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 1,950 4 710,750 4 3.3 2.8 +0.5
19 BARTLEY RESIDENCES 400 to 500 2,046 28 693,333 3 3.5 3.1 +0.5
19 BOTANIQUE AT BARTLEY 400 to 500 2,160 10 771,833 6 3.4 3.1 +0.3
19 CARDIFF RESIDENCE 400 to 500 1,805 22 590,333 6 3.7 3.5 +0.1
19 CASA CAMBIO 400 to 500 1,902 27 725,000 1 3.1 3.5 -0.4
18 COCO PALMS 400 to 500 1,933 21 641,000 4 3.6 3.3 +0.3
18 D'NEST 400 to 500 1,861 23 612,333 3 3.6 3.6 +0.1
19 D'ZIRE 400 to 500 1,600 1 585,000 2 3.3 3.7 -0.4
16 EASTWOOD REGENCY 400 to 500 1,660 10 610,000 1 3.3 3.7 -0.5
27 EIGHT COURTYARDS 400 to 500 1,667 3 560,000 1 3.6 3.1 +0.4
15 ESPIRA SUITES 400 to 500 1,825 10 639,000 2 3.4 3.5 -0.0
23 FORESQUE RESIDENCES 400 to 500 1,813 4 615,000 1 3.5 3.1 +0.5
16 GRANDEUR PARK RESIDENCES 400 to 500 2,221 40 718,000 1 3.7 3.5 +0.2
15 H RESIDENCES 400 to 500 1,900 1 623,000 1 3.7 3.4 +0.3
17 HEDGES PARK CONDOMINIUM 400 to 500 1,796 12 554,667 3 3.9 3.7 +0.2
15 HERITAGE EAST 400 to 500 1,821 7 650,000 1 3.4 3.3 +0.1
28 HIGH PARK RESIDENCES 300 to 400 1,683 6 549,000 2 3.7 3.6 +0.1
28 HIGH PARK RESIDENCES 400 to 500 1,887 15 614,900 5 3.7 3.6 +0.1
23 HILLION RESIDENCES 400 to 500 2,003 67 705,333 9 3.4 3.3 +0.2
5 HUNDRED TREES 400 to 500 2,075 4 730,000 1 3.4 3.0 +0.5
22 J GATEWAY 400 to 500 2,546 55 864,500 4 3.5 3.4 +0.1
19 JEWEL @ BUANGKOK 400 to 500 1,883 12 685,000 2 3.3 2.9 +0.4
14 KEMBANGAN SUITES 400 to 500 2,200 1 630,000 1 4.2 3.2 +1.0
19 KENSINGTON SQUARE 400 to 500 1,813 4 650,000 1 3.3 2.4 +0.9
19 KINGSFORD WATERBAY 400 to 500 1,829 39 601,667 9 3.6 3.4 +0.2
19 LA FIESTA 400 to 500 1,937 19 655,000 2 3.5 3.1 +0.4
15 LA VIDA @ 130 400 to 500 1,810 5 628,000 1 3.5 3.8 -0.4
22 LAKE GRANDE 400 to 500 2,228 9 712,250 4 3.8 3.2 +0.5
15 LAVERNE'S LOFT 300 to 400 1,667 3 578,888 1 3.5 3.4 +0.1
15 LAVERNE'S LOFT 400 to 500 1,763 4 620,000 1 3.4 3.4 +0.0
23 LE QUEST 400 to 500 2,180 22 770,000 2 3.4 3.5 -0.1
23 [email protected] 400 to 500 1,759 16 610,000 2 3.5 3.2 +0.3
17 OCEAN FRONT SUITES 400 to 500 1,593 7 568,333 3 3.4 3.1 +0.2
16 OPTIMA @ TANAH MERAH 400 to 500 2,125 6 695,000 2 3.7 3.1 +0.6
15 PARC BLEU 400 to 500 1,821 7 617,500 2 3.5 3.8 -0.3
19 PARC CENTROS 400 to 500 1,844 17 625,000 7 3.5 3.1 +0.4
15 PARC ELEGANCE 300 to 400 1,730 5 555,000 1 3.7 3.8 -0.1
15 PARC ELEGANCE 400 to 500 1,714 18 627,000 1 3.3 3.8 -0.6
5 PARC RIVIERA 400 to 500 2,116 42 705,167 6 3.6 3.3 +0.3
25 PARC ROSEWOOD 400 to 500 1,617 40 516,492 24 3.8 3.6 +0.1
19 PARK RESIDENCES KOVAN 300 to 400 1,857 11 583,888 1 3.8 3.5 +0.3
14 QUBE SUITES 400 to 500 1,900 1 600,000 1 3.8 3.6 +0.2
18 RIPPLE BAY 400 to 500 1,785 11 575,667 3 3.7 3.4 +0.3
28 RIVERBANK @ FERNVALE 400 to 500 1,843 7 605,000 1 3.7 3.4 +0.3
19 RIVERSOUND RESIDENCE 400 to 500 1,600 1 606,000 1 3.2 3.1 +0.1
15 SEASIDE RESIDENCES 400 to 500 2,571 7 855,000 1 3.6 2.9 +0.7
15 SIGLAP V 400 to 500 1,717 3 566,000 2 3.6 3.0 +0.7
27 SKIES MILTONIA 400 to 500 1,675 4 587,500 2 3.4 3.2 +0.2
23 SOL ACRES 400 to 500 1,800 1 547,000 2 3.9 3.8 +0.2
19 SPACE @ KOVAN 400 to 500 1,810 10 591,000 3 3.7 3.3 +0.3
19 SPAZIO @ KOVAN 400 to 500 1,967 3 676,500 2 3.5 3.3 +0.2
18 STRATUM 400 to 500 1,643 21 554,000 2 3.6 3.6 -0.0
15 SUITES @ EASTCOAST 300 to 400 1,661 19 568,000 1 3.5 3.6 -0.1
19 SUITES @ PAYA LEBAR 300 to 400 1,740 10 535,888 1 3.9 3.7 +0.2
19 SUITES @ PAYA LEBAR 400 to 500 1,781 8 587,500 2 3.6 3.7 -0.1
13 [email protected] 300 to 400 1,780 1 561,250 2 3.8 3.3 +0.5
14 SUNNY LODGE 300 to 400 1,200 1 548,000 1 2.6 3.9 -1.2
18 THE ALPS RESIDENCES 400 to 500 1,925 22 604,750 4 3.8 3.5 +0.3
14 THE EBONY 300 to 400 1,760 5 522,667 3 4.0 3.4 +0.7
16 THE GLADES 400 to 500 2,103 30 703,500 4 3.6 3.3 +0.3
17 THE INFLORA 400 to 500 1,763 24 531,143 7 4.0 3.6 +0.4
22 THE LAKEFRONT RESIDENCES 400 to 500 2,193 11 685,000 1 3.8 3.4 +0.4
14 THE LENOX 300 to 400 1,600 1 542,000 1 3.5 3.1 +0.4
14 THE LENOX 400 to 500 1,871 7 614,000 2 3.7 3.1 +0.5
19 THE LUXURIE 400 to 500 1,800 1 650,000 1 3.3 3.0 +0.3
27 THE NAUTICAL 400 to 500 1,681 8 557,750 4 3.6 3.5 +0.1
18 THE PALETTE 400 to 500 1,833 3 622,000 1 3.5 3.3 +0.2
20 THE PANORAMA 400 to 500 1,891 17 701,963 3 3.2 2.9 +0.4
19 THE [email protected] 400 to 500 1,775 10 600,000 1 3.6 3.6 -0.1
19 THE QUINN 400 to 500 2,100 2 745,000 1 3.4 3.0 +0.4
18 THE SANTORINI 400 to 500 1,825 6 580,000 1 3.8 3.3 +0.4
19 THE SCALA 400 to 500 2,179 14 764,444 2 3.4 3.1 +0.3
19 THE TEMBUSU 400 to 500 1,990 20 815,250 4 2.9 2.7 +0.2
19 THE VUE 400 to 500 1,657 7 575,000 1 3.5 3.4 +0.1
27 THE WISTERIA 400 to 500 1,807 7 577,560 5 3.8 3.2 +0.5
16 URBAN VISTA 400 to 500 1,867 23 623,000 7 3.6 3.2 +0.4
14 VACANZA @ EAST 400 to 500 1,715 10 609,800 5 3.4 3.0 +0.4
15 VIBES @ EAST COAST 400 to 500 1,775 12 600,888 1 3.5 3.5 +0.0
19 VIBES @ KOVAN 400 to 500 1,742 6 575,000 1 3.6 3.2 +0.4
19 [email protected] SERANGOON 400 to 500 1,836 7 605,000 1 3.6 3.6 +0.0

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 2,089 9 801,667 3 3.1 3.0 +0.1
15 16 @ AMBER 400 to 500 1,883 3 765,000 1 3.0 2.4 +0.5
8 28 RC SUITES 400 to 500 1,969 13 630,000 1 3.8 3.3 +0.4
15 38 I SUITES 400 to 500 1,911 9 750,000 1 3.1 3.2 -0.2
10 38 JERVOIS 400 to 500 2,400 1 1,220,000 1 2.4 2.1 +0.3
11 8 BASSEIN 400 to 500 2,157 15 790,000 2 3.3 3.3 +0.0
12 AIRSTREAM 300 to 400 1,750 1 520,000 1 4.0 3.5 +0.5
12 AIRSTREAM 400 to 500 1,821 12 656,000 5 3.3 3.5 -0.2
3 ALEX RESIDENCES 400 to 500 2,559 22 880,000 1 3.5 3.2 +0.3
3 ALEXIS 400 to 500 2,213 8 745,000 1 3.6 3.8 -0.3
9 ASPEN LINQ 400 to 500 2,188 4 785,000 3 3.3 2.9 +0.4
9 ATTITUDE AT KIM YAM 300 to 400 1,938 8 730,000 1 3.2 2.8 +0.4
13 BARTLEY RIDGE 400 to 500 1,960 52 723,432 9 3.3 2.9 +0.3
14 CASA AERATA 400 to 500 1,808 6 610,000 2 3.6 3.4 +0.1
8 CAVAN SUITES 300 to 400 1,821 14 532,000 1 4.1 4.0 +0.1
14 CENTRA HEIGHTS 400 to 500 1,966 16 665,000 2 3.5 3.4 +0.1
14 CENTRA LOFT 400 to 500 1,957 15 663,000 1 3.5 3.6 -0.1
14 CENTRA RESIDENCE 400 to 500 1,917 6 575,000 1 4.0 3.3 +0.7
14 CENTRA SUITES 400 to 500 1,864 11 633,000 1 3.5 3.4 +0.2
8 CITIGATE RESIDENCE 400 to 500 2,000 1 620,000 1 3.9 3.0 +0.8
7 CITY GATE 400 to 500 2,625 20 870,000 1 3.6 2.7 +0.9
8 CITY STUDIOS 400 to 500 2,033 3 600,000 1 4.1 3.6 +0.5
3 COMMONWEALTH TOWERS 400 to 500 2,490 69 873,455 11 3.4 3.3 +0.1
15 CORALIS 400 to 500 2,187 9 925,000 3 2.8 2.6 +0.3
12 CRADELS 400 to 500 2,020 26 679,500 2 3.6 3.3 +0.2
2 DORSETT RESIDENCES 400 to 500 2,943 5 970,000 1 3.6 3.4 +0.2
11 DUNEARN SUITES 400 to 500 2,000 6 740,000 1 3.2 3.2 +0.1
14 EDENZ LOFT 400 to 500 1,805 10 500,000 1 4.3 3.6 +0.7
14 EDENZ SUITES 400 to 500 1,665 10 566,667 3 3.5 3.7 -0.1
12 EIGHT RIVERSUITES 400 to 500 2,165 43 717,127 7 3.6 3.4 +0.2
9 ESPADA 300 to 400 2,426 39 925,250 4 3.1 2.8 +0.3
12 GEM RESIDENCES 400 to 500 2,329 24 818,000 1 3.4 3.0 +0.4
14 GRANDVIEW SUITES 300 to 400 1,610 5 518,333 3 3.7 3.5 +0.3
14 GUILLEMARD EDGE 400 to 500 1,865 41 645,250 4 3.5 3.5 -0.0
14 GUILLEMARD SUITES 400 to 500 2,113 7 575,000 1 4.4 3.6 +0.8
15 HAIG 162 300 to 400 1,761 14 570,000 2 3.7 3.8 -0.1
14 IDYLLIC SUITES 400 to 500 1,825 14 542,500 2 4.0 3.7 +0.4
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,513 12 1,028,888 1 2.9 2.8 +0.1
15 IMPERIAL HEIGHTS 400 to 500 1,900 4 627,500 2 3.6 3.3 +0.3
14 LA FLEUR 400 to 500 1,717 16 562,500 2 3.7 3.7 -0.1
14 LE REGAL 300 to 400 1,594 9 492,500 2 3.9 3.9 +0.0
14 LE REGAL 400 to 500 1,672 9 500,000 2 4.0 3.9 +0.1
13 LEICESTER SUITES 400 to 500 1,936 14 765,000 1 3.0 3.7 -0.7
11 LINCOLN SUITES 400 to 500 2,517 12 1,100,000 1 2.7 2.6 +0.1
10 LOFT @ NATHAN 300 to 400 2,000 2 709,500 2 3.4 2.9 +0.4
10 LOFT @ NATHAN 400 to 500 2,207 21 835,000 1 3.2 2.9 +0.2
8 LOFT @ RANGOON 400 to 500 2,057 7 676,000 3 3.7 3.5 +0.2
10 LOFT @ STEVENS 400 to 500 2,300 3 880,000 1 3.1 3.4 -0.3
10 [email protected] 300 to 400 2,480 19 850,000 1 3.5 3.6 -0.1
14 MELOSA 400 to 500 1,833 6 580,000 1 3.8 3.5 +0.3
14 METRO LOFT 400 to 500 1,908 6 620,000 1 3.7 3.6 +0.1
14 MILLAGE 400 to 500 1,923 13 670,000 2 3.4 3.2 +0.2
14 NESS 300 to 400 1,675 2 548,000 1 3.7 3.6 +0.1
14 NESS 400 to 500 1,835 10 591,250 4 3.7 3.6 +0.1
9 NEWTON EDGE 400 to 500 2,183 6 801,738 1 3.3 2.8 +0.4
13 NIN RESIDENCE 400 to 500 2,153 9 680,000 1 3.8 3.4 +0.4
9 NOMU 400 to 500 2,817 3 1,110,000 1 3.0 2.6 +0.5
21 NOTTINGHILL SUITES 400 to 500 1,750 3 700,000 1 3.0 3.8 -0.8
12 OPAL SUITES 400 to 500 1,900 2 618,000 1 3.7 3.3 +0.4
12 PARC HAVEN 400 to 500 1,767 3 625,000 1 3.4 3.0 +0.4
5 PARC IMPERIAL 300 to 400 2,040 20 643,333 3 3.8 4.4 -0.6
5 PARC IMPERIAL 400 to 500 2,057 15 650,000 1 3.8 4.4 -0.6
9 PARC SOPHIA 400 to 500 2,355 11 835,000 1 3.4 2.9 +0.4
14 PARK PLACE RESIDENCES AT PLQ 400 to 500 2,725 16 984,000 2 3.3 3.3 +0.0
14 PAVILION SQUARE 300 to 400 1,833 12 525,000 2 4.2 4.6 -0.5
1 PEOPLE'S PARK COMPLEX 400 to 500 1,833 19 520,000 1 4.2 4.3 -0.1
12 PRESTIGE HEIGHTS 300 to 400 1,771 24 556,667 3 3.8 3.7 +0.2
12 PRESTIGE HEIGHTS 400 to 500 1,867 3 626,000 1 3.6 3.7 -0.1
14 PRIME RESIDENCE 300 to 400 1,625 2 535,000 1 3.6 3.5 +0.1
3 PRINCIPAL GARDEN 400 to 500 2,634 35 900,000 2 3.5 3.2 +0.3
3 QUEENS PEAK 400 to 500 2,575 32 837,375 8 3.7 3.3 +0.4
15 QUESTA @ DUNMAN 400 to 500 2,100 1 708,888 1 3.6 2.7 +0.9
8 RANGOON 88 400 to 500 2,040 5 655,000 1 3.7 3.4 +0.4
12 REGENT RESIDENCES 400 to 500 1,906 9 665,000 1 3.4 2.8 +0.7
14 REZI 26 400 to 500 1,790 10 580,000 1 3.7 3.3 +0.4
9 ROBERTSON EDGE 300 to 400 2,433 3 808,000 1 3.6 3.4 +0.2
9 ROBERTSON EDGE 400 to 500 2,525 12 800,000 1 3.8 3.4 +0.4
10 ROBIN SUITES 400 to 500 2,496 16 1,030,000 1 2.9 2.9 +0.0
1 ROBINSON SUITES 400 to 500 2,740 20 1,214,333 3 2.7 2.6 +0.1
14 ROYCE RESIDENCES 400 to 500 1,683 3 536,000 1 3.8 4.0 -0.2
10 RV EDGE 400 to 500 2,346 18 810,000 1 3.5 3.3 +0.1
10 RV RESIDENCES 400 to 500 2,475 16 850,000 1 3.5 2.9 +0.6
13 SENNETT RESIDENCE 400 to 500 2,317 3 790,000 1 3.5 3.4 +0.2
14 SILVERSCAPE 400 to 500 1,717 9 610,000 3 3.4 3.2 +0.2
14 SIMS EDGE 400 to 500 1,760 5 631,667 3 3.3 3.0 +0.4
14 SIMS URBAN OASIS 400 to 500 2,118 71 708,538 13 3.6 3.3 +0.3
13 SKY GREEN 400 to 500 2,054 25 757,000 3 3.3 3.0 +0.2
20 SKY VUE 400 to 500 2,364 22 868,600 5 3.3 3.0 +0.3
4 SKYLINE RESIDENCES 400 to 500 2,706 14 960,000 2 3.4 2.7 +0.6
12 SKYSUITES17 300 to 400 1,904 14 605,000 2 3.8 3.7 +0.1
2 [email protected] 300 to 400 2,584 50 845,000 1 3.7 3.5 +0.2
14 SMART SUITES 400 to 500 1,919 8 680,000 1 3.4 3.4 -0.0
8 SOHO 188 400 to 500 2,093 7 674,000 2 3.7 3.8 -0.1
11 SOLEIL @ SINARAN 400 to 500 2,625 4 938,800 1 3.4 3.5 -0.1
2 SPOTTISWOODE 18 300 to 400 2,230 37 830,360 5 3.2 3.3 -0.1
2 SPOTTISWOODE SUITES 400 to 500 2,486 28 990,000 1 3.0 3.1 -0.1
14 SUITES 28 400 to 500 1,890 5 560,000 1 4.1 2.9 +1.1
11 SUITES @ SHREWSBURY 300 to 400 1,875 6 579,000 1 3.9 3.7 +0.1
14 SUITES @ SIMS 300 to 400 1,761 7 541,600 5 3.9 4.1 -0.2
12 SUITES @ TOPAZ 300 to 400 1,738 4 532,000 1 3.9 4.0 -0.1
12 SUITES @ TOPAZ 400 to 500 1,917 3 585,000 1 3.9 4.0 -0.1
21 SUITES AT BUKIT TIMAH 300 to 400 1,780 10 610,000 1 3.5 3.5 +0.0
21 SUITES AT BUKIT TIMAH 400 to 500 1,845 10 661,500 2 3.3 3.5 -0.1
21 SUITES DE LAUREL 400 to 500 1,800 3 770,000 1 2.8 3.0 -0.2
15 [email protected] KATONG 300 to 400 1,883 3 588,000 1 3.8 3.3 +0.5
15 [email protected] KATONG 400 to 500 1,700 2 610,000 1 3.3 3.3 +0.0
14 [email protected] 400 to 500 1,708 9 581,000 2 3.5 3.4 +0.1
21 THE CREEK @ BUKIT 400 to 500 1,858 6 782,000 3 2.9 2.6 +0.3
4 THE FORESTA @ MOUNT FABER 400 to 500 2,383 9 843,333 3 3.4 2.8 +0.6
21 THE HILLFORD 300 to 400 1,823 35 488,000 5 4.5 4.7 -0.2
12 THE INTERWEAVE 300 to 400 1,823 22 592,500 2 3.7 3.5 +0.2
12 THE INTERWEAVE 400 to 500 1,917 6 685,000 1 3.4 3.5 -0.1
9 THE MKZ 400 to 500 2,300 1 888,888 1 3.1 3.0 +0.1
13 THE POIZ RESIDENCES 400 to 500 2,196 90 728,375 8 3.6 3.2 +0.4
12 THE TIER 400 to 500 1,950 2 705,000 1 3.3 3.3 +0.1
8 THE URBANITE 400 to 500 2,000 5 761,000 3 3.2 3.2 -0.0
13 THE VENUE RESIDENCES 400 to 500 2,400 4 770,000 1 3.7 3.3 +0.5
12 THE VERVE 400 to 500 1,993 7 632,000 2 3.8 3.4 +0.4
14 THE WATER EDGE 400 to 500 1,866 16 664,944 2 3.4 4.0 -0.6
20 THOMSON IMPRESSIONS 400 to 500 1,988 25 752,009 2 3.2 2.9 +0.3
20 THOMSON THREE 400 to 500 2,021 12 738,000 1 3.3 2.6 +0.7
20 THOMSON V ONE 400 to 500 1,933 3 600,000 1 3.9 3.2 +0.7
14 TRE RESIDENCES 400 to 500 2,171 7 685,000 1 3.8 3.4 +0.4
14 TREASURES @ G20 400 to 500 1,630 5 519,000 2 3.8 4.5 -0.7
8 URBAN LOFTS 400 to 500 1,917 6 638,000 1 3.6 3.0 +0.6
1 V ON SHENTON 400 to 500 2,700 38 1,200,000 1 2.7 2.9 -0.2
12 VETRO 400 to 500 1,900 2 580,000 1 3.9 3.8 +0.1
14 VIENTO 400 to 500 1,760 5 610,000 1 3.5 3.5 -0.0
12 VIIO @ BALESTIER 400 to 500 2,233 3 840,000 1 3.2 2.8 +0.4
5 VIVA VISTA 300 to 400 1,980 31 598,333 3 4.0 4.3 -0.3
9 VIVACE 300 to 400 2,300 9 780,000 1 3.5 3.4 +0.1
9 VIVACE 400 to 500 2,358 6 910,000 1 3.1 3.4 -0.3
10 VIZ AT HOLLAND 400 to 500 2,181 4 938,000 1 2.8 2.6 +0.2
14 WATERBANK AT DAKOTA 400 to 500 2,293 14 782,500 4 3.5 3.1 +0.4
11 ZEDGE 400 to 500 1,975 8 810,000 3 2.9 2.8 +0.1

Disclaimer

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