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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 1,958 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

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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