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
(%)
17 AVILA GARDENS 400 to 500 1,400 1 480,000 1 3.5 2.6 +0.9
19 BOTANIQUE AT BARTLEY 400 to 500 2,134 30 748,467 6 3.4 3.1 +0.4
19 CARDIFF RESIDENCE 400 to 500 1,761 17 584,000 2 3.6 3.3 +0.3
19 CASA CAMBIO 400 to 500 1,857 30 741,000 2 3.0 3.0 -0.0
18 COCO PALMS 400 to 500 1,866 27 635,000 3 3.5 3.2 +0.3
15 CUBIK 400 to 500 1,650 1 650,000 1 3.0 3.3 -0.2
18 D'NEST 400 to 500 1,814 25 634,333 3 3.4 3.4 +0.0
23 FORESQUE RESIDENCES 400 to 500 1,667 10 605,000 1 3.3 2.9 +0.4
15 HERITAGE EAST 400 to 500 1,775 4 615,000 1 3.5 3.4 +0.1
28 HIGH PARK RESIDENCES 300 to 400 1,537 15 502,143 7 3.7 3.3 +0.4
28 HIGH PARK RESIDENCES 400 to 500 1,723 33 598,400 20 3.5 3.3 +0.1
23 HILLION RESIDENCES 400 to 500 1,934 41 720,000 1 3.2 3.2 +0.0
19 ISUITES @ PALM 400 to 500 1,663 4 575,000 1 3.5 2.9 +0.6
22 J GATEWAY 400 to 500 2,522 23 872,629 3 3.5 3.1 +0.4
19 JEWEL @ BUANGKOK 400 to 500 1,872 16 630,000 1 3.6 3.0 +0.5
19 KINGSFORD WATERBAY 400 to 500 1,817 9 635,333 3 3.4 3.0 +0.5
19 KOVAN GRANDEUR 300 to 400 1,683 3 487,500 2 4.1 3.4 +0.8
19 MIDTOWN RESIDENCES 400 to 500 1,804 12 705,000 1 3.1 2.9 +0.1
18 MY MANHATTAN 400 to 500 2,075 4 670,000 1 3.7 3.3 +0.4
23 NATURA@HILLVIEW 400 to 500 1,669 8 596,500 2 3.4 3.1 +0.2
27 NORTH PARK RESIDENCES 400 to 500 1,977 11 690,000 1 3.4 2.7 +0.7
16 OPTIMA @ TANAH MERAH 400 to 500 2,100 3 698,000 1 3.6 3.2 +0.4
15 PARC BLEU 400 to 500 1,854 7 647,500 2 3.4 3.2 +0.2
19 PARC CENTROS 400 to 500 1,775 29 615,000 2 3.5 3.1 +0.3
15 PARC ELEGANCE 400 to 500 1,725 14 585,000 1 3.5 3.3 +0.2
17 PARC OLYMPIA 400 to 500 1,671 7 547,500 2 3.7 3.5 +0.1
25 PARC ROSEWOOD 400 to 500 1,559 38 522,167 6 3.6 3.4 +0.1
15 PRESTIGE LOFT 300 to 400 1,575 2 500,000 1 3.8 4.1 -0.3
19 PRIMO RESIDENCES 400 to 500 1,750 2 590,000 1 3.6 3.2 +0.4
18 RIPPLE BAY 400 to 500 1,719 13 590,000 1 3.5 3.3 +0.2
19 RIVERSOUND RESIDENCE 400 to 500 1,600 3 585,000 1 3.3 3.2 +0.1
5 SEAHILL 400 to 500 2,225 6 725,000 1 3.7 3.4 +0.3
27 SKIES MILTONIA 400 to 500 1,692 6 565,000 3 3.6 3.2 +0.4
19 SUITES @ PAYA LEBAR 400 to 500 1,767 3 605,000 1 3.5 4.1 -0.6
13 SUITES@BRADDELL 300 to 400 1,650 3 530,888 1 3.7 3.5 +0.3
13 SUITES@BRADDELL 400 to 500 1,725 6 570,000 1 3.6 3.5 +0.2
19 THE BENTLY RESIDENCES@KOVAN 400 to 500 1,800 1 720,000 1 3.0 2.3 +0.7
15 THE COTZ 300 to 400 1,633 3 512,888 1 3.8 3.6 +0.2
15 THE COTZ 400 to 500 1,596 6 593,000 1 3.2 3.6 -0.4
16 THE GLADES 400 to 500 2,064 32 770,000 1 3.2 3.3 -0.1
17 THE INFLORA 400 to 500 1,634 28 520,000 7 3.8 3.2 +0.6
22 THE LAKEFRONT RESIDENCES 400 to 500 2,156 9 712,000 3 3.6 3.0 +0.7
19 THE LUXURIE 400 to 500 1,725 6 649,000 2 3.2 3.0 +0.2
27 THE NAUTICAL 400 to 500 1,579 7 538,000 1 3.5 3.3 +0.2
20 THE PANORAMA 400 to 500 1,831 19 695,400 5 3.2 2.8 +0.4
19 THE SCALA 400 to 500 2,165 13 757,667 3 3.4 3.0 +0.4
19 THE TEMBUSU 400 to 500 1,956 17 848,000 1 2.8 2.4 +0.3
19 THE VUE 400 to 500 1,725 4 680,000 1 3.0 3.3 -0.3
16 URBAN VISTA 400 to 500 1,859 37 609,000 2 3.7 3.1 +0.6
15 VIBES @ EAST COAST 400 to 500 1,694 9 705,000 2 2.9 2.7 +0.2
19 VIBES@UPPER SERANGOON 400 to 500 1,755 11 580,000 1 3.6 3.4 +0.2

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 2,029 10 778,500 2 3.1 2.8 +0.4
15 16 @ AMBER 400 to 500 1,833 9 730,000 1 3.0 2.6 +0.5
15 38 I SUITES 400 to 500 1,890 10 768,000 1 3.0 2.9 +0.0
9 8 SAINT THOMAS 400 to 500 3,300 1 1,480,000 2 2.7 2.5 +0.2
3 ALEXIS 300 to 400 2,179 21 702,000 1 3.7 3.3 +0.4
13 BARTLEY RIDGE 400 to 500 1,988 30 715,000 2 3.3 3.0 +0.3
14 CENTRA HEIGHTS 400 to 500 1,910 13 718,000 1 3.2 3.2 +0.0
14 CENTRA LOFT 400 to 500 1,863 12 612,888 1 3.6 4.2 -0.6
14 CENTRA RESIDENCE 300 to 400 1,950 1 530,000 1 4.4 3.4 +1.0
14 CENTRA RESIDENCE 400 to 500 1,914 11 630,000 1 3.6 3.4 +0.2
12 CRADELS 400 to 500 2,010 13 658,000 1 3.7 3.6 +0.1
2 DORSETT RESIDENCES 400 to 500 2,967 6 950,000 1 3.7 3.5 +0.2
11 DUNEARN SUITES 400 to 500 2,010 5 735,000 1 3.3 3.1 +0.2
3 ECHELON 400 to 500 2,598 20 1,023,000 1 3.0 3.2 -0.1
14 EDENZ LOFT 400 to 500 1,744 8 571,667 3 3.7 3.3 +0.3
14 EDENZ SUITES 400 to 500 1,770 5 568,500 1 3.7 4.1 -0.3
12 EIGHT RIVERSUITES 400 to 500 2,129 46 711,000 4 3.6 3.3 +0.3
9 ESPADA 300 to 400 2,507 41 1,000,000 1 3.0 3.2 -0.2
9 ESPADA 400 to 500 2,625 2 1,100,000 1 2.9 3.2 -0.4
14 GUILLEMARD SUITES 400 to 500 2,033 12 580,000 1 4.2 3.6 +0.6
15 HAIG 162 300 to 400 1,742 13 590,000 2 3.5 3.5 +0.0
15 JUPITER 18 300 to 400 1,700 1 500,000 1 4.1 3.4 +0.7
21 KAP RESIDENCES 400 to 500 2,057 7 823,000 1 3.0 2.6 +0.4
14 LA BRISA 400 to 500 1,779 7 580,000 1 3.7 3.5 +0.2
14 LA FLEUR 400 to 500 1,691 13 680,000 1 3.0 3.5 -0.6
14 LE REGAL 400 to 500 1,629 11 490,000 1 4.0 4.0 -0.0
10 LOFT @ NATHAN 400 to 500 2,191 17 820,000 1 3.2 2.8 +0.4
10 LOFT @ STEVENS 300 to 400 2,050 7 760,000 1 3.2 2.9 +0.4
9 MACKENZIE 138 400 to 500 2,130 5 718,000 1 3.6 2.8 +0.8
9 MACKENZIE 88 400 to 500 2,144 8 738,000 1 3.5 3.3 +0.2
14 MILLAGE 400 to 500 1,894 8 720,000 1 3.2 2.9 +0.2
12 NEEM TREE 400 to 500 2,250 3 690,000 1 3.9 2.6 +1.3
12 ONE DUSUN RESIDENCES 400 to 500 2,053 16 800,000 1 3.1 3.0 +0.1
12 OPAL SUITES 400 to 500 1,825 4 595,000 1 3.7 3.7 -0.0
9 OXLEY EDGE 300 to 400 2,300 1 829,000 2 3.3 3.5 -0.1
5 PARC IMPERIAL 300 to 400 2,002 24 660,000 1 3.6 4.0 -0.4
5 PARC IMPERIAL 400 to 500 2,034 16 685,000 1 3.6 4.0 -0.4
8 PARC SOMME 300 to 400 1,850 2 580,000 1 3.8 3.5 +0.3
14 PAVILION SQUARE 300 to 400 1,858 6 585,000 1 3.8 4.1 -0.3
1 PEOPLE'S PARK COMPLEX 400 to 500 1,739 29 514,933 3 4.1 4.0 +0.1
12 PRESTIGE HEIGHTS 300 to 400 1,745 22 504,000 2 4.2 3.8 +0.3
12 PRESTIGE HEIGHTS 400 to 500 1,950 5 651,250 2 3.6 3.8 -0.2
3 PRINCIPAL GARDEN 400 to 500 2,929 9 968,000 1 3.6 3.2 +0.4
15 QUESTA @ DUNMAN 400 to 500 1,800 2 698,000 1 3.1 2.7 +0.4
12 REGENT RESIDENCES 400 to 500 1,886 11 633,000 2 3.6 2.9 +0.7
12 RIVIERA 38 400 to 500 1,850 3 612,500 2 3.6 3.0 +0.6
9 ROBERTSON EDGE 400 to 500 2,383 12 1,000,000 1 2.9 3.0 -0.2
10 ROBIN SUITES 400 to 500 2,504 12 1,150,000 1 2.6 2.5 +0.2
1 ROBINSON SUITES 400 to 500 2,864 29 1,237,500 1 2.8 2.8 -0.0
14 ROYCE RESIDENCES 400 to 500 1,667 3 509,000 2 3.9 4.1 -0.2
14 SIMS EDGE 400 to 500 1,894 9 630,888 1 3.6 3.2 +0.4
14 SIMS URBAN OASIS 400 to 500 2,138 43 739,250 8 3.5 3.2 +0.3
13 SKY GREEN 400 to 500 2,027 15 750,000 1 3.2 3.1 +0.1
12 SKYSUITES17 300 to 400 1,900 10 633,000 1 3.6 3.3 +0.4
2 SKYSUITES@ANSON 300 to 400 2,860 43 960,000 1 3.6 3.5 +0.1
14 SMART SUITES 400 to 500 1,980 10 645,000 1 3.7 3.3 +0.4
2 SPOTTISWOODE 18 300 to 400 2,271 47 839,333 3 3.2 3.2 +0.0
11 SUITES @ NEWTON 400 to 500 2,488 4 900,000 1 3.3 2.8 +0.5
8 SUITES @ OWEN 300 to 400 1,850 3 571,500 2 3.9 3.5 +0.4
11 SUITES @ SHREWSBURY 300 to 400 2,125 4 550,000 1 4.6 4.0 +0.6
14 SUITES @ SIMS 300 to 400 1,717 9 510,000 2 4.0 4.0 +0.1
12 SUITES @ TOPAZ 300 to 400 1,690 5 566,000 1 3.6 3.3 +0.2
14 SUITES@CHANGI 400 to 500 1,655 10 525,000 1 3.8 3.4 +0.4
21 THE CREEK @ BUKIT 400 to 500 1,911 14 700,000 1 3.3 3.0 +0.3
10 THE FORD @ HOLLAND 400 to 500 2,586 7 880,000 1 3.5 2.8 +0.7
4 THE FORESTA @ MOUNT FABER 400 to 500 2,447 17 848,000 1 3.5 3.2 +0.3
21 THE HILLFORD 300 to 400 1,780 35 479,500 6 4.5 4.8 -0.3
12 THE INTERWEAVE 300 to 400 1,800 18 568,000 1 3.8 3.5 +0.3
12 THE INTERWEAVE 400 to 500 1,893 14 645,000 2 3.5 3.5 +0.0
13 THE POIZ RESIDENCES 400 to 500 2,268 22 778,000 1 3.5 3.3 +0.2
12 THE VERVE 400 to 500 1,850 1 648,000 1 3.4 2.8 +0.6
14 THE WATER EDGE 400 to 500 1,825 8 650,000 1 3.4 3.2 +0.2
20 THOMSON THREE 400 to 500 1,903 16 795,000 1 2.9 2.7 +0.2
20 THOMSON V TWO 400 to 500 1,979 7 480,000 1 4.9 4.4 +0.6
14 TREASURES@G19 400 to 500 1,820 5 685,000 1 3.2 3.3 -0.1
8 URBAN LOFTS 400 to 500 1,880 5 640,000 1 3.5 3.1 +0.4
14 VIENTO 400 to 500 1,736 11 568,333 3 3.7 3.7 -0.0
5 VIVA VISTA 300 to 400 1,984 33 592,500 2 4.0 3.9 +0.1
9 VIVACE 300 to 400 2,278 9 795,333 3 3.4 3.3 +0.1

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