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
(%)
15 448@EAST COAST 400 to 500 1,833 3 680,000 1 3.2 2.9 +0.3
15 AURALIS 400 to 500 1,992 6 720,000 1 3.3 3.1 +0.2
19 BARTLEY RESIDENCES 400 to 500 1,991 41 682,167 6 3.5 3.2 +0.3
19 BOTANIQUE AT BARTLEY 400 to 500 2,166 16 748,481 6 3.5 3.2 +0.3
19 CARDIFF RESIDENCE 400 to 500 1,750 21 562,333 3 3.7 3.4 +0.4
19 CASA CAMBIO 400 to 500 1,872 32 697,000 4 3.2 3.2 +0.0
18 COCO PALMS 400 to 500 1,873 31 635,000 3 3.5 3.3 +0.3
18 D'NEST 400 to 500 1,805 30 634,000 2 3.4 3.5 -0.1
16 EASTWOOD REGENCY 400 to 500 1,574 14 610,000 1 3.1 3.1 -0.0
27 EIGHT COURTYARDS 400 to 500 1,725 2 560,000 1 3.7 3.1 +0.6
15 ESPIRA SUITES 400 to 500 1,794 9 647,500 2 3.3 3.2 +0.1
23 FORESQUE RESIDENCES 400 to 500 1,738 11 648,000 1 3.2 3.0 +0.2
17 HEDGES PARK CONDOMINIUM 400 to 500 1,800 12 545,972 4 4.0 3.7 +0.3
15 HERITAGE EAST 400 to 500 1,720 5 615,000 1 3.4 3.7 -0.4
28 HIGH PARK RESIDENCES 400 to 500 1,757 28 614,143 7 3.4 3.4 -0.0
23 HILLION RESIDENCES 400 to 500 1,941 58 722,667 3 3.2 3.2 +0.1
5 HUNDRED TREES 400 to 500 2,025 4 745,000 1 3.3 3.0 +0.3
19 ISUITES @ PALM 400 to 500 1,588 8 600,000 1 3.2 3.1 +0.1
22 J GATEWAY 400 to 500 2,403 51 873,000 2 3.3 3.4 -0.1
19 JEWEL @ BUANGKOK 400 to 500 1,847 15 680,000 1 3.3 3.0 +0.3
14 KEMBANGAN SUITES 400 to 500 1,850 1 760,000 1 2.9 3.5 -0.6
19 KINGSFORD WATERBAY 400 to 500 1,785 19 594,200 5 3.6 3.3 +0.3
19 KOVAN GRANDEUR 300 to 400 1,600 6 515,000 2 3.7 3.7 +0.1
19 LA FIESTA 400 to 500 1,842 24 648,750 4 3.4 2.9 +0.5
15 LA VIDA @ 130 400 to 500 1,765 13 596,500 2 3.6 3.7 -0.1
15 LAVERNE'S LOFT 300 to 400 1,663 4 575,000 1 3.5 3.0 +0.4
23 LE QUEST 400 to 500 1,969 54 714,250 4 3.3 3.4 -0.1
14 LEVENUE 400 to 500 1,907 7 630,000 1 3.6 3.8 -0.1
19 MIDTOWN RESIDENCES 400 to 500 1,825 10 668,000 1 3.3 3.2 +0.1
23 NATURA@HILLVIEW 400 to 500 1,742 12 599,000 2 3.5 3.1 +0.4
17 OCEAN FRONT SUITES 300 to 400 1,610 3 535,000 1 3.6 3.5 +0.1
17 OCEAN FRONT SUITES 400 to 500 1,580 5 550,000 1 3.4 3.5 -0.1
15 PARC BLEU 400 to 500 1,820 5 632,500 2 3.5 3.1 +0.3
19 PARC CENTROS 400 to 500 1,823 29 624,625 4 3.5 3.2 +0.3
15 PARC ELEGANCE 300 to 400 1,647 7 555,000 1 3.6 3.9 -0.4
15 PARC ELEGANCE 400 to 500 1,752 9 580,000 1 3.6 3.9 -0.3
17 PARC OLYMPIA 400 to 500 1,729 7 566,000 1 3.7 3.6 +0.0
5 PARC RIVIERA 400 to 500 2,073 15 713,750 4 3.5 3.2 +0.3
25 PARC ROSEWOOD 400 to 500 1,559 48 508,990 11 3.7 3.6 +0.1
19 PARK RESIDENCES KOVAN 300 to 400 1,741 11 591,944 2 3.5 3.4 +0.1
19 PRESTO@UPPER SERANGOON 400 to 500 1,745 6 625,000 1 3.4 3.1 +0.3
18 RIPPLE BAY 400 to 500 1,681 12 565,000 3 3.6 3.4 +0.2
19 RIVERSOUND RESIDENCE 400 to 500 1,575 2 593,000 2 3.2 2.9 +0.3
5 SEAHILL 400 to 500 2,160 5 704,629 3 3.7 3.4 +0.3
15 SHIRO 400 to 500 1,700 2 640,000 1 3.2 2.7 +0.5
15 SIGLAP V 400 to 500 1,696 6 630,000 1 3.2 3.1 +0.1
27 SKIES MILTONIA 400 to 500 1,699 10 562,286 7 3.6 3.2 +0.5
18 STRATUM 400 to 500 1,593 15 548,250 4 3.5 3.3 +0.2
15 SUITES @ EASTCOAST 300 to 400 1,629 12 543,500 2 3.6 3.5 +0.1
19 SUITES @ KOVAN 300 to 400 1,668 4 516,944 2 3.9 3.4 +0.5
19 SUITES @ PAYA LEBAR 400 to 500 1,785 4 583,250 4 3.7 3.6 +0.0
13 SUITES@BRADDELL 300 to 400 1,800 1 550,000 1 3.9 3.3 +0.6
18 THE ALPS RESIDENCES 400 to 500 1,880 16 640,000 2 3.5 3.5 -0.0
15 THE COTZ 400 to 500 1,610 5 630,000 1 3.1 3.2 -0.2
14 THE EBONY 300 to 400 1,707 7 533,000 1 3.8 4.0 -0.2
16 THE GLADES 400 to 500 2,056 29 673,750 4 3.7 3.2 +0.4
17 THE INFLORA 400 to 500 1,648 21 533,333 3 3.7 3.4 +0.3
22 THE LAKEFRONT RESIDENCES 400 to 500 2,145 10 695,000 1 3.7 2.9 +0.8
14 THE LENOX 400 to 500 1,808 6 580,000 1 3.7 3.4 +0.3
19 THE LUXURIE 400 to 500 1,763 4 650,000 1 3.3 3.0 +0.2
27 THE NAUTICAL 400 to 500 1,657 7 552,000 1 3.6 3.6 +0.0
20 THE PANORAMA 400 to 500 1,800 14 681,321 9 3.2 2.8 +0.4
19 THE PROMENADE@PELIKAT 400 to 500 1,690 19 583,000 8 3.5 3.4 +0.1
18 THE SANTORINI 400 to 500 1,979 7 583,000 2 4.1 3.3 +0.8
19 THE SCALA 400 to 500 2,182 25 720,000 1 3.6 3.1 +0.5
19 THE TEMBUSU 400 to 500 1,947 15 799,400 2 2.9 2.6 +0.3
19 THE VUE 400 to 500 1,694 8 615,000 1 3.3 3.2 +0.1
27 THE WISTERIA 400 to 500 1,767 6 560,000 2 3.8 3.2 +0.6
16 URBAN VISTA 400 to 500 1,842 33 619,500 2 3.6 3.1 +0.5
14 VACANZA @ EAST 400 to 500 1,750 5 631,667 3 3.3 2.8 +0.5
15 VIBES @ EAST COAST 300 to 400 1,700 7 570,000 1 3.6 3.5 +0.0
15 VIBES @ EAST COAST 400 to 500 1,663 8 612,500 2 3.3 3.5 -0.3
19 VIBES @ KOVAN 400 to 500 1,775 4 577,500 2 3.7 3.9 -0.2
19 VIBES@UPPER SERANGOON 400 to 500 1,758 12 561,667 3 3.8 3.3 +0.4

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
(%)
14 28 IMPERIAL RESIDENCES 400 to 500 1,725 2 610,000 2 3.4 3.2 +0.2
15 38 I SUITES 400 to 500 1,913 8 730,000 1 3.1 2.9 +0.2
11 8 BASSEIN 400 to 500 2,102 20 770,000 2 3.3 3.2 +0.1
13 8@WOODLEIGH 300 to 400 1,869 8 620,000 2 3.6 3.2 +0.4
15 91 MARSHALL 300 to 400 1,600 1 600,000 1 3.2 2.9 +0.3
12 AIRSTREAM 400 to 500 1,763 8 658,000 1 3.2 3.8 -0.5
13 BARTLEY RIDGE 400 to 500 1,940 29 715,000 4 3.3 3.1 +0.2
12 BLISS LOFT 400 to 500 1,700 1 670,000 1 3.0 3.0 +0.0
14 CASA AERATA 400 to 500 1,864 7 658,000 1 3.4 3.5 -0.1
8 CAVAN SUITES 400 to 500 1,925 4 685,000 1 3.4 3.7 -0.4
14 CENTRA HEIGHTS 400 to 500 1,915 12 624,333 3 3.7 3.5 +0.2
14 CENTRA LOFT 400 to 500 1,813 12 645,296 3 3.4 3.5 -0.2
14 CENTRA RESIDENCE 400 to 500 1,872 9 568,000 1 4.0 3.7 +0.3
14 CENTRA SUITES 400 to 500 1,821 21 631,500 2 3.5 3.4 +0.0
12 CITY REGENCY 400 to 500 1,800 6 635,000 1 3.4 3.4 -0.0
3 COMMONWEALTH TOWERS 400 to 500 2,342 94 845,786 14 3.3 3.1 +0.2
14 COSMO 300 to 400 1,800 1 595,000 1 3.6 3.5 +0.1
12 CRADELS 400 to 500 1,939 22 640,944 2 3.6 3.7 -0.1
9 DEVONSHIRE RESIDENCES 400 to 500 2,789 18 1,108,800 1 3.0 2.9 +0.1
12 DOMUS 400 to 500 2,202 11 805,000 1 3.3 3.2 +0.0
2 DORSETT RESIDENCES 400 to 500 3,194 3 964,000 2 4.0 3.4 +0.5
14 EDENZ LOFT 400 to 500 1,675 6 510,000 1 3.9 3.6 +0.3
14 EDENZ SUITES 400 to 500 1,700 6 590,000 1 3.5 3.7 -0.2
12 EIGHT RIVERSUITES 400 to 500 2,108 60 725,472 4 3.5 3.2 +0.2
9 ESPADA 300 to 400 2,323 45 980,000 1 2.8 3.2 -0.3
8 FARRER PARK SUITES 400 to 500 2,800 1 712,000 1 4.7 3.2 +1.5
12 GEM RESIDENCES 400 to 500 2,226 45 860,000 1 3.1 3.0 +0.1
14 GRANDVIEW SUITES 300 to 400 1,580 5 477,667 3 4.0 3.5 +0.4
14 GUILLEMARD EDGE 400 to 500 1,797 40 623,667 3 3.5 3.7 -0.2
15 HAIG 162 300 to 400 1,716 16 581,829 3 3.5 3.4 +0.1
14 IDYLLIC SUITES 400 to 500 1,733 8 549,000 2 3.8 3.5 +0.3
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,457 7 940,000 1 3.1 2.9 +0.2
15 ISUITES @ MARSHALL 300 to 400 1,725 4 620,000 1 3.3 3.9 -0.6
15 JUPITER 18 400 to 500 1,717 6 635,000 1 3.2 3.0 +0.2
14 LA BRISA 400 to 500 1,771 9 560,000 2 3.8 3.6 +0.2
14 LA FLEUR 400 to 500 1,718 17 510,000 2 4.0 3.6 +0.4
14 LE REGAL 300 to 400 1,580 11 485,000 1 3.9 3.8 +0.1
14 LE REGAL 400 to 500 1,669 8 495,000 1 4.0 3.8 +0.3
13 LEICESTER SUITES 400 to 500 1,914 14 700,000 1 3.3 3.4 -0.1
11 LINCOLN SUITES 400 to 500 2,533 9 1,000,000 1 3.0 2.9 +0.1
10 LOFT @ NATHAN 400 to 500 2,153 16 830,000 2 3.1 2.8 +0.3
10 LOFT @ STEVENS 400 to 500 2,050 4 860,000 1 2.9 2.6 +0.2
10 LOFT@HOLLAND 300 to 400 2,307 15 780,000 1 3.5 3.1 +0.4
12 M66 400 to 500 1,975 4 660,000 1 3.6 3.6 +0.0
14 MELOSA 400 to 500 1,813 4 559,000 2 3.9 3.5 +0.4
14 METRO LOFT 400 to 500 1,829 7 620,000 1 3.5 3.4 +0.2
9 MOUNT SOPHIA SUITES 300 to 400 2,150 2 788,000 1 3.3 3.1 +0.2
14 NESS 400 to 500 1,730 10 576,000 3 3.6 3.8 -0.2
21 NOTTINGHILL SUITES 300 to 400 1,734 19 625,000 4 3.3 3.3 +0.0
21 NOTTINGHILL SUITES 400 to 500 1,810 5 638,000 1 3.4 3.3 +0.1
12 OKIO 400 to 500 1,996 13 710,000 1 3.4 3.0 +0.3
15 ONE @ PULASAN 400 to 500 1,600 1 590,000 1 3.3 3.1 +0.1
12 ONE DUSUN RESIDENCES 400 to 500 2,040 20 753,500 2 3.2 3.1 +0.1
5 PARC IMPERIAL 300 to 400 1,973 22 653,000 1 3.6 4.6 -1.0
5 PARC IMPERIAL 400 to 500 2,005 20 678,000 1 3.5 4.6 -1.1
9 PARC SOPHIA 400 to 500 2,242 12 802,500 2 3.4 3.0 +0.4
14 PARK PLACE RESIDENCES AT PLQ 400 to 500 2,564 50 937,500 2 3.3 3.0 +0.2
14 PAVILION SQUARE 300 to 400 1,791 11 542,000 1 4.0 4.4 -0.4
1 PEOPLE'S PARK COMPLEX 400 to 500 1,669 29 465,000 1 4.3 4.4 -0.1
12 PRESTIGE HEIGHTS 300 to 400 1,704 20 560,000 1 3.7 3.4 +0.2
12 PRESTIGE HEIGHTS 400 to 500 1,911 9 626,000 1 3.7 3.4 +0.2
3 PRINCIPAL GARDEN 400 to 500 2,520 21 908,000 1 3.3 3.1 +0.2
3 QUEENS PEAK 400 to 500 2,372 121 864,600 5 3.3 3.4 -0.1
15 QUESTA @ DUNMAN 400 to 500 1,867 3 684,000 2 3.3 2.7 +0.6
14 REZI 26 400 to 500 1,789 18 590,400 5 3.6 3.4 +0.2
14 REZI 3TWO 400 to 500 1,844 18 670,888 1 3.3 3.3 +0.0
12 RIVERBAY 300 to 400 1,708 6 567,667 3 3.6 3.6 +0.0
10 ROBIN SUITES 400 to 500 2,448 12 1,088,000 1 2.7 2.7 +0.0
14 ROYCE RESIDENCES 300 to 400 1,700 5 500,000 1 4.1 3.9 +0.2
14 ROYCE RESIDENCES 400 to 500 1,738 4 536,000 1 3.9 3.9 -0.0
10 RV EDGE 300 to 400 2,124 18 780,000 1 3.3 3.2 +0.1
9 RV POINT 300 to 400 2,000 1 752,888 1 3.2 3.0 +0.1
14 SILVERSCAPE 400 to 500 1,695 10 660,000 1 3.1 3.2 -0.2
14 SIMS EDGE 400 to 500 1,857 7 739,999 1 3.0 3.1 -0.1
14 SIMS URBAN OASIS 400 to 500 2,074 45 702,049 18 3.5 3.2 +0.3
13 SKY GREEN 400 to 500 2,024 19 719,000 2 3.4 3.1 +0.3
20 SKY VUE 400 to 500 2,326 23 810,000 1 3.4 3.0 +0.4
4 SKYLINE RESIDENCES 400 to 500 2,617 9 980,000 1 3.2 2.6 +0.6
12 SKYSUITES17 300 to 400 1,856 9 575,000 1 3.9 3.5 +0.3
8 SOHO 188 400 to 500 2,063 8 674,000 2 3.7 3.6 +0.1
2 SPOTTISWOODE 18 300 to 400 2,205 51 816,200 5 3.2 3.2 +0.0
2 SPOTTISWOODE SUITES 400 to 500 2,478 22 1,105,000 1 2.7 2.5 +0.2
15 STUDIOS@TEMBELING 300 to 400 1,893 3 600,000 1 3.8 3.5 +0.3
8 SUITES 123 400 to 500 2,033 3 610,000 1 4.0 3.6 +0.4
14 SUITES 28 400 to 500 1,688 4 488,000 1 4.1 3.2 +1.0
11 SUITES @ NEWTON 400 to 500 2,240 5 950,000 1 2.8 2.6 +0.2
8 SUITES @ OWEN 400 to 500 1,950 1 660,000 1 3.5 3.5 +0.0
11 SUITES @ SHREWSBURY 300 to 400 1,933 3 580,000 2 4.0 3.9 +0.1
14 SUITES @ SIMS 300 to 400 1,752 14 530,000 1 4.0 3.8 +0.2
12 SUITES @ TOPAZ 300 to 400 1,700 6 539,000 1 3.8 3.3 +0.4
21 SUITES AT BUKIT TIMAH 400 to 500 1,800 1 638,000 1 3.4 3.7 -0.3
21 SUITES DE LAUREL 400 to 500 1,990 5 770,000 1 3.1 2.7 +0.4
14 SUITES@CHANGI 400 to 500 1,684 14 525,000 1 3.8 3.5 +0.4
21 THE CREEK @ BUKIT 400 to 500 1,893 14 810,000 1 2.8 2.8 +0.1
4 THE FORESTA @ MOUNT FABER 400 to 500 2,359 16 825,000 1 3.4 3.1 +0.3
21 THE HILLFORD 300 to 400 1,762 35 479,091 11 4.4 4.7 -0.3
12 THE INTERWEAVE 400 to 500 1,914 7 646,000 3 3.6 3.5 +0.1
15 THE LINE @ TANJONG RHU 400 to 500 2,108 6 1,020,000 1 2.5 2.1 +0.3
14 THE OCTET 400 to 500 1,819 13 546,667 3 4.0 3.7 +0.3
13 THE POIZ RESIDENCES 400 to 500 2,180 35 732,857 7 3.6 3.1 +0.4
14 THE WATER EDGE 400 to 500 1,877 11 670,000 2 3.4 3.9 -0.5
20 THOMSON IMPRESSIONS 400 to 500 2,008 18 750,000 1 3.2 2.9 +0.3
20 THOMSON THREE 400 to 500 1,959 17 792,500 2 3.0 2.7 +0.3
14 TRE RESIDENCES 400 to 500 2,135 10 710,000 1 3.6 3.1 +0.5
14 TREASURES @ G20 400 to 500 1,636 11 460,000 1 4.3 3.8 +0.4
14 TREASURES@G6 400 to 500 1,706 9 582,000 1 3.5 3.5 -0.0
12 TREVISTA 400 to 500 1,950 2 605,000 1 3.9 2.8 +1.1
14 VIENTO 400 to 500 1,711 9 579,000 2 3.5 3.6 -0.1
5 VIVA VISTA 300 to 400 1,934 40 605,000 2 3.8 4.2 -0.4
5 VIVA VISTA 400 to 500 2,050 3 635,000 1 3.9 4.2 -0.4
9 VIVACE 300 to 400 2,300 11 775,000 2 3.6 3.2 +0.4
14 WATERBANK AT DAKOTA 400 to 500 2,311 25 832,500 2 3.3 3.1 +0.2

Disclaimer

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