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 2,050 21 650,000 2 3.8 3.2 +0.5
19 CARDIFF RESIDENCE 400 to 500 1,838 21 590,000 2 3.7 3.6 +0.1
19 CASA CAMBIO 400 to 500 2,029 38 659,750 4 3.7 3.3 +0.3
22 CASPIAN 400 to 500 2,200 2 632,000 1 4.2 3.6 +0.6
15 CUBIK 400 to 500 1,783 3 600,000 1 3.6 3.2 +0.3
16 EASTWOOD REGENCY 400 to 500 1,609 8 600,000 2 3.2 3.5 -0.2
5 NEWEST 400 to 500 2,000 4 680,000 1 3.5 3.1 +0.4
15 PARC BLEU 400 to 500 1,833 3 615,000 1 3.6 3.2 +0.4
19 PARC CENTROS 400 to 500 1,734 48 620,000 3 3.4 3.4 -0.0
25 PARC ROSEWOOD 400 to 500 1,594 36 520,875 8 3.7 3.3 +0.3
19 PARK RESIDENCES KOVAN 300 to 400 1,850 4 611,000 2 3.6 3.3 +0.3
19 PRESTO@UPPER SERANGOON 400 to 500 1,777 11 605,000 1 3.5 3.2 +0.3
19 PRIMO RESIDENCES 400 to 500 1,725 2 600,000 1 3.5 3.1 +0.4
14 QUBE SUITES 400 to 500 1,788 4 610,000 1 3.5 3.5 -0.0
14 RESIDENCES 88 400 to 500 1,698 4 564,000 2 3.6 3.0 +0.6
18 RIPPLE BAY 400 to 500 1,670 5 574,296 3 3.5 3.2 +0.3
19 RIVERSOUND RESIDENCE 400 to 500 1,600 3 548,000 1 3.5 3.0 +0.5
14 SINGA HILLS 400 to 500 1,830 2 700,910 1 3.1 3.0 +0.2
27 SKIES MILTONIA 400 to 500 1,667 3 572,500 2 3.5 2.7 +0.8
14 SUITES @ EUNOS 300 to 400 1,800 4 590,000 1 3.7 3.1 +0.5
19 SUITES @ PAYA LEBAR 300 to 400 1,700 9 500,000 1 4.1 3.9 +0.2
13 SUITES@BRADDELL 400 to 500 1,750 5 560,000 1 3.8 3.8 -0.0
22 THE LAKEFRONT RESIDENCES 400 to 500 2,563 8 735,000 1 4.2 3.6 +0.6
27 THE NAUTICAL 400 to 500 1,560 5 570,000 1 3.3 3.2 +0.1
19 THE SCALA 400 to 500 2,292 13 715,000 1 3.8 3.0 +0.8
14 VACANZA @ EAST 400 to 500 1,650 6 621,444 2 3.2 2.8 +0.4
15 VIBES @ EAST COAST 300 to 400 1,742 6 522,500 2 4.0 3.5 +0.5

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 26 NEWTON 400 to 500 2,610 5 988,771 4 3.2 2.8 +0.4
13 8@WOODLEIGH 300 to 400 1,957 7 643,000 1 3.7 3.3 +0.4
12 AIRSTREAM 400 to 500 1,790 10 640,000 2 3.4 3.9 -0.5
3 ALEXIS 300 to 400 2,392 25 675,000 1 4.3 3.7 +0.5
3 ALEXIS 400 to 500 2,322 9 682,500 2 4.1 3.7 +0.4
14 CENTRA SUITES 400 to 500 1,963 15 640,000 1 3.7 3.6 +0.1
14 CENTRAL IMPERIAL 400 to 500 1,850 4 470,000 1 4.7 4.4 +0.3
8 CITY LOFT 400 to 500 1,900 1 620,000 1 3.7 3.8 -0.1
15 CORALIS 400 to 500 2,345 10 868,000 1 3.2 3.0 +0.3
12 EIGHT RIVERSUITES 400 to 500 2,207 21 730,000 3 3.6 3.2 +0.4
9 ESPADA 300 to 400 2,750 26 868,000 2 3.8 3.6 +0.2
9 ESPADA 400 to 500 2,738 4 950,000 1 3.5 3.6 -0.2
15 EVERITT EDGE 400 to 500 1,813 4 565,000 2 3.8 3.3 +0.6
15 FULCRUM 400 to 500 2,300 1 928,500 4 3.0 2.9 +0.1
14 GUILLEMARD EDGE 400 to 500 1,884 49 614,000 4 3.7 3.4 +0.3
15 IMPERIAL HEIGHTS 400 to 500 1,967 3 615,000 2 3.8 3.5 +0.4
8 JOOL SUITES 400 to 500 2,032 11 630,000 1 3.9 3.4 +0.4
13 LEICESTER SUITES 400 to 500 1,863 8 738,000 1 3.0 3.1 -0.1
11 LINCOLN SUITES 400 to 500 2,789 13 1,075,000 2 3.1 2.7 +0.4
8 LOFT @ RANGOON 400 to 500 1,983 3 640,000 2 3.7 3.5 +0.2
10 LOFT@HOLLAND 300 to 400 2,388 13 700,000 1 4.1 3.6 +0.5
12 M66 400 to 500 1,788 4 585,000 1 3.7 3.6 +0.1
9 MACKENZIE 88 400 to 500 2,117 6 720,000 1 3.5 3.1 +0.4
14 METRO LOFT 400 to 500 1,833 3 650,000 1 3.4 3.3 +0.0
14 MILLAGE 400 to 500 1,926 18 600,000 1 3.9 3.5 +0.4
14 NESS 400 to 500 1,800 6 540,000 3 4.0 4.2 -0.2
15 ONAN SUITES 400 to 500 2,000 1 588,000 1 4.1 3.3 +0.8
5 PARC IMPERIAL 300 to 400 2,188 13 657,500 2 4.0 4.0 -0.0
8 PARC SOMME 300 to 400 1,800 2 540,000 2 4.0 3.6 +0.4
1 PEOPLE'S PARK COMPLEX 400 to 500 1,830 20 515,000 1 4.3 4.4 -0.1
12 PRESTIGE HEIGHTS 300 to 400 1,746 14 560,502 4 3.7 3.6 +0.1
12 PRESTIGE HEIGHTS 400 to 500 1,967 6 610,000 2 3.9 3.6 +0.3
14 REZI 26 400 to 500 1,950 19 585,000 2 4.0 3.6 +0.4
10 ROBIN SUITES 400 to 500 2,601 28 1,006,838 13 3.1 3.4 -0.3
14 ROYCE RESIDENCES 300 to 400 1,700 3 520,000 1 3.9 3.6 +0.4
14 ROYCE RESIDENCES 400 to 500 1,650 2 565,000 2 3.5 3.6 -0.1
10 RV RESIDENCES 400 to 500 2,800 15 932,038 4 3.6 3.4 +0.3
10 RV SUITES 400 to 500 2,900 4 895,000 1 3.9 3.5 +0.4
14 SILVERSCAPE 400 to 500 1,805 8 540,000 1 4.0 3.6 +0.4
14 SIMS EDGE 400 to 500 1,943 14 600,000 1 3.9 3.4 +0.5
20 SKY VUE 400 to 500 2,354 34 859,400 5 3.3 3.1 +0.2
4 SKYLINE RESIDENCES 400 to 500 2,704 12 1,021,133 6 3.2 3.1 +0.0
12 SKYSUITES17 300 to 400 2,041 16 600,000 2 4.1 3.5 +0.5
2 SKYSUITES@ANSON 300 to 400 2,916 25 874,000 2 4.0 4.0 -0.0
14 SMART SUITES 400 to 500 2,050 10 639,000 2 3.8 3.8 +0.0
2 SPOTTISWOODE 18 300 to 400 2,332 19 785,000 1 3.6 3.5 +0.1
15 SPRING @ LANGSAT 400 to 500 1,833 3 608,000 1 3.6 3.8 -0.1
14 SUITES 28 400 to 500 1,850 3 538,000 1 4.1 2.9 +1.3
15 SUITES @ GUILLEMARD 300 to 400 1,800 6 540,000 1 4.0 3.8 +0.2
15 SUITES @ GUILLEMARD 400 to 500 1,906 8 560,000 1 4.1 3.8 +0.3
11 SUITES @ NEWTON 400 to 500 2,500 1 919,600 1 3.3 2.9 +0.3
11 SUITES @ SHREWSBURY 300 to 400 1,975 2 600,000 1 4.0 3.4 +0.6
14 SUITES @ SIMS 300 to 400 1,717 6 550,000 1 3.7 4.1 -0.4
21 SUITES AT BUKIT TIMAH 300 to 400 1,875 2 594,000 2 3.8 3.3 +0.5
14 SUITES@CHANGI 400 to 500 1,836 11 591,000 2 3.7 3.6 +0.2
1 THE CLIFT 400 to 500 3,081 8 950,000 1 3.9 3.6 +0.2
21 THE HILLFORD 300 to 400 1,763 8 493,800 1 4.3 4.6 -0.3
12 THE INTERWEAVE 300 to 400 1,923 22 595,000 1 3.9 3.7 +0.2
12 THE INTERWEAVE 400 to 500 1,976 8 616,500 2 3.8 3.7 +0.2
12 THE VERVE 400 to 500 1,900 7 670,000 1 3.4 3.8 -0.4
14 THE WATER EDGE 300 to 400 1,760 5 510,000 1 4.1 3.9 +0.3
20 THOMSON V TWO 400 to 500 1,950 5 620,000 1 3.8 4.7 -0.9
14 TREASURES @ G20 400 to 500 1,613 4 565,000 1 3.4 4.3 -0.8
14 VIENTO 400 to 500 1,770 15 583,000 1 3.6 3.8 -0.2
5 VIVA VISTA 300 to 400 2,104 29 590,000 1 4.3 4.3 +0.0
9 VIVACE 300 to 400 2,470 10 820,000 1 3.6 3.5 +0.2
9 VIVACE 400 to 500 2,550 6 938,000 1 3.3 3.5 -0.2
14 WATERBANK AT DAKOTA 400 to 500 2,433 23 732,000 1 4.0 3.6 +0.4

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