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 1,997 22 706,000 3 3.4 3.0 +0.4
19 BOTANIQUE AT BARTLEY 400 to 500 2,242 6 750,000 1 3.6 3.4 +0.2
19 CARDIFF RESIDENCE 400 to 500 1,775 18 561,000 2 3.8 3.6 +0.2
18 COCO PALMS 400 to 500 1,888 18 628,000 2 3.6 3.2 +0.4
18 D'NEST 400 to 500 1,800 24 597,667 3 3.6 3.3 +0.3
23 FORESQUE RESIDENCES 400 to 500 1,743 7 615,000 1 3.4 2.9 +0.5
17 HEDGES PARK CONDOMINIUM 400 to 500 1,741 11 530,000 1 3.9 3.8 +0.1
15 HERITAGE EAST 400 to 500 1,650 5 620,000 1 3.2 3.3 -0.1
28 HIGH PARK RESIDENCES 300 to 400 1,642 6 517,250 4 3.8 3.4 +0.4
28 HIGH PARK RESIDENCES 400 to 500 1,813 4 600,000 4 3.6 3.4 +0.2
23 HILLION RESIDENCES 400 to 500 1,918 52 700,000 1 3.3 3.5 -0.2
19 JEWEL @ BUANGKOK 400 to 500 1,867 12 651,667 3 3.4 2.9 +0.5
19 KINGSFORD WATERBAY 400 to 500 1,767 39 591,000 3 3.6 3.4 +0.1
19 MIDTOWN RESIDENCES 400 to 500 1,783 9 650,000 1 3.3 3.2 +0.1
15 PARC BLEU 400 to 500 1,800 3 610,000 1 3.5 3.4 +0.1
19 PARC CENTROS 400 to 500 1,809 17 621,667 3 3.5 3.4 +0.1
15 PARC ELEGANCE 300 to 400 1,600 1 540,000 1 3.6 3.3 +0.2
17 PARC OLYMPIA 400 to 500 1,691 11 540,000 1 3.8 3.6 +0.2
5 PARC RIVIERA 400 to 500 2,042 56 653,750 2 3.7 3.2 +0.5
25 PARC ROSEWOOD 400 to 500 1,533 34 500,000 2 3.7 3.9 -0.2
28 RIVERBANK @ FERNVALE 400 to 500 1,750 4 580,000 1 3.6 3.4 +0.2
19 SPACE @ KOVAN 400 to 500 1,773 13 580,000 1 3.7 3.6 +0.1
16 THE GLADES 400 to 500 2,051 18 678,000 1 3.6 3.3 +0.4
17 THE INFLORA 400 to 500 1,673 15 515,625 8 3.9 3.5 +0.4
20 THE PANORAMA 400 to 500 1,792 13 680,000 1 3.2 2.7 +0.4
14 TROPIKA EAST 400 to 500 1,721 7 625,000 1 3.3 3.0 +0.3
15 VIBES @ EAST COAST 400 to 500 1,767 9 585,000 1 3.6 3.6 -0.0
19 VIBES@UPPER SERANGOON 400 to 500 1,800 3 560,000 2 3.9 3.3 +0.6

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
(%)
13 18 WOODSVILLE 400 to 500 2,038 8 788,000 1 3.1 2.9 +0.2
14 28 IMPERIAL RESIDENCES 400 to 500 1,783 3 630,000 1 3.4 3.2 +0.2
15 38 I SUITES 400 to 500 1,883 6 743,000 1 3.0 3.7 -0.7
12 AIRSTREAM 400 to 500 1,744 9 650,000 1 3.2 3.9 -0.7
3 ALEXIS 300 to 400 2,233 15 710,000 1 3.8 3.4 +0.3
13 BARTLEY RIDGE 400 to 500 1,951 38 743,000 1 3.2 3.1 +0.1
14 CASA AERATA 400 to 500 1,829 7 563,000 1 3.9 3.7 +0.2
14 CENTRA HEIGHTS 400 to 500 1,938 8 644,888 1 3.6 3.4 +0.2
14 CENTRA LOFT 400 to 500 1,875 8 597,944 2 3.8 3.7 +0.0
8 CITY LOFT 300 to 400 1,814 7 570,000 1 3.8 4.0 -0.2
3 COMMONWEALTH TOWERS 400 to 500 2,461 59 820,800 5 3.6 3.5 +0.1
2 DORSETT RESIDENCES 400 to 500 3,050 2 915,000 1 4.0 3.7 +0.3
12 EIGHT RIVERSUITES 400 to 500 2,153 46 741,500 2 3.5 3.2 +0.3
14 GUILLEMARD EDGE 400 to 500 1,871 31 602,629 3 3.7 3.2 +0.5
14 IDYLLIC SUITES 400 to 500 1,717 9 560,000 1 3.7 3.6 +0.1
14 LA BRISA 400 to 500 1,700 3 580,000 1 3.5 3.6 -0.1
14 LA FLEUR 400 to 500 1,709 15 510,000 2 4.0 3.7 +0.3
14 LE REGAL 300 to 400 1,621 7 498,800 1 3.9 4.3 -0.4
14 MELOSA 400 to 500 1,790 5 545,000 1 3.9 3.6 +0.3
9 MOUNT SOPHIA SUITES 400 to 500 2,238 4 766,500 2 3.5 3.4 +0.1
21 NOTTINGHILL SUITES 300 to 400 1,725 13 593,333 3 3.5 3.5 +0.0
12 PARC HAVEN 400 to 500 1,750 2 660,000 1 3.2 2.6 +0.6
8 PARC SOMME 300 to 400 1,850 3 544,000 2 4.1 3.6 +0.5
14 PAVILION SQUARE 300 to 400 1,908 6 550,000 1 4.2 4.8 -0.6
1 PEOPLE'S PARK COMPLEX 400 to 500 1,742 10 480,000 1 4.4 4.2 +0.2
12 PRESTIGE HEIGHTS 300 to 400 1,757 14 570,000 1 3.7 3.4 +0.3
1 ROBINSON SUITES 400 to 500 2,938 13 1,238,000 1 2.8 2.8 +0.0
10 RV EDGE 300 to 400 2,120 10 738,000 1 3.4 3.8 -0.3
10 RV EDGE 400 to 500 2,394 9 875,000 2 3.3 3.8 -0.5
10 RV SUITES 400 to 500 2,800 3 896,800 1 3.7 3.3 +0.5
14 SIMS EDGE 400 to 500 1,850 6 735,000 1 3.0 3.0 +0.0
14 SIMS URBAN OASIS 400 to 500 2,110 74 669,000 3 3.8 3.2 +0.6
13 SKY GREEN 400 to 500 2,022 23 700,000 1 3.5 2.9 +0.5
20 SKY VUE 400 to 500 2,376 19 810,000 1 3.5 3.0 +0.5
2 SKYSUITES@ANSON 300 to 400 2,705 30 900,000 1 3.6 3.3 +0.3
2 SPOTTISWOODE 18 300 to 400 2,254 37 795,000 2 3.4 3.8 -0.4
15 STUDIOS@TEMBELING 400 to 500 1,933 3 730,000 1 3.2 3.2 +0.0
14 SUITES 28 400 to 500 1,875 2 570,000 1 3.9 2.7 +1.2
15 SUITES @ GUILLEMARD 300 to 400 1,763 4 575,000 1 3.7 3.3 +0.4
14 SUITES @ SIMS 300 to 400 1,660 5 470,000 1 4.2 4.0 +0.2
1 THE CLIFT 400 to 500 3,090 10 950,000 1 3.9 3.7 +0.2
21 THE HILLFORD 300 to 400 1,749 42 470,500 4 4.5 4.9 -0.4
12 THE INTERWEAVE 400 to 500 1,907 7 644,000 2 3.6 3.9 -0.3
14 THE OCTET 400 to 500 1,750 9 500,000 1 4.2 4.1 +0.1
12 THE VERVE 400 to 500 1,892 6 615,000 1 3.7 3.2 +0.5
20 THOMSON IMPRESSIONS 400 to 500 2,000 11 765,000 1 3.1 2.9 +0.3
20 THOMSON THREE 400 to 500 1,929 7 780,000 1 3.0 2.6 +0.4
8 TYRWHITT 139 300 to 400 2,133 6 580,000 1 4.4 4.2 +0.3
10 VIZ AT HOLLAND 400 to 500 2,188 4 800,000 1 3.3 2.7 +0.6

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