How do we choose a property with a good location during this period that provides a strong rental investment and with a decent yield?

Hi Bryan, thanks for your question!

DISCLAIMER: Mortgage Master is an expert in mortgage and financial structures regarding loans and is in no way an expert in property.

However, I do have my personal views on this.

There is a tendency for property investors to select an investment property for rental yield close to where they currently reside. In my experience, this limits the locations you can consider. After all, you are not going to visit your investment property that often! The focus should be on locations with a high rental demand, and a strong yield, even if that location is across the island from your house.
Never underestimate the value add of your property being near a school. If you plan to buy an investment property large enough for a young family, choosing a location near a "good school" will definitely help your yield as the demand will be high for parents wanting to send their children there. (BTW, a "good school" isn't limited to St Nicholas, ACS, Nanyang and Tao Nan which are in more expensive neighbourhoods. There are also good schools like Pei Tong at Clementi and Ai Tong at Sin Ming. Those areas are great for rental income as well.
If you plan to buy a smaller property like studios or 650-800 sqft houses, make sure you cater to your rental demand market. This is usually for single professionals who are working adults that do not mind living with a friend or colleague and splitting the rent. For such properties, locations next to the hospitals in Jurong, Sengkang, or large companies like Google and Facebook are good locations.

I dare not comment more on the industry. Although it is still linked to mine, it requires a whole different expertise.

Ask a really, really good property agent for advice. If you want, I can recommend a few that I know will really work for the customer and won't focus solely on forcing their inventory down your throat.

Feel free to PM me on Facebook or LinkedIn if you really want to get the contacts of these agents I trust.