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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 CARDIFF RESIDENCE 400 to 500 1,714 25 582,500 2 3.5 3.2 +0.4
19 CASA CAMBIO 400 to 500 1,854 27 731,500 2 3.0 2.9 +0.1
18 COCO PALMS 400 to 500 1,838 17 645,250 4 3.4 3.1 +0.3
16 EASTWOOD REGENCY 400 to 500 1,512 9 520,000 1 3.5 3.3 +0.2
15 ESPIRA SUITES 400 to 500 1,804 7 700,000 1 3.1 2.9 +0.2
17 HEDGES PARK CONDOMINIUM 400 to 500 1,696 14 545,970 4 3.7 3.3 +0.4
15 HERITAGE EAST 400 to 500 1,622 9 620,000 1 3.1 3.5 -0.4
28 HIGH PARK RESIDENCES 400 to 500 556 1 560,000 1 1.2 1.2 -0.0
23 HILLION RESIDENCES 400 to 500 1,876 71 805,000 2 2.8 2.6 +0.2
5 HUNDRED TREES 400 to 500 2,023 6 788,000 1 3.1 2.4 +0.6
22 J GATEWAY 400 to 500 2,484 38 850,000 1 3.5 3.3 +0.2
19 JEWEL @ BUANGKOK 400 to 500 1,797 21 669,250 4 3.2 2.7 +0.5
19 LA FIESTA 400 to 500 1,812 20 647,500 1 3.4 2.9 +0.5
15 LAVERNE'S LOFT 300 to 400 1,675 4 576,000 1 3.5 4.2 -0.7
19 PARC CENTROS 400 to 500 1,772 24 632,000 3 3.4 3.1 +0.3
15 PARC ELEGANCE 300 to 400 1,650 7 600,000 1 3.3 3.4 -0.1
15 PARC ELEGANCE 400 to 500 1,640 15 625,400 2 3.1 3.4 -0.3
25 PARC ROSEWOOD 400 to 500 1,520 47 520,750 4 3.5 3.2 +0.3
18 RIPPLE BAY 400 to 500 1,661 11 576,800 5 3.5 3.3 +0.1
5 SEAHILL 400 to 500 2,231 7 705,000 1 3.8 3.3 +0.5
15 SIGLAP V 400 to 500 1,588 4 630,000 1 3.0 2.9 +0.1
19 SUITES @ PAYA LEBAR 300 to 400 1,695 16 550,000 2 3.7 3.6 +0.1
13 [email protected] 400 to 500 1,700 2 582,000 1 3.5 3.5 +0.0
15 THE COTZ 300 to 400 1,567 3 530,000 1 3.5 3.7 -0.2
17 THE INFLORA 400 to 500 1,586 20 529,444 2 3.6 3.0 +0.6
15 THE LUCENT 400 to 500 1,700 1 680,000 1 3.0 2.4 +0.6
19 THE LUXURIE 400 to 500 1,900 4 650,000 1 3.5 2.9 +0.6
20 THE PANORAMA 400 to 500 1,760 21 697,500 2 3.0 2.6 +0.4
19 THE SCALA 400 to 500 2,181 18 776,667 3 3.4 3.1 +0.3
19 THE VUE 400 to 500 1,650 4 590,000 1 3.4 3.1 +0.2
14 TROPIKA EAST 400 to 500 1,750 8 655,000 1 3.2 3.1 +0.2
16 URBAN VISTA 400 to 500 1,862 20 650,000 1 3.4 3.0 +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 10 SHELFORD 400 to 500 1,950 12 798,000 1 2.9 2.6 +0.4
13 18 WOODSVILLE 400 to 500 2,078 9 805,000 1 3.1 2.8 +0.3
9 8 SAINT THOMAS 400 to 500 3,200 1 1,442,738 4 2.7 2.4 +0.3
12 AIRSTREAM 400 to 500 1,777 11 640,000 1 3.3 3.6 -0.3
3 ALEXIS 300 to 400 2,213 16 707,963 3 3.8 3.1 +0.6
13 BARTLEY RIDGE 400 to 500 1,903 40 749,000 2 3.0 2.9 +0.2
8 CAVAN SUITES 300 to 400 1,817 6 595,000 1 3.7 3.4 +0.3
14 CENTRA HEIGHTS 400 to 500 1,904 21 676,694 2 3.4 3.1 +0.3
14 CENTRA RESIDENCE 400 to 500 1,930 5 610,000 1 3.8 3.7 +0.1
14 CENTRA SUITES 400 to 500 1,815 12 614,000 2 3.5 3.4 +0.2
8 CITIGATE RESIDENCE 400 to 500 1,900 1 612,000 1 3.7 3.2 +0.5
7 CITY GATE 400 to 500 2,604 13 935,000 1 3.3 2.6 +0.7
3 COMMONWEALTH TOWERS 400 to 500 2,583 26 900,000 1 3.4 3.2 +0.3
14 COSMO 400 to 500 1,767 3 650,000 1 3.3 3.2 +0.1
12 CRADELS 400 to 500 1,949 13 708,000 1 3.3 3.1 +0.2
9 DEVONSHIRE RESIDENCES 400 to 500 2,729 8 1,200,000 1 2.7 2.7 +0.1
11 DUNEARN SUITES 400 to 500 2,140 7 759,000 2 3.4 3.1 +0.3
14 EDENZ SUITES 400 to 500 1,746 13 635,000 1 3.3 3.5 -0.2
12 EIGHT RIVERSUITES 400 to 500 2,072 40 716,500 2 3.5 3.3 +0.2
14 GUILLEMARD EDGE 400 to 500 1,843 42 730,000 1 3.0 3.8 -0.8
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,520 5 939,000 1 3.2 3.0 +0.3
15 IMPERIAL HEIGHTS 400 to 500 1,857 7 600,000 1 3.7 3.5 +0.3
14 LA BRISA 400 to 500 1,739 9 645,000 1 3.2 3.1 +0.2
14 LA FLEUR 400 to 500 1,669 14 530,000 1 3.8 3.4 +0.4
13 LEICESTER SUITES 400 to 500 1,908 13 742,500 1 3.1 3.2 -0.1
11 LINCOLN SUITES 400 to 500 2,671 14 1,170,000 1 2.7 2.4 +0.3
10 LOFT @ NATHAN 400 to 500 2,150 14 815,000 1 3.2 3.1 +0.1
10 [email protected] 300 to 400 2,383 9 825,000 1 3.5 3.1 +0.4
10 M5 400 to 500 2,167 6 960,000 1 2.7 2.7 +0.1
14 METRO LOFT 400 to 500 1,850 2 668,000 1 3.3 3.2 +0.1
12 NEEM TREE 400 to 500 1,977 13 872,523 1 2.7 2.6 +0.1
13 NIN RESIDENCE 400 to 500 2,033 6 729,000 1 3.3 2.9 +0.4
21 NOTTINGHILL SUITES 300 to 400 1,717 15 650,000 1 3.2 3.1 +0.1
9 OXLEY EDGE 300 to 400 2,338 4 880,000 1 3.2 2.7 +0.5
5 PARC IMPERIAL 300 to 400 2,010 20 708,000 1 3.4 4.0 -0.6
5 PARC IMPERIAL 400 to 500 2,064 20 674,667 3 3.7 4.0 -0.3
1 PEOPLE'S PARK COMPLEX 400 to 500 1,775 13 510,000 1 4.2 4.6 -0.4
12 PRESTIGE HEIGHTS 300 to 400 1,726 25 500,000 1 4.1 3.8 +0.3
12 REGENT RESIDENCES 400 to 500 1,911 9 660,000 1 3.5 2.8 +0.7
9 ROBERTSON EDGE 400 to 500 2,463 16 930,000 1 3.2 3.4 -0.2
10 ROBIN SUITES 400 to 500 2,460 15 1,050,000 1 2.8 2.7 +0.1
1 ROBINSON SUITES 400 to 500 2,877 28 1,280,000 1 2.7 2.6 +0.1
14 ROYCE RESIDENCES 400 to 500 1,700 1 565,000 1 3.6 3.8 -0.2
10 RV EDGE 400 to 500 2,277 13 835,000 1 3.3 3.2 +0.1
14 SILVERSCAPE 400 to 500 1,667 9 570,000 1 3.5 3.2 +0.3
14 SIMS EDGE 400 to 500 1,836 7 638,000 1 3.5 2.9 +0.5
14 SIMS URBAN OASIS 400 to 500 2,017 77 780,000 1 3.1 3.3 -0.2
13 SKY GREEN 400 to 500 1,953 17 770,000 1 3.0 2.9 +0.2
20 SKY VUE 400 to 500 2,359 44 822,800 1 3.4 3.0 +0.5
14 SMART SUITES 400 to 500 1,883 9 658,000 1 3.4 3.1 +0.3
2 SPOTTISWOODE 18 300 to 400 2,238 43 853,000 1 3.1 3.9 -0.8
2 SPOTTISWOODE SUITES 400 to 500 2,600 13 1,080,000 1 2.9 2.7 +0.2
10 STELLAR RV 400 to 500 2,100 1 850,000 1 3.0 2.8 +0.2
8 SUITES 123 400 to 500 2,050 2 668,000 1 3.7 4.0 -0.3
15 SUITES @ GUILLEMARD 400 to 500 1,750 8 580,000 1 3.6 3.8 -0.2
12 SUITES @ TOPAZ 300 to 400 1,650 3 553,000 1 3.6 4.1 -0.5
21 SUITES AT BUKIT TIMAH 300 to 400 1,756 9 595,000 1 3.5 3.2 +0.4
21 SUITES DE LAUREL 400 to 500 1,900 1 725,000 1 3.1 2.5 +0.6
14 [email protected] 400 to 500 1,718 11 585,000 1 3.5 3.1 +0.4
21 THE CREEK @ BUKIT 400 to 500 1,836 7 785,000 1 2.8 2.5 +0.3
4 THE FORESTA @ MOUNT FABER 400 to 500 2,436 11 830,000 1 3.5 3.4 +0.1
21 THE HILLFORD 300 to 400 1,744 40 478,841 7 4.4 4.7 -0.3
12 THE INTERWEAVE 400 to 500 1,971 7 698,000 1 3.4 3.6 -0.2
12 THE VERVE 400 to 500 1,828 9 625,000 1 3.5 3.1 +0.4
14 THE WATER EDGE 300 to 400 1,720 5 555,000 1 3.7 3.6 +0.2
20 THOMSON V TWO 300 to 400 1,800 5 650,000 1 3.3 3.6 -0.3
14 TRE RESIDENCES 400 to 500 2,210 10 720,000 1 3.7 2.9 +0.8
8 TYRWHITT 139 300 to 400 1,875 2 600,000 1 3.8 3.0 +0.7
1 V ON SHENTON 400 to 500 2,741 32 1,135,500 4 2.9 2.9 -0.0
12 VETRO 400 to 500 1,850 2 565,000 1 3.9 3.7 +0.2
14 VIENTO 400 to 500 1,750 10 580,000 1 3.6 3.4 +0.2
5 VIVA VISTA 300 to 400 1,970 28 550,000 1 4.3 3.8 +0.5
14 WATERBANK AT DAKOTA 400 to 500 2,311 19 810,000 1 3.4 3.1 +0.3

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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