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 1,967 27 695,000 2 3.4 3.1 +0.3
19 BOTANIQUE AT BARTLEY 400 to 500 2,098 44 749,475 8 3.4 3.0 +0.3
19 CARDIFF RESIDENCE 400 to 500 1,733 18 581,000 2 3.6 3.3 +0.3
19 CASA CAMBIO 400 to 500 1,841 34 694,667 3 3.2 3.1 +0.1
18 COCO PALMS 400 to 500 1,825 29 636,500 2 3.4 3.3 +0.2
18 D'NEST 400 to 500 1,797 15 616,667 3 3.5 3.4 +0.1
19 D'ZIRE 400 to 500 1,640 5 565,000 1 3.5 4.0 -0.6
16 EAST VILLAGE 400 to 500 1,740 7 590,000 1 3.5 2.7 +0.9
16 EASTWOOD REGENCY 300 to 400 1,567 3 525,000 1 3.6 3.3 +0.3
16 EASTWOOD REGENCY 400 to 500 1,584 8 640,000 1 3.0 3.3 -0.3
23 FORESQUE RESIDENCES 400 to 500 1,739 9 630,000 1 3.3 2.8 +0.5
17 HEDGES PARK CONDOMINIUM 400 to 500 1,656 9 565,000 1 3.5 3.4 +0.1
15 HERITAGE EAST 400 to 500 1,625 4 615,000 1 3.2 3.4 -0.2
28 HIGH PARK RESIDENCES 400 to 500 1,699 39 592,643 14 3.4 3.3 +0.2
23 HILLION RESIDENCES 400 to 500 1,940 41 720,000 1 3.2 3.1 +0.1
22 J GATEWAY 400 to 500 2,413 34 871,296 3 3.3 3.1 +0.2
19 JEWEL @ BUANGKOK 400 to 500 1,866 19 680,000 1 3.3 2.9 +0.4
19 KINGSFORD WATERBAY 400 to 500 1,733 18 629,333 3 3.3 3.0 +0.3
19 KOVAN GRANDEUR 300 to 400 1,658 6 500,000 1 4.0 4.2 -0.2
19 LA FIESTA 400 to 500 1,842 16 628,000 1 3.5 2.9 +0.7
18 MY MANHATTAN 400 to 500 2,121 7 670,000 1 3.8 3.6 +0.2
23 NATURA@HILLVIEW 400 to 500 1,691 11 575,000 1 3.5 3.0 +0.5
27 NORTH PARK RESIDENCES 400 to 500 1,805 31 690,000 1 3.1 2.6 +0.5
18 NV RESIDENCES 400 to 500 1,775 2 590,000 1 3.6 3.2 +0.4
16 OPTIMA @ TANAH MERAH 400 to 500 2,070 5 698,000 1 3.6 3.1 +0.4
15 PARC BLEU 400 to 500 1,707 7 630,000 1 3.3 3.1 +0.1
19 PARC CENTROS 400 to 500 1,782 22 624,667 3 3.4 3.1 +0.4
15 PARC ELEGANCE 400 to 500 1,713 19 587,500 2 3.5 3.3 +0.2
17 PARC OLYMPIA 400 to 500 1,690 10 530,000 1 3.8 3.5 +0.3
25 PARC ROSEWOOD 400 to 500 1,524 55 521,444 9 3.5 3.3 +0.2
15 PRESTIGE LOFT 300 to 400 1,525 2 500,000 1 3.7 3.6 +0.0
19 PRESTO@UPPER SERANGOON 400 to 500 1,784 7 630,000 2 3.4 3.6 -0.2
19 PRIMO RESIDENCES 400 to 500 1,717 3 590,000 1 3.5 3.1 +0.4
28 RIVERBANK @ FERNVALE 400 to 500 1,788 4 588,000 1 3.6 3.0 +0.7
19 RIVERSOUND RESIDENCE 400 to 500 1,638 4 568,000 1 3.5 3.2 +0.2
5 SEAHILL 400 to 500 2,270 5 725,000 1 3.8 3.3 +0.5
27 SKIES MILTONIA 400 to 500 1,633 12 562,500 2 3.5 3.0 +0.5
15 SUITES @ EASTCOAST 300 to 400 1,604 13 540,000 1 3.6 3.8 -0.3
19 SUITES @ PAYA LEBAR 300 to 400 1,635 13 580,000 1 3.4 3.4 -0.0
19 SUITES @ PAYA LEBAR 400 to 500 1,800 1 590,000 1 3.7 3.4 +0.2
13 SUITES@BRADDELL 300 to 400 1,650 2 530,888 1 3.7 3.3 +0.5
13 SUITES@BRADDELL 400 to 500 1,713 4 570,000 1 3.6 3.3 +0.3
15 THE COTZ 400 to 500 1,600 8 580,000 1 3.3 3.5 -0.2
16 THE GLADES 400 to 500 2,070 33 800,000 1 3.1 3.1 -0.0
17 THE INFLORA 400 to 500 1,629 26 517,000 8 3.8 3.3 +0.5
22 THE LAKEFRONT RESIDENCES 400 to 500 2,133 9 705,000 2 3.6 3.0 +0.6
27 THE NAUTICAL 400 to 500 1,615 10 536,500 2 3.6 3.3 +0.3
20 THE PANORAMA 400 to 500 1,824 24 703,333 3 3.1 2.8 +0.3
18 THE SANTORINI 400 to 500 1,770 4 575,000 1 3.7 3.2 +0.5
19 THE SCALA 400 to 500 2,193 22 743,000 1 3.5 3.1 +0.4
16 URBAN VISTA 400 to 500 1,847 33 591,000 2 3.8 3.1 +0.6
14 VACANZA @ EAST 400 to 500 1,750 7 635,000 1 3.3 2.8 +0.5
15 VIBES @ EAST COAST 300 to 400 1,725 8 585,000 1 3.5 3.0 +0.5
15 VIBES @ EAST COAST 400 to 500 1,682 11 800,000 1 2.5 3.0 -0.5
19 VIBES @ KOVAN 300 to 400 1,625 4 538,888 1 3.6 3.4 +0.2

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 1,989 20 777,000 1 3.1 2.8 +0.3
15 16 @ AMBER 400 to 500 1,825 10 730,000 1 3.0 2.9 +0.1
8 28 RC SUITES 400 to 500 1,950 4 700,000 1 3.3 3.3 +0.1
11 8 BASSEIN 400 to 500 2,051 20 810,000 1 3.0 3.5 -0.4
15 91 MARSHALL 300 to 400 1,700 1 630,000 1 3.2 3.0 +0.2
3 ALEXIS 300 to 400 2,177 26 702,000 1 3.7 3.7 +0.0
13 BARTLEY RIDGE 400 to 500 1,952 26 710,000 4 3.3 2.9 +0.4
14 CENTRA LOFT 400 to 500 1,828 9 598,000 1 3.7 3.4 +0.3
14 CENTRA RESIDENCE 300 to 400 1,750 3 530,000 1 4.0 3.4 +0.6
14 CENTRA RESIDENCE 400 to 500 1,918 11 585,000 1 3.9 3.4 +0.5
12 CRADELS 400 to 500 1,950 18 666,500 2 3.5 3.2 +0.3
9 DEVONSHIRE 12 400 to 500 2,988 4 985,000 1 3.6 3.3 +0.3
7 DUO RESIDENCES 400 to 500 3,263 8 1,060,000 1 3.7 3.2 +0.5
14 EDENZ LOFT 400 to 500 1,712 13 566,667 3 3.6 3.5 +0.2
12 EIGHT RIVERSUITES 400 to 500 2,117 55 707,500 4 3.6 3.3 +0.3
9 ESPADA 300 to 400 2,502 43 955,000 2 3.1 3.3 -0.1
9 ESPADA 400 to 500 2,900 1 1,100,000 1 3.2 3.3 -0.1
14 GUILLEMARD SUITES 400 to 500 2,033 9 580,000 1 4.2 3.3 +0.9
15 HAIG 162 300 to 400 1,753 19 576,400 5 3.6 3.6 +0.1
14 LA FLEUR 400 to 500 1,673 12 680,000 1 3.0 3.6 -0.7
14 LE REGAL 300 to 400 1,573 12 495,000 1 3.8 3.5 +0.3
11 LINCOLN SUITES 400 to 500 2,443 7 1,050,000 1 2.8 2.8 +0.0
10 LOFT @ STEVENS 300 to 400 2,042 6 760,000 2 3.2 2.8 +0.5
10 LOFT@HOLLAND 300 to 400 2,296 14 840,000 1 3.3 3.5 -0.2
9 MACKENZIE 88 400 to 500 2,140 10 744,000 2 3.5 3.2 +0.2
12 NEEM TREE 400 to 500 2,100 3 690,000 1 3.7 2.5 +1.2
14 NESS 400 to 500 1,740 10 560,000 1 3.7 3.4 +0.3
21 NOTTINGHILL SUITES 300 to 400 1,761 19 644,000 2 3.3 3.2 +0.1
12 OKIO 400 to 500 1,985 13 698,800 1 3.4 3.4 +0.1
9 OXLEY EDGE 300 to 400 2,450 1 870,000 1 3.4 3.4 +0.0
5 PARC IMPERIAL 300 to 400 1,987 23 660,000 1 3.6 3.6 +0.0
1 PEOPLE'S PARK COMPLEX 400 to 500 1,681 33 532,500 2 3.8 3.9 -0.1
12 PRESTIGE HEIGHTS 300 to 400 1,756 22 488,000 1 4.3 3.8 +0.5
12 PRESTIGE HEIGHTS 400 to 500 1,861 9 662,500 1 3.4 3.8 -0.5
15 QUESTA @ DUNMAN 400 to 500 1,798 6 684,000 2 3.2 2.7 +0.4
8 RANGOON 88 400 to 500 2,013 4 680,000 1 3.6 3.0 +0.5
12 REGENT RESIDENCES 400 to 500 1,879 12 628,000 1 3.6 2.8 +0.8
12 RIVERBAY 300 to 400 1,686 7 590,000 1 3.4 3.5 -0.0
12 RIVIERA 38 400 to 500 1,933 6 600,000 1 3.9 3.4 +0.4
9 ROBERTSON EDGE 400 to 500 2,419 13 1,000,000 1 2.9 3.1 -0.2
10 ROBIN SUITES 400 to 500 2,435 13 1,150,000 1 2.5 2.4 +0.2
1 ROBINSON SUITES 400 to 500 2,964 14 1,237,500 1 2.9 2.8 +0.0
14 ROYCE RESIDENCES 400 to 500 1,825 2 549,999 1 4.0 4.1 -0.1
10 RV EDGE 300 to 400 2,210 5 762,963 3 3.5 3.5 -0.0
10 RV EDGE 400 to 500 2,382 11 875,000 1 3.3 3.5 -0.2
10 RV RESIDENCES 400 to 500 2,543 20 955,000 2 3.2 2.8 +0.4
14 SIMS EDGE 400 to 500 1,833 6 630,888 1 3.5 2.9 +0.6
14 SIMS URBAN OASIS 400 to 500 2,085 45 736,000 6 3.4 3.0 +0.4
14 SMART SUITES 400 to 500 1,915 10 645,000 1 3.6 3.4 +0.2
2 SPOTTISWOODE 18 300 to 400 2,256 55 850,000 1 3.2 3.1 +0.1
15 SUITES @ GUILLEMARD 300 to 400 1,793 7 625,000 1 3.4 3.1 +0.3
11 SUITES @ NEWTON 400 to 500 2,367 3 900,000 1 3.2 2.8 +0.3
8 SUITES @ OWEN 300 to 400 1,833 3 575,000 1 3.8 3.4 +0.4
11 SUITES @ SHREWSBURY 300 to 400 1,933 6 552,500 2 4.2 3.8 +0.4
15 SUITES@ KATONG 400 to 500 1,900 1 610,000 1 3.7 3.5 +0.2
1 THE CLIFT 400 to 500 3,186 11 1,070,000 1 3.6 3.7 -0.1
21 THE HILLFORD 300 to 400 1,748 41 485,875 8 4.3 4.5 -0.2
12 THE INTERWEAVE 300 to 400 1,775 10 568,000 1 3.8 3.5 +0.3
12 THE INTERWEAVE 400 to 500 1,872 13 640,000 1 3.5 3.5 +0.0
12 THE VERVE 400 to 500 1,850 6 622,500 2 3.6 2.9 +0.6
20 THOMSON THREE 400 to 500 1,915 20 736,000 1 3.1 2.6 +0.6
20 THOMSON V TWO 400 to 500 1,822 9 620,000 1 3.5 3.8 -0.3
14 TREASURES@G19 400 to 500 1,758 6 620,000 1 3.4 3.5 -0.1
12 TREVISTA 400 to 500 2,120 5 660,000 1 3.9 3.0 +0.9
8 URBAN LOFTS 400 to 500 1,875 2 640,000 1 3.5 3.0 +0.5
12 VETRO 400 to 500 1,667 3 585,000 1 3.4 3.2 +0.3
14 VIENTO 400 to 500 1,720 10 570,000 2 3.6 3.7 -0.1
5 VIVA VISTA 300 to 400 1,942 36 578,333 6 4.0 3.8 +0.3
9 VIVACE 300 to 400 2,353 12 803,000 2 3.5 3.3 +0.2
9 WILKIE 80 400 to 500 2,213 8 837,000 1 3.2 3.1 +0.1

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