01 · The mix problem
Average rent lies more than median does
If a project's big units rent and its small units sell, the average rent is measured on one population and the price on another. The yield that falls out is arithmetic, not income. Where the two diverge by more than a third we flag it and hide it by default.
02 · Why it's cheap
Yield is the market pricing a risk
The highest yields in Singapore cluster in short-lease, small-format and older stock. The rent holds up; the capital value does not. You are being paid to accept an asset that will be harder to sell and harder to finance in ten years.
03 · Gross, not net
Take about a fifth off before you believe it
These are gross figures. Property tax at the non-owner-occupier rate, maintenance, agent fees, insurance and vacancy typically take 15–25% off. A 4% gross is roughly a 3% net, before financing.