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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 BARTLEY RESIDENCES 400 to 500 2,839 23 771,722 4 4.4 3.7 +0.7
19 BOTANIQUE AT BARTLEY 400 to 500 2,882 18 858,750 4 4.0 3.5 +0.5
19 CARDIFF RESIDENCE 400 to 500 2,574 22 648,000 2 4.8 5.0 -0.2
19 CASA CAMBIO 400 to 500 2,721 24 665,000 1 4.9 4.4 +0.5
18 COCO PALMS 400 to 500 2,747 31 732,250 4 4.5 4.1 +0.4
18 D'NEST 400 to 500 2,666 33 696,500 2 4.6 4.4 +0.2
19 D'ZIRE 400 to 500 2,425 2 588,000 1 4.9 3.5 +1.4
16 EAST VILLAGE 400 to 500 2,580 5 642,000 1 4.8 4.2 +0.6
16 EASTWOOD REGENCY 300 to 400 2,433 3 630,000 1 4.6 3.9 +0.8
15 ESPIRA SUITES 400 to 500 2,400 6 680,000 1 4.2 4.2 +0.1
23 FORESQUE RESIDENCES 400 to 500 2,536 11 682,500 2 4.5 3.8 +0.7
19 GLASGOW RESIDENCE 400 to 500 2,100 1 570,000 1 4.4 3.2 +1.2
16 GRANDEUR PARK RESIDENCES 400 to 500 3,196 13 834,000 5 4.6 4.1 +0.5
17 HEDGES PARK CONDOMINIUM 400 to 500 2,693 14 626,667 3 5.2 4.7 +0.4
28 HIGH PARK RESIDENCES 300 to 400 2,245 10 635,000 1 4.2 4.2 +0.0
28 HIGH PARK RESIDENCES 400 to 500 2,515 27 695,000 2 4.3 4.2 +0.1
19 HILBRE28 400 to 500 4,250 2 800,000 1 6.4 7.7 -1.3
23 HILLION RESIDENCES 400 to 500 2,862 43 777,250 8 4.4 4.0 +0.4
22 J GATEWAY 400 to 500 3,333 43 970,000 1 4.1 4.3 -0.2
19 JEWEL @ BUANGKOK 400 to 500 2,650 9 742,667 3 4.3 3.6 +0.7
14 KEMBANGAN SUITES 400 to 500 2,639 7 730,000 1 4.3 4.2 +0.1
19 KINGSFORD WATERBAY 400 to 500 2,654 31 675,286 7 4.7 4.6 +0.2
19 KOVAN GRANDEUR 300 to 400 2,108 6 540,000 1 4.7 5.4 -0.7
22 LAKE GRANDE 400 to 500 3,015 10 787,500 2 4.6 4.0 +0.6
23 LAUREL TREE 400 to 500 3,079 9 684,075 2 5.4 5.0 +0.4
15 LAVERNE'S LOFT 300 to 400 2,450 3 606,000 1 4.9 4.3 +0.6
23 LE QUEST 400 to 500 2,690 32 735,333 3 4.4 4.4 -0.0
19 MIDTOWN RESIDENCES 400 to 500 2,500 4 702,500 2 4.3 4.2 +0.1
27 NORTH PARK RESIDENCES 400 to 500 2,847 16 752,444 2 4.5 3.7 +0.9
18 NV RESIDENCES 400 to 500 2,338 4 688,000 1 4.1 4.1 +0.0
16 OPTIMA @ TANAH MERAH 400 to 500 2,760 5 745,000 1 4.4 3.9 +0.5
15 PARC BLEU 400 to 500 2,400 5 680,000 1 4.2 4.1 +0.1
28 PARC BOTANNIA 400 to 500 2,833 12 700,000 1 4.9 4.3 +0.5
19 PARC CENTROS 400 to 500 2,703 18 733,000 2 4.4 3.9 +0.5
15 PARC ELEGANCE 400 to 500 2,533 13 712,000 3 4.3 4.4 -0.2
17 PARC OLYMPIA 400 to 500 2,523 13 620,000 1 4.9 4.5 +0.3
25 PARC ROSEWOOD 400 to 500 2,380 38 599,714 7 4.8 4.6 +0.2
19 PARK RESIDENCES KOVAN 300 to 400 2,529 7 627,191 2 4.8 4.7 +0.1
19 [email protected] SERANGOON 400 to 500 2,571 7 652,000 1 4.7 4.2 +0.6
14 QUBE SUITES 400 to 500 2,600 2 683,000 1 4.6 4.6 -0.0
18 RIPPLE BAY 400 to 500 2,604 13 664,000 2 4.7 4.2 +0.6
28 RIVERBANK @ FERNVALE 400 to 500 2,325 4 717,500 4 3.9 3.6 +0.2
5 SEAHILL 400 to 500 3,300 4 730,000 1 5.4 4.1 +1.3
15 SEASIDE RESIDENCES 400 to 500 3,400 1 950,000 1 4.3 3.4 +0.9
14 SINGA HILLS 400 to 500 2,600 1 710,000 1 4.4 3.7 +0.7
27 SKIES MILTONIA 400 to 500 2,300 7 632,600 5 4.4 3.8 +0.6
19 SPACE @ KOVAN 400 to 500 2,256 8 640,000 1 4.2 4.0 +0.3
18 STRATUM 400 to 500 2,308 12 613,800 10 4.5 3.8 +0.7
15 SUITES @ EASTCOAST 300 to 400 2,259 17 622,500 2 4.4 4.4 -0.0
14 SUITES @ EUNOS 300 to 400 2,100 2 635,000 1 4.0 4.2 -0.2
19 SUITES @ PAYA LEBAR 300 to 400 2,515 10 636,000 2 4.7 4.7 +0.0
19 SUITES @ PAYA LEBAR 400 to 500 2,533 3 645,000 3 4.7 4.7 -0.0
18 THE ALPS RESIDENCES 400 to 500 2,525 14 693,000 1 4.4 4.5 -0.1
15 THE COTZ 400 to 500 2,214 7 578,000 1 4.6 4.2 +0.4
19 THE GARDEN RESIDENCES 400 to 500 2,898 23 769,000 2 4.5 4.0 +0.5
16 THE GLADES 400 to 500 3,131 24 743,000 4 5.1 4.4 +0.6
17 THE INFLORA 400 to 500 2,412 17 621,429 7 4.7 4.0 +0.6
19 THE LUXURIE 400 to 500 2,630 7 705,000 3 4.5 3.8 +0.7
27 THE NAUTICAL 400 to 500 2,500 1 615,000 2 4.9 3.6 +1.2
20 THE PANORAMA 400 to 500 2,738 17 794,286 7 4.1 3.5 +0.7
19 THE [email protected] 400 to 500 2,383 12 683,750 4 4.2 3.9 +0.2
18 THE SANTORINI 400 to 500 2,800 3 657,500 2 5.1 4.1 +1.0
19 THE SCALA 400 to 500 3,088 18 828,333 3 4.5 3.7 +0.8
5 THE SORRENTO 400 to 500 2,961 14 781,000 1 4.5 4.3 +0.2
18 THE TAPESTRY 400 to 500 2,796 41 753,578 5 4.5 4.3 +0.2
19 THE TEMBUSU 400 to 500 2,618 17 800,000 1 3.9 3.1 +0.8
19 THE VUE 400 to 500 2,493 7 700,000 2 4.3 3.8 +0.4
27 THE WISTERIA 400 to 500 2,375 4 658,000 1 4.3 4.0 +0.3
14 TROPIKA EAST 400 to 500 2,380 10 690,000 2 4.1 3.7 +0.5
5 TWIN VEW 400 to 500 3,187 15 850,000 1 4.5 4.2 +0.3
16 URBAN VISTA 400 to 500 2,568 25 690,900 4 4.5 3.8 +0.6
14 VACANZA @ EAST 400 to 500 2,233 7 680,000 1 3.9 3.5 +0.5
15 VIBES @ EAST COAST 400 to 500 2,441 17 755,000 1 3.9 4.5 -0.6
19 VIBES @ KOVAN 400 to 500 2,900 2 705,000 1 4.9 4.6 +0.4
19 [email protected] SERANGOON 400 to 500 2,431 8 650,000 1 4.5 4.7 -0.2
18 VUE 8 RESIDENCE 400 to 500 2,260 2 695,000 2 3.9 3.4 +0.5
5 WHISTLER GRAND 400 to 500 3,585 13 820,000 2 5.2 4.5 +0.8

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 3,087 15 838,000 1 4.4 4.6 -0.2
13 18 WOODSVILLE 400 to 500 2,689 9 920,000 1 3.5 3.1 +0.4
5 24 ONE RESIDENCES 400 to 500 4,250 1 950,000 1 5.4 4.0 +1.3
8 28 RC SUITES 400 to 500 2,680 5 700,000 1 4.6 3.6 +1.0
15 38 I SUITES 400 to 500 2,579 7 860,000 1 3.6 3.2 +0.4
11 6 DERBYSHIRE 400 to 500 2,868 12 880,000 1 3.9 3.3 +0.6
11 8 BASSEIN 400 to 500 2,833 23 859,000 2 4.0 3.9 +0.1
12 AIRSTREAM 300 to 400 2,463 4 563,000 1 5.2 5.0 +0.2
12 AIRSTREAM 400 to 500 2,650 4 700,000 1 4.5 5.0 -0.5
3 ALEX RESIDENCES 400 to 500 3,347 17 931,667 3 4.3 4.2 +0.1
3 ALEXIS 300 to 400 2,833 24 736,333 3 4.6 4.5 +0.1
3 ALEXIS 400 to 500 2,702 9 742,500 2 4.4 4.5 -0.1
13 BARTLEY RIDGE 400 to 500 2,877 30 766,600 5 4.5 3.9 +0.6
8 CAVAN SUITES 300 to 400 1,800 1 600,000 1 3.6 4.1 -0.5
8 CAVAN SUITES 400 to 500 2,825 4 760,000 1 4.5 4.1 +0.4
14 CENTRA LOFT 400 to 500 2,650 6 651,000 1 4.9 4.6 +0.3
14 CENTRA SUITES 400 to 500 2,589 14 700,000 1 4.4 4.6 -0.1
14 CENTRAL IMPERIAL 400 to 500 3,000 1 610,000 1 5.9 4.2 +1.7
7 CITY GATE 400 to 500 3,096 13 970,000 1 3.8 3.1 +0.7
8 CITY LOFT 300 to 400 2,414 7 642,500 2 4.5 4.1 +0.4
12 CITY SUITES 400 to 500 2,789 9 900,000 1 3.7 3.2 +0.5
3 COMMONWEALTH TOWERS 400 to 500 3,531 83 908,750 8 4.7 4.2 +0.4
12 CRADELS 400 to 500 2,819 18 770,000 1 4.4 3.9 +0.5
2 DORSETT RESIDENCES 400 to 500 3,450 2 1,000,000 1 4.1 3.9 +0.2
3 ECHELON 400 to 500 3,507 18 973,333 3 4.3 3.8 +0.6
14 EDENZ SUITES 400 to 500 2,700 4 618,000 1 5.2 4.6 +0.6
12 EIGHT RIVERSUITES 400 to 500 2,914 48 769,000 2 4.5 4.0 +0.6
9 ESPADA 300 to 400 3,495 32 931,000 4 4.5 4.1 +0.4
9 ESPADA 400 to 500 3,730 5 1,109,000 2 4.0 4.1 -0.1
8 FARRER PARK SUITES 400 to 500 2,550 2 660,000 1 4.6 4.0 +0.6
15 FULCRUM 400 to 500 3,070 10 982,576 2 3.7 3.1 +0.7
12 GEM RESIDENCES 400 to 500 2,946 36 820,944 2 4.3 3.8 +0.5
14 GUILLEMARD EDGE 400 to 500 2,497 36 663,750 4 4.5 4.2 +0.3
15 HAIG 162 300 to 400 2,313 16 615,000 1 4.5 4.4 +0.1
15 HAIG 162 400 to 500 2,650 4 767,444 2 4.1 4.4 -0.3
14 IDYLLIC SUITES 400 to 500 2,520 5 635,000 1 4.8 4.4 +0.3
15 JUPITER 18 400 to 500 2,525 5 660,000 1 4.6 4.6 +0.0
14 LA BRISA 400 to 500 2,250 7 624,000 2 4.3 4.5 -0.1
14 LA FLEUR 400 to 500 2,489 19 615,000 3 4.9 4.4 +0.4
10 LOFT @ NATHAN 400 to 500 3,079 12 848,000 2 4.4 3.7 +0.6
9 MACKENZIE 138 400 to 500 2,875 4 742,500 2 4.6 4.1 +0.5
9 MACKENZIE 88 400 to 500 3,065 10 810,000 1 4.5 4.3 +0.3
11 MEDGE 400 to 500 2,500 1 800,000 1 3.8 2.8 +1.0
14 MELOSA 400 to 500 2,725 4 640,000 1 5.1 4.5 +0.6
14 MILLAGE 400 to 500 2,574 9 702,963 3 4.4 3.9 +0.5
15 MOUNTBATTEN SUITES 400 to 500 3,100 1 715,000 1 5.2 3.6 +1.6
11 MULBERRY TREE 400 to 500 2,650 2 780,000 1 4.1 3.9 +0.2
12 NEEM TREE 400 to 500 2,611 8 800,000 1 3.9 3.5 +0.4
14 NESS 400 to 500 2,279 7 680,000 1 4.0 4.1 -0.1
21 NOTTINGHILL SUITES 300 to 400 2,477 13 682,333 3 4.4 4.3 +0.0
12 OKIO 400 to 500 2,747 5 744,250 4 4.4 3.8 +0.6
12 ONE DUSUN RESIDENCES 400 to 500 2,814 14 820,000 1 4.1 3.8 +0.4
12 OPAL SUITES 400 to 500 2,500 3 650,000 1 4.6 4.5 +0.2
9 OXLEY EDGE 300 to 400 3,088 4 880,000 1 4.2 3.8 +0.4
14 PARC ESTA 400 to 500 3,772 100 890,455 11 5.1 4.3 +0.8
5 PARC IMPERIAL 300 to 400 2,981 16 708,333 3 5.1 5.1 -0.0
5 PARC IMPERIAL 400 to 500 3,083 15 825,000 1 4.5 5.1 -0.6
9 PARC SOPHIA 400 to 500 2,675 8 900,000 2 3.6 3.4 +0.2
13 PARK COLONIAL 400 to 500 3,543 23 1,001,667 2 4.2 4.0 +0.2
12 PRESTIGE HEIGHTS 300 to 400 2,503 17 620,000 2 4.8 4.5 +0.3
12 PRESTIGE HEIGHTS 400 to 500 2,867 6 703,400 2 4.9 4.5 +0.4
3 PRINCIPAL GARDEN 400 to 500 3,444 27 924,800 5 4.5 4.0 +0.5
3 QUEENS PEAK 400 to 500 3,467 83 931,741 12 4.5 3.9 +0.6
15 QUESTA @ DUNMAN 400 to 500 2,200 4 721,000 1 3.7 3.3 +0.3
12 RIVERBAY 300 to 400 2,263 4 616,667 3 4.4 4.0 +0.5
12 RIVIERA 38 400 to 500 2,438 4 735,000 1 4.0 4.0 +0.0
9 ROBERTSON EDGE 400 to 500 3,445 14 935,000 2 4.4 4.4 -0.0
10 ROBIN SUITES 400 to 500 3,488 16 1,028,000 2 4.1 3.8 +0.3
1 ROBINSON SUITES 400 to 500 3,556 26 1,325,000 1 3.2 3.1 +0.1
9 RV POINT 400 to 500 3,133 6 960,000 1 3.9 4.1 -0.1
10 RV RESIDENCES 400 to 500 3,069 17 960,000 1 3.8 3.6 +0.3
14 SILVERSCAPE 400 to 500 2,538 8 632,000 1 4.8 4.3 +0.6
14 SIMS EDGE 400 to 500 2,783 6 726,500 2 4.6 3.8 +0.8
14 SIMS URBAN OASIS 400 to 500 2,874 50 790,250 12 4.4 4.0 +0.4
13 SKY GREEN 400 to 500 2,700 19 865,000 1 3.7 3.7 -0.0
20 SKY VUE 400 to 500 3,212 25 933,800 5 4.1 3.7 +0.5
4 SKYLINE RESIDENCES 400 to 500 3,554 13 1,080,000 2 3.9 3.2 +0.7
12 SKYSUITES17 300 to 400 2,663 8 675,296 3 4.7 4.1 +0.7
2 [email protected] 300 to 400 3,568 62 868,600 5 4.9 5.2 -0.2
14 SMART SUITES 400 to 500 2,441 11 730,000 1 4.0 4.4 -0.4
8 SOHO 188 400 to 500 2,864 7 770,000 1 4.5 4.4 +0.1
8 SOHO @ FARRER 400 to 500 2,700 2 680,000 1 4.8 0.0 +4.8
2 SPOTTISWOODE 18 300 to 400 2,888 50 980,000 1 3.5 4.7 -1.2
2 SPOTTISWOODE SUITES 400 to 500 3,260 25 1,059,167 3 3.7 3.5 +0.2
10 STELLAR RV 400 to 500 3,200 3 866,800 1 4.4 3.7 +0.7
3 STIRLING RESIDENCES 400 to 500 3,939 31 990,944 2 4.8 4.0 +0.8
15 STRAITS RESIDENCES 400 to 500 2,400 1 645,000 1 4.5 4.6 -0.1
8 STURDEE RESIDENCES 400 to 500 3,089 19 860,000 1 4.3 3.8 +0.5
15 SUITES @ GUILLEMARD 400 to 500 2,563 4 775,000 1 4.0 4.3 -0.3
12 SUITES @ TOPAZ 400 to 500 2,500 1 660,000 1 4.5 5.3 -0.8
14 [email protected] 400 to 500 2,374 8 605,000 1 4.7 5.0 -0.3
21 THE HILLFORD 300 to 400 2,748 22 540,000 7 6.1 5.9 +0.2
21 THE HILLFORD 400 to 500 2,733 3 585,000 1 5.6 5.9 -0.3
10 THE HYDE 400 to 500 4,533 3 1,490,143 7 3.7 3.4 +0.3
12 THE INTERWEAVE 300 to 400 2,606 16 685,000 1 4.6 4.6 -0.1
12 THE INTERWEAVE 400 to 500 3,029 7 700,000 1 5.2 4.6 +0.5
9 THE MKZ 400 to 500 3,200 4 925,000 1 4.2 3.8 +0.3
14 THE OCTET 400 to 500 2,510 5 625,000 1 4.8 4.4 +0.4
7 THE PLAZA 400 to 500 2,800 1 710,000 1 4.7 3.3 +1.4
13 THE POIZ RESIDENCES 400 to 500 2,905 52 790,000 7 4.4 3.9 +0.5
12 THE VERVE 400 to 500 2,993 7 720,000 1 5.0 4.4 +0.5
14 THE WATER EDGE 300 to 400 2,360 5 643,000 1 4.4 4.1 +0.3
20 THOMSON IMPRESSIONS 400 to 500 2,857 15 815,600 5 4.2 3.7 +0.5
20 THOMSON THREE 400 to 500 2,758 13 840,917 4 3.9 3.2 +0.7
20 THOMSON V ONE 400 to 500 2,225 2 651,500 2 4.1 4.5 -0.4
20 THOMSON V TWO 300 to 400 2,167 3 688,000 1 3.8 3.8 -0.0
20 THOMSON V TWO 400 to 500 2,559 9 790,000 1 3.9 3.8 +0.1
14 TRE RESIDENCES 400 to 500 2,719 8 750,000 1 4.4 4.1 +0.2
14 TREASURES @ G20 400 to 500 2,355 10 530,000 1 5.3 4.9 +0.4
14 [email protected] 400 to 500 2,250 2 620,000 1 4.4 0.0 +4.4
14 [email protected] 400 to 500 2,240 5 635,000 1 4.2 0.0 +4.2
12 URBAN HERITAGE 400 to 500 2,100 1 611,000 1 4.1 3.8 +0.3
1 V ON SHENTON 400 to 500 3,657 37 979,333 3 4.5 3.6 +0.8
14 VIENTO 400 to 500 2,300 3 588,000 1 4.7 4.5 +0.2
5 VIVA VISTA 300 to 400 2,756 31 658,000 1 5.0 5.2 -0.2
9 VIVACE 400 to 500 3,207 7 898,333 3 4.3 4.3 -0.0
14 WATERBANK AT DAKOTA 400 to 500 3,243 14 829,200 5 4.7 3.9 +0.8
10 ZENITH 400 to 500 3,088 4 950,000 1 3.9 3.6 +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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