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 1,958 6 712,600 5 3.3 2.9 +0.4
19 BARTLEY RESIDENCES 400 to 500 2,012 27 683,600 5 3.5 3.1 +0.4
19 BOTANIQUE AT BARTLEY 400 to 500 2,105 10 760,250 4 3.3 3.1 +0.2
19 CARDIFF RESIDENCE 400 to 500 1,738 21 581,167 6 3.6 3.2 +0.3
19 CASA CAMBIO 400 to 500 1,894 26 684,333 3 3.3 3.3 -0.0
18 COCO PALMS 400 to 500 1,894 16 643,000 3 3.5 3.3 +0.2
18 D'NEST 400 to 500 1,825 30 612,333 3 3.6 3.6 -0.0
19 D'ZIRE 400 to 500 1,777 3 570,000 1 3.7 3.5 +0.3
16 EASTWOOD REGENCY 300 to 400 1,600 1 560,000 1 3.4 3.1 +0.4
16 EASTWOOD REGENCY 400 to 500 1,559 9 610,000 2 3.1 3.1 +0.0
27 EIGHT COURTYARDS 400 to 500 1,700 4 560,000 1 3.6 3.2 +0.5
15 ESPIRA SUITES 400 to 500 1,822 9 644,333 3 3.4 3.2 +0.2
23 FORESQUE RESIDENCES 400 to 500 1,744 8 615,000 1 3.4 3.1 +0.3
17 HEDGES PARK CONDOMINIUM 400 to 500 1,789 9 554,667 3 3.9 3.7 +0.2
15 HERITAGE EAST 400 to 500 1,775 4 650,000 1 3.3 3.4 -0.1
28 HIGH PARK RESIDENCES 300 to 400 1,675 6 549,000 2 3.7 3.5 +0.2
28 HIGH PARK RESIDENCES 400 to 500 1,840 15 613,938 8 3.6 3.5 +0.1
23 HILLION RESIDENCES 400 to 500 1,962 65 708,250 8 3.3 3.2 +0.1
5 HUNDRED TREES 400 to 500 2,040 5 730,000 1 3.4 3.0 +0.4
22 J GATEWAY 400 to 500 2,486 28 872,000 4 3.4 3.4 +0.0
19 JEWEL @ BUANGKOK 400 to 500 1,881 16 683,000 1 3.3 3.0 +0.3
14 KEMBANGAN SUITES 400 to 500 2,017 3 760,000 1 3.2 3.5 -0.3
19 KINGSFORD WATERBAY 400 to 500 1,830 23 594,556 9 3.7 3.4 +0.3
19 LA FIESTA 400 to 500 1,915 12 660,000 1 3.5 3.1 +0.4
15 LA VIDA @ 130 400 to 500 1,800 10 628,000 1 3.4 4.0 -0.6
22 LAKE GRANDE 400 to 500 2,186 11 750,000 1 3.5 3.2 +0.3
15 LAVERNE'S LOFT 300 to 400 1,717 3 575,000 1 3.6 3.3 +0.3
15 LAVERNE'S LOFT 400 to 500 1,717 3 620,000 1 3.3 3.3 +0.0
23 LE QUEST 400 to 500 2,124 19 699,667 3 3.6 3.3 +0.3
19 MIDTOWN RESIDENCES 400 to 500 1,794 14 668,000 1 3.2 3.5 -0.3
23 NATURA@HILLVIEW 400 to 500 1,754 13 610,000 1 3.5 3.0 +0.4
17 OCEAN FRONT SUITES 400 to 500 1,525 2 568,333 3 3.2 3.4 -0.1
16 OPTIMA @ TANAH MERAH 400 to 500 2,213 4 695,000 2 3.8 3.3 +0.5
15 PARC BLEU 400 to 500 1,833 3 613,333 3 3.6 3.3 +0.3
19 PARC CENTROS 400 to 500 1,807 18 624,400 5 3.5 3.2 +0.3
15 PARC ELEGANCE 300 to 400 1,664 7 555,000 1 3.6 3.9 -0.3
15 PARC ELEGANCE 400 to 500 1,663 12 627,000 1 3.2 3.9 -0.8
5 PARC RIVIERA 400 to 500 2,048 26 705,500 6 3.5 3.2 +0.2
25 PARC ROSEWOOD 400 to 500 1,570 40 514,175 16 3.7 3.6 +0.1
19 PARK RESIDENCES KOVAN 300 to 400 1,813 6 583,888 1 3.7 3.4 +0.3
19 PRESTO@UPPER SERANGOON 400 to 500 1,837 6 625,000 1 3.5 3.0 +0.5
18 RIPPLE BAY 400 to 500 1,683 10 570,000 1 3.5 3.5 +0.1
5 SEAHILL 400 to 500 2,300 4 704,629 3 3.9 3.5 +0.5
15 SHIRO 400 to 500 1,600 1 640,000 1 3.0 3.2 -0.2
15 SIGLAP V 400 to 500 1,683 3 587,333 3 3.4 2.9 +0.6
14 SINGA HILLS 400 to 500 1,800 1 650,000 1 3.3 2.9 +0.4
27 SKIES MILTONIA 400 to 500 1,748 6 553,333 3 3.8 3.3 +0.5
19 SPACE @ KOVAN 400 to 500 1,775 4 591,000 3 3.6 3.3 +0.3
19 SPAZIO @ KOVAN 400 to 500 1,950 4 668,000 1 3.5 3.4 +0.1
18 STRATUM 400 to 500 1,619 18 542,000 4 3.6 3.6 -0.1
15 SUITES @ EASTCOAST 300 to 400 1,655 19 543,500 2 3.7 3.5 +0.1
19 SUITES @ KOVAN 300 to 400 1,650 1 516,944 2 3.8 3.1 +0.7
19 SUITES @ PAYA LEBAR 400 to 500 1,768 5 587,500 2 3.6 3.7 -0.1
13 SUITES@BRADDELL 300 to 400 1,790 2 561,250 2 3.8 3.5 +0.4
14 SUNNY LODGE 300 to 400 1,650 3 548,000 1 3.6 3.8 -0.2
18 THE ALPS RESIDENCES 400 to 500 1,887 23 624,500 4 3.6 3.5 +0.1
15 THE COTZ 400 to 500 1,725 4 630,000 1 3.3 3.5 -0.2
14 THE EBONY 300 to 400 1,736 7 523,000 1 4.0 3.6 +0.4
16 THE GLADES 400 to 500 2,121 19 680,000 3 3.7 3.2 +0.6
17 THE INFLORA 400 to 500 1,683 13 523,750 4 3.9 3.4 +0.5
22 THE LAKEFRONT RESIDENCES 400 to 500 2,141 11 695,000 1 3.7 3.4 +0.3
14 THE LENOX 400 to 500 1,750 4 580,000 1 3.6 2.9 +0.7
27 THE NAUTICAL 400 to 500 1,630 5 554,333 3 3.5 3.4 +0.2
20 THE PANORAMA 400 to 500 1,842 13 686,472 4 3.2 2.9 +0.3
19 THE PROMENADE@PELIKAT 400 to 500 1,741 16 600,000 1 3.5 3.7 -0.2
19 THE QUINN 400 to 500 2,000 1 745,000 1 3.2 3.1 +0.2
19 THE SCALA 400 to 500 2,159 17 768,888 1 3.4 3.2 +0.2
19 THE TEMBUSU 400 to 500 1,986 14 810,750 4 2.9 2.6 +0.3
27 THE WISTERIA 400 to 500 1,790 5 571,400 7 3.8 3.1 +0.6
19 TRILIVE 400 to 500 2,000 1 838,000 1 2.9 2.4 +0.5
16 URBAN VISTA 400 to 500 1,848 20 618,000 7 3.6 3.2 +0.4
14 VACANZA @ EAST 400 to 500 1,813 4 603,667 3 3.6 2.8 +0.8
15 VIBES @ EAST COAST 400 to 500 1,800 4 612,500 2 3.5 3.3 +0.3
19 VIBES @ KOVAN 400 to 500 1,633 3 575,000 1 3.4 3.3 +0.1
19 VIBES@UPPER SERANGOON 400 to 500 1,770 5 600,000 1 3.5 3.1 +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 1,975 4 820,000 1 2.9 3.6 -0.7
8 28 RC SUITES 400 to 500 1,956 9 630,000 1 3.7 3.3 +0.4
15 38 I SUITES 400 to 500 1,933 6 730,000 1 3.2 3.0 +0.2
11 8 BASSEIN 400 to 500 2,100 13 780,000 3 3.2 3.2 +0.0
13 8@WOODLEIGH 300 to 400 1,863 4 605,000 1 3.7 3.2 +0.5
15 91 MARSHALL 300 to 400 1,775 4 600,000 1 3.6 3.3 +0.2
12 AIRSTREAM 400 to 500 1,822 9 662,667 3 3.3 3.7 -0.4
9 ASPEN LINQ 400 to 500 2,160 5 795,000 2 3.3 2.8 +0.4
13 BARTLEY RIDGE 400 to 500 1,928 27 718,850 8 3.2 2.9 +0.3
8 CAVAN SUITES 400 to 500 1,940 5 685,000 1 3.4 3.8 -0.4
14 CENTRA HEIGHTS 400 to 500 1,913 12 606,500 2 3.8 3.6 +0.1
14 CENTRA LOFT 400 to 500 1,893 14 637,944 2 3.6 3.6 -0.0
14 CENTRA RESIDENCE 400 to 500 1,900 4 575,000 1 4.0 3.6 +0.4
14 CENTRA SUITES 400 to 500 1,850 13 628,667 3 3.5 3.4 +0.1
7 CITY GATE 400 to 500 2,575 4 870,000 1 3.6 2.5 +1.1
8 CITY STUDIOS 400 to 500 1,870 1 600,000 1 3.7 3.1 +0.6
3 COMMONWEALTH TOWERS 400 to 500 2,416 55 851,429 14 3.4 3.3 +0.1
15 CORALIS 400 to 500 2,183 4 922,500 2 2.8 2.5 +0.3
12 CRADELS 400 to 500 1,987 25 659,000 2 3.6 3.8 -0.2
9 DEVONSHIRE RESIDENCES 400 to 500 2,783 9 1,108,800 1 3.0 2.9 +0.1
11 DUNEARN SUITES 400 to 500 1,980 5 740,000 1 3.2 3.3 -0.1
14 EDENZ LOFT 400 to 500 1,714 7 500,000 1 4.1 3.5 +0.6
14 EDENZ SUITES 400 to 500 1,700 9 576,667 3 3.5 3.7 -0.2
12 EIGHT RIVERSUITES 400 to 500 2,118 35 725,963 6 3.5 3.3 +0.2
9 ESPADA 300 to 400 2,389 35 913,000 2 3.1 3.1 +0.1
8 FARRER PARK SUITES 400 to 500 2,293 3 712,000 1 3.9 3.6 +0.2
14 GRANDVIEW SUITES 300 to 400 1,583 3 482,500 2 3.9 3.6 +0.3
14 GUILLEMARD EDGE 400 to 500 1,836 36 627,000 3 3.5 3.7 -0.2
14 GUILLEMARD SUITES 400 to 500 2,148 6 575,000 1 4.5 3.9 +0.6
15 HAIG 162 300 to 400 1,718 14 572,200 3 3.6 3.6 +0.0
14 IDYLLIC SUITES 400 to 500 1,817 6 544,000 2 4.0 3.6 +0.4
15 IMPERIAL HEIGHTS 400 to 500 2,000 3 635,000 1 3.8 3.4 +0.4
15 JUPITER 18 400 to 500 1,833 6 635,000 1 3.5 3.5 -0.1
14 LA FLEUR 400 to 500 1,694 11 545,000 3 3.7 3.6 +0.1
14 LE REGAL 400 to 500 1,650 5 500,000 2 4.0 3.8 +0.1
11 LINCOLN SUITES 400 to 500 2,520 10 1,000,000 1 3.0 2.7 +0.3
10 LOFT @ NATHAN 400 to 500 2,167 12 835,000 1 3.1 2.9 +0.2
8 LOFT @ RANGOON 400 to 500 1,925 2 674,000 2 3.4 3.2 +0.2
10 LOFT@HOLLAND 300 to 400 2,394 9 780,000 1 3.7 3.2 +0.5
12 M66 400 to 500 1,750 1 660,000 1 3.2 3.5 -0.3
14 MELOSA 400 to 500 1,825 4 574,000 2 3.8 3.4 +0.4
14 METRO LOFT 400 to 500 1,900 5 620,000 1 3.7 3.5 +0.2
14 NESS 400 to 500 1,817 9 576,667 3 3.8 3.7 +0.1
9 NEWTON EDGE 400 to 500 2,100 9 801,738 1 3.1 2.8 +0.3
13 NIN RESIDENCE 400 to 500 2,100 7 680,000 1 3.7 3.2 +0.5
21 NOTTINGHILL SUITES 300 to 400 1,756 16 622,500 2 3.4 3.6 -0.2
21 NOTTINGHILL SUITES 400 to 500 1,775 2 638,000 1 3.3 3.6 -0.3
12 OKIO 400 to 500 2,000 12 712,000 1 3.4 3.6 -0.2
12 ONE DUSUN RESIDENCES 400 to 500 2,041 11 753,500 2 3.3 3.2 +0.1
12 OPAL SUITES 400 to 500 1,830 5 618,000 1 3.6 3.3 +0.2
12 PARC HAVEN 400 to 500 1,888 4 625,000 1 3.6 3.1 +0.5
5 PARC IMPERIAL 300 to 400 2,002 21 642,667 3 3.7 4.4 -0.7
5 PARC IMPERIAL 400 to 500 2,031 16 678,000 1 3.6 4.4 -0.8
14 PARK PLACE RESIDENCES AT PLQ 400 to 500 2,690 24 959,000 2 3.4 3.0 +0.3
14 PAVILION SQUARE 300 to 400 1,795 10 530,667 3 4.1 4.5 -0.4
1 PEOPLE'S PARK COMPLEX 400 to 500 1,704 17 465,000 1 4.4 4.6 -0.2
12 PRESTIGE HEIGHTS 300 to 400 1,702 18 556,667 3 3.7 3.4 +0.3
12 PRESTIGE HEIGHTS 400 to 500 1,860 5 626,000 1 3.6 3.4 +0.2
3 PRINCIPAL GARDEN 400 to 500 2,609 19 902,667 3 3.5 3.2 +0.3
3 QUEENS PEAK 400 to 500 2,507 39 866,625 8 3.5 3.3 +0.2
15 QUESTA @ DUNMAN 400 to 500 1,975 2 685,000 1 3.5 2.7 +0.7
14 REZI 26 400 to 500 1,735 10 582,333 3 3.6 3.2 +0.4
12 RIVERBAY 300 to 400 1,767 3 563,000 1 3.8 3.4 +0.3
9 ROBERTSON EDGE 300 to 400 2,200 2 808,000 1 3.3 3.4 -0.2
9 ROBERTSON EDGE 400 to 500 2,425 6 800,000 1 3.6 3.4 +0.2
10 ROBIN SUITES 400 to 500 2,411 14 1,088,000 1 2.7 2.7 -0.0
1 ROBINSON SUITES 400 to 500 2,700 28 1,228,000 1 2.6 2.6 +0.0
14 ROYCE RESIDENCES 300 to 400 1,720 5 500,000 1 4.1 4.0 +0.2
10 RV EDGE 400 to 500 2,315 15 810,000 1 3.4 3.4 +0.1
14 SILVERSCAPE 400 to 500 1,665 10 617,500 2 3.2 3.2 +0.1
14 SIMS EDGE 400 to 500 1,825 4 685,000 2 3.2 3.0 +0.2
14 SIMS URBAN OASIS 400 to 500 2,064 49 697,438 16 3.6 3.2 +0.3
13 SKY GREEN 400 to 500 2,044 17 761,000 1 3.2 3.0 +0.2
20 SKY VUE 400 to 500 2,330 25 858,833 6 3.3 3.1 +0.2
4 SKYLINE RESIDENCES 400 to 500 2,629 12 940,000 2 3.4 2.7 +0.6
12 SKYSUITES17 300 to 400 1,895 11 575,000 1 4.0 3.7 +0.3
2 SKYSUITES@ANSON 300 to 400 2,503 34 845,000 1 3.6 3.4 +0.2
14 SMART SUITES 400 to 500 1,961 9 680,000 1 3.5 3.2 +0.3
8 SOHO 188 400 to 500 2,075 6 674,000 2 3.7 3.7 +0.0
11 SOLEIL @ SINARAN 400 to 500 2,650 1 938,800 1 3.4 3.4 -0.1
2 SPOTTISWOODE 18 300 to 400 2,232 34 825,360 5 3.2 3.2 +0.0
2 SPOTTISWOODE SUITES 400 to 500 2,500 23 990,000 1 3.0 2.9 +0.2
15 STUDIOS@TEMBELING 300 to 400 1,843 3 600,000 1 3.7 4.0 -0.3
8 SUITES 123 400 to 500 2,200 2 610,000 1 4.3 3.8 +0.6
14 SUITES 28 400 to 500 1,850 2 488,000 1 4.5 3.3 +1.3
8 SUITES @ OWEN 400 to 500 1,975 2 660,000 1 3.6 3.2 +0.4
11 SUITES @ SHREWSBURY 300 to 400 1,930 5 572,000 2 4.0 3.9 +0.1
14 SUITES @ SIMS 300 to 400 1,779 7 545,000 4 3.9 3.8 +0.1
12 SUITES @ TOPAZ 300 to 400 1,600 3 539,000 1 3.6 3.6 -0.1
21 SUITES AT BUKIT TIMAH 300 to 400 1,782 11 610,000 1 3.5 3.4 +0.1
21 SUITES AT BUKIT TIMAH 400 to 500 1,794 8 648,000 2 3.3 3.4 -0.1
21 SUITES DE LAUREL 400 to 500 2,017 3 770,000 1 3.1 3.1 +0.0
15 SUITES@ KATONG 300 to 400 1,708 7 588,000 1 3.5 3.8 -0.3
14 SUITES@CHANGI 400 to 500 1,706 9 525,000 1 3.9 3.5 +0.4
21 THE CREEK @ BUKIT 400 to 500 1,895 10 793,000 2 2.9 2.8 +0.0
4 THE FORESTA @ MOUNT FABER 400 to 500 2,393 7 825,000 1 3.5 3.1 +0.3
21 THE HILLFORD 300 to 400 1,811 30 488,222 9 4.5 4.7 -0.2
12 THE INTERWEAVE 300 to 400 1,773 13 615,000 1 3.5 3.1 +0.3
12 THE INTERWEAVE 400 to 500 1,883 6 667,500 2 3.4 3.1 +0.3
9 THE MKZ 400 to 500 2,175 2 888,888 1 2.9 3.0 -0.0
14 THE OCTET 400 to 500 1,770 10 530,000 1 4.0 3.7 +0.3
13 THE POIZ RESIDENCES 400 to 500 2,171 51 730,667 9 3.6 3.1 +0.5
8 THE URBANITE 400 to 500 1,925 4 744,000 2 3.1 3.1 +0.1
13 THE VENUE RESIDENCES 400 to 500 2,200 2 770,000 1 3.4 2.9 +0.5
14 THE WATER EDGE 400 to 500 1,855 10 651,944 2 3.4 3.4 -0.0
20 THOMSON IMPRESSIONS 400 to 500 2,004 17 752,500 2 3.2 2.9 +0.3
20 THOMSON THREE 400 to 500 1,996 12 738,000 1 3.2 2.6 +0.6
14 TRE RESIDENCES 400 to 500 2,158 6 710,000 1 3.6 3.2 +0.4
14 TREASURES @ G20 400 to 500 1,710 5 460,000 1 4.5 4.1 +0.3
14 TREASURES@G6 400 to 500 1,800 3 582,000 1 3.7 3.8 -0.0
1 V ON SHENTON 400 to 500 2,594 34 1,200,000 1 2.6 2.8 -0.2
12 VIIO @ BALESTIER 400 to 500 2,267 3 840,000 1 3.2 2.9 +0.3
5 VIVA VISTA 300 to 400 1,963 34 593,000 2 4.0 4.3 -0.3
5 VIVA VISTA 400 to 500 2,188 4 635,000 1 4.1 4.3 -0.1
9 VIVACE 300 to 400 2,305 10 785,000 2 3.5 3.3 +0.2
9 VIVACE 400 to 500 2,331 8 910,000 1 3.1 3.3 -0.3
14 WATERBANK AT DAKOTA 400 to 500 2,300 16 782,500 4 3.5 3.2 +0.3
11 ZEDGE 400 to 500 1,988 12 800,000 1 3.0 2.9 +0.1

Disclaimer

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