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 21 RICHARDS 400 to 500 2,000 3 590,000 1 4.1 3.7 +0.4
19 BARTLEY RESIDENCES 400 to 500 1,952 25 692,500 2 3.4 3.2 +0.2
19 CASA CAMBIO 400 to 500 1,802 29 620,333 3 3.5 3.1 +0.4
22 CASPIAN 400 to 500 2,000 1 630,000 1 3.8 3.4 +0.4
15 ESPIRA SUITES 400 to 500 1,788 4 667,500 2 3.2 3.6 -0.4
23 FORESQUE RESIDENCES 400 to 500 1,694 9 609,000 2 3.3 2.9 +0.5
17 HEDGES PARK CONDOMINIUM 400 to 500 1,667 9 526,000 1 3.8 3.6 +0.2
15 HERITAGE EAST 300 to 400 1,625 2 550,000 1 3.5 3.4 +0.2
15 HERITAGE EAST 400 to 500 1,600 5 586,667 3 3.3 3.4 -0.1
19 ISUITES @ PALM 400 to 500 1,608 6 602,888 1 3.2 3.1 +0.1
19 KOVAN GRANDEUR 300 to 400 1,620 5 484,000 2 4.0 3.7 +0.3
19 LA FIESTA 400 to 500 1,873 14 625,000 3 3.6 2.9 +0.7
15 LA VIDA @ 130 400 to 500 1,818 11 630,000 1 3.5 3.3 +0.1
15 LAVERNE'S LOFT 300 to 400 1,700 1 546,000 3 3.7 3.5 +0.2
15 LAVERNE'S LOFT 400 to 500 1,700 5 586,000 2 3.5 3.5 -0.0
14 LEVENUE 400 to 500 1,800 5 644,000 2 3.4 3.4 -0.0
16 OPTIMA @ TANAH MERAH 400 to 500 2,050 3 682,444 2 3.6 3.2 +0.4
14 PALMERA EAST 400 to 500 1,950 2 613,000 4 3.8 3.0 +0.8
15 PARC BLEU 400 to 500 1,633 3 590,000 1 3.3 3.2 +0.1
19 PARC CENTROS 400 to 500 1,783 16 627,000 2 3.4 3.4 -0.0
15 PARC ELEGANCE 300 to 400 1,642 12 535,000 1 3.7 3.9 -0.2
15 PARC ELEGANCE 400 to 500 1,719 16 540,000 1 3.8 3.9 -0.1
17 PARC OLYMPIA 400 to 500 1,659 16 539,000 2 3.7 3.5 +0.2
25 PARC ROSEWOOD 400 to 500 1,554 48 520,182 11 3.6 3.3 +0.2
19 PARK RESIDENCES KOVAN 300 to 400 1,569 8 560,500 2 3.4 3.4 -0.0
19 PRIMO RESIDENCES 400 to 500 1,550 1 570,000 1 3.3 2.6 +0.6
14 QUBE SUITES 400 to 500 1,600 1 580,000 1 3.3 2.9 +0.4
14 RESIDENCES 88 400 to 500 1,600 1 566,500 2 3.4 3.7 -0.3
18 RIPPLE BAY 400 to 500 1,708 19 572,531 5 3.6 3.5 +0.1
28 RIVERBANK @ FERNVALE 400 to 500 1,700 4 620,000 1 3.3 3.9 -0.6
19 RIVERSOUND RESIDENCE 400 to 500 1,692 6 543,963 3 3.7 3.4 +0.3
5 SEAHILL 400 to 500 2,250 4 680,000 1 4.0 3.3 +0.7
27 SKIES MILTONIA 400 to 500 1,645 10 560,000 3 3.5 3.0 +0.5
19 SPACE @ KOVAN 400 to 500 1,820 5 605,000 1 3.6 3.0 +0.6
18 STRATUM 400 to 500 1,573 20 580,000 1 3.3 3.5 -0.3
15 SUITES @ EASTCOAST 300 to 400 1,690 7 548,333 3 3.7 3.2 +0.5
19 SUITES @ PAYA LEBAR 300 to 400 1,725 4 550,000 3 3.8 3.5 +0.2
19 SUITES @ PAYA LEBAR 400 to 500 1,500 3 557,000 1 3.2 3.5 -0.3
16 THE GLADES 400 to 500 1,992 43 762,915 34 3.1 3.1 -0.0
27 THE NAUTICAL 400 to 500 1,600 6 552,500 1 3.5 3.5 -0.0
18 THE PALETTE 400 to 500 1,783 3 610,000 1 3.5 3.2 +0.3
19 THE PROMENADE@PELIKAT 400 to 500 1,671 26 620,000 1 3.2 3.0 +0.2
19 THE SCALA 400 to 500 2,211 18 733,333 3 3.6 3.2 +0.4
19 THE VUE 400 to 500 1,703 15 564,400 5 3.6 3.5 +0.2
15 TREESCAPE 400 to 500 1,950 1 670,800 1 3.5 2.5 +1.0
16 URBAN VISTA 400 to 500 1,862 28 632,000 1 3.5 3.1 +0.5
14 VACANZA @ EAST 400 to 500 1,840 5 655,000 2 3.4 2.8 +0.5
15 VIBES @ EAST COAST 300 to 400 1,645 10 535,000 1 3.7 3.4 +0.2
19 VIBES @ KOVAN 400 to 500 1,800 3 550,000 1 3.9 3.5 +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 2,060 15 750,000 1 3.3 3.0 +0.3
11 26 NEWTON 400 to 500 2,559 17 1,153,231 34 2.7 2.8 -0.1
11 6 DERBYSHIRE 400 to 500 2,350 1 1,153,021 5 2.4 2.4 +0.1
13 8@WOODLEIGH 300 to 400 1,908 6 570,000 1 4.0 3.4 +0.6
12 AIRSTREAM 400 to 500 1,780 5 632,500 2 3.4 3.5 -0.1
3 ALEXIS 300 to 400 2,173 11 667,833 6 3.9 3.7 +0.2
3 ALEXIS 400 to 500 2,290 10 685,000 1 4.0 3.7 +0.3
13 BARTLEY RIDGE 400 to 500 1,874 67 695,000 2 3.2 2.9 +0.4
14 CASA AERATA 400 to 500 1,956 9 589,986 3 4.0 3.9 +0.1
8 CAVAN SUITES 300 to 400 1,900 3 550,000 1 4.1 3.4 +0.8
14 CENTRA HEIGHTS 400 to 500 1,968 13 650,000 1 3.6 3.5 +0.2
14 CENTRA LOFT 400 to 500 1,809 11 620,000 1 3.5 3.7 -0.2
14 CENTRA RESIDENCE 400 to 500 1,964 11 580,000 1 4.1 3.5 +0.5
14 CENTRA STUDIOS 400 to 500 1,832 11 642,888 1 3.4 4.2 -0.8
14 CENTRA SUITES 400 to 500 1,830 10 583,250 4 3.8 3.8 -0.1
8 CITY LOFT 300 to 400 1,770 5 500,000 1 4.2 4.2 +0.1
15 CORALIS 400 to 500 2,125 12 774,000 2 3.3 3.0 +0.3
12 CRADELS 400 to 500 1,956 18 671,000 3 3.5 3.4 +0.1
14 D'WEAVE 400 to 500 1,836 7 607,000 1 3.6 3.5 +0.2
9 DEVONSHIRE RESIDENCES 400 to 500 3,045 10 1,100,088 1 3.3 3.1 +0.2
11 DUNEARN SUITES 400 to 500 2,050 6 780,000 1 3.2 3.2 -0.0
12 EIGHT RIVERSUITES 400 to 500 2,096 56 724,333 3 3.5 3.1 +0.3
9 ESPADA 300 to 400 2,552 33 897,750 4 3.4 3.5 -0.1
15 FULCRUM 400 to 500 2,400 6 969,071 14 3.0 2.9 +0.1
14 GUILLEMARD EDGE 400 to 500 1,792 37 610,000 1 3.5 4.1 -0.6
15 HAIG 162 300 to 400 1,586 12 530,000 1 3.6 3.5 +0.1
15 HAIG 162 400 to 500 1,850 3 675,000 1 3.3 3.5 -0.2
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,572 9 1,130,000 1 2.7 2.9 -0.2
15 IMPERIAL HEIGHTS 400 to 500 1,850 6 614,750 2 3.6 3.3 +0.3
15 JUPITER 18 400 to 500 1,717 6 560,000 1 3.7 3.2 +0.5
8 KENG LEE COURT 400 to 500 1,700 2 600,000 1 3.4 3.1 +0.3
14 LA BRISA 400 to 500 1,800 9 574,667 3 3.8 3.7 +0.0
14 LA FLEUR 400 to 500 1,741 22 550,088 1 3.8 3.8 -0.1
14 LE REGAL 400 to 500 1,642 6 478,000 1 4.1 4.2 -0.1
8 LE SOMME 400 to 500 2,000 1 680,000 1 3.5 3.4 +0.1
13 LEICESTER SUITES 400 to 500 2,050 10 732,500 2 3.4 3.3 +0.1
11 LINCOLN SUITES 400 to 500 2,640 10 1,000,000 1 3.2 2.9 +0.2
10 LOFT @ NATHAN 300 to 400 2,033 3 760,000 1 3.2 3.0 +0.2
10 LOFT @ NATHAN 400 to 500 2,154 14 841,500 2 3.1 3.0 +0.1
10 LOFT @ STEVENS 400 to 500 2,100 1 805,000 2 3.1 3.5 -0.4
10 LOFT@HOLLAND 300 to 400 2,271 8 730,000 3 3.7 3.6 +0.2
14 MELOSA 400 to 500 1,879 7 558,000 1 4.0 3.6 +0.4
9 NEWTON EDGE 400 to 500 2,800 1 770,000 1 4.4 2.9 +1.5
13 NIN RESIDENCE 400 to 500 2,100 7 760,000 1 3.3 2.8 +0.6
21 NOTTINGHILL SUITES 300 to 400 1,638 28 560,000 1 3.5 3.7 -0.1
12 OKIO 400 to 500 1,959 16 685,000 1 3.4 3.3 +0.2
12 ONE DUSUN RESIDENCES 400 to 500 2,092 13 745,000 1 3.4 3.2 +0.2
5 PARC IMPERIAL 300 to 400 1,999 19 680,667 3 3.5 3.5 +0.0
5 PARC IMPERIAL 400 to 500 1,974 17 657,000 1 3.6 3.5 +0.1
1 PEOPLE'S PARK COMPLEX 400 to 500 1,753 17 428,000 1 4.9 5.2 -0.3
12 PRESTIGE HEIGHTS 300 to 400 1,781 16 505,667 3 4.2 3.8 +0.5
12 PRESTIGE HEIGHTS 400 to 500 1,821 7 618,000 1 3.5 3.8 -0.2
12 REGENT RESIDENCES 400 to 500 1,933 23 675,333 3 3.4 2.7 +0.7
9 ROBERTSON EDGE 400 to 500 2,542 13 888,000 1 3.4 3.6 -0.2
10 ROBIN SUITES 400 to 500 2,440 5 980,000 2 3.0 3.1 -0.1
10 RV EDGE 400 to 500 2,350 12 870,000 1 3.2 3.6 -0.4
10 RV RESIDENCES 400 to 500 2,675 10 905,000 1 3.5 3.4 +0.1
14 SILVERSCAPE 400 to 500 1,730 10 597,500 2 3.5 3.5 -0.1
13 SKY GREEN 400 to 500 1,983 18 726,500 1 3.3 3.3 -0.0
4 SKYLINE RESIDENCES 400 to 500 2,867 6 937,667 3 3.7 3.0 +0.7
2 SKYSUITES@ANSON 300 to 400 2,846 50 918,244 17 3.7 3.7 +0.0
8 SOHO 188 400 to 500 2,083 9 650,000 1 3.8 3.8 +0.0
11 SOLEIL @ SINARAN 400 to 500 2,925 6 938,000 1 3.7 3.6 +0.2
2 SPOTTISWOODE 18 300 to 400 2,237 73 828,000 1 3.2 3.5 -0.2
2 SPOTTISWOODE SUITES 400 to 500 2,760 5 1,052,577 14 3.1 3.3 -0.2
14 SUITES 28 400 to 500 1,700 3 530,000 1 3.8 2.9 +1.0
15 SUITES @ GUILLEMARD 300 to 400 1,800 3 510,000 1 4.2 3.3 +0.9
11 SUITES @ NEWTON 400 to 500 2,433 3 922,000 3 3.2 2.8 +0.3
21 SUITES AT BUKIT TIMAH 300 to 400 1,753 14 595,000 1 3.5 3.3 +0.2
15 SUITES@ KATONG 400 to 500 1,867 3 638,000 1 3.5 4.0 -0.5
15 TEMBELING RESIDENCE 400 to 500 1,700 1 633,000 1 3.2 3.1 +0.1
11 THE AXIS 300 to 400 1,967 3 590,000 1 4.0 3.9 +0.1
1 THE CLIFT 400 to 500 3,050 16 970,000 4 3.8 3.7 +0.1
21 THE HILLFORD 300 to 400 1,654 47 492,500 2 4.0 4.3 -0.3
12 THE INTERWEAVE 300 to 400 1,770 8 580,222 4 3.7 3.6 +0.1
12 THE INTERWEAVE 400 to 500 1,964 14 620,000 1 3.8 3.6 +0.2
15 THE LINE @ TANJONG RHU 400 to 500 2,160 5 1,044,867 3 2.5 2.3 +0.2
8 THE URBANITE 400 to 500 2,000 7 700,000 2 3.4 3.5 -0.1
14 THE WATER EDGE 300 to 400 1,820 5 537,500 2 4.1 3.6 +0.4
14 THE WATER EDGE 400 to 500 1,836 14 612,500 1 3.6 3.6 -0.0
14 TREASURES @ G20 400 to 500 1,639 9 513,333 3 3.8 3.6 +0.3
14 TREASURES@G6 400 to 500 1,663 16 583,880 4 3.4 3.4 +0.1
8 TYRWHITT 139 300 to 400 1,650 1 560,000 1 3.5 3.1 +0.4
8 TYRWHITT 139 400 to 500 2,200 2 675,000 2 3.9 3.1 +0.8
14 VIENTO 400 to 500 1,723 10 559,000 2 3.7 3.6 +0.1
5 VIVA VISTA 300 to 400 1,924 27 567,500 2 4.1 4.2 -0.1
14 WATERBANK AT DAKOTA 400 to 500 2,384 16 746,600 5 3.8 3.4 +0.4

Disclaimer

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