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 AURALIS 400 to 500 1,870 5 722,000 1 3.1 2.5 +0.6
19 BARTLEY RESIDENCES 400 to 500 1,942 31 713,400 5 3.3 3.0 +0.2
19 CARDIFF RESIDENCE 400 to 500 1,741 17 577,500 6 3.6 3.4 +0.2
19 CASA CAMBIO 400 to 500 1,846 32 670,178 5 3.3 3.0 +0.3
22 CASPIAN 400 to 500 1,979 7 655,000 1 3.6 3.2 +0.4
18 COCO PALMS 400 to 500 1,804 49 645,667 6 3.4 3.1 +0.3
18 D'NEST 400 to 500 1,752 16 612,500 2 3.4 3.2 +0.3
16 EASTWOOD REGENCY 400 to 500 1,522 10 617,667 3 3.0 3.2 -0.2
15 HERITAGE EAST 300 to 400 1,538 4 585,000 1 3.2 3.1 +0.1
23 HILLION RESIDENCES 400 to 500 1,888 38 689,000 2 3.3 3.1 +0.2
5 HUNDRED TREES 400 to 500 1,975 2 732,500 2 3.2 2.9 +0.3
19 ISUITES @ PALM 400 to 500 1,596 8 595,000 1 3.2 3.2 +0.0
22 J GATEWAY 400 to 500 2,380 47 891,450 4 3.2 2.9 +0.3
19 JEWEL @ BUANGKOK 400 to 500 1,759 12 670,000 2 3.2 2.9 +0.2
19 KOVAN GRANDEUR 300 to 400 1,650 5 538,000 1 3.7 4.2 -0.5
15 LA VIDA @ 130 400 to 500 1,782 11 618,000 1 3.5 3.5 -0.0
15 LAVERNE'S LOFT 400 to 500 1,633 3 634,000 2 3.1 3.3 -0.2
14 LEVENUE 400 to 500 1,650 6 620,000 1 3.2 3.1 +0.1
19 MIDTOWN RESIDENCES 400 to 500 1,788 8 680,000 1 3.2 3.0 +0.2
18 MY MANHATTAN 400 to 500 2,200 4 670,000 1 3.9 3.1 +0.8
23 [email protected] 400 to 500 1,632 11 630,000 1 3.1 3.0 +0.1
16 OPTIMA @ TANAH MERAH 400 to 500 2,033 6 740,000 1 3.3 3.2 +0.1
15 PARC BLEU 400 to 500 1,783 6 600,000 1 3.6 3.4 +0.2
19 PARC CENTROS 400 to 500 1,765 34 646,200 5 3.3 3.2 +0.1
15 PARC ELEGANCE 400 to 500 1,683 18 601,667 3 3.4 3.7 -0.3
17 PARC OLYMPIA 400 to 500 1,600 11 562,500 2 3.4 3.3 +0.1
25 PARC ROSEWOOD 400 to 500 1,527 35 526,300 5 3.5 3.3 +0.2
19 PARK RESIDENCES KOVAN 300 to 400 1,607 7 583,000 1 3.3 4.3 -1.0
15 PRESTIGE LOFT 300 to 400 1,500 2 530,000 1 3.4 3.0 +0.4
15 PRESTIGE LOFT 400 to 500 1,625 2 612,108 1 3.2 3.0 +0.2
19 PRIMO RESIDENCES 400 to 500 1,625 2 600,000 1 3.3 2.6 +0.6
14 QUBE SUITES 400 to 500 1,825 2 635,000 1 3.4 3.3 +0.1
18 RIPPLE BAY 400 to 500 1,644 18 570,000 4 3.5 3.1 +0.3
28 RIVERBANK @ FERNVALE 400 to 500 1,750 2 594,563 8 3.5 2.8 +0.7
5 SEAHILL 400 to 500 2,211 9 737,267 3 3.6 3.2 +0.4
27 SKIES MILTONIA 400 to 500 1,623 11 610,000 1 3.2 2.9 +0.2
19 SPACE @ KOVAN 400 to 500 1,729 7 642,888 1 3.2 2.9 +0.3
18 STRATUM 400 to 500 1,597 18 592,500 2 3.2 3.3 -0.1
15 SUITES @ EASTCOAST 300 to 400 1,581 16 557,000 5 3.4 3.5 -0.1
14 SUITES @ EUNOS 300 to 400 1,730 5 579,300 1 3.6 3.5 +0.1
19 SUITES @ KOVAN 300 to 400 1,580 4 550,000 1 3.4 4.5 -1.0
19 SUITES @ PAYA LEBAR 300 to 400 1,578 9 545,000 3 3.5 3.3 +0.1
13 [email protected] 300 to 400 1,800 2 550,000 1 3.9 3.5 +0.4
19 THE BENTLY [email protected] 400 to 500 1,700 1 700,000 1 2.9 2.1 +0.8
15 THE COTZ 300 to 400 1,567 3 548,000 1 3.4 3.7 -0.3
15 THE COTZ 400 to 500 1,581 8 585,000 2 3.2 3.7 -0.5
14 THE EBONY 300 to 400 1,658 11 517,500 2 3.8 3.7 +0.2
16 THE GLADES 400 to 500 2,044 26 677,444 2 3.6 3.5 +0.2
17 THE INFLORA 400 to 500 1,616 24 532,556 9 3.6 3.4 +0.2
27 THE NAUTICAL 400 to 500 1,590 10 557,500 2 3.4 3.5 -0.1
20 THE PANORAMA 400 to 500 1,698 12 723,750 4 2.8 2.4 +0.4
19 THE [email protected] 400 to 500 1,640 20 622,500 2 3.2 3.3 -0.1
19 THE SCALA 400 to 500 2,185 24 785,000 2 3.3 3.1 +0.3
19 THE VUE 400 to 500 1,633 9 644,750 4 3.0 3.2 -0.2
16 URBAN VISTA 400 to 500 1,831 39 643,000 5 3.4 3.0 +0.4
15 VIBES @ EAST COAST 300 to 400 1,655 11 577,000 4 3.4 3.2 +0.3
15 VIBES @ EAST COAST 400 to 500 1,628 9 620,000 1 3.2 3.2 -0.0
19 [email protected] SERANGOON 400 to 500 1,757 7 613,000 1 3.4 3.1 +0.3

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 2,034 16 830,500 2 2.9 3.1 -0.2
15 16 @ AMBER 400 to 500 1,817 6 740,000 1 2.9 2.6 +0.4
15 38 I SUITES 400 to 500 1,875 6 741,000 2 3.0 2.8 +0.2
11 8 BASSEIN 400 to 500 2,040 19 828,000 1 3.0 2.9 +0.0
13 [email protected] 300 to 400 1,881 8 634,500 4 3.6 3.0 +0.6
12 AIRSTREAM 400 to 500 1,769 8 643,333 3 3.3 3.6 -0.3
3 ALEX RESIDENCES 400 to 500 2,606 16 855,150 2 3.7 3.1 +0.6
3 ALEXIS 300 to 400 2,172 27 678,000 1 3.8 3.6 +0.2
3 ALEXIS 400 to 500 2,262 17 710,000 1 3.8 3.6 +0.2
9 ASPEN LINQ 400 to 500 2,225 4 828,000 1 3.2 3.3 -0.1
9 ATTITUDE AT KIM YAM 300 to 400 2,120 5 705,000 4 3.6 3.5 +0.2
9 ATTITUDE AT KIM YAM 400 to 500 2,400 1 890,000 1 3.2 3.5 -0.2
14 AVANT RESIDENCES 300 to 400 1,800 1 667,648 6 3.2 3.4 -0.2
14 AVANT RESIDENCES 400 to 500 2,253 3 742,307 15 3.6 3.4 +0.2
13 BARTLEY RIDGE 400 to 500 1,943 21 722,091 11 3.2 2.7 +0.5
15 BELLA CASITA 400 to 500 1,890 5 710,000 1 3.2 3.0 +0.2
12 BLISS LOFT 400 to 500 1,767 3 615,000 1 3.4 2.9 +0.5
14 CASA AERATA 400 to 500 1,855 11 611,250 4 3.6 3.6 +0.1
8 CAVAN SUITES 300 to 400 1,767 6 575,000 1 3.7 3.6 +0.1
14 CENTRA HEIGHTS 400 to 500 1,877 16 662,500 2 3.4 3.5 -0.1
14 CENTRA LOFT 400 to 500 1,833 12 630,000 1 3.5 3.8 -0.3
14 CENTRA RESIDENCE 300 to 400 1,750 4 585,000 1 3.6 3.7 -0.1
14 CENTRA RESIDENCE 400 to 500 1,986 7 600,000 1 4.0 3.7 +0.3
14 CENTRA STUDIOS 300 to 400 1,745 5 580,000 1 3.6 3.4 +0.2
14 CENTRA SUITES 400 to 500 1,832 17 606,500 2 3.6 3.6 +0.0
14 CENTRAL IMPERIAL 400 to 500 1,600 1 477,267 3 4.0 4.1 -0.1
12 CITY REGENCY 400 to 500 1,767 3 653,000 1 3.2 3.3 -0.0
3 COMMONWEALTH TOWERS 400 to 500 2,317 194 905,600 5 3.1 3.0 +0.1
14 COSMO 300 to 400 1,750 3 640,000 1 3.3 2.9 +0.4
12 CRADELS 400 to 500 1,935 23 701,963 3 3.3 3.3 +0.0
14 D'WEAVE 400 to 500 1,900 8 660,000 1 3.5 3.6 -0.2
9 DEVONSHIRE 12 400 to 500 2,650 4 970,000 2 3.3 3.0 +0.2
2 DORSETT RESIDENCES 400 to 500 3,100 3 1,005,000 1 3.7 3.4 +0.3
14 EDENZ LOFT 400 to 500 1,683 9 555,000 2 3.6 3.3 +0.3
14 EDENZ SUITES 400 to 500 1,745 10 594,333 3 3.5 3.6 -0.1
12 EIGHT RIVERSUITES 400 to 500 2,075 46 743,543 9 3.3 2.8 +0.5
9 ESPADA 300 to 400 2,583 26 988,300 10 3.1 3.1 +0.1
9 ESPADA 400 to 500 2,400 1 1,030,000 1 2.8 3.1 -0.3
15 EVERITT EDGE 400 to 500 1,750 4 621,000 2 3.4 3.2 +0.2
8 FORTE SUITES 400 to 500 2,188 8 800,000 1 3.3 2.8 +0.5
14 GUILLEMARD EDGE 400 to 500 1,792 53 630,200 5 3.4 3.4 +0.0
14 GUILLEMARD SUITES 400 to 500 1,950 6 640,000 1 3.7 3.0 +0.6
15 HAIG 162 300 to 400 1,717 12 548,000 1 3.8 3.6 +0.2
14 IDYLLIC SUITES 400 to 500 1,775 16 620,000 1 3.4 3.3 +0.1
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,495 11 988,000 1 3.0 2.9 +0.2
15 ISUITES @ MARSHALL 300 to 400 1,745 4 610,000 1 3.4 3.1 +0.3
15 ISUITES @ MARSHALL 400 to 500 1,713 2 650,000 1 3.2 3.1 +0.0
8 JOOL SUITES 300 to 400 1,950 3 645,000 1 3.6 3.1 +0.5
5 JUBILEE RESIDENCE 400 to 500 2,000 1 690,000 1 3.5 4.6 -1.2
15 JUPITER 18 400 to 500 1,700 4 600,000 2 3.4 3.1 +0.3
14 LA BRISA 400 to 500 1,679 7 670,000 2 3.0 3.1 -0.1
14 LA FLEUR 400 to 500 1,629 12 550,000 2 3.6 3.5 +0.0
13 LEICESTER SUITES 400 to 500 2,010 5 735,000 2 3.3 3.0 +0.3
10 LOFT @ NATHAN 300 to 400 2,016 5 715,000 1 3.4 3.0 +0.4
10 LOFT @ NATHAN 400 to 500 2,150 18 897,500 2 2.9 3.0 -0.1
8 LOFT @ RANGOON 400 to 500 1,836 7 650,000 1 3.4 3.1 +0.3
10 LOFT @ STEVENS 300 to 400 2,467 3 800,000 1 3.7 3.2 +0.5
10 [email protected] 300 to 400 2,300 13 823,000 1 3.4 3.7 -0.3
10 [email protected] 400 to 500 2,252 1 895,000 2 3.0 3.7 -0.7
2 LUMIERE 400 to 500 2,475 8 950,000 1 3.1 3.1 +0.0
11 MEDGE 400 to 500 2,000 1 726,500 2 3.3 2.8 +0.5
14 METRO LOFT 400 to 500 1,853 9 660,000 1 3.4 3.4 +0.0
14 MILLAGE 400 to 500 1,894 9 700,000 1 3.2 3.4 -0.1
14 NESS 400 to 500 1,711 9 626,888 1 3.3 4.0 -0.8
13 NIN RESIDENCE 400 to 500 2,000 7 741,500 2 3.2 2.8 +0.4
21 NOTTINGHILL SUITES 300 to 400 1,641 23 645,000 2 3.1 3.2 -0.2
12 OKIO 400 to 500 1,954 14 705,000 2 3.3 3.3 +0.0
15 ONE @ PULASAN 400 to 500 1,650 1 620,000 1 3.2 2.9 +0.3
12 ONE DUSUN RESIDENCES 400 to 500 2,039 22 790,000 3 3.1 2.9 +0.2
12 OPAL SUITES 400 to 500 1,725 2 585,000 1 3.5 3.8 -0.3
9 OXLEY EDGE 400 to 500 2,375 4 860,000 1 3.3 3.2 +0.1
5 PARC IMPERIAL 300 to 400 1,963 26 690,000 2 3.4 3.9 -0.5
5 PARC IMPERIAL 400 to 500 2,050 23 711,667 3 3.5 3.9 -0.4
9 PARC SOPHIA 400 to 500 2,225 10 900,000 1 3.0 3.0 -0.0
12 PRESTIGE HEIGHTS 300 to 400 1,719 23 578,756 9 3.6 3.4 +0.2
12 PRESTIGE HEIGHTS 400 to 500 1,810 5 625,000 1 3.5 3.4 +0.1
14 PRIMEDGE 400 to 500 1,775 4 670,000 1 3.2 3.4 -0.2
12 REGENT RESIDENCES 400 to 500 1,883 10 675,333 3 3.3 2.6 +0.8
14 REZI 26 400 to 500 1,797 17 665,000 1 3.2 3.5 -0.2
12 RIVERBAY 300 to 400 1,690 5 605,667 3 3.3 3.3 +0.1
12 RIVIERA 38 400 to 500 1,870 5 650,000 1 3.5 2.9 +0.5
9 ROBERTSON EDGE 400 to 500 2,314 7 917,750 2 3.0 3.6 -0.5
10 RV EDGE 300 to 400 2,160 8 781,500 2 3.3 3.4 -0.1
10 RV EDGE 400 to 500 2,375 12 870,000 4 3.3 3.4 -0.1
10 RV RESIDENCES 400 to 500 2,504 12 1,050,000 1 2.9 2.6 +0.2
10 RV SUITES 400 to 500 2,700 1 920,000 1 3.5 3.1 +0.4
14 SILVERSCAPE 400 to 500 1,717 9 660,000 1 3.1 3.3 -0.2
14 SIMS EDGE 400 to 500 1,839 9 689,000 2 3.2 3.4 -0.2
14 SIMS URBAN OASIS 400 to 500 2,113 36 765,500 2 3.3 3.1 +0.2
20 SKY VUE 400 to 500 2,362 13 846,000 3 3.3 3.1 +0.2
4 SKYLINE RESIDENCES 400 to 500 2,607 7 1,020,000 1 3.1 2.6 +0.5
12 SKYSUITES17 300 to 400 1,900 11 640,750 4 3.6 3.3 +0.3
2 [email protected] 300 to 400 2,732 52 973,333 3 3.4 3.4 -0.0
8 SOHO 188 400 to 500 2,083 6 680,000 1 3.7 3.7 -0.0
2 SPOTTISWOODE 18 300 to 400 2,244 54 852,338 5 3.2 3.1 +0.0
15 SPRING @ LANGSAT 400 to 500 1,850 2 620,000 1 3.6 2.9 +0.7
10 STELLAR RV 400 to 500 2,250 2 868,000 1 3.1 2.8 +0.3
14 SUITES 28 400 to 500 1,700 8 550,000 1 3.7 3.2 +0.5
11 SUITES @ NEWTON 400 to 500 2,400 4 995,000 1 2.9 2.6 +0.3
12 SUITES @ TOPAZ 300 to 400 1,550 2 595,000 1 3.1 2.9 +0.2
21 SUITES AT BUKIT TIMAH 300 to 400 1,705 11 562,500 2 3.6 3.1 +0.5
15 [email protected] KATONG 300 to 400 1,675 8 572,000 1 3.5 3.8 -0.3
14 [email protected] 400 to 500 1,615 13 566,000 1 3.4 3.0 +0.4
15 TEMBELING RESIDENCE 400 to 500 1,700 1 640,000 1 3.2 2.9 +0.2
11 THE AXIS 300 to 400 1,860 5 583,000 1 3.8 3.5 +0.3
1 THE CLIFT 400 to 500 2,950 15 1,030,000 1 3.4 3.5 -0.0
21 THE HILLFORD 300 to 400 1,710 41 481,200 14 4.3 4.5 -0.2
12 THE INTERWEAVE 300 to 400 1,808 12 601,600 5 3.6 3.4 +0.2
12 THE INTERWEAVE 400 to 500 1,862 13 680,000 2 3.3 3.4 -0.1
8 THE URBANITE 400 to 500 1,900 4 770,000 1 3.0 2.7 +0.2
12 THE VERVE 400 to 500 1,815 10 647,500 2 3.4 3.2 +0.2
14 THE WATER EDGE 400 to 500 1,833 9 692,667 3 3.2 3.4 -0.2
20 THOMSON V TWO 400 to 500 1,875 4 715,000 3 3.1 3.6 -0.5
14 TREASURES @ G20 400 to 500 1,600 6 512,500 2 3.7 3.5 +0.2
14 [email protected] 400 to 500 1,500 1 546,000 1 3.3 3.9 -0.6
8 TYRWHITT 139 300 to 400 1,863 4 601,500 2 3.7 2.9 +0.8
8 URBAN LOFTS 400 to 500 1,890 5 620,000 1 3.7 3.1 +0.6
1 V ON SHENTON 400 to 500 2,697 48 1,464,000 1 2.2 2.2 +0.0
15 VENTURA VIEW 400 to 500 1,625 2 530,000 1 3.7 4.0 -0.3
12 VETRO 400 to 500 1,738 4 585,000 1 3.6 3.4 +0.2
5 VIVA VISTA 300 to 400 1,907 24 633,750 4 3.6 3.6 -0.0
9 VIVACE 400 to 500 2,367 9 848,000 1 3.3 3.3 +0.0
10 VIZ AT HOLLAND 400 to 500 2,363 4 900,000 1 3.2 2.7 +0.5
14 WATERBANK AT DAKOTA 400 to 500 2,296 28 820,000 2 3.4 3.3 +0.1
9 WILKIE 80 400 to 500 2,138 4 821,000 1 3.1 3.2 -0.1
11 ZEDGE 400 to 500 1,901 9 830,000 1 2.7 2.5 +0.2

Disclaimer

This report provides information as reference resource for your personal consumption only. It is not intended to be and does not constitute financial advice, investment advice or any other advice. This report has been generated without regard to the individual financial circumstances, needs or objectives of persons who view it. Users should not rely on any of the information herein as authoritative or substitute for the exercise of their own skill and judgment in making any investment or other decision. By the use of our services, you agree that any and all use of this report which you make, is solely at your own risk and without any recourse whatsoever to Square Foot Research Pte. Ltd., its related and affiliate companies and/or their employees. Square Foot Research Pte. Ltd. makes reasonable effort to use reliable and comprehensive information to generate this report, but we make no representation that it is accurate or complete.

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