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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
(%)
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

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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