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 2,026 25 650,000 2 3.7 3.3 +0.5
19 CARDIFF RESIDENCE 400 to 500 1,819 18 590,000 2 3.7 3.6 +0.1
19 CASA CAMBIO 400 to 500 2,010 39 659,750 4 3.7 3.4 +0.3
22 CASPIAN 400 to 500 2,100 1 632,000 1 4.0 3.5 +0.5
15 CUBIK 400 to 500 1,783 3 600,000 1 3.6 3.1 +0.5
16 EASTWOOD REGENCY 400 to 500 1,617 10 600,000 2 3.2 3.4 -0.2
19 ISUITES @ PALM 400 to 500 1,673 3 605,500 1 3.3 3.4 -0.1
19 LA FIESTA 400 to 500 1,828 23 640,000 3 3.4 2.6 +0.8
15 LAVERNE'S LOFT 300 to 400 1,690 5 530,000 1 3.8 3.6 +0.3
5 NEWEST 400 to 500 1,983 6 680,000 1 3.5 3.2 +0.3
15 PARC BLEU 400 to 500 1,908 6 615,000 1 3.7 3.2 +0.5
19 PARC CENTROS 400 to 500 1,717 35 620,000 3 3.3 3.3 +0.0
25 PARC ROSEWOOD 400 to 500 1,610 36 521,667 6 3.7 3.4 +0.4
19 PARK RESIDENCES KOVAN 300 to 400 1,733 3 606,500 2 3.4 3.4 +0.1
19 PRESTO@UPPER SERANGOON 400 to 500 1,800 14 605,000 1 3.6 3.3 +0.3
19 PRIMO RESIDENCES 400 to 500 1,725 2 600,000 1 3.5 3.1 +0.4
14 RESIDENCES 88 400 to 500 1,745 2 564,000 2 3.7 3.0 +0.7
18 RIPPLE BAY 400 to 500 1,739 9 566,444 2 3.7 3.3 +0.3
19 RIVERSOUND RESIDENCE 400 to 500 1,600 3 548,000 1 3.5 2.9 +0.6
15 SIGLAP V 400 to 500 1,840 5 700,000 1 3.2 3.0 +0.2
14 SINGA HILLS 400 to 500 1,600 1 700,910 1 2.7 2.9 -0.2
27 SKIES MILTONIA 400 to 500 1,650 4 572,500 2 3.5 2.7 +0.7
19 SUITES @ PAYA LEBAR 300 to 400 1,705 10 500,000 1 4.1 3.9 +0.2
13 SUITES@BRADDELL 400 to 500 1,683 3 560,000 2 3.6 3.7 -0.1
22 THE LAKEFRONT RESIDENCES 400 to 500 2,500 11 735,000 1 4.1 3.5 +0.6
27 THE NAUTICAL 400 to 500 1,620 5 554,000 2 3.5 3.2 +0.3
19 THE SCALA 400 to 500 2,250 9 715,000 1 3.8 3.2 +0.6
19 THE TEMBUSU 400 to 500 1,967 3 813,500 1 2.9 3.2 -0.3
14 TROPIKA EAST 400 to 500 1,761 9 628,000 1 3.4 3.3 +0.1
14 VACANZA @ EAST 400 to 500 1,671 7 621,444 2 3.2 2.9 +0.3
15 VIBES @ EAST COAST 300 to 400 1,725 6 520,000 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 2,617 3 1,060,135 9 3.0 2.8 +0.2
13 8@WOODLEIGH 300 to 400 1,933 6 643,000 1 3.6 3.5 +0.1
12 AIRSTREAM 400 to 500 1,782 11 640,000 2 3.3 3.8 -0.5
3 ALEXIS 400 to 500 2,310 10 682,500 2 4.1 4.0 +0.1
14 CENTRA HEIGHTS 400 to 500 2,014 25 638,000 1 3.8 3.6 +0.2
14 CENTRA SUITES 400 to 500 1,900 12 640,000 1 3.6 3.6 -0.0
14 CENTRAL IMPERIAL 400 to 500 1,867 3 472,500 2 4.7 4.4 +0.4
8 CITY LOFT 400 to 500 1,900 2 620,000 1 3.7 3.6 +0.0
15 CORALIS 400 to 500 2,345 10 868,000 1 3.2 3.0 +0.3
11 DUNEARN SUITES 400 to 500 2,163 4 745,000 1 3.5 3.2 +0.3
12 EIGHT RIVERSUITES 400 to 500 2,147 16 730,000 3 3.5 3.3 +0.3
9 ESPADA 300 to 400 2,708 26 868,000 2 3.7 3.6 +0.1
9 ESPADA 400 to 500 2,738 4 950,000 1 3.5 3.6 -0.2
15 EVERITT EDGE 400 to 500 1,867 3 565,000 2 4.0 3.5 +0.4
15 FULCRUM 400 to 500 2,300 1 925,500 2 3.0 3.0 +0.0
14 GUILLEMARD EDGE 400 to 500 1,853 38 591,500 2 3.8 3.4 +0.4
15 IMPERIAL HEIGHTS 400 to 500 1,900 1 625,000 2 3.6 3.8 -0.1
13 LEICESTER SUITES 400 to 500 1,880 10 738,000 1 3.1 3.1 -0.1
11 LINCOLN SUITES 400 to 500 2,746 10 1,070,000 1 3.1 2.7 +0.4
8 LOFT @ RANGOON 400 to 500 1,975 2 640,000 2 3.7 3.5 +0.2
12 M66 400 to 500 1,763 4 585,000 1 3.6 3.6 +0.1
9 MACKENZIE 88 400 to 500 2,129 7 720,000 1 3.5 3.2 +0.4
14 MILLAGE 400 to 500 1,922 16 600,000 1 3.8 3.4 +0.5
14 NESS 400 to 500 1,764 7 552,667 3 3.8 3.7 +0.1
5 PARC IMPERIAL 300 to 400 2,188 20 675,000 1 3.9 3.9 -0.1
8 PARC SOMME 300 to 400 1,800 2 552,500 2 3.9 3.2 +0.7
1 PEOPLE'S PARK COMPLEX 400 to 500 1,778 20 515,000 1 4.1 4.3 -0.2
12 PRESTIGE HEIGHTS 300 to 400 1,743 20 566,000 2 3.7 3.6 +0.1
12 PRESTIGE HEIGHTS 400 to 500 1,900 6 610,000 2 3.7 3.6 +0.1
14 REZI 26 400 to 500 1,942 18 540,000 1 4.3 3.7 +0.6
10 ROBIN SUITES 400 to 500 2,615 12 1,006,838 13 3.1 3.5 -0.4
14 ROYCE RESIDENCES 400 to 500 1,667 3 530,000 3 3.8 3.6 +0.2
10 RV RESIDENCES 400 to 500 2,764 14 950,075 2 3.5 3.3 +0.2
10 RV SUITES 400 to 500 2,820 5 895,000 1 3.8 3.5 +0.3
14 SILVERSCAPE 400 to 500 1,744 10 540,000 1 3.9 3.6 +0.3
14 SIMS EDGE 400 to 500 1,947 15 600,000 1 3.9 3.4 +0.5
20 SKY VUE 400 to 500 2,345 41 844,500 3 3.3 2.9 +0.4
4 SKYLINE RESIDENCES 400 to 500 2,706 17 1,038,800 1 3.1 3.3 -0.2
12 SKYSUITES17 300 to 400 2,054 14 610,000 2 4.0 3.4 +0.6
2 SKYSUITES@ANSON 300 to 400 2,871 19 880,000 1 3.9 4.2 -0.3
14 SMART SUITES 400 to 500 1,992 13 670,000 1 3.6 3.8 -0.2
11 SOLEIL @ SINARAN 400 to 500 3,000 1 877,000 1 4.1 3.6 +0.5
15 SPRING @ LANGSAT 400 to 500 1,750 2 608,000 1 3.5 4.1 -0.6
14 SUITES 28 400 to 500 1,775 2 538,000 1 4.0 2.9 +1.0
15 SUITES @ GUILLEMARD 300 to 400 1,775 6 540,000 1 3.9 3.7 +0.3
15 SUITES @ GUILLEMARD 400 to 500 1,900 6 560,000 1 4.1 3.7 +0.4
11 SUITES @ NEWTON 400 to 500 2,150 1 919,800 2 2.8 2.8 -0.0
14 SUITES @ SIMS 300 to 400 1,750 8 550,000 1 3.8 4.2 -0.4
21 SUITES AT BUKIT TIMAH 300 to 400 1,763 4 600,000 1 3.5 3.1 +0.4
14 SUITES@CHANGI 400 to 500 1,799 15 591,000 2 3.7 3.5 +0.1
21 THE HILLFORD 300 to 400 1,678 30 493,800 1 4.1 4.4 -0.4
12 THE INTERWEAVE 300 to 400 1,893 23 577,500 2 3.9 3.7 +0.2
12 THE INTERWEAVE 400 to 500 1,954 12 616,500 2 3.8 3.7 +0.1
12 THE VERVE 400 to 500 1,914 7 670,000 1 3.4 3.5 -0.1
14 THE WATER EDGE 300 to 400 1,800 4 510,000 1 4.2 3.9 +0.3
14 VIENTO 400 to 500 1,746 12 583,000 1 3.6 3.8 -0.2
5 VIVA VISTA 300 to 400 2,078 29 590,000 1 4.2 4.3 -0.0
9 VIVACE 300 to 400 2,445 11 820,000 1 3.6 3.5 +0.1
9 VIVACE 400 to 500 2,493 7 938,000 1 3.2 3.5 -0.3
14 WATERBANK AT DAKOTA 400 to 500 2,428 18 732,000 1 4.0 3.7 +0.3

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