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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
(%)
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

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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