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 21 RICHARDS 400 to 500 2,000 3 590,000 1 4.1 2.9 +1.1
19 BARTLEY RESIDENCES 400 to 500 1,992 32 650,000 2 3.7 3.3 +0.4
19 CASA CAMBIO 400 to 500 1,938 35 619,000 3 3.8 3.3 +0.4
15 ESPIRA SUITES 400 to 500 1,881 8 667,500 2 3.4 3.6 -0.2
23 FORESQUE RESIDENCES 400 to 500 1,755 10 608,000 1 3.5 3.2 +0.2
17 HEDGES PARK CONDOMINIUM 400 to 500 1,636 11 526,000 1 3.7 3.5 +0.2
15 HERITAGE EAST 400 to 500 1,650 5 580,000 1 3.4 3.6 -0.2
19 ISUITES @ PALM 400 to 500 1,600 2 604,194 2 3.2 3.0 +0.2
19 KOVAN GRANDEUR 300 to 400 1,650 3 480,000 1 4.1 3.8 +0.3
19 LA FIESTA 400 to 500 1,842 6 632,000 5 3.5 2.7 +0.8
15 LAVERNE'S LOFT 300 to 400 1,670 5 542,000 4 3.7 4.2 -0.5
15 LAVERNE'S LOFT 400 to 500 1,800 1 590,000 2 3.7 4.2 -0.5
14 LEVENUE 400 to 500 1,848 12 650,000 1 3.4 3.4 +0.0
16 OPTIMA @ TANAH MERAH 400 to 500 2,183 6 688,888 1 3.8 3.5 +0.3
14 PALMERA EAST 400 to 500 1,867 3 606,667 3 3.7 3.2 +0.5
15 PARC BLEU 400 to 500 1,920 5 615,000 1 3.7 3.2 +0.5
19 PARC CENTROS 400 to 500 1,757 11 616,000 1 3.4 3.4 +0.1
15 PARC ELEGANCE 400 to 500 1,759 12 540,000 1 3.9 4.0 -0.0
25 PARC ROSEWOOD 400 to 500 1,598 49 517,667 9 3.7 3.3 +0.4
19 PARK RESIDENCES KOVAN 300 to 400 1,700 7 565,500 2 3.6 3.6 +0.0
19 PRESTO@UPPER SERANGOON 400 to 500 1,805 10 605,000 1 3.6 3.2 +0.4
14 QUBE SUITES 400 to 500 1,850 2 580,000 1 3.8 3.2 +0.6
18 RIPPLE BAY 400 to 500 1,743 22 578,500 4 3.6 3.7 -0.1
19 RIVERSOUND RESIDENCE 400 to 500 1,675 6 543,963 3 3.7 3.0 +0.7
15 SIGLAP V 400 to 500 1,850 5 700,000 1 3.2 3.0 +0.2
27 SKIES MILTONIA 400 to 500 1,613 4 556,500 2 3.5 2.9 +0.6
18 STRATUM 400 to 500 1,592 30 580,000 1 3.3 3.5 -0.2
19 SUITES @ PAYA LEBAR 300 to 400 1,692 12 523,333 3 3.9 3.9 -0.1
13 SUITES@BRADDELL 400 to 500 1,800 3 560,000 2 3.9 3.6 +0.3
16 THE GLADES 400 to 500 2,002 27 752,236 31 3.2 3.2 -0.0
27 THE NAUTICAL 400 to 500 1,717 6 552,833 3 3.7 3.1 +0.6
18 THE PALETTE 400 to 500 1,800 4 610,000 1 3.5 3.2 +0.3
19 THE PROMENADE@PELIKAT 400 to 500 1,691 22 620,000 1 3.3 3.4 -0.1
19 THE SCALA 400 to 500 2,223 11 750,000 1 3.6 3.3 +0.3
19 THE VUE 400 to 500 1,725 12 545,000 2 3.8 3.6 +0.2
14 TROPIKA EAST 400 to 500 1,771 7 628,000 1 3.4 2.8 +0.6
14 VACANZA @ EAST 400 to 500 1,800 8 627,629 3 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 26 NEWTON 400 to 500 2,633 3 1,114,743 30 2.8 2.8 +0.0
13 8@WOODLEIGH 300 to 400 1,860 5 570,000 1 3.9 3.5 +0.4
12 AIRSTREAM 400 to 500 1,833 3 632,500 2 3.5 3.6 -0.1
3 ALEXIS 300 to 400 2,319 13 575,000 1 4.8 4.2 +0.6
3 ALEXIS 400 to 500 2,264 7 685,000 1 4.0 4.2 -0.3
13 BARTLEY RIDGE 400 to 500 1,868 91 685,000 1 3.3 3.1 +0.2
8 CAVAN SUITES 300 to 400 1,860 5 550,000 1 4.1 3.5 +0.6
14 CENTRA HEIGHTS 400 to 500 1,994 9 638,000 1 3.8 3.6 +0.2
14 CENTRA STUDIOS 400 to 500 1,856 8 642,888 1 3.5 4.0 -0.5
14 CENTRA SUITES 400 to 500 1,838 13 620,000 2 3.6 3.7 -0.2
14 CENTRAL IMPERIAL 400 to 500 1,800 2 475,000 1 4.5 4.2 +0.3
8 CITY LOFT 300 to 400 1,850 3 500,000 1 4.4 4.0 +0.5
15 CORALIS 400 to 500 2,400 8 774,000 2 3.7 3.1 +0.7
14 D'WEAVE 400 to 500 1,808 6 607,000 1 3.6 3.2 +0.3
11 DUNEARN SUITES 400 to 500 2,210 5 740,000 2 3.6 3.5 +0.1
9 ESPADA 300 to 400 2,571 39 869,000 2 3.6 3.5 +0.1
15 FULCRUM 400 to 500 2,350 2 965,090 11 2.9 2.8 +0.1
14 GUILLEMARD EDGE 400 to 500 1,797 32 610,000 1 3.5 3.3 +0.2
15 HAIG 162 300 to 400 1,677 11 530,000 1 3.8 4.6 -0.8
15 IMPERIAL HEIGHTS 400 to 500 1,800 3 625,000 2 3.5 3.5 -0.0
15 JUPITER 18 400 to 500 1,733 6 560,000 1 3.7 3.3 +0.4
14 LE REGAL 400 to 500 1,671 7 478,000 1 4.2 4.3 -0.1
10 LOFT @ NATHAN 300 to 400 2,086 7 760,000 1 3.3 3.1 +0.2
10 LOFT @ NATHAN 400 to 500 2,250 10 838,000 1 3.2 3.1 +0.1
8 LOFT @ RANGOON 400 to 500 2,020 5 640,000 1 3.8 3.7 +0.1
10 LOFT @ STEVENS 400 to 500 2,433 3 799,999 1 3.7 3.8 -0.2
10 LOFT@HOLLAND 300 to 400 2,285 10 710,000 2 3.9 3.4 +0.4
9 MACKENZIE 88 400 to 500 2,213 4 702,500 2 3.8 3.4 +0.4
14 NESS 400 to 500 1,739 9 538,000 1 3.9 3.6 +0.3
13 NIN RESIDENCE 400 to 500 2,050 7 680,000 1 3.6 2.9 +0.7
5 PARC IMPERIAL 300 to 400 2,124 19 685,000 2 3.7 3.7 +0.0
8 PARC SOMME 300 to 400 1,833 3 565,000 1 3.9 3.6 +0.2
1 PEOPLE'S PARK COMPLEX 400 to 500 1,755 11 428,000 1 4.9 4.5 +0.5
12 PRESTIGE HEIGHTS 300 to 400 1,809 22 509,000 3 4.3 4.0 +0.3
12 REGENT RESIDENCES 400 to 500 1,967 18 700,000 1 3.4 3.1 +0.3
14 REZI 26 400 to 500 1,888 8 540,000 1 4.2 3.6 +0.6
14 ROYCE RESIDENCES 400 to 500 1,750 3 530,000 3 4.0 3.8 +0.2
10 RV EDGE 400 to 500 2,417 9 870,000 1 3.3 4.2 -0.8
14 SILVERSCAPE 400 to 500 1,690 6 566,250 4 3.6 3.4 +0.2
14 SIMS EDGE 400 to 500 1,920 10 600,000 1 3.8 3.4 +0.5
20 SKY VUE 400 to 500 2,280 49 817,500 2 3.3 2.9 +0.5
4 SKYLINE RESIDENCES 400 to 500 2,837 15 900,000 1 3.8 3.2 +0.5
12 SKYSUITES17 300 to 400 1,900 8 600,000 1 3.8 3.5 +0.3
2 SKYSUITES@ANSON 300 to 400 2,876 40 875,000 2 3.9 3.9 +0.1
11 SOLEIL @ SINARAN 400 to 500 3,030 5 877,000 1 4.1 3.7 +0.4
15 SPRING @ LANGSAT 400 to 500 1,800 1 608,000 1 3.6 4.5 -1.0
15 SUITES @ GUILLEMARD 300 to 400 1,738 4 525,000 2 4.0 3.3 +0.6
11 SUITES @ NEWTON 400 to 500 2,325 2 919,000 2 3.0 2.8 +0.2
14 SUITES @ SIMS 300 to 400 1,757 7 550,000 1 3.8 3.4 +0.4
21 SUITES AT BUKIT TIMAH 300 to 400 1,736 11 600,000 1 3.5 3.3 +0.1
15 SUITES@ KATONG 400 to 500 1,867 3 638,000 1 3.5 4.0 -0.5
11 THE AXIS 300 to 400 2,000 1 590,000 1 4.1 3.5 +0.5
1 THE CLIFT 400 to 500 3,057 7 970,000 1 3.8 3.7 +0.1
4 THE FORESTA @ MOUNT FABER 400 to 500 2,614 11 808,888 1 3.9 3.0 +0.9
21 THE HILLFORD 300 to 400 1,655 82 491,900 2 4.0 4.4 -0.4
12 THE INTERWEAVE 300 to 400 1,859 17 573,629 3 3.9 3.8 +0.1
15 THE LINE @ TANJONG RHU 400 to 500 2,200 1 1,000,000 1 2.6 2.5 +0.1
12 THE VERVE 400 to 500 1,963 4 670,000 1 3.5 3.4 +0.1
14 THE WATER EDGE 300 to 400 1,742 6 522,500 2 4.0 3.8 +0.2
14 TREASURES @ G20 400 to 500 1,692 6 520,000 1 3.9 3.4 +0.5
14 TREASURES@G6 400 to 500 1,663 12 595,498 9 3.4 3.3 +0.0
8 TYRWHITT 139 400 to 500 2,225 2 660,000 1 4.0 3.4 +0.6
14 VIENTO 400 to 500 1,704 8 600,000 1 3.4 3.6 -0.2
14 WATERBANK AT DAKOTA 400 to 500 2,405 11 739,000 2 3.9 3.4 +0.5

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