The Sen @ Upper Bukit Timah: A Realistic Look at Future Rental Returns
The Sen is a District 21 (Upper Bukit Timah) condominium with an estimated vacant possession in Q3 2030, with a 99-year tenure. For home buyers, that means you’re buying today for a home you’ll only occupy years later; for investors, it means your “income asset” only starts producing rent closer to vacant possession
That time gap makes future rent and yield the key question. For a new launch, the best practical way to estimate 2030 rent is to use a comparable set of nearby condominiums with similar tenant profiles, sizes, and facilities—then layer in reasonable rental-growth scenarios and unit-specific features (especially The Sen’s 2-bedroom = 2-bathroom positioning).
This write-up aims to be transparent about what is data-driven vs what is an assumption.
Data sources and the “harmonised size” adjustment
Rental benchmark data used
PropNex Investment Suite “ProTrend” chart (Yearly, 2018–2026; generated 01 Mar 2026) showing average condo rental $psf trends and summary statistics for these five comparables:
- Verdale
- The Creek @ Bukit
- Forett @ Bukit Timah
- Daintree Residence
- View at Kismis
In this post, the ProTrend chart is treated as the local market benchmark for rents because it specifically reflects leasing outcomes in the immediate competitive area.
Understanding “harmonisation” and why we convert 678 sqft to 715 sqft
The Sen is a “harmonised” project, meaning that certain areas that older projects often counted as part of the strata area may not be counted the same way today.
Singapore agencies (URA, SLA, BCA, SCDF) introduced harmonised floor area definitions effective 1 June 2023, as set out in URA’s circular. One implication is that design and delineation choices (e.g., whether certain ledges are strata or common property) can change how “size” is presented and computed across projects. URA’s circular explicitly discusses air-conditioner (AC) ledges, including that AC ledges included as strata area are computed as GFA, while developers may choose to treat them differently (e.g., retain as common property) with different computation outcomes.
Industry commentary at the time also noted the harmonisation shift could reduce “saleable area” and affect project efficiency.
Because older projects can look “bigger on paper” (as they were sold under older conventions), we did an apples-to-apples comparison by estimating Type B1’s non-harmonised comparison size:
- Published (harmonised) size: 678 sqft
- Estimated AC ledge: ~37 sqft (our assumption)
- Comparison size used in this post: 678 + 37 = 715 sqft
We will use 715 sq ft as the comparison size in our analysis
A key nuance (worth acknowledging): tenants typically pay for livability and layout, not for whether an AC ledge was counted in strata. So later, we’ll include a sensitivity check: “What if the market ‘values’ only the 678 sqft internal area?”
The five closest comparables and why they fit
We selected these five condos because they are closer in age/design/unit mix and serve similar tenant demand pockets in the Upper Bukit Timah / Beauty World / Toh Tuck vicinity. Their attributes show that they are close substitutes:
- Verdale: District 21; 99-year tenure from 5 Dec 2018; 258 units; Vacant Possession 30 Sep 2024; 2-bedroom sizes include 614 sqft and larger “2-bedroom deluxe” formats.
- The Creek @ Bukit: District 21; freehold; 260 units; Vacant Possession 30 Sep 2017; 2-bedroom sizes 657–700 sqft (plus 2+study).
- Forett @ Bukit Timah: District 21; freehold; 633 units; Vacant Possession Jan 2023; 2-bedroom sizes 549–603 sqft and 2+study 689–764 sqft.
- Daintree Residence: District 21; 99-year leasehold (from Jul 2017); 327 units; Vacant Possession 2021; 2-bedroom sizes 603–786 sqft.
- View at Kismis: District 21; 99-year leasehold (from 31 May 2019); 186 units (+ 2 shops); Vacant Possession 1 May 2023; 2-bedroom formats include 592–603 sqft (2BR Premium) and 667–710 sqft (2BR + Guest).
Why The Creek @ Bukit matters as a “feature-adjusted” comparable
The Creek @ Bukit deserves separate mention because it is not a “standard mass-market box condo”: it includes SOHO-style units, maisonettes, penthouses, and selected stacks with ~5m floor-to-floor heights that enable loft-style usage.
That feature can impact rent psychology (some tenants will pay for volume/ceiling height), so it’s helpful context when comparing pure $psf lines.
What nearby developments are renting for today
Using the ProTrend rental chart and table, the five projects cluster in a fairly tight band in the mid–high $5.xx psf/month range in recent years—especially the more recently TOP-ed projects.
Because this is a 2030 projection exercise, the most useful figure is the recent area benchmark. Using the latest available points shown in the chart (2025–2026, depending on the project), the simple “market cluster” sits around ~$5.6 psf/month.
To translate that into a “what does this mean in dollars?” estimate for The Sen Type B1 (using 715 sqft), the math is straightforward:
Monthly Rent ≈ Rental $psf × 715 sqft
At $5.60 psf, that implies around $4,000/month in today’s terms (5.60 × 715 ≈ 4,004).
This is also directionally consistent with the idea that today’s 2-bedroom rents in this immediate area commonly sit in the high-$3k to low-$4k range for modern condos, based on the ProTrend averages and ranges.
Projecting The Sen’s 2030 rent from the 2026 benchmark
Why we use scenario ranges (not a single “magic number”)
Singapore rents move in cycles. Even in recent years, the private rental index has shown both increases and pullbacks. In URA’s 4Q2025 release coverage, the overall private residential rental index fell 0.5% quarter on quarter in 4Q2025, while the full-year 2025 result was +1.9%, reversing a -1.9% year in 2024.
Separately, Savills also documented softness in parts of the market after the 2023 peak, including quarter-on-quarter declines in 2024 and competitive pressures from incoming supply.
So instead of pretending we can forecast 2030 precisely, a more honest approach is to use:
1) A local benchmark today (from the ProTrend chart)
2) A range of plausible rental growth paths to 2030
3) A feature-premium adjustment for The Sen’s specific strengths
The Sen’s feature premium: 2 bedrooms, 2 bathrooms
The Sen’s 2-bedroom stack comes with 2 bathrooms, whereas this is not consistently the case across the older competing developments.
In tenant terms, the second bathroom can matter because it supports: – roommates sharing a unit without “bathroom conflict,”
– a couple + child scenario,
– a couple using the second bath for guests or flexible living.
Because we do not have a public “Bukit Timah 2BR 2-bath premium coefficient” dataset, we model this as a modest premium range (0% to 8%) rather than a guaranteed uplift. The premium is treated as an assumption, and we will show its impact transparently.
Step-by-step 2030 forecast model
Starting point (from the protrend chart):
Recent cluster benchmark ≈ $5.60 psf/month (2025–2026 vicinity, from the five comparable condos’ trendlines)
Time horizon:
2026 → 2030 is about 4 years
Growth rates (illustrative):
– Conservative: 1% CAGR
– Base case: 2% CAGR
– Upside: 3.5% CAGR
These sit within a broad “steady but not explosive” rental-growth regime consistent with a market that has seen both moderation and recovery around 2024–2025.
Feature premium assumption:
– Conservative: 0%
– Base case: 5%
– Upside: 8%
Projected 2030 rent and $psf
Using 715 sqft:
| Scenario | Implied 2030 $psf/month | Implied monthly rent (715 sqft) |
| Conservative (1% CAGR, 0% premium) | $5.83 | ~$4,167/mo |
| Base case (2% CAGR, 5% premium) | $6.36 | ~$4,551/mo |
| Upside (3.5% CAGR, 8% premium) | $6.94 | ~$4,962/mo |
Sensitivity check: if tenants “value” only the 678 sqft internal size
Because the 37 sqft AC ledge is not real living space, a cautious investor may also ask: “What if the market rent scales more closely with the 678 sqft instead of 715 sqft?”
If we apply the same projected $psf to 678 sqft, the same scenarios become:
| Scenario | Implied monthly rent (678 sqft) |
| Conservative | ~$3,951/mo |
| Base case | ~$4,315/mo |
| Upside | ~$4,705/mo |
This sensitivity is useful if we want to be stricter about tenant-perceived size rather than cross-project size-definition comparability. The primary analysis remains on 715 sqft because that was our explicit apples-to-apples requirement.
What the numbers imply for gross rental yield at today’s Type B1 pricing
The Type B1 price range at the time of writing:
– Low: $1,531,000
– High: $1,772,000
(Price may change; yields below are illustrative gross yields.)
Cost basis clarity: $psf purchase price using the 715 sqft comparison size
Using 715 sqft, the purchase price works out to approximately:
– $1,531,000 ÷ 715 ≈ $2,141 psf
– $1,772,000 ÷ 715 ≈ $2,478 psf
If a buyer instead uses the harmonised 678 sqft label, the headline psf appears higher (because the denominator is smaller), but for this comparative exercise, we stick to 715 sqft.
Gross yield under the 2030 rent scenarios
Gross yield is calculated as:
Gross Yield ≈ (Monthly Rent × 12) ÷ Purchase Price
Using the 715 sqft rent projections:
| Scenario | Monthly rent | Gross yield at $1.531M | Gross yield at $1.772M |
| Conservative | ~$4,167 | ~3.27% | ~2.82% |
| Base case | ~$4,551 | ~3.57% | ~3.08% |
| Upside | ~$4,962 | ~3.89% | ~3.36% |
A quick “required rent” reality check
Another way to sanity-check is to ask: “What monthly rent do I need to hit a target gross yield?”
To hit 3.0% gross yield:
- at $1.531M → ~$3,828/mo
- at $1.772M → ~$4,430/mo
To hit 3.5% gross yield
- at $1.531M → ~$4,465/mo
- at $1.772M → ~$5,168/mo
So, in plain English: – The lower entry price can reach a “3%+ gross yield” zone at rents that look achievable if the area remains around low-$4k for 2-bedders in modern condos.
– The higher entry price needs rent outcomes closer to the upper part of the scenario band to feel equally compelling on yield.
Important: this is gross yield, not net yield
Net yield can be meaningfully lower after: – property tax (especially for non-owner-occupied homes),
– maintenance fees / sinking fund,
– insurance, agent fees, occasional vacancy, and repairs.
Savills specifically pointed to competitive leasing conditions and landlords’ need for flexibility when supply rises, which can influence achieved rents and downtime.
Market drivers to watch as we approach 2030
Connectivity and “place-making” tailwinds in Beauty World
The Sen sits within the wider Beauty World / Upper Bukit Timah ecosystem. URA has explicitly described the Jalan Anak Bukit mixed-use site (next to Beauty World MRT) as a distinctive mixed-use development with an integrated transport hub, intended to strengthen Beauty World’s identity and connectivity; it will include residential, retail, and F&B uses.
From an everyday-tenant lens, integrated transport hubs matter because they are designed to link bus interchanges seamlessly to MRT stations and adjoining developments such as shopping malls—reducing friction in commuting and errands.
Supply pipeline and competition risk
URA has also flagged a significant supply pipeline of private residential units expected to be completed in the next few years (as reported in URA’s 4Q2025 statistics coverage).
More completions mean more competition for tenants, which can cap rent growth or increase incentives/negotiations—especially in suburban/OCR-adjacent markets (and District 21 sits outside the traditional prime core).
The Sen’s “2-bath 2-bed” positioning as a hedge
Even in competitive markets, layouts that better match tenant needs tend to rent more smoothly. Against a backdrop where not all nearby 2-bedders are consistently 2-bath formats, The Sen’s positioning may help defend rent or reduce vacancy—especially for roommate-driven demand.
This is exactly why, in the projection model, the “premium” is framed less as “higher rent at all costs” and more as “better leasing resilience.”
Bottom line for a 2030-minded buyer
Using our five-comparable benchmark set and adjusting The Sen Type B1 to a 715 sqft non-harmonised comparison size, a practical 2030 rent expectation for the Type B1 two-bed two-bath is:
- ~$4,200 to $5,000/month (715 sqft basis, depending on growth and a modest feature premium)
At today’s indicated price range of $1.531M to $1.772M, that translates into a gross yield of roughly 2.8% to 3.9%, with the entry price being the primary swing factor.
The most investor-useful takeaway is not a single rent number, but the decision logic: – If you secure a Type B1 closer to the lower end of the price range, the plan can work on yield with “normal” area rents. If you buy near the higher end, you are implicitly betting on either stronger rental growth, stronger achieved rents (view/facing/stack advantages), or both.
Method note: URA’s rental index is computed using IRAS tenancy data and hedonic methodology to control for attributes such as age and size, which is why it’s a useful macro “growth sanity check” even when our primary benchmark is the local ProTrend comparable set.
Disclosure: This post is educational and analytical. It is not financial advice. Projections are scenarios based on the provided ProTrend 2BR graph values, our 715 sqft comparability assumption, and an indicative price of $1,530,000 to $1,772,000 (as of this article). Actual rents, yields, and timelines may differ.
Article contributed by Jerry Wong.
Jerry Wong is a realtor at Propnex Realty, bringing a rich background in interior and lighting design to his work. He loves exploring diverse spaces and observing the transformative power of real estate. Beyond his professional role, Jerry finds his greatest fulfillment in connecting people with the right properties, gaining immense satisfaction from helping clients achieve their dreams.
