Cape Royale Rental Guide: Rents, Yield and Tenant Profile (2026)
Last updated: September 2026 · By Kaeden Ong, Assistant Division Director, ERA Realty Network
Cape Royale was a rental building before it was ever a for-sale building. The developer held all 302 units as a leasing portfolio from completion in 2013 until July 2022, so there is close to a decade of tenancy history here. The numbers below are real rather than projected.
This guide is for investors and tenants. If you are buying to let, it covers rent, yield, tax and the costs that eat into the headline number. If you are looking for a Cape Royale rental as a tenant, skip to the tips at the end. For the purchase side — prices, stamp duty, who can buy — see the Cape Royale buyer's guide.
See the full Cape Royale project page — availability elevation chart, unit mix, floor plans and the latest transacted prices, refreshed daily.
Cape Royale rent by bedroom type
| Unit type | Typical size | Monthly rent (2026) |
|---|---|---|
| 3-bedroom | ~1,679–1,906 sq ft | S$9,800–11,500 |
| 4-bedroom | up to ~2,713 sq ft | S$16,000–21,800 |
Prices, charts and information are for reference only and may be subject to change without prior notice. This material does not constitute financial or investment advice.
The 3-bedroom band is tight. The 4-bedroom band is much wider — S$5,800 a month between bottom and top — and that spread is almost entirely floor, view and furnishing. A high-floor sea-facing 4-bedder furnished to expat standard sits at the top; a lower pool-facing unit with older fittings sits at the bottom.
Rent per square foot
Across the project, Cape Royale rents average about S$6.00 psf per month (the six-month average is S$6.06), inside a range of roughly S$4.00 to S$7.80 psf.
The bottom end is not a bargain signal — big 4-bedders and penthouses naturally rent at a lower psf than a 1,906 sq ft three-bedder. The top end is sea-facing, well-furnished stock that leases quickly. If you own one of those, S$7+ psf is achievable; if you own a mid-stack unit, price at S$6 and move on.
Gross yield vs prime Singapore
At current prices — roughly S$2,250 psf on average, per the Cape Royale price guide — and S$6 psf rent, Cape Royale's gross rental yield is about 3.1–3.2%.
That is respectable for prime Singapore, where mainland CCR condos commonly sit at 2.5–3% gross and new launches at S$3,000+ psf struggle to reach even that. Cape Royale's edge is the denominator: purchase PSF is low for the product, while rents reflect a scarce combination of waterfront, space and privacy.
Two honest caveats. Yield is not total return — prices have been flat since the 2022 launch, so you are earning the income, not capital growth. And the gross figure is before tax, maintenance and vacancy, which is the part most yield articles skip.
Who rents at Cape Royale
The tenant pool is narrow and specific: expatriate senior management and their families, typically on a corporate lease with a housing budget that covers a 3- or 4-bedder, who want the Sentosa lifestyle without a S$5m purchase and 60% ABSD.
What that means for landlords:
- Corporate leases are common. Expect diplomatic clauses, two-year terms and a company as the contracting party. Payment reliability is high; negotiation on condition and furnishing is firm.
- Furnishing standards matter. These tenants compare you with W Residences and the other Sentosa Cove projects, not with a mainland condo. A tired kitchen costs more in rent than it costs to refresh.
- Families need cars and schools. There are no schools on Sentosa and no MRT. International schools such as Tanglin Trust, Dover Court, ISS and UWCSEA Dover are a 20–30 minute drive.
Vacancy: what actually drives it
Sentosa Cove is a thin market on both sides, so vacancy is unit-specific rather than project-wide. The factors that determine how fast a Cape Royale unit leases, in order:
- View and floor. Sea-facing, higher-floor units lease first and re-lease fastest. Pool-facing lower floors take longer and often need a concession.
- Furnishing and condition. Move-in-ready units win corporate tenants relocating on a timeline.
- Pricing discipline. A S$6 psf unit asked at S$7.50 psf can sit for months. Each empty month on a S$11,000 rental costs more than the difference you were holding out for.
- Expat hiring cycles. Relocation demand is seasonal and tied to the economy. Build a vacancy allowance into your numbers.
Property tax on a Cape Royale rental
Once you rent the unit out, it is taxed at non-owner-occupied rates of 12–36%, progressive on Annual Value, rather than the 0–32% owner-occupier scale. On a unit with an AV in the six figures, that difference is a meaningful chunk of your rent. Run the IRAS calculator on the specific AV before you buy, not after.
Worked example: net yield on a 3-bedroom
Headline yields flatter everyone, so here is a full-cost example. Every line below is an assumption for illustration — swap in your own figures.
Assumptions
- Unit: 1,906 sq ft 3-bedroom
- Purchase price: S$4.2m (in line with the October 2025 caveat)
- Rent: S$11,000 per month (within the S$9,800–11,500 band, about S$5.77 psf)
- Vacancy: one month every two years
- Maintenance fees: assumed S$1,500 per month — confirm the actual figure with the MCST for the specific stack
- Property tax: assumed at roughly S$24,000 a year, i.e. an illustrative blended rate on an AV close to the annual rent under the 12–36% non-owner-occupied scale — verify on the IRAS calculator
- Leasing commission: assumed at one month's rent per two-year lease
- Repairs and insurance: assumed S$3,000 a year
- Buyer: Singapore Citizen, first property (0% ABSD), so BSD is the only stamp duty at approximately S$191,600
The numbers
| Line | Annual (S$) |
|---|---|
| Gross rent (12 × S$11,000) | 132,000 |
| Less vacancy allowance (½ month a year) | (5,500) |
| Less maintenance (12 × S$1,500) | (18,000) |
| Less property tax (assumed) | (24,000) |
| Less leasing commission (½ month a year) | (5,500) |
| Less repairs and insurance | (3,000) |
| Net rental income | 76,000 |
Prices, charts and information are for reference only and may be subject to change without prior notice. This material does not constitute financial or investment advice.
- Gross yield: S$132,000 ÷ S$4.2m = 3.1%
- Net yield on purchase price: S$76,000 ÷ S$4.2m = about 1.8%
- Net yield on all-in cost (price + BSD): S$76,000 ÷ S$4,386,600 = about 1.7%
That is before mortgage interest. For a PR paying 5% ABSD the all-in cost rises by S$210,000; for a foreigner at 60% ABSD the maths stops working as a pure yield play. I run the leveraged version and the comparison against the other nine Sentosa Cove projects in the Cape Royale investment analysis.
The takeaway is not that Cape Royale is a bad rental. A 1.7–1.8% net yield with a corporate-grade tenant pool is a reasonable income asset in prime Singapore. It is that you should buy knowing the net number, not the gross one.
Tips for tenants looking at a Cape Royale rental
If you are on the other side of the lease:
- Ask which stack and floor before you view. The rent gap between sea-facing and pool-facing is real. If your budget is at the lower end of the band, a lower pool-facing unit is where the value is.
- Confirm who the landlord is. Some units are still developer-owned; others are individual owners. Response times on repairs and flexibility on terms differ.
- Budget for a car. There is no MRT on the island. HarbourFront MRT and VivoCity are about 10–15 minutes by car, and residents have vehicle access through the Sentosa gantry.
- Check the furnishing inventory line by line. Photograph everything on handover.
- Know the neighbourhood. Quayside Isle has restaurants, a Cold Storage and clinics; ONE°15 Marina, Sentosa Golf Club and Tanjong Beach Club are minutes away. It is genuinely quiet on weekdays, which is either the point or a problem. More in Cape Royale location and amenities.
- Negotiate on term, not just rent. A two-year lease with a reliable tenant is often worth more to a landlord than the last S$300 a month.
Frequently asked questions
How much is rent at Cape Royale? Three-bedroom units rent for roughly S$9,800–11,500 a month and four-bedroom units for about S$16,000–21,800. The project averages around S$6.00 psf per month.
What is the rental yield at Cape Royale? Gross yield is approximately 3.1–3.2% at current prices. After maintenance, property tax, vacancy and leasing costs, net yield on a typical 3-bedroom works out closer to 1.7–1.8% before mortgage costs.
Who are the typical tenants at Cape Royale? Expatriate senior management and families, often on corporate leases, who want the Sentosa Cove waterfront lifestyle without buying.
Is Cape Royale a good rental investment? It offers a better gross yield than most prime mainland condos and a deep leasing track record, but prices have been flat since 2022 and liquidity is thin. It suits long-horizon income investors rather than capital-growth seekers.
How is a rented Cape Royale unit taxed? Non-owner-occupied residential property is taxed at 12–36% progressive on Annual Value, compared with 0–32% for owner-occupiers.
Do I need a car to rent at Cape Royale? Realistically, yes. There is no MRT on Sentosa; HarbourFront MRT and VivoCity are around 10–15 minutes by car, and residents have vehicle access through the Sentosa gantry.
Renting out or renting at Cape Royale?
I keep a live comparison of all ten non-landed Sentosa Cove projects — PSF, yield and liquidity — plus a running record of Cape Royale rents by stack. Landlords: I'll tell you what your unit should realistically fetch this quarter. Tenants: I'll tell you which stacks are worth the premium and which are not. Message me and I'll send the sheet.
Kaeden Ong · Assistant Division Director, ERA Realty Network · ERA Top 50 · CEA Reg. L3002382K Kaeden Property · WhatsApp for a same-day reply
Prices, rents, stamp duties and regulations are accurate to the best of my knowledge as of September 2026 and are subject to change. The net-yield example uses stated assumptions for illustration only. This article is general information, not financial advice. Please verify figures against the latest URA data and IRAS schedules before committing.
More on Cape Royale
Cape Royale project page · All new launches · Ask Kaeden a question
Prices, charts and information are for reference only and may be subject to change without prior notice. This material does not constitute financial or investment advice.
Disclaimer: Prices, availability, data and charts are provided for general reference only and are subject to change without prior notice. While reasonable efforts are made to ensure accuracy, the information may not always be complete or up to date. This material does not constitute financial or investment advice.
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