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 2,013 27 666,667 3 3.6 3.2 +0.4
19 CARDIFF RESIDENCE 400 to 500 1,788 13 590,000 2 3.6 3.5 +0.1
19 CASA CAMBIO 400 to 500 2,015 39 667,000 2 3.6 3.3 +0.4
16 EASTWOOD REGENCY 400 to 500 1,612 10 600,000 2 3.2 3.4 -0.2
17 HEDGES PARK CONDOMINIUM 400 to 500 1,655 11 526,000 1 3.8 3.5 +0.3
15 HERITAGE EAST 400 to 500 1,675 6 580,000 1 3.5 3.7 -0.2
19 ISUITES @ PALM 400 to 500 1,650 2 605,500 1 3.3 3.2 +0.0
19 LA FIESTA 400 to 500 1,839 14 632,000 5 3.5 2.6 +0.9
15 LAVERNE'S LOFT 300 to 400 1,690 5 530,000 1 3.8 3.8 +0.1
15 LAVERNE'S LOFT 400 to 500 2,000 1 590,000 2 4.1 3.8 +0.3
14 LEVENUE 400 to 500 1,886 9 650,000 1 3.5 3.3 +0.1
5 NEWEST 400 to 500 1,986 7 680,000 1 3.5 3.1 +0.4
14 PALMERA EAST 400 to 500 1,733 3 615,000 1 3.4 3.0 +0.4
15 PARC BLEU 400 to 500 1,970 5 615,000 1 3.8 3.3 +0.6
19 PARC CENTROS 400 to 500 1,707 21 625,333 3 3.3 3.3 +0.0
25 PARC ROSEWOOD 400 to 500 1,605 41 522,167 6 3.7 3.3 +0.3
19 PARK RESIDENCES KOVAN 300 to 400 1,800 5 606,500 2 3.6 3.2 +0.3
19 PRESTO@UPPER SERANGOON 400 to 500 1,809 11 605,000 1 3.6 3.2 +0.4
19 PRIMO RESIDENCES 400 to 500 1,750 1 600,000 1 3.5 3.2 +0.3
14 RESIDENCES 88 400 to 500 1,745 2 560,500 2 3.7 3.2 +0.5
18 RIPPLE BAY 400 to 500 1,771 12 575,722 4 3.7 3.5 +0.2
19 RIVERSOUND RESIDENCE 400 to 500 1,600 5 551,500 2 3.5 3.0 +0.4
15 SIGLAP V 400 to 500 1,880 5 700,000 1 3.2 3.0 +0.2
14 SINGA HILLS 400 to 500 1,600 1 700,910 1 2.7 2.7 +0.1
27 SKIES MILTONIA 400 to 500 1,700 3 558,333 3 3.7 2.7 +0.9
18 STRATUM 400 to 500 1,592 19 580,000 1 3.3 3.6 -0.3
19 SUITES @ PAYA LEBAR 300 to 400 1,704 12 525,000 2 3.9 3.9 +0.0
13 SUITES@BRADDELL 400 to 500 1,775 4 560,000 2 3.8 3.6 +0.2
16 THE GLADES 400 to 500 2,000 4 748,545 29 3.2 3.3 -0.0
27 THE NAUTICAL 400 to 500 1,617 6 558,667 3 3.5 3.2 +0.3
19 THE PROMENADE@PELIKAT 400 to 500 1,661 9 620,000 1 3.2 3.2 -0.0
19 THE TEMBUSU 400 to 500 1,929 14 813,500 1 2.8 3.2 -0.4
14 TROPIKA EAST 400 to 500 1,756 8 628,000 1 3.4 3.3 +0.0
14 VACANZA @ EAST 400 to 500 1,700 7 627,629 3 3.3 2.9 +0.3
15 VIBES @ EAST COAST 300 to 400 1,730 5 520,000 1 4.0 3.7 +0.3

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 2,750 1 1,078,139 19 3.1 2.7 +0.3
13 8@WOODLEIGH 300 to 400 1,925 4 643,000 1 3.6 3.4 +0.1
12 AIRSTREAM 400 to 500 1,778 9 605,000 2 3.5 3.8 -0.3
3 ALEXIS 300 to 400 2,313 20 575,000 1 4.8 4.3 +0.5
3 ALEXIS 400 to 500 2,272 9 683,000 1 4.0 4.3 -0.3
8 CAVAN SUITES 300 to 400 1,840 5 550,000 1 4.0 3.6 +0.4
14 CENTRA HEIGHTS 400 to 500 2,034 19 638,000 1 3.8 3.6 +0.2
14 CENTRA SUITES 400 to 500 1,880 10 640,000 1 3.5 3.6 -0.1
14 CENTRAL IMPERIAL 400 to 500 1,900 2 472,500 2 4.8 4.3 +0.5
11 DUNEARN SUITES 400 to 500 2,163 4 740,000 2 3.5 3.2 +0.3
9 ESPADA 300 to 400 2,667 30 838,000 1 3.8 3.6 +0.3
15 EVERITT EDGE 400 to 500 1,850 2 565,000 2 3.9 3.3 +0.6
15 FULCRUM 400 to 500 2,300 1 957,000 2 2.9 2.7 +0.1
14 GUILLEMARD EDGE 400 to 500 1,836 35 591,500 2 3.7 3.4 +0.4
15 IMPERIAL HEIGHTS 400 to 500 1,900 1 625,000 2 3.6 3.6 +0.1
15 JUPITER 18 400 to 500 1,750 4 560,000 1 3.8 3.2 +0.5
13 LEICESTER SUITES 400 to 500 1,870 10 738,000 1 3.0 3.1 -0.1
8 LOFT @ RANGOON 400 to 500 1,975 2 640,000 2 3.7 3.2 +0.5
10 LOFT @ STEVENS 400 to 500 2,300 6 799,999 1 3.5 3.8 -0.4
10 LOFT@HOLLAND 300 to 400 2,330 10 710,000 2 3.9 3.4 +0.6
12 M66 400 to 500 1,783 3 585,000 1 3.7 3.6 +0.1
9 MACKENZIE 88 400 to 500 2,129 7 702,500 2 3.6 3.3 +0.3
14 MILLAGE 400 to 500 1,895 11 600,000 1 3.8 3.4 +0.4
14 NESS 400 to 500 1,780 5 552,667 3 3.9 3.6 +0.3
13 NIN RESIDENCE 400 to 500 2,033 3 680,000 1 3.6 2.8 +0.8
9 NOMU 400 to 500 3,250 2 1,080,000 1 3.6 3.0 +0.6
5 PARC IMPERIAL 300 to 400 2,190 20 675,000 1 3.9 4.0 -0.1
8 PARC SOMME 300 to 400 1,833 3 552,500 2 4.0 3.8 +0.2
1 PEOPLE'S PARK COMPLEX 400 to 500 1,786 14 515,000 1 4.2 3.4 +0.8
12 PRESTIGE HEIGHTS 300 to 400 1,768 20 512,500 2 4.1 4.0 +0.2
12 PRESTIGE HEIGHTS 400 to 500 1,900 6 610,000 1 3.7 4.0 -0.2
12 REGENT RESIDENCES 400 to 500 2,000 6 700,000 1 3.4 3.2 +0.2
14 REZI 26 400 to 500 1,934 19 540,000 1 4.3 3.7 +0.6
10 ROBIN SUITES 400 to 500 2,661 7 1,007,057 7 3.2 3.7 -0.6
14 ROYCE RESIDENCES 400 to 500 1,733 3 530,000 3 3.9 3.7 +0.3
10 RV RESIDENCES 400 to 500 2,732 11 917,150 1 3.6 3.3 +0.3
10 RV SUITES 400 to 500 2,820 5 895,000 1 3.8 3.5 +0.3
14 SILVERSCAPE 400 to 500 1,720 7 535,000 2 3.9 3.6 +0.3
14 SIMS EDGE 400 to 500 1,950 15 600,000 1 3.9 3.4 +0.5
20 SKY VUE 400 to 500 2,326 53 817,500 2 3.4 3.0 +0.5
12 SKYSUITES17 300 to 400 1,983 6 610,000 2 3.9 3.6 +0.3
14 SMART SUITES 400 to 500 1,993 14 670,000 1 3.6 3.8 -0.2
11 SOLEIL @ SINARAN 400 to 500 2,933 3 877,000 1 4.0 3.5 +0.5
15 SPRING @ LANGSAT 400 to 500 1,800 1 608,000 1 3.6 3.8 -0.3
15 SUITES @ GUILLEMARD 300 to 400 1,730 5 540,000 1 3.8 3.7 +0.1
15 SUITES @ GUILLEMARD 400 to 500 1,825 4 560,000 1 3.9 3.7 +0.2
11 SUITES @ NEWTON 400 to 500 2,150 1 919,800 2 2.8 2.8 +0.0
14 SUITES @ SIMS 300 to 400 1,738 8 550,000 1 3.8 4.2 -0.4
21 SUITES AT BUKIT TIMAH 300 to 400 1,730 5 600,000 1 3.5 3.2 +0.2
14 SUITES@CHANGI 400 to 500 1,778 12 592,000 1 3.6 3.5 +0.1
4 THE FORESTA @ MOUNT FABER 400 to 500 2,575 4 808,888 1 3.8 2.9 +0.9
21 THE HILLFORD 300 to 400 1,669 53 491,900 2 4.1 4.6 -0.5
12 THE INTERWEAVE 300 to 400 1,888 25 577,500 2 3.9 3.7 +0.2
12 THE INTERWEAVE 400 to 500 1,933 12 630,000 1 3.7 3.7 -0.0
15 THE SERENNO 400 to 500 1,950 1 668,000 1 3.5 2.1 +1.4
12 THE VERVE 400 to 500 1,933 6 670,000 1 3.5 3.3 +0.2
14 THE WATER EDGE 300 to 400 1,720 5 510,000 1 4.0 3.9 +0.2
14 VIENTO 400 to 500 1,755 10 591,500 2 3.6 3.7 -0.1
9 VIVACE 300 to 400 2,417 12 820,000 1 3.5 3.4 +0.1
9 VIVACE 400 to 500 2,410 5 938,000 1 3.1 3.4 -0.3
14 WATERBANK AT DAKOTA 400 to 500 2,406 16 732,000 1 3.9 3.7 +0.3

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