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PENANG SERVICE APARTMENTS

Lorong 34 Geylang · D14 Geylang
ApartmentFreehold
$1,164 psf
median $psf
$4.38
median rent · psf/mo
~4.6%
gross rental yield
6
highest floor
20
total units
1994
TOP / completion
Median $psf excludes ground & top-floor units · basis: 2017 onwards. Median rent from 3 URA rental contracts (last 12 mo).
67
/ 100
HomeVestor Investor Score
Best for: Rental yield + Family demand
Watch out for: Small project, Thin transactions, Limited rental data
Data confidence: Low · overall risk: Moderate
Yield100
Cashflow—
Liquidity0
Growth74
Family94
How is this worked out? — this project’s 4 sub-scores, from its own data
Each sub-score is 0–100 (higher = better), built from this project’s actual figures — here are the exact drivers behind each one.
Capital growth · 74
Nearest growth node: Kallang Alive / Kampong Bugis — ~2.0 km away (under construction) → 85 · Nearest MRT ~560 m (Dakota) → 64 · Price momentum — too few recent sales to score  =  average
Rental yield · 100
Gross rental yield 4.6% on a 2.0–4.5% band → 100
Exit liquidity · 0
20 units → 0 · 0 sales in 12 mo → 0 · 3 rental contracts → 0  =  average
Family demand · 94
Oversubscribed school within 1 km (Kong Hwa School, 2.4× demand) → 94
Overall · 67
The average of the 4 sub-scores above.
Risk flags
Small project — 20 units, thinner resale & rental liquidity · Thin transactions — 0 sales in 12 months, so the price signal is noisy · Limited rental data — 3 rental contracts, so the yield estimate is soft
Note: risk flags are screening signals from the data — not confirmed defects; check each against the actual unit, title & MCST.
A screening heuristic — not financial advice; verify every figure and your own budget before transacting.
Investor verdict

Penang Service Apartments is a freehold project in D14 Geylang with 4.6% gross yield, thin liquidity and strong school demand (Kong Hwa School within 1 km). It sits ~2.0 km from the Kallang Alive / Kampong Bugis growth node (under construction).

Best suited for
  • Rental yield buyers
  • Family demand buyers
Less suited for
  • —
Key due-diligence
  • Confirm the exact unit stack, facing and floor — our figures are project medians.
  • Stress-test cashflow at +1–2% interest in the calculator below.
  • Verify the school 1 km boundary & current MOE rules — priority is not a guarantee.

Investment report

A plain-language read on Penang Service Apartments — genuine strengths, honest risks, an independent fair-value range and a Buy / Watch / Avoid position, all from the data above.

Growth-corridorFamily-demandLiquidity-thinYield-ledsignals — how they're defined
Why this may work
  • In the Kallang Alive / Kampong Bugis URA growth precinct — a corridor earmarked for new jobs, transport and amenities.
  • Above-average ~4.6% gross yield for its segment.
  • Oversubscribed primary school (Kong Hwa School) within 1 km — a durable family-demand anchor.
  • Freehold — no lease decay, so strong long-horizon holding power.
Why this may fail / what to watch
  • Thin liquidity (0 sales/12 mo · 20-unit project) — a slower, choppier exit and a softer price signal.
  • Check nearby new-launch & upcoming TOP supply — a fresh project within walking distance can cap rents and resale for a few years.
Signals screened from the data — strengths and risks, not confirmed facts. For educational purposes only — not financial advice.

Fair-value range

Several independent value bases — more informative than a single median. The combined range weights the project-specific bases most.

Recent project median $psfexcludes ground & top-floor units$1,164 psf
Nearby projectsmedian $psf of projects within ~2.0 km$1,540 psf
Rental-yield-supportedrent $psf × 12 ÷ 3.4% target gross yield$1,546 psf
HomeVestor fair range$1,242–$1,613 psf
≈ $628,452–$816,178 for a ~506 sqft unit

See the D14 comparables behind that district base on the map below — switch on “District condos by $psf” in the layers (this project vs cheaper/pricier neighbours).

How is this worked out? — the value bases & combined range
Project median
Recency-filtered median $psf of this project’s own resale caveats (ground & top-floor units excluded).
Same-size comps
Recency-weighted median $psf of caveats within ±25% of the typical unit size (6-mo full, 6–12-mo 70%, 12–24-mo 40%) — the comparable-sales method used in our Valuation tool.
District-comparable
Median $psf across all projects in the same district — a market-level sanity check (a genuinely superior project can sit above it).
Yield-supported
The $psf at which today’s median rent would return a 3.4% target gross yield for a RCR project — anchors price to rental fundamentals.
Combined range
A weighted blend (comps 28%, yield 28%, project median 22%, district 22%); the band width (±5–13%) reflects how far the independent bases disagree, so a genuinely over- or under-priced project sits outside it.
Note: a project-level estimate — a specific unit’s floor, facing and size shift its fair value. Check a specific unit’s price ›
For educational purposes only — not financial advice.

Buy · Watch · Avoid

Where the project’s current median $psf sits against its fair range, overlaid with the risk signals. An educational classification — not a recommendation.

BUY — below fair
WATCH — around fair
AVOID — above fair
Watch zoneCurrent median $1,164 psf is around fair value — whether it’s a good buy comes down to the specific unit and price.
Pressure-test one unit before you decide: check if it’s fairly priced ›  ·  work out what to offer ›  ·  download a one-page memo ›
Compares project medians to a computed fair range — individual units vary. For educational purposes only — not financial advice.

Price trend

6-month rolling median $psf · excludes ground & top floor

Long-run trend — project vs. market

Indexed to 100 at 2021 · 2021–2025

Long-run line = URA Private Residential Property Price Index (indexed market trend, not unit prices). Markers = actual transactions, past 5 years. Source: URA via data.gov.sg, SODL v1.0.

Zeroing in on one unit? Check if it’s fairly priced ›  ·  Work out what to offer ›

Popular schools nearby

Proximity to an oversubscribed primary school is a major driver of family demand. Being within 1 km gives the top P1 balloting priority; 1–2 km is next.

Within 1 km — highest P1 priority
#16 Kong Hwa School 276 m

Location & neighbourhood

Tap any label below the map to show or hide that layer, or use Show / hide all. On by default: primary schools, MRT stations within 2 km (nearest highlighted), and hawker / malls / supermarkets. Off by default (tap to switch on): Secondary / JC / Poly, international schools, bus stops, healthcare and childcare.

Nearest MRT: Dakota MRT Station · ~560 m. Amenities © OpenStreetMap contributors (ODbL), tiles © CARTO.

About this project

Project NamePENANG SERVICE APARTMENTS
Street NameLorong 34 Geylang
Property TypeApartment
TenureFreehold
District / Planning AreaD14 / Geylang
Completion1994
Number of units20 units
Highest floor in the project6
DeveloperS L (Serangoon) Pte Ltd
Land Area (sqm)567
Master Plan Plot Ratio2.8

All transactions (6)

Newest first. Click any column heading to sort. Ground & top-floor units are excluded from the median above.

e.g. 20-07 · 20- = storey 20 · -07 = stack 07
–both optional
Date ↕Address ↕Size
(sqft) ↕		$psf ↕Price ↕
Show

Rental transactions (23)

Individual private-residential lease contracts, newest first — official URA Data Service. Size is URA’s banded floor area (sqft); the unit number and floor are not disclosed. Click any column heading to sort.

6-month rolling median $psf/month · from individual URA rental contracts

URA records the size band & bedroom count, not the unit number.
Lease date ↕Size
(sqft) ↕		Beds ↕Monthly rent ↕$psf/mo ↕
Show
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