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 1,995 15 685,000 4 3.5 3.3 +0.2
19 CARDIFF RESIDENCE 400 to 500 1,757 20 566,667 3 3.7 3.8 -0.1
19 CASA CAMBIO 400 to 500 1,843 17 681,000 3 3.2 3.3 -0.0
22 CASPIAN 400 to 500 2,250 2 630,000 1 4.3 3.3 +1.0
18 D'NEST 400 to 500 1,765 10 613,400 5 3.5 3.4 +0.1
27 EIGHT COURTYARDS 400 to 500 1,750 1 570,000 1 3.7 3.3 +0.3
23 FORESQUE RESIDENCES 400 to 500 1,679 7 620,000 1 3.2 3.0 +0.2
17 HEDGES PARK CONDOMINIUM 400 to 500 1,600 4 525,000 1 3.7 3.4 +0.3
15 HERITAGE EAST 300 to 400 1,450 4 555,000 1 3.1 3.1 -0.0
5 HUNDRED TREES 400 to 500 2,072 5 700,000 1 3.6 3.2 +0.3
19 ISUITES @ PALM 400 to 500 1,621 8 585,000 1 3.3 3.3 -0.0
22 J GATEWAY 400 to 500 2,294 26 830,000 2 3.3 2.9 +0.4
19 KOVAN GRANDEUR 300 to 400 1,600 3 491,000 3 3.9 3.5 +0.4
19 LA FIESTA 400 to 500 1,807 21 642,500 2 3.4 2.9 +0.4
15 LA VIDA @ 130 400 to 500 1,650 2 619,000 2 3.2 3.0 +0.2
15 LAVERNE'S LOFT 300 to 400 1,533 3 554,000 1 3.3 3.2 +0.1
15 LAVERNE'S LOFT 400 to 500 1,630 5 582,000 1 3.4 3.2 +0.2
14 LEVENUE 400 to 500 1,758 6 638,000 1 3.3 3.3 -0.0
23 NATURA@HILLVIEW 400 to 500 1,686 7 625,000 1 3.2 2.9 +0.3
16 OPTIMA @ TANAH MERAH 400 to 500 2,025 6 676,000 1 3.6 3.2 +0.4
14 PALMERA EAST 400 to 500 1,817 3 632,000 1 3.4 2.9 +0.5
15 PARC BLEU 400 to 500 1,650 3 590,000 1 3.4 3.5 -0.1
19 PARC CENTROS 400 to 500 1,779 26 615,750 4 3.5 3.3 +0.1
15 PARC ELEGANCE 300 to 400 1,650 5 565,000 1 3.5 3.6 -0.1
17 PARC OLYMPIA 400 to 500 1,575 2 534,000 2 3.5 3.3 +0.2
25 PARC ROSEWOOD 400 to 500 1,535 34 520,429 7 3.5 3.4 +0.1
19 PARK RESIDENCES KOVAN 300 to 400 1,583 6 561,500 2 3.4 3.3 +0.1
19 PRIMO RESIDENCES 400 to 500 1,750 2 570,000 1 3.7 2.8 +0.9
14 QUBE SUITES 400 to 500 1,700 3 611,888 1 3.3 3.1 +0.2
18 RIPPLE BAY 400 to 500 1,780 5 564,400 5 3.8 3.4 +0.4
28 RIVERBANK @ FERNVALE 400 to 500 1,683 10 620,000 1 3.3 3.0 +0.3
5 SEAHILL 400 to 500 2,313 8 680,000 1 4.1 3.3 +0.7
27 SKIES MILTONIA 400 to 500 1,625 2 584,444 2 3.3 3.0 +0.4
15 SUITES @ EASTCOAST 300 to 400 1,615 13 528,000 1 3.7 3.5 +0.2
14 SUITES @ EUNOS 300 to 400 1,767 3 580,000 1 3.7 3.3 +0.4
19 SUITES @ KOVAN 300 to 400 1,750 1 542,500 2 3.9 3.9 -0.0
19 SUITES @ PAYA LEBAR 300 to 400 1,583 6 580,000 1 3.3 3.3 -0.0
19 SUITES @ PAYA LEBAR 400 to 500 1,617 3 557,000 1 3.5 3.3 +0.2
13 SUITES@BRADDELL 300 to 400 1,650 1 550,000 1 3.6 3.6 +0.0
15 THE COTZ 300 to 400 1,625 4 500,000 1 3.9 3.9 -0.0
16 THE GLADES 400 to 500 2,056 17 831,500 2 3.0 3.5 -0.5
17 THE INFLORA 400 to 500 1,572 21 548,000 1 3.4 3.3 +0.1
14 THE LENOX 400 to 500 1,800 4 590,000 1 3.7 3.1 +0.5
19 THE LUXURIE 400 to 500 1,750 1 590,000 1 3.6 3.0 +0.5
27 THE NAUTICAL 400 to 500 1,765 2 555,000 1 3.8 3.5 +0.4
18 THE PALETTE 400 to 500 1,713 4 605,000 1 3.4 3.2 +0.2
19 THE PROMENADE@PELIKAT 400 to 500 1,580 5 601,500 2 3.2 2.7 +0.4
19 THE SCALA 400 to 500 2,146 13 734,000 2 3.5 3.3 +0.2
19 THE TEMBUSU 400 to 500 1,885 10 755,000 1 3.0 2.4 +0.6
19 THE VUE 400 to 500 1,675 2 574,250 4 3.5 3.3 +0.2
15 TREESCAPE 400 to 500 2,000 1 670,800 1 3.6 3.4 +0.2
16 URBAN VISTA 400 to 500 1,858 36 632,000 1 3.5 3.1 +0.5
14 VACANZA @ EAST 400 to 500 1,633 3 658,750 2 3.0 2.9 +0.1
15 VIBES @ EAST COAST 300 to 400 1,667 6 535,000 1 3.7 3.4 +0.3
15 VIBES @ EAST COAST 400 to 500 1,688 8 601,500 2 3.4 3.4 -0.1
19 VIBES @ KOVAN 400 to 500 1,600 1 560,000 1 3.4 4.5 -1.1
19 VIBES@UPPER SERANGOON 400 to 500 1,779 7 590,000 1 3.6 3.0 +0.6

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
(%)
15 16 @ AMBER 400 to 500 1,775 2 732,500 2 2.9 2.9 +0.0
11 26 NEWTON 400 to 500 2,518 25 1,216,768 22 2.5 2.6 -0.1
15 38 I SUITES 400 to 500 1,906 14 710,000 1 3.2 3.2 +0.1
11 6 DERBYSHIRE 400 to 500 2,333 3 1,216,894 9 2.3 2.2 +0.1
12 AIRSTREAM 300 to 400 1,650 2 510,000 1 3.9 3.3 +0.6
3 ALEXIS 300 to 400 2,263 23 686,000 7 4.0 3.6 +0.4
9 ATTITUDE AT KIM YAM 300 to 400 2,133 3 800,000 1 3.2 3.0 +0.2
13 BARTLEY RIDGE 400 to 500 1,880 10 704,500 4 3.2 2.8 +0.4
14 CASA AERATA 300 to 400 1,600 2 516,000 3 3.7 3.5 +0.3
14 CASA AERATA 400 to 500 1,650 2 599,980 2 3.3 3.5 -0.2
8 CAVAN SUITES 300 to 400 1,813 4 580,000 1 3.8 3.5 +0.2
14 CENTRA HEIGHTS 400 to 500 1,938 16 673,500 2 3.5 3.4 +0.1
14 CENTRA LOFT 400 to 500 1,725 4 580,000 1 3.6 3.4 +0.1
14 CENTRA RESIDENCE 400 to 500 1,928 9 580,000 1 4.0 3.7 +0.3
14 CENTRA STUDIOS 300 to 400 1,750 2 540,000 1 3.9 4.0 -0.2
14 CENTRA SUITES 400 to 500 1,838 12 577,667 3 3.8 3.7 +0.1
8 CITY LOFT 300 to 400 1,800 7 542,500 2 4.0 3.8 +0.1
14 COSMO 400 to 500 1,900 1 610,000 1 3.7 3.6 +0.1
12 CRADELS 400 to 500 1,931 16 676,500 2 3.4 3.2 +0.2
12 DOMUS 400 to 500 2,350 4 835,000 1 3.4 3.0 +0.3
3 ECHELON 400 to 500 2,540 5 900,000 1 3.4 3.2 +0.1
12 EIGHT RIVERSUITES 400 to 500 2,078 29 715,727 11 3.5 2.9 +0.6
9 ESPADA 300 to 400 2,504 39 872,829 7 3.4 3.5 -0.0
9 ESPADA 400 to 500 2,800 1 976,500 2 3.4 3.5 -0.0
9 ESTILO 400 to 500 2,400 2 835,560 1 3.4 3.4 +0.1
15 EVERITT EDGE 400 to 500 1,738 4 655,000 1 3.2 3.3 -0.1
15 FULCRUM 400 to 500 2,193 7 1,003,500 2 2.6 3.0 -0.3
14 GUILLEMARD EDGE 400 to 500 1,855 41 646,500 2 3.4 3.5 -0.0
15 HAIG 162 300 to 400 1,647 18 555,000 1 3.6 3.9 -0.3
15 HAIG 162 400 to 500 1,800 2 647,500 2 3.3 3.9 -0.5
14 IDYLLIC SUITES 400 to 500 1,770 10 540,000 1 3.9 3.8 +0.1
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,572 9 1,150,000 1 2.7 2.7 -0.0
15 IMPERIAL HEIGHTS 400 to 500 1,750 5 610,000 1 3.4 3.3 +0.2
8 JOOL SUITES 400 to 500 1,906 8 640,000 1 3.6 3.2 +0.3
14 LA BRISA 400 to 500 1,792 6 537,000 2 4.0 3.8 +0.2
8 LE SOMME 400 to 500 1,900 2 680,000 1 3.4 3.7 -0.4
13 LEICESTER SUITES 400 to 500 1,883 6 728,333 3 3.1 3.3 -0.2
10 LOFT @ NATHAN 300 to 400 2,050 2 695,000 1 3.5 2.9 +0.6
10 LOFT @ STEVENS 400 to 500 2,200 3 810,000 1 3.3 3.5 -0.2
10 LOFT@HOLLAND 300 to 400 2,333 9 770,000 1 3.6 3.5 +0.1
9 MACKENZIE 138 400 to 500 2,150 4 740,000 1 3.5 3.1 +0.4
11 MEDGE 400 to 500 2,100 2 710,000 1 3.5 2.8 +0.8
14 MELOSA 400 to 500 1,729 7 556,500 5 3.7 3.4 +0.3
14 MILLAGE 400 to 500 1,838 13 680,000 2 3.2 3.1 +0.2
14 NESS 400 to 500 1,783 9 581,000 1 3.7 3.7 -0.0
13 NIN RESIDENCE 400 to 500 1,990 5 760,000 1 3.1 3.1 +0.1
21 NOTTINGHILL SUITES 300 to 400 1,689 14 606,667 3 3.3 3.3 +0.0
12 OKIO 400 to 500 1,975 12 685,000 1 3.5 3.4 +0.1
12 ONE DUSUN RESIDENCES 400 to 500 2,106 17 745,000 1 3.4 3.3 +0.1
12 OPAL SUITES 400 to 500 1,675 3 555,000 2 3.6 3.3 +0.3
5 PARC IMPERIAL 300 to 400 2,038 20 673,500 2 3.6 3.7 -0.1
5 PARC IMPERIAL 400 to 500 2,111 18 670,250 2 3.8 3.7 +0.1
9 PARC SOPHIA 400 to 500 2,344 9 870,000 2 3.2 3.2 +0.1
1 PEOPLE'S PARK COMPLEX 400 to 500 1,707 15 440,000 2 4.7 4.6 +0.0
12 PRESTIGE HEIGHTS 300 to 400 1,775 16 537,500 5 4.0 3.8 +0.1
12 PRESTIGE HEIGHTS 400 to 500 1,925 8 613,000 3 3.8 3.8 -0.1
14 PRIME RESIDENCE 300 to 400 1,580 5 510,000 1 3.7 4.3 -0.6
14 PRIMEDGE 400 to 500 1,767 3 612,000 1 3.5 3.2 +0.3
15 QUESTA @ DUNMAN 400 to 500 1,800 1 670,000 1 3.2 2.8 +0.4
14 REZI 26 400 to 500 1,800 10 620,944 2 3.5 3.1 +0.3
9 ROBERTSON EDGE 400 to 500 2,372 9 844,000 2 3.4 3.6 -0.2
10 ROBIN SUITES 400 to 500 2,450 6 980,000 2 3.0 3.1 -0.1
10 RV EDGE 400 to 500 2,300 10 783,333 3 3.5 3.5 +0.1
9 RV POINT 400 to 500 2,488 4 865,000 1 3.5 3.8 -0.4
10 RV RESIDENCES 400 to 500 2,633 15 976,620 1 3.2 3.5 -0.3
10 RV SUITES 400 to 500 2,450 1 888,888 1 3.3 3.0 +0.3
14 SILVERSCAPE 400 to 500 1,642 6 545,000 1 3.6 3.4 +0.2
14 SIMS EDGE 400 to 500 1,883 3 580,000 1 3.9 3.4 +0.5
13 SKY GREEN 400 to 500 1,931 8 735,000 1 3.2 3.0 +0.2
20 SKY VUE 400 to 500 2,288 4 829,444 2 3.3 3.2 +0.1
4 SKYLINE RESIDENCES 400 to 500 2,860 5 963,000 1 3.6 3.2 +0.3
12 SKYSUITES17 300 to 400 1,847 6 657,500 2 3.4 3.8 -0.4
2 SKYSUITES@ANSON 300 to 400 2,787 46 920,434 42 3.6 3.6 -0.0
8 SOHO 188 400 to 500 2,150 5 650,000 1 4.0 4.0 -0.0
8 SOHO @ FARRER 400 to 500 2,175 2 650,000 1 4.0 4.7 -0.7
2 SPOTTISWOODE 18 300 to 400 2,239 38 811,178 5 3.3 3.4 -0.0
2 SPOTTISWOODE SUITES 400 to 500 2,611 31 1,053,333 12 3.0 3.1 -0.1
15 STRAITS RESIDENCES 400 to 500 1,600 1 630,000 1 3.0 2.8 +0.3
21 SUITES AT BUKIT TIMAH 300 to 400 1,783 3 595,000 1 3.6 2.9 +0.7
21 SUITES AT BUKIT TIMAH 400 to 500 1,700 6 675,000 1 3.0 2.9 +0.1
15 SUITES@ KATONG 400 to 500 1,667 3 568,000 1 3.5 4.2 -0.7
14 SUITES@CHANGI 400 to 500 1,705 10 530,000 1 3.9 3.4 +0.5
15 SUNSHINE REGENCY 400 to 500 1,700 1 562,000 1 3.6 3.8 -0.2
1 THE CLIFT 400 to 500 2,967 12 973,333 3 3.7 3.8 -0.1
21 THE HILLFORD 300 to 400 1,729 19 490,000 1 4.2 4.4 -0.2
12 THE INTERWEAVE 300 to 400 1,782 11 570,000 2 3.8 3.3 +0.4
12 THE INTERWEAVE 400 to 500 1,869 8 620,000 1 3.6 3.3 +0.3
15 THE LINE @ TANJONG RHU 400 to 500 2,100 5 1,060,067 6 2.4 2.3 +0.1
8 THE URBANITE 400 to 500 1,900 2 705,000 2 3.2 3.1 +0.1
14 THE WATER EDGE 300 to 400 1,753 4 540,000 1 3.9 3.6 +0.3
14 THE WATER EDGE 400 to 500 1,883 3 636,575 4 3.6 3.6 -0.1
20 THOMSON V ONE 400 to 500 2,000 1 560,000 1 4.3 3.4 +0.9
14 TREASURES @ G20 400 to 500 1,608 6 500,000 1 3.9 3.6 +0.3
12 TREVISTA 400 to 500 1,875 4 680,000 1 3.3 3.0 +0.3
8 TYRWHITT 139 300 to 400 1,600 1 600,000 1 3.2 3.1 +0.1
8 TYRWHITT 139 400 to 500 2,000 1 690,000 1 3.5 3.1 +0.4
14 VIENTO 400 to 500 1,708 12 575,000 3 3.6 3.7 -0.1
5 VIVA VISTA 300 to 400 1,930 19 591,667 3 3.9 3.7 +0.2
5 VIVA VISTA 400 to 500 2,050 6 667,500 2 3.7 3.7 -0.0
9 VIVACE 300 to 400 2,238 8 838,000 1 3.2 3.2 -0.0
14 WATERBANK AT DAKOTA 400 to 500 2,404 14 770,000 3 3.7 3.5 +0.3
11 ZEDGE 400 to 500 1,779 7 765,000 2 2.8 2.8 -0.0

Disclaimer

This report provides information as reference resource for your personal consumption only. It is not intended to be and does not constitute financial advice, investment advice or any other advice. This report has been generated without regard to the individual financial circumstances, needs or objectives of persons who view it. Users should not rely on any of the information herein as authoritative or substitute for the exercise of their own skill and judgment in making any investment or other decision. By the use of our services, you agree that any and all use of this report which you make, is solely at your own risk and without any recourse whatsoever to Square Foot Research Pte. Ltd., its related and affiliate companies and/or their employees. Square Foot Research Pte. Ltd. makes reasonable effort to use reliable and comprehensive information to generate this report, but we make no representation that it is accurate or complete.

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