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 1,880 5 722,000 1 3.1 2.8 +0.3
19 BARTLEY RESIDENCES 400 to 500 1,952 30 720,000 2 3.3 3.0 +0.3
19 CARDIFF RESIDENCE 400 to 500 1,729 22 590,000 1 3.5 3.2 +0.3
19 CASA CAMBIO 400 to 500 1,876 21 685,750 4 3.3 2.9 +0.4
22 CASPIAN 400 to 500 2,000 2 650,000 1 3.7 3.1 +0.6
18 COCO PALMS 400 to 500 1,849 26 647,000 4 3.4 3.0 +0.4
17 HEDGES PARK CONDOMINIUM 400 to 500 1,700 12 539,627 3 3.8 3.4 +0.4
15 HERITAGE EAST 400 to 500 1,640 5 620,000 1 3.2 3.5 -0.4
23 HILLION RESIDENCES 400 to 500 1,867 57 805,000 2 2.8 2.7 +0.1
5 HUNDRED TREES 400 to 500 2,010 5 788,000 1 3.1 2.8 +0.3
19 ISUITES @ PALM 400 to 500 1,613 4 595,000 1 3.3 2.8 +0.5
22 J GATEWAY 400 to 500 2,452 29 880,000 1 3.3 3.0 +0.3
19 JEWEL @ BUANGKOK 400 to 500 1,765 15 669,250 4 3.2 2.8 +0.3
19 KOVAN GRANDEUR 300 to 400 1,500 1 538,000 1 3.3 3.7 -0.3
19 LA FIESTA 400 to 500 1,783 22 647,500 1 3.3 2.9 +0.4
15 LAVERNE'S LOFT 400 to 500 1,750 1 638,000 1 3.3 3.4 -0.1
23 [email protected] 400 to 500 1,703 16 630,000 1 3.2 3.0 +0.2
19 PARC CENTROS 400 to 500 1,756 31 624,667 3 3.4 3.1 +0.3
15 PARC ELEGANCE 400 to 500 1,661 18 658,000 1 3.0 3.6 -0.6
25 PARC ROSEWOOD 400 to 500 1,565 43 525,333 3 3.6 3.3 +0.3
18 RIPPLE BAY 400 to 500 1,666 11 582,000 2 3.4 3.3 +0.1
28 RIVERBANK @ FERNVALE 400 to 500 1,718 10 587,500 4 3.5 3.1 +0.4
5 SEAHILL 400 to 500 2,200 10 722,500 2 3.7 3.3 +0.3
15 SIGLAP V 400 to 500 1,619 8 630,000 1 3.1 2.9 +0.2
19 SUITES @ KOVAN 300 to 400 1,700 1 555,000 2 3.7 3.4 +0.3
19 SUITES @ PAYA LEBAR 300 to 400 1,681 12 555,000 1 3.6 3.5 +0.2
15 THE COTZ 300 to 400 1,580 5 530,000 1 3.6 3.6 -0.0
16 THE GLADES 400 to 500 2,078 15 677,444 2 3.7 3.2 +0.5
17 THE INFLORA 400 to 500 1,581 21 536,481 6 3.5 3.0 +0.5
20 THE PANORAMA 400 to 500 1,784 8 697,500 2 3.1 2.6 +0.5
19 THE [email protected] 400 to 500 1,650 12 595,000 1 3.3 3.1 +0.2
19 THE SCALA 400 to 500 2,194 17 792,500 2 3.3 3.1 +0.3
19 THE VUE 400 to 500 1,700 2 620,000 2 3.3 3.2 +0.1
14 TROPIKA EAST 400 to 500 1,707 7 652,500 2 3.1 2.8 +0.3
16 URBAN VISTA 400 to 500 1,835 27 650,000 1 3.4 3.0 +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
(%)
11 10 SHELFORD 400 to 500 1,988 8 833,000 1 2.9 2.5 +0.4
15 16 @ AMBER 400 to 500 1,813 4 740,000 1 2.9 2.6 +0.3
11 8 BASSEIN 400 to 500 2,050 19 828,000 1 3.0 2.9 +0.1
9 8 SAINT THOMAS 400 to 500 3,200 1 1,436,889 9 2.7 2.2 +0.5
13 [email protected] 300 to 400 1,894 8 638,000 1 3.6 3.0 +0.5
3 ALEXIS 300 to 400 2,226 17 707,963 3 3.8 3.4 +0.4
9 ATTITUDE AT KIM YAM 300 to 400 2,100 7 717,500 2 3.5 3.4 +0.1
13 BARTLEY RIDGE 400 to 500 1,937 31 740,333 3 3.1 2.8 +0.3
14 CASA AERATA 400 to 500 1,933 6 625,000 1 3.7 3.7 +0.0
8 CAVAN SUITES 300 to 400 1,807 7 595,000 1 3.6 3.5 +0.2
14 CENTRA HEIGHTS 400 to 500 1,890 22 693,388 1 3.3 3.1 +0.2
14 CENTRA RESIDENCE 400 to 500 1,920 10 610,000 1 3.8 3.5 +0.3
14 CENTRA SUITES 400 to 500 1,814 14 623,000 1 3.5 3.5 -0.0
8 CITIGATE RESIDENCE 400 to 500 1,900 1 612,000 1 3.7 3.0 +0.7
12 CITY REGENCY 400 to 500 1,800 2 653,000 1 3.3 3.3 +0.0
3 COMMONWEALTH TOWERS 400 to 500 2,473 43 930,000 2 3.2 3.0 +0.2
15 CORALIS 400 to 500 2,261 9 880,000 1 3.1 2.6 +0.5
14 COSMO 400 to 500 1,750 6 650,000 1 3.2 3.0 +0.3
12 CRADELS 400 to 500 1,953 14 708,000 2 3.3 3.1 +0.2
14 D'WEAVE 400 to 500 1,863 4 660,000 1 3.4 3.1 +0.3
11 DUNEARN SUITES 400 to 500 2,155 6 759,000 2 3.4 3.2 +0.2
14 EDENZ SUITES 400 to 500 1,733 12 621,500 2 3.3 3.5 -0.2
12 EIGHT RIVERSUITES 400 to 500 2,089 48 717,667 3 3.5 3.1 +0.4
15 EIS RESIDENCES 300 to 400 1,550 1 555,000 1 3.4 2.9 +0.5
9 ESPADA 300 to 400 2,466 35 980,000 2 3.0 3.0 +0.0
8 FORTE SUITES 400 to 500 2,217 6 800,000 1 3.3 2.8 +0.6
14 GUILLEMARD EDGE 400 to 500 1,826 41 730,000 1 3.0 3.8 -0.8
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,507 7 939,000 1 3.2 3.0 +0.2
15 IMPERIAL HEIGHTS 400 to 500 1,817 6 600,000 1 3.6 3.5 +0.2
8 JOOL SUITES 300 to 400 1,890 5 645,000 1 3.5 3.3 +0.3
5 JUBILEE RESIDENCE 400 to 500 2,017 3 690,000 1 3.5 4.6 -1.1
15 JUPITER 18 400 to 500 1,750 6 600,000 2 3.5 3.5 +0.0
14 LA BRISA 400 to 500 1,729 7 672,500 2 3.1 3.1 -0.1
13 LEICESTER SUITES 400 to 500 1,875 12 742,500 1 3.0 3.1 -0.0
5 LIIV RESIDENCES 300 to 400 1,650 1 750,000 1 2.6 3.2 -0.6
11 LINCOLN SUITES 400 to 500 2,650 11 1,170,000 1 2.7 2.4 +0.4
10 [email protected] 300 to 400 2,390 10 824,000 2 3.5 3.3 +0.1
10 [email protected] 400 to 500 2,500 2 900,000 1 3.3 3.3 +0.0
14 METRO LOFT 400 to 500 1,925 4 668,000 1 3.5 3.3 +0.1
14 NESS 400 to 500 1,722 9 618,444 2 3.3 3.4 -0.1
13 NIN RESIDENCE 400 to 500 2,033 3 721,000 2 3.4 2.9 +0.5
12 OKIO 400 to 500 1,998 13 710,000 1 3.4 3.0 +0.3
5 PARC IMPERIAL 400 to 500 2,039 20 674,667 3 3.6 4.4 -0.8
9 PARC SOPHIA 400 to 500 2,323 11 945,000 1 2.9 3.0 -0.0
12 PRESTIGE HEIGHTS 300 to 400 1,717 29 585,000 2 3.5 3.2 +0.3
14 REZI 26 400 to 500 1,811 11 665,000 1 3.3 3.2 +0.1
9 ROBERTSON EDGE 400 to 500 2,369 13 930,000 1 3.1 3.2 -0.1
10 ROBIN SUITES 400 to 500 2,471 14 1,200,000 1 2.5 2.4 +0.0
14 SILVERSCAPE 400 to 500 1,659 11 570,000 1 3.5 3.2 +0.3
14 SIMS EDGE 400 to 500 1,829 7 638,000 1 3.4 2.9 +0.6
14 SIMS URBAN OASIS 400 to 500 2,022 58 780,000 1 3.1 3.4 -0.3
13 SKY GREEN 400 to 500 1,963 15 770,000 1 3.1 2.9 +0.2
20 SKY VUE 400 to 500 2,374 31 830,933 3 3.4 3.1 +0.3
2 [email protected] 300 to 400 2,709 32 958,333 3 3.4 3.4 +0.0
14 SMART SUITES 400 to 500 1,989 9 658,000 1 3.6 3.2 +0.4
2 SPOTTISWOODE SUITES 400 to 500 2,578 20 1,080,000 1 2.9 2.8 +0.1
15 SPRING @ LANGSAT 400 to 500 1,800 5 620,000 1 3.5 3.1 +0.4
8 SUITES 123 400 to 500 2,100 1 668,000 1 3.8 3.9 -0.1
12 SUITES @ TOPAZ 300 to 400 1,675 4 553,000 1 3.6 4.4 -0.7
21 SUITES AT BUKIT TIMAH 300 to 400 1,750 7 573,333 3 3.7 3.2 +0.4
21 SUITES DE LAUREL 400 to 500 1,900 1 725,000 1 3.1 2.6 +0.5
14 [email protected] 400 to 500 1,693 14 572,944 2 3.5 3.1 +0.5
15 TEMBELING RESIDENCE 400 to 500 1,775 4 640,000 1 3.3 3.0 +0.4
11 THE AXIS 300 to 400 1,875 2 583,000 1 3.9 3.3 +0.5
4 THE FORESTA @ MOUNT FABER 400 to 500 2,453 18 830,000 1 3.5 3.4 +0.1
21 THE HILLFORD 300 to 400 1,741 35 478,063 11 4.4 4.6 -0.2
12 THE INTERWEAVE 400 to 500 1,940 10 698,000 1 3.3 3.2 +0.1
13 THE POIZ RESIDENCES 400 to 500 2,140 39 705,600 1 3.6 4.0 -0.4
8 THE URBANITE 400 to 500 1,840 5 770,000 1 2.9 3.0 -0.2
12 THE VERVE 400 to 500 1,819 8 625,000 1 3.5 3.1 +0.4
20 THOMSON V TWO 300 to 400 1,758 6 650,000 1 3.2 3.6 -0.4
20 THOMSON V TWO 400 to 500 1,850 6 705,000 1 3.1 3.6 -0.5
14 TREASURES @ G20 400 to 500 1,630 5 525,000 1 3.7 3.3 +0.4
8 TYRWHITT 139 300 to 400 2,025 2 600,000 1 4.1 2.9 +1.2
1 V ON SHENTON 400 to 500 2,670 23 1,246,800 5 2.6 2.6 +0.0
5 VIVA VISTA 300 to 400 1,969 27 620,000 1 3.8 3.9 -0.1
14 WATERBANK AT DAKOTA 400 to 500 2,275 26 810,000 1 3.4 3.3 +0.1

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