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 BARTLEY RESIDENCES 400 to 500 2,004 29 682,667 3 3.5 3.1 +0.4
19 BOTANIQUE AT BARTLEY 400 to 500 2,137 15 722,000 1 3.6 3.3 +0.3
19 CARDIFF RESIDENCE 400 to 500 1,774 21 558,500 2 3.8 3.4 +0.4
19 CASA CAMBIO 400 to 500 1,872 37 735,000 1 3.1 3.2 -0.2
18 COCO PALMS 400 to 500 1,839 37 645,000 3 3.4 3.2 +0.2
18 D'NEST 400 to 500 1,778 20 560,000 1 3.8 3.4 +0.4
23 FORESQUE RESIDENCES 400 to 500 1,736 9 615,000 1 3.4 2.9 +0.5
17 HEDGES PARK CONDOMINIUM 400 to 500 1,681 8 537,222 4 3.8 3.7 +0.1
15 HERITAGE EAST 400 to 500 1,583 3 620,000 1 3.1 3.4 -0.4
28 HIGH PARK RESIDENCES 300 to 400 1,536 7 532,500 2 3.5 3.5 -0.0
28 HIGH PARK RESIDENCES 400 to 500 1,731 17 612,500 6 3.4 3.5 -0.1
23 HILLION RESIDENCES 400 to 500 1,931 51 700,000 1 3.3 3.3 +0.0
19 JEWEL @ BUANGKOK 400 to 500 1,842 13 680,000 1 3.3 2.9 +0.3
19 KINGSFORD WATERBAY 400 to 500 1,756 31 590,000 3 3.6 3.4 +0.2
19 KOVAN GRANDEUR 300 to 400 1,664 7 515,000 2 3.9 4.1 -0.2
19 LA FIESTA 400 to 500 1,817 25 648,333 3 3.4 2.8 +0.5
15 LA VIDA @ 130 400 to 500 1,750 8 595,000 1 3.5 3.7 -0.2
23 LE QUEST 400 to 500 1,919 24 758,000 1 3.0 3.4 -0.4
14 LEVENUE 400 to 500 1,800 2 648,800 1 3.3 3.4 -0.1
19 MIDTOWN RESIDENCES 400 to 500 1,771 7 650,000 1 3.3 3.1 +0.2
23 NATURA@HILLVIEW 400 to 500 1,654 14 581,500 2 3.4 3.1 +0.3
15 PARC BLEU 400 to 500 1,810 5 610,000 1 3.6 3.3 +0.3
19 PARC CENTROS 400 to 500 1,829 25 635,000 1 3.5 3.4 +0.1
15 PARC ELEGANCE 300 to 400 1,636 7 540,000 1 3.6 3.9 -0.2
15 PARC ELEGANCE 400 to 500 1,698 13 590,000 2 3.5 3.9 -0.4
5 PARC RIVIERA 400 to 500 2,006 26 670,000 1 3.6 3.2 +0.4
25 PARC ROSEWOOD 400 to 500 1,545 43 507,984 7 3.6 3.5 +0.2
19 PARK RESIDENCES KOVAN 300 to 400 1,735 10 600,000 1 3.5 3.4 +0.0
19 PRESTO@UPPER SERANGOON 400 to 500 1,784 7 600,000 1 3.6 3.1 +0.5
14 RESIDENCES 88 400 to 500 1,600 1 560,000 1 3.4 2.8 +0.6
18 RIPPLE BAY 400 to 500 1,689 15 570,000 1 3.6 3.4 +0.2
28 RIVERBANK @ FERNVALE 400 to 500 1,725 4 594,000 2 3.5 3.1 +0.4
18 STRATUM 400 to 500 1,597 19 570,000 1 3.4 3.7 -0.4
19 SUITES @ PAYA LEBAR 300 to 400 1,635 13 510,000 1 3.8 3.6 +0.2
13 SUITES@BRADDELL 300 to 400 1,733 3 550,000 1 3.8 3.3 +0.5
14 THE EBONY 300 to 400 1,721 7 523,000 2 3.9 4.1 -0.1
16 THE GLADES 400 to 500 2,060 24 677,500 2 3.6 3.5 +0.2
17 THE INFLORA 400 to 500 1,650 23 520,667 6 3.8 3.6 +0.2
22 THE LAKEFRONT RESIDENCES 400 to 500 2,110 13 705,000 1 3.6 3.1 +0.5
20 THE PANORAMA 400 to 500 1,826 19 674,750 4 3.2 2.8 +0.5
19 THE PROMENADE@PELIKAT 400 to 500 1,685 23 565,000 4 3.6 3.5 +0.1
18 THE SANTORINI 400 to 500 1,780 6 574,000 2 3.7 3.1 +0.6
19 THE SCALA 400 to 500 2,208 12 720,000 1 3.7 3.2 +0.5
19 THE TEMBUSU 400 to 500 1,959 20 788,400 2 3.0 2.7 +0.2
14 TROPIKA EAST 400 to 500 1,688 12 625,000 1 3.2 3.0 +0.2
16 UBER 388 400 to 500 1,700 1 715,000 1 2.9 2.4 +0.5
19 URBAN RESIDENCES 400 to 500 1,875 4 670,000 1 3.4 3.3 +0.1
14 VACANZA @ EAST 400 to 500 1,710 10 647,500 2 3.2 2.9 +0.3
15 VIBES @ EAST COAST 300 to 400 1,685 13 570,000 1 3.5 3.6 -0.1
15 VIBES @ EAST COAST 400 to 500 1,710 10 585,000 1 3.5 3.6 -0.1
19 VIBES @ KOVAN 400 to 500 1,800 4 600,000 1 3.6 3.9 -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
(%)
14 28 IMPERIAL RESIDENCES 400 to 500 1,750 5 645,000 1 3.3 3.3 -0.0
15 38 I SUITES 400 to 500 1,864 11 740,888 1 3.0 2.8 +0.2
13 8@WOODLEIGH 300 to 400 1,708 6 635,000 1 3.2 3.1 +0.2
3 ALEXIS 300 to 400 2,124 23 710,000 1 3.6 3.1 +0.5
9 ATTITUDE AT KIM YAM 300 to 400 2,157 7 720,000 1 3.6 3.7 -0.1
13 BARTLEY RIDGE 400 to 500 1,968 32 709,333 3 3.3 3.0 +0.3
15 BELLA CASITA 400 to 500 1,833 3 560,000 1 3.9 3.1 +0.8
14 CASA AERATA 400 to 500 1,810 10 610,500 2 3.6 3.4 +0.2
14 CENTRA LOFT 400 to 500 1,819 8 583,000 1 3.7 3.4 +0.3
14 CENTRA RESIDENCE 400 to 500 1,931 13 568,000 1 4.1 3.8 +0.3
14 CENTRA SUITES 400 to 500 1,803 20 630,000 1 3.4 3.4 -0.0
12 CITY REGENCY 400 to 500 1,810 5 635,000 1 3.4 3.2 +0.2
3 COMMONWEALTH TOWERS 400 to 500 2,362 126 838,600 10 3.4 3.2 +0.2
14 COSMO 300 to 400 1,850 1 595,000 1 3.7 3.4 +0.4
12 CRADELS 400 to 500 1,935 23 681,444 2 3.4 3.3 +0.1
14 D'WEAVE 400 to 500 1,844 9 660,000 1 3.4 3.1 +0.3
2 DORSETT RESIDENCES 400 to 500 2,920 5 942,500 2 3.7 3.4 +0.3
12 EIGHT RIVERSUITES 400 to 500 2,150 49 725,000 1 3.6 3.2 +0.4
9 ESPADA 300 to 400 2,469 30 980,000 1 3.0 2.8 +0.2
15 EVERITT EDGE 400 to 500 1,767 3 628,000 1 3.4 3.3 +0.1
12 GEM RESIDENCES 400 to 500 2,237 27 860,000 1 3.1 3.1 +0.1
14 GRANDVIEW SUITES 300 to 400 1,600 4 488,000 1 3.9 3.5 +0.5
14 GUILLEMARD EDGE 400 to 500 1,801 44 629,333 3 3.4 3.4 +0.0
15 HAIG 162 300 to 400 1,768 9 578,888 1 3.7 3.5 +0.1
14 IDYLLIC SUITES 400 to 500 1,728 11 545,000 1 3.8 3.5 +0.3
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,775 6 940,000 1 3.5 3.1 +0.4
15 ISUITES @ MARSHALL 300 to 400 1,850 4 620,000 1 3.6 3.1 +0.4
14 LA FLEUR 400 to 500 1,701 19 510,000 2 4.0 3.7 +0.3
14 LE REGAL 300 to 400 1,619 12 491,900 2 3.9 4.0 -0.1
10 LOFT @ STEVENS 400 to 500 2,400 1 860,000 1 3.3 2.6 +0.8
10 LOFT@HOLLAND 400 to 500 2,338 4 808,591 1 3.5 4.0 -0.6
12 MOONSTONE ROYALE 400 to 500 1,650 1 572,888 1 3.5 3.6 -0.2
11 MULBERRY TREE 400 to 500 2,050 1 771,250 2 3.2 2.8 +0.4
21 NOTTINGHILL SUITES 300 to 400 1,684 14 603,333 3 3.3 3.2 +0.1
12 OKIO 400 to 500 1,950 13 710,000 1 3.3 3.0 +0.3
12 PARC HAVEN 400 to 500 1,700 1 660,000 1 3.1 2.4 +0.7
8 PARC SOMME 300 to 400 1,875 2 544,000 2 4.1 2.9 +1.2
9 PARC SOPHIA 400 to 500 2,394 9 802,500 2 3.6 3.0 +0.6
1 PEOPLE'S PARK COMPLEX 400 to 500 1,660 18 468,000 1 4.3 4.0 +0.2
12 PRESTIGE HEIGHTS 300 to 400 1,707 25 570,000 1 3.6 3.7 -0.1
12 PRESTIGE HEIGHTS 400 to 500 1,939 11 540,000 1 4.3 3.7 +0.6
15 QUESTA @ DUNMAN 400 to 500 1,880 5 683,000 1 3.3 2.7 +0.6
14 REZI 26 400 to 500 1,784 16 586,667 3 3.6 3.5 +0.1
14 REZI 3TWO 400 to 500 1,825 10 670,888 1 3.3 3.2 +0.0
12 RIVERBAY 300 to 400 1,719 8 570,000 1 3.6 3.7 -0.0
14 ROYCE RESIDENCES 400 to 500 1,700 5 536,000 1 3.8 4.2 -0.4
14 SIMS URBAN OASIS 400 to 500 2,097 53 705,489 10 3.6 3.2 +0.4
20 SKY VUE 400 to 500 2,309 16 810,000 1 3.4 3.0 +0.4
2 SKYSUITES@ANSON 300 to 400 2,591 46 880,000 2 3.5 3.4 +0.1
2 SPOTTISWOODE 18 300 to 400 2,207 59 799,333 3 3.3 3.6 -0.2
2 SPOTTISWOODE SUITES 400 to 500 2,542 16 1,105,000 1 2.8 2.8 -0.1
15 SPRING @ LANGSAT 400 to 500 1,700 1 596,000 1 3.4 3.5 -0.0
10 STELLAR RV 400 to 500 2,167 3 857,000 1 3.0 2.8 +0.3
15 STUDIOS@TEMBELING 400 to 500 2,250 2 730,000 1 3.7 3.0 +0.7
8 SUITES 123 400 to 500 1,980 5 638,888 1 3.7 4.0 -0.3
11 SUITES @ NEWTON 400 to 500 2,188 4 950,000 1 2.8 2.7 +0.1
11 SUITES @ SHREWSBURY 300 to 400 1,863 4 595,000 1 3.8 3.8 -0.0
21 SUITES AT BUKIT TIMAH 300 to 400 1,700 8 600,000 1 3.4 3.1 +0.3
14 SUITES@CHANGI 400 to 500 1,653 12 530,000 1 3.7 3.4 +0.3
21 THE HILLFORD 300 to 400 1,724 39 473,000 5 4.4 5.0 -0.6
12 THE INTERWEAVE 400 to 500 1,921 11 650,000 1 3.5 3.8 -0.2
14 THE OCTET 400 to 500 1,759 11 545,000 1 3.9 3.7 +0.2
13 THE POIZ RESIDENCES 400 to 500 2,183 45 724,000 2 3.6 3.3 +0.3
14 THE WATER EDGE 400 to 500 1,821 7 686,000 1 3.2 3.4 -0.2
20 THOMSON IMPRESSIONS 400 to 500 1,945 10 765,000 1 3.1 2.8 +0.3
20 THOMSON THREE 400 to 500 1,909 11 782,500 2 2.9 2.5 +0.4
14 TREASURES @ G20 400 to 500 1,607 7 500,000 1 3.9 3.4 +0.4
14 VIENTO 400 to 500 1,760 10 562,667 3 3.8 3.7 +0.0
5 VIVA VISTA 300 to 400 1,972 25 616,000 1 3.8 3.7 +0.1
9 VIVACE 300 to 400 2,220 5 760,000 1 3.5 3.2 +0.3
14 WATERBANK AT DAKOTA 400 to 500 2,367 15 818,000 1 3.5 3.1 +0.4

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