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 1,977 26 700,000 1 3.4 3.0 +0.4
19 CARDIFF RESIDENCE 400 to 500 1,730 27 582,500 2 3.6 3.2 +0.4
19 CASA CAMBIO 400 to 500 1,841 27 680,000 2 3.2 3.0 +0.2
18 COCO PALMS 400 to 500 1,821 17 645,500 2 3.4 3.3 +0.1
18 D'NEST 400 to 500 1,755 32 640,000 1 3.3 3.5 -0.2
16 EAST VILLAGE 400 to 500 1,738 4 590,000 1 3.5 2.8 +0.7
16 EASTWOOD REGENCY 300 to 400 1,500 4 525,000 1 3.4 3.2 +0.2
16 EASTWOOD REGENCY 400 to 500 1,633 7 580,000 2 3.4 3.2 +0.2
15 ESPIRA SUITES 400 to 500 1,780 5 700,000 1 3.1 3.6 -0.6
23 FORESQUE RESIDENCES 400 to 500 1,742 6 630,000 1 3.3 2.8 +0.5
17 HEDGES PARK CONDOMINIUM 400 to 500 1,669 13 552,776 5 3.6 3.4 +0.3
28 HIGH PARK RESIDENCES 300 to 400 1,500 1 500,000 1 3.6 2.9 +0.7
28 HIGH PARK RESIDENCES 400 to 500 556 1 560,000 1 1.2 2.9 -1.7
23 HILLION RESIDENCES 400 to 500 1,897 69 805,000 2 2.8 2.9 -0.1
22 J GATEWAY 400 to 500 2,455 62 875,500 4 3.4 3.2 +0.2
19 JEWEL @ BUANGKOK 400 to 500 1,824 17 663,500 2 3.3 2.8 +0.5
19 KINGSFORD WATERBAY 400 to 500 1,719 64 642,500 2 3.2 3.2 +0.0
19 LA FIESTA 400 to 500 1,836 19 628,000 1 3.5 2.9 +0.6
15 LAVERNE'S LOFT 300 to 400 1,675 2 576,000 1 3.5 4.0 -0.5
14 LEVENUE 400 to 500 1,833 6 635,000 1 3.5 3.4 +0.1
19 PARC CENTROS 400 to 500 1,800 10 644,667 3 3.4 3.0 +0.3
15 PARC ELEGANCE 300 to 400 1,588 4 600,000 1 3.2 3.3 -0.1
15 PARC ELEGANCE 400 to 500 1,659 17 591,400 2 3.4 3.3 +0.1
25 PARC ROSEWOOD 400 to 500 1,514 54 523,125 8 3.5 3.3 +0.2
15 PRESTIGE LOFT 300 to 400 1,550 1 540,000 1 3.4 3.2 +0.3
19 PRESTO@UPPER SERANGOON 400 to 500 1,709 7 630,000 2 3.3 3.0 +0.2
18 RIPPLE BAY 400 to 500 1,662 13 574,500 4 3.5 3.2 +0.3
19 RIVERSOUND RESIDENCE 400 to 500 1,667 6 568,000 1 3.5 3.0 +0.5
5 SEAHILL 400 to 500 2,189 7 705,000 1 3.7 3.2 +0.5
19 SUITES @ PAYA LEBAR 300 to 400 1,669 12 562,500 2 3.6 3.3 +0.2
19 SUITES @ PAYA LEBAR 400 to 500 1,650 7 590,000 1 3.4 3.3 +0.0
13 SUITES@BRADDELL 400 to 500 1,650 2 582,000 1 3.4 3.1 +0.3
15 THE COTZ 400 to 500 1,629 7 580,000 1 3.4 3.8 -0.4
16 THE GLADES 400 to 500 2,054 28 800,000 1 3.1 2.8 +0.2
17 THE INFLORA 400 to 500 1,590 23 525,000 2 3.6 3.0 +0.6
19 THE LUXURIE 400 to 500 1,833 4 650,000 1 3.4 3.1 +0.3
20 THE PANORAMA 400 to 500 1,776 27 705,000 3 3.0 2.7 +0.3
19 THE SCALA 400 to 500 2,162 13 770,000 2 3.4 3.2 +0.2
14 TROPIKA EAST 400 to 500 1,713 8 655,000 1 3.1 2.9 +0.2
16 URBAN VISTA 400 to 500 1,861 22 627,000 2 3.6 2.9 +0.6
14 VACANZA @ EAST 400 to 500 1,755 13 635,000 1 3.3 3.0 +0.3
19 VIBES @ KOVAN 300 to 400 1,600 4 538,888 1 3.6 3.2 +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 1,953 17 798,000 1 2.9 2.6 +0.3
13 18 WOODSVILLE 400 to 500 2,064 7 805,000 1 3.1 2.8 +0.3
8 28 RC SUITES 400 to 500 1,944 17 700,000 1 3.3 3.3 +0.1
9 8 SAINT THOMAS 400 to 500 3,538 4 1,444,317 3 2.9 2.6 +0.4
12 AIRSTREAM 400 to 500 1,746 13 640,000 1 3.3 3.4 -0.1
9 ATTITUDE AT KIM YAM 300 to 400 1,964 7 705,000 1 3.3 2.9 +0.4
14 AVANT RESIDENCES 400 to 500 1,967 6 700,000 1 3.4 3.2 +0.2
13 BARTLEY RIDGE 400 to 500 1,915 60 720,000 2 3.2 2.9 +0.3
14 CENTRA HEIGHTS 400 to 500 1,915 20 660,000 1 3.5 3.1 +0.4
14 CENTRA SUITES 400 to 500 1,820 9 614,000 2 3.6 3.5 +0.1
7 CITY GATE 400 to 500 2,583 22 935,000 1 3.3 2.7 +0.7
8 CITY LOFT 300 to 400 1,725 10 600,000 1 3.5 3.5 -0.0
3 COMMONWEALTH TOWERS 400 to 500 2,550 47 918,000 1 3.3 3.4 -0.0
14 COSMO 400 to 500 1,800 2 650,000 1 3.3 3.2 +0.1
12 CRADELS 400 to 500 1,904 15 691,500 2 3.3 3.1 +0.2
9 DEVONSHIRE RESIDENCES 400 to 500 2,738 10 1,200,000 1 2.7 2.7 +0.0
11 DUNEARN SUITES 400 to 500 1,996 5 758,000 1 3.2 3.0 +0.1
7 DUO RESIDENCES 400 to 500 2,910 10 1,060,000 1 3.3 3.1 +0.2
14 EDENZ LOFT 400 to 500 1,707 11 562,500 2 3.6 3.3 +0.3
14 EDENZ SUITES 400 to 500 1,719 13 635,000 1 3.2 3.6 -0.4
12 EIGHT RIVERSUITES 400 to 500 2,101 45 680,000 1 3.7 3.3 +0.4
9 ESPADA 300 to 400 2,457 45 980,000 1 3.0 3.3 -0.3
14 GUILLEMARD EDGE 400 to 500 1,838 43 700,000 2 3.2 3.9 -0.7
15 HAIG 162 300 to 400 1,774 13 556,000 2 3.8 3.7 +0.1
14 LA FLEUR 400 to 500 1,687 21 530,000 1 3.8 3.5 +0.3
14 LE REGAL 300 to 400 1,544 8 495,000 1 3.7 3.8 -0.1
13 LEICESTER SUITES 400 to 500 1,877 11 742,500 1 3.0 3.1 -0.1
10 LOFT @ NATHAN 400 to 500 2,161 18 815,000 1 3.2 3.1 +0.1
10 LOFT@HOLLAND 300 to 400 2,339 9 832,500 2 3.4 3.2 +0.2
10 M5 400 to 500 2,233 3 960,000 1 2.8 2.7 +0.1
9 MACKENZIE 88 400 to 500 2,044 9 745,000 2 3.3 3.3 +0.0
12 NEEM TREE 400 to 500 1,993 14 872,523 1 2.7 2.6 +0.1
13 NIN RESIDENCE 400 to 500 2,033 10 729,000 1 3.3 3.0 +0.3
21 NOTTINGHILL SUITES 300 to 400 1,682 17 646,000 3 3.1 3.2 -0.1
12 OKIO 400 to 500 1,954 15 698,800 1 3.4 3.1 +0.3
9 OXLEY EDGE 300 to 400 2,167 3 876,667 3 3.0 2.7 +0.3
5 PARC IMPERIAL 300 to 400 2,000 20 708,000 1 3.4 4.2 -0.8
5 PARC IMPERIAL 400 to 500 2,067 15 668,000 1 3.7 4.2 -0.5
1 PEOPLE'S PARK COMPLEX 400 to 500 1,755 13 510,000 1 4.1 4.1 +0.0
12 PRESTIGE HEIGHTS 300 to 400 1,774 25 500,000 1 4.3 3.9 +0.3
12 REGENT RESIDENCES 400 to 500 1,863 12 660,000 1 3.4 2.7 +0.7
12 RIVERBAY 300 to 400 1,657 6 590,000 1 3.4 3.2 +0.2
9 ROBERTSON EDGE 400 to 500 2,529 14 930,000 1 3.3 3.5 -0.2
10 ROBIN SUITES 400 to 500 2,340 5 1,050,000 1 2.7 2.6 +0.1
1 ROBINSON SUITES 400 to 500 2,917 23 1,280,000 1 2.7 2.6 +0.2
14 ROYCE RESIDENCES 400 to 500 1,800 3 557,500 2 3.9 4.1 -0.2
10 RV EDGE 300 to 400 2,131 13 761,944 2 3.4 3.3 +0.1
10 RV EDGE 400 to 500 2,356 9 855,000 2 3.3 3.3 +0.0
10 RV RESIDENCES 400 to 500 2,491 17 956,667 3 3.1 2.7 +0.4
14 SIMS EDGE 400 to 500 1,818 11 663,800 1 3.3 2.9 +0.4
14 SIMS URBAN OASIS 400 to 500 2,006 89 761,000 3 3.2 3.2 -0.0
13 SKY GREEN 400 to 500 1,993 20 770,000 1 3.1 2.8 +0.3
2 SKYSUITES@ANSON 300 to 400 2,750 53 928,000 1 3.6 3.9 -0.3
2 SPOTTISWOODE 18 300 to 400 2,246 50 853,000 1 3.2 3.9 -0.8
2 SPOTTISWOODE SUITES 400 to 500 2,655 10 1,080,000 1 3.0 2.7 +0.3
10 STELLAR RV 400 to 500 2,200 3 850,000 1 3.1 2.8 +0.3
15 SUITES @ GUILLEMARD 400 to 500 1,667 3 580,000 1 3.4 3.8 -0.4
11 SUITES @ SHREWSBURY 300 to 400 1,872 9 555,000 1 4.0 3.9 +0.1
21 SUITES DE LAUREL 400 to 500 1,988 4 725,000 1 3.3 2.7 +0.6
14 SUITES@CHANGI 400 to 500 1,692 9 587,500 2 3.5 3.2 +0.2
21 THE CREEK @ BUKIT 400 to 500 1,883 6 785,000 1 2.9 2.4 +0.5
4 THE FORESTA @ MOUNT FABER 400 to 500 2,377 11 830,000 1 3.4 2.7 +0.7
21 THE HILLFORD 300 to 400 1,741 51 483,556 9 4.3 4.5 -0.2
12 THE VERVE 400 to 500 1,825 8 615,000 1 3.6 3.1 +0.4
14 THE WATER EDGE 300 to 400 1,750 7 555,000 1 3.8 3.6 +0.2
20 THOMSON THREE 400 to 500 1,845 11 736,000 1 3.0 2.4 +0.6
14 TRE RESIDENCES 400 to 500 2,244 8 720,000 1 3.7 3.0 +0.8
8 TYRWHITT 139 300 to 400 1,783 3 600,000 1 3.6 3.2 +0.4
1 V ON SHENTON 400 to 500 2,803 35 1,126,000 2 3.0 3.0 -0.0
12 VETRO 400 to 500 1,817 3 565,000 1 3.9 3.3 +0.6
14 VIENTO 400 to 500 1,719 8 580,000 1 3.6 3.4 +0.1
5 VIVA VISTA 300 to 400 1,948 22 558,750 4 4.2 3.5 +0.7
9 WILKIE 80 400 to 500 2,267 6 837,000 1 3.2 3.5 -0.3

Disclaimer

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