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
(%)
19 21 RICHARDS 400 to 500 2,000 3 590,000 1 4.1 3.3 +0.7
15 AURALIS 400 to 500 1,850 2 645,000 2 3.4 2.9 +0.5
19 BARTLEY RESIDENCES 400 to 500 1,973 30 700,000 1 3.4 3.2 +0.1
19 CASA CAMBIO 400 to 500 1,861 26 616,500 2 3.6 3.3 +0.4
15 ESPIRA SUITES 400 to 500 1,863 4 667,500 2 3.3 3.5 -0.2
23 FORESQUE RESIDENCES 400 to 500 1,721 7 609,000 2 3.4 2.9 +0.4
17 HEDGES PARK CONDOMINIUM 400 to 500 1,650 11 526,000 1 3.8 3.5 +0.3
15 HERITAGE EAST 400 to 500 1,563 4 602,500 2 3.1 3.3 -0.2
19 ISUITES @ PALM 400 to 500 1,675 4 604,194 2 3.3 3.1 +0.3
19 KOVAN GRANDEUR 300 to 400 1,663 4 480,000 1 4.2 3.8 +0.4
19 LA FIESTA 400 to 500 1,839 9 632,000 5 3.5 2.7 +0.8
15 LA VIDA @ 130 400 to 500 1,795 11 630,000 1 3.4 3.3 +0.1
15 LAVERNE'S LOFT 300 to 400 1,667 3 542,000 4 3.7 4.0 -0.3
15 LAVERNE'S LOFT 400 to 500 1,700 2 590,000 2 3.5 4.0 -0.5
14 LEVENUE 400 to 500 1,839 9 650,000 1 3.4 3.4 +0.0
16 OPTIMA @ TANAH MERAH 400 to 500 2,175 4 688,888 1 3.8 3.4 +0.4
14 PALMERA EAST 400 to 500 1,867 3 613,000 4 3.7 3.1 +0.6
19 PARC CENTROS 400 to 500 1,753 10 627,000 2 3.4 3.3 +0.1
15 PARC ELEGANCE 300 to 400 1,630 10 535,000 1 3.7 4.0 -0.3
15 PARC ELEGANCE 400 to 500 1,713 12 540,000 1 3.8 4.0 -0.2
17 PARC OLYMPIA 400 to 500 1,650 16 540,000 1 3.7 3.6 +0.1
25 PARC ROSEWOOD 400 to 500 1,582 47 516,125 8 3.7 3.3 +0.3
19 PARK RESIDENCES KOVAN 300 to 400 1,663 8 565,500 2 3.5 3.4 +0.1
14 QUBE SUITES 400 to 500 1,767 3 580,000 1 3.7 3.0 +0.7
18 RIPPLE BAY 400 to 500 1,730 23 575,931 5 3.6 3.6 +0.0
19 RIVERSOUND RESIDENCE 400 to 500 1,664 7 543,963 3 3.7 3.4 +0.2
5 SEAHILL 400 to 500 2,163 4 680,000 1 3.8 3.3 +0.5
15 SIGLAP V 400 to 500 1,725 6 700,000 1 3.0 2.9 +0.1
27 SKIES MILTONIA 400 to 500 1,640 5 556,500 2 3.5 2.9 +0.6
19 SPACE @ KOVAN 400 to 500 1,725 4 605,000 1 3.4 2.8 +0.6
18 STRATUM 400 to 500 1,589 33 580,000 1 3.3 3.5 -0.2
15 SUITES @ EASTCOAST 300 to 400 1,706 13 548,333 3 3.7 3.4 +0.3
19 SUITES @ PAYA LEBAR 300 to 400 1,669 8 523,333 3 3.8 3.9 -0.1
13 SUITES@BRADDELL 400 to 500 1,800 3 560,000 1 3.9 3.7 +0.1
16 THE GLADES 400 to 500 1,989 32 762,261 38 3.1 3.1 +0.0
27 THE NAUTICAL 400 to 500 1,650 7 560,250 2 3.5 3.4 +0.1
18 THE PALETTE 400 to 500 1,800 3 610,000 1 3.5 3.2 +0.3
19 THE PROMENADE@PELIKAT 400 to 500 1,687 23 620,000 1 3.3 3.0 +0.2
19 THE SCALA 400 to 500 2,186 11 735,000 2 3.6 3.3 +0.2
19 THE VUE 400 to 500 1,746 13 554,000 3 3.8 3.6 +0.2
14 TROPIKA EAST 400 to 500 1,771 7 628,000 1 3.4 2.8 +0.6
14 VACANZA @ EAST 400 to 500 1,788 8 640,000 1 3.4 3.1 +0.2
19 VIBES @ KOVAN 400 to 500 1,750 5 550,000 1 3.8 3.4 +0.4

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 13 750,000 1 3.3 3.0 +0.4
11 26 NEWTON 400 to 500 2,630 5 1,121,469 34 2.8 2.8 -0.0
13 8@WOODLEIGH 300 to 400 1,870 5 570,000 1 3.9 3.5 +0.4
12 AIRSTREAM 400 to 500 1,667 3 632,500 2 3.2 3.5 -0.3
3 ALEXIS 300 to 400 2,341 11 656,667 3 4.3 3.9 +0.4
3 ALEXIS 400 to 500 2,264 7 685,000 1 4.0 3.9 +0.1
13 BARTLEY RIDGE 400 to 500 1,861 93 685,000 1 3.3 2.9 +0.3
8 CAVAN SUITES 300 to 400 1,900 4 550,000 1 4.1 3.4 +0.8
14 CENTRA HEIGHTS 400 to 500 2,011 9 644,000 2 3.7 3.6 +0.2
14 CENTRA LOFT 400 to 500 1,841 16 620,000 1 3.6 3.6 -0.0
14 CENTRA STUDIOS 400 to 500 1,845 10 642,888 1 3.4 4.0 -0.6
14 CENTRA SUITES 400 to 500 1,842 12 600,000 1 3.7 3.8 -0.2
14 CENTRAL IMPERIAL 400 to 500 1,800 2 475,000 1 4.5 4.2 +0.3
8 CITY LOFT 300 to 400 1,875 2 500,000 1 4.5 4.0 +0.5
15 CORALIS 400 to 500 2,320 10 774,000 2 3.6 3.2 +0.4
12 CRADELS 400 to 500 1,963 10 652,500 2 3.6 3.5 +0.1
14 D'WEAVE 400 to 500 1,871 7 607,000 1 3.7 3.3 +0.4
9 DEVONSHIRE RESIDENCES 400 to 500 3,131 8 1,100,088 1 3.4 3.1 +0.3
11 DUNEARN SUITES 400 to 500 2,192 6 740,000 2 3.6 3.3 +0.2
12 EIGHT RIVERSUITES 400 to 500 2,097 51 724,333 3 3.5 3.2 +0.3
9 ESPADA 300 to 400 2,574 35 869,000 2 3.6 3.5 +0.1
15 FULCRUM 400 to 500 2,425 4 967,071 14 3.0 2.9 +0.1
14 GUILLEMARD EDGE 400 to 500 1,790 31 610,000 1 3.5 4.1 -0.6
15 HAIG 162 300 to 400 1,662 11 530,000 1 3.8 4.5 -0.8
15 IMPERIAL HEIGHTS 400 to 500 1,800 3 619,875 4 3.5 3.3 +0.1
15 JUPITER 18 400 to 500 1,722 9 560,000 1 3.7 3.2 +0.5
14 LA BRISA 400 to 500 1,769 8 650,000 1 3.3 3.6 -0.3
14 LA FLEUR 400 to 500 1,807 14 550,088 1 3.9 3.9 +0.1
14 LE REGAL 400 to 500 1,692 6 478,000 1 4.2 4.3 -0.0
13 LEICESTER SUITES 400 to 500 1,969 8 735,000 1 3.2 3.2 -0.0
10 LOFT @ NATHAN 300 to 400 2,080 5 760,000 1 3.3 3.2 +0.1
10 LOFT @ NATHAN 400 to 500 2,211 9 841,500 2 3.2 3.2 -0.1
8 LOFT @ RANGOON 400 to 500 1,992 6 640,000 1 3.7 3.6 +0.1
10 LOFT @ STEVENS 400 to 500 2,600 2 799,999 1 3.9 3.9 +0.0
10 LOFT@HOLLAND 300 to 400 2,272 9 710,000 2 3.8 3.4 +0.5
9 MACKENZIE 88 400 to 500 2,217 3 702,500 2 3.8 3.4 +0.4
14 NESS 400 to 500 1,725 12 538,000 1 3.8 3.6 +0.2
9 NEWTON EDGE 400 to 500 2,800 1 770,000 1 4.4 3.0 +1.4
13 NIN RESIDENCE 400 to 500 2,063 8 680,000 1 3.6 2.9 +0.7
5 PARC IMPERIAL 300 to 400 2,099 22 695,000 1 3.6 3.8 -0.1
5 PARC IMPERIAL 400 to 500 2,063 12 657,000 1 3.8 3.8 +0.0
8 PARC SOMME 300 to 400 1,833 3 565,000 1 3.9 3.6 +0.3
1 PEOPLE'S PARK COMPLEX 400 to 500 1,742 13 428,000 1 4.9 4.4 +0.4
12 PRESTIGE HEIGHTS 300 to 400 1,793 21 520,500 4 4.1 3.8 +0.3
12 REGENT RESIDENCES 400 to 500 1,938 21 685,000 2 3.4 3.0 +0.4
10 RV EDGE 400 to 500 2,444 8 870,000 1 3.4 4.2 -0.8
10 RV RESIDENCES 400 to 500 2,690 10 905,000 1 3.6 3.3 +0.3
14 SILVERSCAPE 400 to 500 1,721 7 575,000 3 3.6 3.5 +0.1
13 SKY GREEN 400 to 500 2,012 21 726,500 1 3.3 3.4 -0.1
20 SKY VUE 400 to 500 2,258 34 800,000 1 3.4 2.9 +0.5
4 SKYLINE RESIDENCES 400 to 500 2,850 13 925,000 2 3.7 3.2 +0.5
12 SKYSUITES17 300 to 400 1,872 9 600,000 1 3.7 3.5 +0.2
2 SKYSUITES@ANSON 300 to 400 2,863 45 875,000 2 3.9 3.8 +0.1
11 SOLEIL @ SINARAN 400 to 500 3,030 5 907,500 2 4.0 3.6 +0.4
14 SUITES 28 400 to 500 1,850 3 530,000 1 4.2 2.9 +1.3
15 SUITES @ GUILLEMARD 300 to 400 1,750 3 510,000 1 4.1 3.2 +0.9
11 SUITES @ NEWTON 400 to 500 2,325 2 921,500 4 3.0 2.8 +0.2
21 SUITES AT BUKIT TIMAH 300 to 400 1,722 13 600,000 1 3.4 3.3 +0.2
15 SUITES@ KATONG 400 to 500 1,867 3 638,000 1 3.5 3.9 -0.4
1 THE CLIFT 400 to 500 3,130 10 970,000 3 3.9 3.7 +0.2
4 THE FORESTA @ MOUNT FABER 400 to 500 2,612 13 808,888 1 3.9 3.3 +0.6
21 THE HILLFORD 300 to 400 1,646 80 492,500 2 4.0 4.4 -0.4
12 THE INTERWEAVE 300 to 400 1,800 11 575,222 4 3.8 3.8 -0.0
15 THE LINE @ TANJONG RHU 400 to 500 2,400 2 1,000,000 1 2.9 2.5 +0.4
8 THE URBANITE 400 to 500 2,013 8 700,000 1 3.5 3.4 +0.0
14 THE WATER EDGE 300 to 400 1,730 5 535,000 1 3.9 3.7 +0.1
14 TREASURES @ G20 400 to 500 1,710 5 520,000 2 3.9 3.4 +0.5
14 TREASURES@G6 400 to 500 1,650 13 596,841 7 3.3 3.3 +0.0
8 TYRWHITT 139 300 to 400 1,650 1 560,000 1 3.5 3.2 +0.3
8 TYRWHITT 139 400 to 500 2,400 1 660,000 1 4.4 3.2 +1.2
14 VIENTO 400 to 500 1,737 9 600,000 1 3.5 3.5 -0.1
5 VIVA VISTA 300 to 400 1,981 26 567,500 2 4.2 4.2 +0.0
14 WATERBANK AT DAKOTA 400 to 500 2,304 13 746,000 3 3.7 3.4 +0.3

Disclaimer

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