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
(%)
15 AURALIS 400 to 500 1,900 1 728,000 1 3.1 2.2 +0.9
19 BARTLEY RESIDENCES 400 to 500 1,927 30 699,714 7 3.3 2.9 +0.4
19 CARDIFF RESIDENCE 400 to 500 1,756 21 570,000 7 3.7 3.4 +0.3
19 CASA CAMBIO 400 to 500 1,813 17 673,986 8 3.2 2.9 +0.3
22 CASPIAN 400 to 500 1,913 4 655,000 1 3.5 3.2 +0.3
18 COCO PALMS 400 to 500 1,798 37 642,800 5 3.4 3.2 +0.2
18 D'NEST 400 to 500 1,746 31 623,667 6 3.4 3.3 +0.1
16 EASTWOOD REGENCY 400 to 500 1,542 10 617,667 3 3.0 3.3 -0.3
27 EIGHT COURTYARDS 400 to 500 1,700 1 540,000 2 3.8 3.4 +0.3
15 ESPIRA SUITES 400 to 500 1,800 4 687,500 2 3.1 3.7 -0.5
17 HEDGES PARK CONDOMINIUM 400 to 500 1,575 10 535,000 1 3.5 3.8 -0.3
15 HERITAGE EAST 300 to 400 1,867 3 585,000 1 3.8 3.4 +0.4
15 HERITAGE EAST 400 to 500 1,588 4 600,000 1 3.2 3.4 -0.2
23 HILLION RESIDENCES 400 to 500 1,840 36 733,000 2 3.0 3.1 -0.1
5 HUNDRED TREES 400 to 500 2,000 1 732,500 2 3.3 2.8 +0.5
19 ISUITES @ PALM 400 to 500 1,648 5 592,000 1 3.3 3.4 -0.1
22 J GATEWAY 400 to 500 2,391 45 901,933 3 3.2 3.1 +0.1
19 JEWEL @ BUANGKOK 400 to 500 1,779 9 680,000 1 3.1 3.0 +0.1
19 LA FIESTA 400 to 500 1,795 19 648,000 1 3.3 3.1 +0.3
15 LA VIDA @ 130 400 to 500 1,775 8 618,000 1 3.4 3.5 -0.1
15 LAVERNE'S LOFT 400 to 500 1,675 2 610,000 2 3.3 3.2 +0.1
14 LEVENUE 400 to 500 1,650 6 650,000 3 3.0 3.1 -0.1
18 MY MANHATTAN 400 to 500 2,200 2 670,000 1 3.9 3.1 +0.8
16 OPTIMA @ TANAH MERAH 400 to 500 2,090 5 715,000 2 3.5 3.2 +0.3
15 PARC BLEU 400 to 500 1,757 7 582,500 2 3.6 3.3 +0.4
19 PARC CENTROS 400 to 500 1,735 16 648,600 5 3.2 3.2 +0.0
15 PARC ELEGANCE 300 to 400 1,625 6 547,500 2 3.6 3.6 -0.0
15 PARC ELEGANCE 400 to 500 1,715 14 616,600 5 3.3 3.6 -0.2
17 PARC OLYMPIA 400 to 500 1,650 14 562,500 2 3.5 3.6 -0.1
25 PARC ROSEWOOD 400 to 500 1,551 33 530,125 4 3.5 3.6 -0.1
19 PARK RESIDENCES KOVAN 300 to 400 1,516 7 559,333 3 3.3 3.5 -0.3
19 [email protected] SERANGOON 400 to 500 1,738 8 628,000 2 3.3 3.0 +0.4
14 QUBE SUITES 400 to 500 2,000 1 641,000 2 3.7 2.9 +0.8
18 RIPPLE BAY 400 to 500 1,686 14 567,333 3 3.6 3.3 +0.3
5 SEAHILL 400 to 500 2,167 6 749,000 2 3.5 3.3 +0.2
19 SPACE @ KOVAN 400 to 500 1,718 7 642,888 1 3.2 3.1 +0.1
18 STRATUM 400 to 500 1,600 20 600,000 1 3.2 3.6 -0.4
15 SUITES @ EASTCOAST 300 to 400 1,613 8 557,500 6 3.5 3.4 +0.1
14 SUITES @ EUNOS 300 to 400 1,675 4 579,300 1 3.5 3.4 +0.1
19 SUITES @ PAYA LEBAR 300 to 400 1,650 4 545,000 3 3.6 3.4 +0.3
19 THE BENTLY [email protected] 400 to 500 1,700 1 700,000 1 2.9 2.1 +0.8
15 THE COTZ 300 to 400 1,550 3 520,000 1 3.6 3.9 -0.3
15 THE COTZ 400 to 500 1,640 5 585,000 2 3.4 3.9 -0.5
14 THE EBONY 300 to 400 1,636 7 541,250 4 3.6 3.3 +0.3
17 THE INFLORA 400 to 500 1,570 14 535,500 8 3.5 3.4 +0.1
22 THE LAKEFRONT RESIDENCES 400 to 500 2,108 10 760,000 1 3.3 3.1 +0.2
14 THE LENOX 400 to 500 1,925 4 635,000 3 3.6 3.3 +0.4
19 THE LUXURIE 400 to 500 1,713 4 628,000 1 3.3 3.0 +0.2
27 THE NAUTICAL 400 to 500 1,600 8 537,500 2 3.6 3.6 -0.0
20 THE PANORAMA 400 to 500 1,742 18 735,000 1 2.8 2.5 +0.4
19 THE [email protected] 400 to 500 1,665 17 650,000 1 3.1 3.3 -0.2
19 THE SCALA 400 to 500 2,154 12 770,667 3 3.4 3.1 +0.2
19 THE VUE 400 to 500 1,631 8 643,000 3 3.0 3.2 -0.2
16 URBAN VISTA 400 to 500 1,831 16 643,000 5 3.4 3.0 +0.4
15 VIBES @ EAST COAST 300 to 400 1,607 7 577,000 4 3.3 3.3 -0.0
15 VIBES @ EAST COAST 400 to 500 1,683 9 620,667 3 3.3 3.3 -0.1

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 2,050 15 828,000 1 3.0 3.3 -0.3
15 38 I SUITES 400 to 500 1,864 7 754,000 3 3.0 2.8 +0.1
11 8 BASSEIN 400 to 500 2,070 10 820,888 1 3.0 3.1 -0.1
13 [email protected] 300 to 400 1,767 6 640,000 2 3.3 2.9 +0.4
12 AIRSTREAM 400 to 500 1,700 6 643,333 3 3.2 3.4 -0.3
3 ALEX RESIDENCES 400 to 500 2,610 15 855,150 2 3.7 3.1 +0.6
3 ALEXIS 300 to 400 2,067 9 678,000 1 3.7 3.4 +0.3
3 ALEXIS 400 to 500 2,064 7 702,500 2 3.5 3.4 +0.1
9 ATTITUDE AT KIM YAM 300 to 400 2,000 4 707,500 2 3.4 3.6 -0.2
14 AVANT RESIDENCES 300 to 400 2,967 3 667,086 8 5.3 6.1 -0.8
13 BARTLEY RIDGE 400 to 500 1,889 33 723,111 9 3.1 2.8 +0.3
15 BELLA CASITA 400 to 500 2,000 1 700,000 2 3.4 2.8 +0.7
12 BLISS LOFT 400 to 500 1,750 2 615,000 1 3.4 3.4 -0.0
14 CASA AERATA 400 to 500 1,850 7 585,981 6 3.8 3.7 +0.1
8 CAVAN SUITES 300 to 400 1,800 1 572,500 2 3.8 3.5 +0.3
14 CENTRA HEIGHTS 400 to 500 1,898 14 660,000 1 3.5 3.5 -0.1
14 CENTRA LOFT 400 to 500 1,807 7 630,000 1 3.4 3.8 -0.3
14 CENTRA RESIDENCE 300 to 400 1,700 4 585,000 1 3.5 3.9 -0.4
14 CENTRA RESIDENCE 400 to 500 1,833 9 600,000 1 3.7 3.9 -0.3
14 CENTRA STUDIOS 300 to 400 1,750 5 580,000 1 3.6 3.4 +0.2
14 CENTRA SUITES 400 to 500 1,888 13 605,000 4 3.7 3.7 +0.0
14 CENTRAL IMPERIAL 400 to 500 1,700 2 470,450 4 4.3 4.1 +0.3
12 CITY SUITES 400 to 500 1,992 13 822,888 1 2.9 3.0 -0.0
3 COMMONWEALTH TOWERS 400 to 500 2,287 121 892,000 4 3.1 3.0 +0.1
15 CORALIS 400 to 500 2,183 6 928,000 1 2.8 2.7 +0.1
14 COSMO 300 to 400 1,750 3 640,000 1 3.3 3.2 +0.1
12 CRADELS 400 to 500 1,914 18 702,500 2 3.3 3.5 -0.2
9 DEVONSHIRE 12 400 to 500 2,638 4 970,000 2 3.3 3.2 +0.1
12 DOMUS 400 to 500 2,060 5 873,000 1 2.8 3.0 -0.2
2 DORSETT RESIDENCES 400 to 500 3,300 2 1,000,000 1 4.0 3.4 +0.6
3 ECHELON 400 to 500 2,579 12 980,000 1 3.2 3.1 +0.0
14 EDENZ LOFT 400 to 500 1,700 13 555,000 2 3.7 3.4 +0.2
14 EDENZ SUITES 400 to 500 1,725 10 591,667 3 3.5 3.5 +0.0
12 EIGHT RIVERSUITES 400 to 500 2,059 49 739,761 13 3.3 2.9 +0.4
9 ESPADA 300 to 400 2,713 19 978,667 9 3.3 3.2 +0.1
9 ESPADA 400 to 500 2,800 2 1,030,000 1 3.3 3.2 +0.0
15 EVERITT EDGE 400 to 500 1,690 5 621,000 2 3.3 3.2 +0.0
14 GUILLEMARD EDGE 400 to 500 1,818 29 635,200 5 3.4 3.4 +0.1
15 HAIG 162 300 to 400 1,679 7 539,000 2 3.7 3.7 +0.0
15 HAIG 162 400 to 500 1,900 2 720,000 1 3.2 3.7 -0.5
14 IDYLLIC SUITES 400 to 500 1,725 14 620,000 1 3.3 3.3 +0.1
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,360 5 963,500 2 2.9 2.9 +0.1
15 ISUITES @ MARSHALL 300 to 400 1,850 2 610,000 1 3.6 2.8 +0.8
14 LA BRISA 400 to 500 1,756 8 640,000 1 3.3 3.2 +0.1
14 LA FLEUR 400 to 500 1,717 12 536,400 5 3.8 3.5 +0.3
14 LE REGAL 400 to 500 1,670 5 509,000 2 3.9 4.1 -0.2
13 LEICESTER SUITES 400 to 500 1,960 5 733,333 3 3.2 3.1 +0.1
10 LOFT @ NATHAN 300 to 400 2,025 4 715,000 1 3.4 2.9 +0.5
10 LOFT @ NATHAN 400 to 500 2,204 13 880,000 1 3.0 2.9 +0.1
8 LOFT @ RANGOON 400 to 500 1,883 3 650,000 1 3.5 3.1 +0.4
2 LUMIERE 400 to 500 2,150 2 950,000 1 2.7 3.6 -0.9
14 MELOSA 400 to 500 1,725 2 650,000 1 3.2 3.4 -0.2
14 METRO LOFT 400 to 500 1,778 10 660,000 1 3.2 3.3 -0.0
14 MILLAGE 400 to 500 1,751 8 702,500 2 3.0 2.9 +0.1
9 MOUNT SOPHIA SUITES 400 to 500 2,300 1 860,000 1 3.2 3.2 +0.0
14 NESS 300 to 400 1,550 1 525,333 1 3.5 4.0 -0.5
13 NIN RESIDENCE 400 to 500 1,925 6 770,000 1 3.0 2.8 +0.2
9 NOMU 400 to 500 2,900 1 1,160,000 1 3.0 2.8 +0.2
21 NOTTINGHILL SUITES 300 to 400 1,636 21 652,000 1 3.0 3.3 -0.3
21 NOTTINGHILL SUITES 400 to 500 1,700 2 640,000 1 3.2 3.3 -0.1
12 OKIO 400 to 500 1,929 12 700,000 1 3.3 3.4 -0.1
12 ONE DUSUN RESIDENCES 400 to 500 2,039 9 763,750 4 3.2 2.9 +0.3
12 OPAL SUITES 400 to 500 1,725 2 585,000 1 3.5 3.6 -0.0
9 OXLEY EDGE 400 to 500 2,400 9 860,000 1 3.3 3.2 +0.2
5 PARC IMPERIAL 400 to 500 2,044 18 657,500 2 3.7 3.8 -0.1
9 PARC SOPHIA 400 to 500 2,286 7 900,000 1 3.0 2.9 +0.1
12 PRESTIGE HEIGHTS 300 to 400 1,760 20 576,971 7 3.7 3.5 +0.1
14 PRIME RESIDENCE 400 to 500 1,813 4 555,000 1 3.9 3.9 -0.0
14 PRIMEDGE 400 to 500 1,780 5 670,000 1 3.2 3.9 -0.7
8 RANGOON 88 400 to 500 2,200 4 640,000 1 4.1 3.2 +1.0
12 REGENT RESIDENCES 400 to 500 1,810 10 675,333 3 3.2 2.6 +0.6
12 RIVERBAY 300 to 400 1,692 6 605,667 3 3.4 3.3 +0.1
9 ROBERTSON EDGE 400 to 500 2,425 10 917,750 2 3.2 3.6 -0.4
14 ROYCE RESIDENCES 400 to 500 1,725 4 605,000 1 3.4 4.4 -0.9
10 RV EDGE 300 to 400 2,176 7 774,333 3 3.4 3.6 -0.2
10 RV EDGE 400 to 500 2,521 7 854,667 6 3.5 3.6 -0.0
10 RV RESIDENCES 400 to 500 2,781 8 1,050,000 1 3.2 2.7 +0.5
10 RV SUITES 400 to 500 2,567 3 920,000 1 3.3 3.1 +0.2
14 SILVERSCAPE 400 to 500 1,700 7 612,500 2 3.3 3.4 -0.0
14 SIMS EDGE 400 to 500 1,830 10 682,178 5 3.2 3.0 +0.2
14 SIMS URBAN OASIS 400 to 500 2,018 62 765,500 2 3.2 3.2 +0.0
20 SKY VUE 400 to 500 2,357 14 830,333 3 3.4 3.1 +0.3
4 SKYLINE RESIDENCES 400 to 500 2,806 8 1,020,000 1 3.3 2.7 +0.6
12 SKYSUITES17 300 to 400 1,838 8 640,750 4 3.4 3.4 +0.0
2 [email protected] 300 to 400 2,804 38 954,000 2 3.5 3.5 -0.0
8 SOHO 188 400 to 500 2,240 5 680,000 1 4.0 3.5 +0.4
2 SPOTTISWOODE 18 300 to 400 2,207 41 856,738 5 3.1 3.3 -0.2
2 SPOTTISWOODE SUITES 400 to 500 2,629 17 990,000 1 3.2 3.0 +0.2
10 STELLAR RV 400 to 500 2,200 3 868,000 1 3.0 2.9 +0.1
14 SUITES 28 400 to 500 1,763 4 562,500 2 3.8 2.9 +0.9
15 SUITES @ GUILLEMARD 200 to 300 1,400 1 445,000 1 3.8 3.7 +0.0
11 SUITES @ NEWTON 400 to 500 2,433 3 995,000 1 2.9 3.2 -0.2
8 SUITES @ OWEN 400 to 500 2,000 3 703,000 1 3.4 3.6 -0.2
12 SUITES @ TOPAZ 300 to 400 1,750 5 560,000 2 3.8 3.2 +0.5
15 [email protected] KATONG 300 to 400 1,725 4 572,000 1 3.6 3.6 +0.0
14 [email protected] 400 to 500 1,635 13 587,000 2 3.3 3.2 +0.2
15 TEMBELING RESIDENCE 400 to 500 1,800 2 640,000 1 3.4 2.7 +0.7
1 THE CLIFT 400 to 500 3,110 10 1,030,000 1 3.6 3.6 +0.0
10 THE FORD @ HOLLAND 400 to 500 2,600 2 879,000 2 3.5 3.2 +0.4
4 THE FORESTA @ MOUNT FABER 400 to 500 2,511 14 868,000 1 3.5 2.9 +0.5
21 THE HILLFORD 300 to 400 1,699 36 495,000 5 4.1 4.5 -0.4
12 THE INTERWEAVE 300 to 400 1,744 9 602,000 4 3.5 3.6 -0.1
12 THE INTERWEAVE 400 to 500 1,885 10 680,000 1 3.3 3.6 -0.3
15 THE LINE @ TANJONG RHU 400 to 500 2,078 9 993,280 1 2.5 2.4 +0.1
14 THE OCTET 300 to 400 1,650 1 540,000 1 3.7 3.2 +0.5
12 THE VERVE 400 to 500 1,800 3 643,000 1 3.4 3.1 +0.2
14 THE WATER EDGE 400 to 500 1,837 15 692,667 3 3.2 3.8 -0.6
20 THOMSON V TWO 400 to 500 1,750 2 720,000 2 2.9 3.8 -0.9
12 TREVISTA 400 to 500 1,992 6 620,000 1 3.9 3.1 +0.7
8 TYRWHITT 139 300 to 400 1,900 3 601,500 2 3.8 3.3 +0.5
9 [email protected] QUAY 400 to 500 3,163 4 1,188,888 1 3.2 2.7 +0.5
8 URBAN LOFTS 400 to 500 1,890 5 620,000 1 3.7 3.5 +0.1
1 V ON SHENTON 400 to 500 2,692 66 1,185,333 3 2.7 2.6 +0.2
15 VENTURA VIEW 400 to 500 1,600 1 530,000 1 3.6 4.0 -0.4
12 VETRO 400 to 500 1,750 3 578,000 1 3.6 3.5 +0.2
5 VIVA VISTA 300 to 400 1,924 23 630,000 3 3.7 3.7 -0.0
9 VIVACE 300 to 400 2,313 4 850,800 1 3.3 3.3 -0.0
9 VIVACE 400 to 500 2,450 4 874,000 2 3.4 3.3 +0.1
10 VIZ AT HOLLAND 400 to 500 2,133 3 900,000 1 2.8 2.6 +0.3
14 WATERBANK AT DAKOTA 400 to 500 2,303 18 825,000 1 3.3 3.4 -0.1
9 WILKIE 80 300 to 400 2,100 2 790,000 1 3.2 3.1 +0.1
9 WILKIE 80 400 to 500 2,214 7 821,000 1 3.2 3.1 +0.1
11 ZEDGE 400 to 500 1,900 7 830,000 1 2.7 2.6 +0.2

Disclaimer

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