Square Foot Research Singapore

Shoebox Units (Rental Yield)

Can shoebox units in the mass market fetch good yields? Recently completed projects such as Caspian and Optima @ Tanah Merah seem to suggest that shoebox units do indeed get better rental returns than their larger counterparts.

Shoebox Units Rental Yield (Outside of Central)

Note: *Based on transactions and rental contracts in the last 6 months, excludes projects with no transactions in the last 6 months
Source: URA,
District Project Name Unit Size Average
monthly rents*
($)
No. of
rental
contracts*
Average
price*
($)
No. of
transactions*
Rental
yield
(%)
Project's
Rental yield
(%)
Spread
(%)
15 448@EAST COAST 400 to 500 1,867 3 665,000 1 3.4 2.8 +0.5
15 AURALIS 400 to 500 1,875 2 728,000 1 3.1 2.3 +0.7
19 BARTLEY RESIDENCES 400 to 500 1,951 45 693,333 6 3.4 3.0 +0.4
19 CARDIFF RESIDENCE 400 to 500 1,744 30 567,857 7 3.7 3.4 +0.3
19 CASA CAMBIO 400 to 500 1,816 29 653,714 7 3.3 3.0 +0.3
18 COCO PALMS 400 to 500 1,797 22 663,000 1 3.3 3.1 +0.2
18 D'NEST 400 to 500 1,733 53 621,714 7 3.3 3.3 +0.1
16 EASTWOOD REGENCY 400 to 500 1,525 10 520,000 1 3.5 3.3 +0.2
27 EIGHT COURTYARDS 400 to 500 1,650 2 540,000 2 3.7 3.4 +0.3
15 ESPIRA SUITES 400 to 500 1,800 5 687,500 2 3.1 3.4 -0.3
17 HEDGES PARK CONDOMINIUM 400 to 500 1,642 15 527,500 2 3.7 3.8 -0.0
15 HERITAGE EAST 400 to 500 1,588 8 600,000 1 3.2 3.4 -0.2
23 HILLION RESIDENCES 400 to 500 1,825 83 751,333 3 2.9 3.0 -0.1
5 HUNDRED TREES 400 to 500 2,000 1 732,500 2 3.3 2.9 +0.4
19 ISUITES @ PALM 400 to 500 1,618 5 588,500 2 3.3 3.3 -0.0
22 J GATEWAY 400 to 500 2,401 58 900,000 1 3.2 3.2 -0.0
19 LA FIESTA 400 to 500 1,803 18 648,000 1 3.3 3.0 +0.4
15 LA VIDA @ 130 400 to 500 1,829 7 618,000 1 3.6 3.5 +0.1
15 LAVERNE'S LOFT 400 to 500 1,700 2 610,000 2 3.3 3.5 -0.1
14 LEVENUE 400 to 500 1,808 6 665,000 2 3.3 3.6 -0.3
16 OPTIMA @ TANAH MERAH 400 to 500 2,142 6 684,000 2 3.8 3.5 +0.3
14 PALMERA EAST 400 to 500 1,500 1 640,000 1 2.8 2.6 +0.2
15 PARC BLEU 400 to 500 1,750 9 582,500 2 3.6 3.3 +0.3
19 PARC CENTROS 400 to 500 1,730 17 659,333 3 3.1 3.1 +0.0
15 PARC ELEGANCE 300 to 400 1,650 7 547,500 2 3.6 3.6 -0.0
15 PARC ELEGANCE 400 to 500 1,664 15 607,600 5 3.3 3.6 -0.4
17 PARC OLYMPIA 400 to 500 1,644 14 554,333 3 3.6 3.6 -0.1
25 PARC ROSEWOOD 400 to 500 1,540 40 531,000 2 3.5 3.5 -0.0
19 PARK RESIDENCES KOVAN 300 to 400 1,576 10 547,500 2 3.5 3.2 +0.3
19 PRESTO@UPPER SERANGOON 400 to 500 1,725 10 635,333 3 3.3 3.1 +0.2
14 QUBE SUITES 400 to 500 2,000 1 641,000 2 3.7 3.0 +0.7
18 RIPPLE BAY 400 to 500 1,688 20 560,000 2 3.6 3.4 +0.3
19 RIVER ISLES 400 to 500 1,600 1 595,000 1 3.2 3.0 +0.2
28 RIVERBANK @ FERNVALE 400 to 500 1,665 2 590,000 4 3.4 2.8 +0.5
5 SEAHILL 400 to 500 2,160 5 749,000 2 3.5 3.4 +0.1
19 SPACE @ KOVAN 400 to 500 1,703 8 642,888 1 3.2 3.1 +0.1
18 STRATUM 400 to 500 1,596 25 600,000 1 3.2 3.6 -0.5
15 SUITES @ EASTCOAST 300 to 400 1,623 11 556,000 5 3.5 3.3 +0.3
14 SUITES @ EUNOS 300 to 400 1,720 5 579,300 1 3.6 4.1 -0.6
19 SUITES @ PAYA LEBAR 300 to 400 1,625 6 508,000 1 3.8 3.7 +0.1
19 THE BENTLY RESIDENCES@KOVAN 400 to 500 1,700 1 700,000 1 2.9 1.8 +1.1
15 THE COTZ 300 to 400 1,538 4 512,500 2 3.6 3.8 -0.2
15 THE COTZ 400 to 500 1,675 4 573,000 2 3.5 3.8 -0.3
14 THE EBONY 300 to 400 1,650 5 548,333 3 3.6 3.0 +0.6
17 THE INFLORA 400 to 500 1,570 21 537,375 8 3.5 3.4 +0.2
22 THE LAKEFRONT RESIDENCES 400 to 500 2,144 12 755,000 3 3.4 3.1 +0.4
14 THE LENOX 400 to 500 1,830 5 635,000 3 3.5 3.3 +0.1
19 THE LUXURIE 400 to 500 1,713 4 624,333 3 3.3 2.9 +0.4
27 THE NAUTICAL 400 to 500 1,629 12 530,000 1 3.7 3.6 +0.1
19 THE PROMENADE@PELIKAT 400 to 500 1,674 17 629,000 2 3.2 3.0 +0.2
19 THE SCALA 400 to 500 2,138 12 763,500 2 3.4 3.1 +0.2
19 THE VUE 400 to 500 1,650 4 550,000 1 3.6 3.4 +0.2
16 URBAN VISTA 400 to 500 1,839 25 630,000 1 3.5 3.0 +0.5
15 VIBES @ EAST COAST 300 to 400 1,631 8 577,667 3 3.4 3.4 +0.0
15 VIBES @ EAST COAST 400 to 500 1,677 11 620,667 3 3.2 3.4 -0.1

Shoebox Units Rental Yield (Central Region)

Note: *Based on transactions and rental contracts in the last 6 months, excludes projects with no transactions in the last 6 months
Source: URA,
District Project Name Unit Size Average
monthly rents*
($)
No. of
rental
contracts*
Average
price*
($)
No. of
transactions*
Rental
yield
(%)
Project's
Rental yield
(%)
Spread
(%)
11 10 SHELFORD 400 to 500 2,088 16 828,000 1 3.0 3.2 -0.2
15 16 @ AMBER 400 to 500 1,936 7 725,000 1 3.2 2.8 +0.4
13 18 WOODSVILLE 400 to 500 2,011 9 860,000 1 2.8 2.6 +0.2
15 38 I SUITES 400 to 500 1,931 8 761,000 2 3.0 3.0 +0.1
11 8 BASSEIN 400 to 500 2,104 12 815,444 2 3.1 3.0 +0.1
13 8@WOODLEIGH 300 to 400 1,738 4 660,000 1 3.2 3.0 +0.2
12 AIRSTREAM 400 to 500 1,725 8 643,333 3 3.2 3.4 -0.2
3 ALEX RESIDENCES 400 to 500 2,526 44 868,500 2 3.5 3.1 +0.4
3 ALEXIS 300 to 400 2,271 12 678,000 1 4.0 3.5 +0.5
3 ALEXIS 400 to 500 2,289 9 695,000 1 4.0 3.5 +0.4
14 AVANT RESIDENCES 300 to 400 2,933 9 664,250 4 5.3 6.1 -0.8
14 AVANT RESIDENCES 400 to 500 3,500 1 745,956 9 5.6 6.1 -0.4
13 BARTLEY RIDGE 400 to 500 1,875 49 708,833 6 3.2 2.9 +0.2
15 BELLA CASITA 400 to 500 2,000 1 700,000 2 3.4 2.9 +0.5
12 BLISS LOFT 400 to 500 1,850 2 615,000 1 3.6 3.3 +0.3
14 CASA AERATA 400 to 500 1,808 6 573,972 4 3.8 3.8 -0.0
8 CAVAN SUITES 300 to 400 1,825 6 570,000 1 3.8 3.3 +0.6
14 CENTRA HEIGHTS 400 to 500 1,861 14 674,000 2 3.3 3.2 +0.1
14 CENTRA LOFT 400 to 500 1,777 11 630,000 1 3.4 3.1 +0.3
14 CENTRA STUDIOS 400 to 500 1,842 6 600,000 1 3.7 3.8 -0.1
14 CENTRA SUITES 400 to 500 1,878 18 591,667 3 3.8 3.7 +0.1
14 CENTRAL IMPERIAL 400 to 500 1,700 2 470,450 4 4.3 4.0 +0.3
8 CITY LOFT 300 to 400 1,724 9 506,500 1 4.1 4.5 -0.4
12 CITY SUITES 400 to 500 2,049 12 860,078 5 2.9 2.9 -0.1
3 COMMONWEALTH TOWERS 400 to 500 2,310 60 879,000 2 3.2 3.0 +0.1
15 CORALIS 400 to 500 2,250 7 928,000 1 2.9 2.6 +0.3
12 CRADELS 400 to 500 1,868 14 702,500 2 3.2 3.4 -0.2
12 DOMUS 400 to 500 2,133 9 873,000 1 2.9 3.0 -0.1
2 DORSETT RESIDENCES 400 to 500 3,367 3 1,000,000 1 4.0 3.5 +0.5
3 ECHELON 400 to 500 2,618 17 980,000 1 3.2 3.3 -0.1
14 EDENZ LOFT 400 to 500 1,692 13 540,000 1 3.8 3.5 +0.3
14 EDENZ SUITES 400 to 500 1,736 7 590,000 3 3.5 3.6 -0.0
12 EIGHT RIVERSUITES 400 to 500 2,067 52 732,750 12 3.4 3.0 +0.4
9 ESPADA 300 to 400 2,565 30 964,286 7 3.2 3.2 +0.0
14 GUILLEMARD EDGE 400 to 500 1,857 37 644,833 6 3.5 3.3 +0.2
15 HAIG 162 300 to 400 1,694 9 530,000 1 3.8 3.8 +0.1
15 HAIG 162 400 to 500 1,833 3 700,000 2 3.1 3.8 -0.6
14 IDYLLIC SUITES 400 to 500 1,737 15 565,000 2 3.7 3.6 +0.1
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,467 6 963,500 2 3.1 2.9 +0.2
15 IMPERIAL HEIGHTS 400 to 500 1,760 5 675,000 1 3.1 3.1 +0.0
15 ISUITES @ MARSHALL 300 to 400 1,800 3 610,000 1 3.5 3.0 +0.5
14 LA BRISA 400 to 500 1,756 9 640,000 1 3.3 3.3 -0.1
14 LA FLEUR 400 to 500 1,704 14 533,000 4 3.8 3.5 +0.4
14 LE REGAL 400 to 500 1,670 5 509,000 2 3.9 4.0 -0.1
13 LEICESTER SUITES 400 to 500 1,917 6 725,000 2 3.2 3.0 +0.2
10 LOFT @ NATHAN 400 to 500 2,203 17 865,000 2 3.1 3.1 -0.0
8 LOFT @ RANGOON 400 to 500 1,883 3 650,000 1 3.5 3.1 +0.4
10 LOFT@HOLLAND 300 to 400 2,241 11 800,000 1 3.4 3.1 +0.2
2 LUMIERE 400 to 500 3,713 8 950,000 1 4.7 4.2 +0.5
14 MELOSA 400 to 500 1,767 6 650,000 1 3.3 3.3 -0.0
14 METRO LOFT 400 to 500 1,810 10 662,500 2 3.3 3.4 -0.1
14 MILLAGE 400 to 500 1,751 9 705,000 1 3.0 3.0 -0.1
9 MOUNT SOPHIA SUITES 400 to 500 2,250 2 860,000 1 3.1 3.4 -0.2
14 NESS 300 to 400 1,800 1 525,333 1 4.1 3.9 +0.2
9 NEWTON EDGE 400 to 500 2,150 2 892,500 2 2.9 2.7 +0.2
9 NOMU 400 to 500 2,900 1 1,160,000 1 3.0 2.6 +0.4
21 NOTTINGHILL SUITES 300 to 400 1,645 22 630,000 1 3.1 3.3 -0.2
21 NOTTINGHILL SUITES 400 to 500 1,813 4 640,000 1 3.4 3.3 +0.1
12 OKIO 400 to 500 1,946 13 700,000 1 3.3 3.4 -0.0
12 ONE DUSUN RESIDENCES 400 to 500 2,036 11 730,000 2 3.3 3.1 +0.2
9 OXLEY EDGE 400 to 500 2,406 9 860,000 1 3.4 3.8 -0.4
9 PARC SOPHIA 400 to 500 2,305 10 878,000 1 3.2 2.8 +0.4
1 PEOPLE'S PARK COMPLEX 400 to 500 1,664 20 510,000 1 3.9 4.0 -0.1
12 PRESTIGE HEIGHTS 300 to 400 1,763 27 580,950 4 3.6 3.6 +0.1
14 PRIME RESIDENCE 400 to 500 1,733 3 555,000 1 3.7 3.3 +0.4
14 PRIMEDGE 400 to 500 1,833 9 670,000 1 3.3 3.3 -0.1
15 QUESTA @ DUNMAN 400 to 500 1,825 4 680,000 1 3.2 2.9 +0.3
8 RANGOON 88 400 to 500 2,211 9 640,000 1 4.1 3.2 +0.9
12 REGENT RESIDENCES 400 to 500 1,818 11 679,444 2 3.2 2.8 +0.4
8 RESIDENCES @ SOMME 400 to 500 1,900 1 680,000 1 3.4 3.2 +0.1
12 RIVIERA 38 400 to 500 1,917 6 620,000 1 3.7 3.2 +0.5
9 ROBERTSON EDGE 400 to 500 2,459 16 925,500 1 3.2 3.5 -0.3
14 ROYCE RESIDENCES 400 to 500 1,725 4 605,000 1 3.4 4.4 -1.0
10 RV EDGE 300 to 400 2,132 15 774,000 2 3.3 3.5 -0.2
10 RV EDGE 400 to 500 2,517 9 828,000 5 3.6 3.5 +0.1
10 RV SUITES 400 to 500 2,600 4 920,000 1 3.4 3.2 +0.2
14 SILVERSCAPE 400 to 500 1,694 9 562,500 2 3.6 3.4 +0.2
14 SIMS EDGE 400 to 500 1,775 8 664,315 6 3.2 3.0 +0.2
14 SIMS URBAN OASIS 400 to 500 1,959 146 751,000 1 3.1 3.2 -0.1
20 SKY VUE 400 to 500 2,306 25 831,000 4 3.3 3.1 +0.2
4 SKYLINE RESIDENCES 400 to 500 2,800 10 1,020,000 1 3.3 2.7 +0.6
12 SKYSUITES17 300 to 400 1,890 10 635,000 6 3.6 3.2 +0.4
2 SKYSUITES@ANSON 300 to 400 2,832 55 954,000 2 3.6 3.6 -0.0
8 SOHO 188 400 to 500 2,350 6 680,000 1 4.1 3.6 +0.6
2 SPOTTISWOODE 18 300 to 400 2,249 50 845,922 4 3.2 3.5 -0.3
2 SPOTTISWOODE SUITES 400 to 500 2,664 18 1,010,000 2 3.2 2.9 +0.3
14 SUITES 28 400 to 500 1,867 3 562,500 2 4.0 2.7 +1.2
15 SUITES @ GUILLEMARD 200 to 300 1,400 1 445,000 1 3.8 3.4 +0.4
11 SUITES @ NEWTON 400 to 500 2,350 3 972,500 2 2.9 3.0 -0.1
8 SUITES @ OWEN 400 to 500 1,963 4 703,000 1 3.3 3.4 -0.1
14 SUITES @ SIMS 300 to 400 1,840 5 518,000 1 4.3 4.0 +0.3
12 SUITES @ TOPAZ 300 to 400 1,813 4 525,000 1 4.1 3.5 +0.7
15 SUITES@ KATONG 300 to 400 1,700 4 553,500 2 3.7 3.0 +0.7
14 SUITES@CHANGI 400 to 500 1,617 15 582,667 3 3.3 3.2 +0.1
15 TEMBELING RESIDENCE 400 to 500 1,800 2 640,000 1 3.4 2.6 +0.8
1 THE CLIFT 400 to 500 3,255 11 1,015,000 2 3.8 3.6 +0.3
21 THE CREEK @ BUKIT 400 to 500 1,877 11 795,000 1 2.8 2.6 +0.2
10 THE FORD @ HOLLAND 400 to 500 2,760 5 879,000 2 3.8 3.1 +0.7
4 THE FORESTA @ MOUNT FABER 400 to 500 2,505 10 868,000 1 3.5 2.9 +0.5
21 THE HILLFORD 300 to 400 1,676 46 503,333 3 4.0 4.6 -0.6
12 THE INTERWEAVE 300 to 400 1,749 17 599,333 3 3.5 3.7 -0.2
12 THE INTERWEAVE 400 to 500 1,972 9 673,000 1 3.5 3.7 -0.2
15 THE LINE @ TANJONG RHU 400 to 500 2,060 10 1,016,353 4 2.4 2.2 +0.2
14 THE OCTET 300 to 400 1,650 1 540,000 1 3.7 3.3 +0.4
15 THE VANDERLINT 400 to 500 1,850 2 620,000 1 3.6 3.3 +0.3
12 THE VERVE 400 to 500 1,775 4 666,500 2 3.2 2.9 +0.3
14 THE WATER EDGE 300 to 400 1,675 2 465,500 1 4.3 4.0 +0.3
14 THE WATER EDGE 400 to 500 1,863 20 692,667 3 3.2 4.0 -0.8
20 THREE 11 400 to 500 2,067 3 750,000 1 3.3 2.9 +0.4
12 TREVISTA 400 to 500 2,050 6 620,000 1 4.0 3.2 +0.8
8 TYRWHITT 139 300 to 400 1,875 4 585,000 1 3.8 4.2 -0.4
8 TYRWHITT 139 400 to 500 2,030 5 681,200 1 3.6 4.2 -0.6
9 UP@ROBERTSON QUAY 400 to 500 3,133 3 1,188,888 1 3.2 3.0 +0.2
1 V ON SHENTON 400 to 500 2,762 69 1,212,506 5 2.7 2.6 +0.1
15 VENTURA VIEW 400 to 500 1,600 1 530,000 1 3.6 3.7 -0.1
12 VETRO 400 to 500 1,800 3 569,000 2 3.8 3.9 -0.1
14 VIENTO 400 to 500 1,735 10 555,000 2 3.8 3.7 +0.1
5 VIVA VISTA 300 to 400 1,936 22 635,000 2 3.7 3.7 -0.0
9 VIVACE 300 to 400 2,218 10 850,800 1 3.1 3.3 -0.2
9 VIVACE 400 to 500 2,417 6 900,000 1 3.2 3.3 -0.1
10 VIZ AT HOLLAND 400 to 500 2,133 3 900,000 1 2.8 2.6 +0.2
14 WATERBANK AT DAKOTA 400 to 500 2,287 23 800,750 4 3.4 3.3 +0.1
9 WILKIE 80 300 to 400 2,117 3 790,000 1 3.2 3.3 -0.1

Disclaimer

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