: there's not much of it. The government doesn't release land for new terraces or semi-detached houses the way it does for residential sites. That scarcity is real, and it shows in the numbers.
Compare this to the condo market. In 2025 alone, there were over 11,000 condo units launched. New condo supply is aggressive, which puts pressure on prices and keeps yields relatively soft. Landed, on the other hand, has no new land being released. You're buying into a finite asset that's only getting scarcer as Singapore gets more crowded. That's why I see families and investors shifting away from condos and toward landed, especially in districts like D13 where you've got MRT access, schools within walking distance, and highway connections.
The price momentum tells you the story. In Q1 2026, non-landed private property prices barely moved, up just 0.3%. Landed was up 3.4% in the same period. That's not luck. That's scarcity at work. Prices move when supply is restricted and demand is steady.
Let's be honest about the different buyer types. If you're an HDB upgrader, you're looking at an entry price of S$3.2 million and up for a decent 3 to 4 bedroom terrace in D13. That's a significant jump from HDB, and you need to be genuinely ready for it. The good news is long-term appreciation is strong. HDB resale prices actually dropped 0.1% in Q1 2026, which is the first decline in about seven years. Landed, meanwhile, keeps climbing. So if you're upgrading for the long haul (10+ years), this actually makes sense. If you're thinking five years, maybe not.
For investors, the case is more nuanced. Landed gives you stable rental income with decent occupancy rates, and the capital growth is real. But your net yield is modest, and you're tying up a significant amount of capital. You need a solid mortgage position and room in your Total Debt Service Ratio (TDSR) to even qualify. Many first-time investors underestimate how tight TDSR can get once you're buying a S$3.5 million asset. Talk to your banker before you fall in love with a property.
For family homes, landed is genuinely a better long-term play than condo. You get space, privacy, and a garden. Your children have room to play. The property appreciates faster. The downside is liquidity. Landed sells slower than condo. If you need to exit quickly, you might be stuck waiting three to six months for the right buyer.
Something people don't always notice is that the landed market has actually stabilized. Rents were up just 0.7% quarter-over-quarter in 2025, which is basically flat. That's different from the rush we saw in 2021 to 2023, when prices were jumping 8% to 10% annually. We're in a more measured environment now. Interest rates have been easing, supply is slowly coming online, and the market is finding its rhythm.
That's actually good news if you're buying. It means less pressure, more time to negotiate, and less feeling like you have to rush. Prices aren't crashing, but they're not rocketing up either. That's a buyer's market, even if it doesn't feel like one because prices are still so high.
Sales volumes tell another story though. Private property sales were down 40% in mid-March 2026 compared to a year earlier. People are being cautious. They're taking time to decide. That's normal in a market that's cooled after a surge.
If you're seriously considering landed property, here's what you need to do:
The landed market in Singapore is solid right now. Stable rents, steady appreciation, and real scarcity. It's not flashy, and it's not for everyone. But if you know what you're doing, it's a smart long-term play. The question is whether it's the right play for you, in your situation, with your timeline and budget.
Want to talk through your specific situation? Drop me a message on WhatsApp at +65 97501055, or visit keithtanboonkee.com. I'm here to help you make sense of this market.
25 years experience · 1,000+ transactions · 4,379 TOP units managed
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