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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
(%)
19 BARTLEY RESIDENCES 400 to 500 2,479 19 745,000 4 4.0 3.4 +0.6
19 BOTANIQUE AT BARTLEY 400 to 500 2,560 15 831,250 4 3.7 3.3 +0.4
19 CARDIFF RESIDENCE 400 to 500 2,415 10 635,750 4 4.6 4.5 +0.1
19 CASA CAMBIO 400 to 500 2,453 20 763,200 5 3.9 3.7 +0.2
18 COCO PALMS 400 to 500 2,412 26 680,800 5 4.3 3.9 +0.4
15 CUBIK 400 to 500 3,000 1 710,000 2 5.1 3.9 +1.2
18 D'NEST 400 to 500 2,388 20 646,667 3 4.4 3.9 +0.5
19 D'ZIRE 400 to 500 2,550 1 588,000 1 5.2 3.5 +1.7
16 EAST VILLAGE 400 to 500 2,450 4 642,000 1 4.6 3.9 +0.7
16 EASTWOOD REGENCY 300 to 400 2,050 2 630,000 2 3.9 3.3 +0.6
27 EIGHT COURTYARDS 400 to 500 2,150 1 619,333 3 4.2 3.4 +0.7
23 FORESQUE RESIDENCES 400 to 500 2,258 6 670,000 1 4.0 3.3 +0.8
16 GRANDEUR PARK RESIDENCES 400 to 500 2,873 13 802,000 1 4.3 4.0 +0.3
15 H RESIDENCES 400 to 500 2,450 1 696,000 2 4.2 3.7 +0.5
17 HEDGES PARK CONDOMINIUM 400 to 500 2,425 8 617,500 2 4.7 4.7 +0.1
15 HERITAGE EAST 400 to 500 2,175 4 651,250 4 4.0 4.4 -0.3
28 HIGH PARK RESIDENCES 400 to 500 2,313 15 690,000 1 4.0 4.0 +0.0
23 HILLION RESIDENCES 400 to 500 2,561 48 748,578 10 4.1 3.9 +0.2
19 ISUITES @ PALM 400 to 500 2,300 5 638,000 1 4.3 3.7 +0.6
22 J GATEWAY 400 to 500 3,017 32 907,500 4 4.0 3.9 +0.1
19 JEWEL @ BUANGKOK 400 to 500 2,291 11 756,667 3 3.6 3.3 +0.3
14 KEMBANGAN SUITES 400 to 500 2,350 3 730,000 1 3.9 4.1 -0.3
19 KENSINGTON SQUARE 400 to 500 2,175 2 660,000 2 4.0 2.8 +1.2
19 KINGSFORD WATERBAY 400 to 500 2,419 26 673,000 6 4.3 4.1 +0.2
19 KOVAN GRANDEUR 300 to 400 1,858 9 540,000 2 4.1 4.5 -0.4
19 LA FIESTA 400 to 500 2,338 12 699,500 4 4.0 3.5 +0.5
22 LAKE GRANDE 400 to 500 2,688 21 761,000 3 4.2 3.7 +0.5
23 LAUREL TREE 400 to 500 2,892 6 675,000 1 5.1 4.5 +0.6
15 LAVERNE'S LOFT 300 to 400 1,800 1 606,000 1 3.6 3.7 -0.1
23 LE QUEST 400 to 500 2,518 17 698,833 3 4.3 4.1 +0.2
14 LEVENUE 400 to 500 2,463 4 770,000 1 3.8 4.4 -0.5
19 MIDTOWN RESIDENCES 400 to 500 2,467 6 692,500 4 4.3 4.0 +0.3
27 NORTH PARK RESIDENCES 400 to 500 2,543 25 725,722 4 4.2 3.5 +0.7
17 OCEAN FRONT SUITES 400 to 500 2,000 1 602,667 3 4.0 3.6 +0.4
16 OPTIMA @ TANAH MERAH 400 to 500 2,575 10 660,000 1 4.7 3.8 +0.8
14 PALMERA EAST 400 to 500 2,063 4 680,000 1 3.6 3.1 +0.6
15 PARC BLEU 400 to 500 2,250 4 680,000 1 4.0 4.1 -0.1
28 PARC BOTANNIA 400 to 500 2,688 28 700,000 1 4.6 4.2 +0.4
19 PARC CENTROS 400 to 500 2,509 16 702,333 6 4.3 3.9 +0.4
15 PARC ELEGANCE 400 to 500 2,350 15 675,500 6 4.2 4.2 +0.0
5 PARC RIVIERA 400 to 500 2,705 19 728,000 4 4.5 3.9 +0.6
25 PARC ROSEWOOD 400 to 500 2,104 40 575,333 15 4.4 4.5 -0.1
19 PARK RESIDENCES KOVAN 300 to 400 2,171 7 612,000 1 4.3 4.4 -0.2
15 PRESTIGE LOFT 300 to 400 2,600 1 600,000 2 5.2 4.2 +1.0
19 [email protected] SERANGOON 400 to 500 2,425 6 633,000 4 4.6 4.0 +0.6
19 PRIMO RESIDENCES 400 to 500 2,300 2 600,000 1 4.6 4.3 +0.3
14 RESIDENCES 88 400 to 500 2,700 1 615,000 1 5.3 3.4 +1.8
18 RIPPLE BAY 400 to 500 2,214 12 638,000 4 4.2 4.0 +0.2
19 RIVER ISLES 400 to 500 1,850 2 643,000 1 3.5 3.4 +0.1
28 RIVERBANK @ FERNVALE 400 to 500 2,300 3 681,300 10 4.1 3.5 +0.6
5 SEAHILL 400 to 500 2,707 7 716,000 5 4.5 3.7 +0.8
27 SKIES MILTONIA 400 to 500 2,017 3 601,250 4 4.0 3.3 +0.7
23 SOL ACRES 400 to 500 2,500 1 572,500 2 5.2 4.2 +1.1
19 SPACE @ KOVAN 400 to 500 2,036 7 650,000 1 3.8 3.7 +0.0
19 SPAZIO @ KOVAN 400 to 500 2,733 3 732,500 4 4.5 4.2 +0.3
18 STRATUM 400 to 500 2,025 14 603,000 6 4.0 3.7 +0.3
15 SUITES @ EASTCOAST 300 to 400 1,984 14 618,250 4 3.9 3.7 +0.1
19 SUITES @ PAYA LEBAR 300 to 400 2,231 13 639,000 1 4.2 4.4 -0.2
19 SUITES @ PAYA LEBAR 400 to 500 2,220 5 631,000 2 4.2 4.4 -0.2
18 THE ALPS RESIDENCES 400 to 500 2,408 13 683,714 7 4.2 4.0 +0.2
15 THE COTZ 400 to 500 2,000 4 539,500 2 4.4 4.1 +0.4
15 THE CRISTALLO 400 to 500 2,033 3 650,000 1 3.8 3.5 +0.2
14 THE EBONY 300 to 400 1,917 3 590,000 1 3.9 4.2 -0.3
19 THE GARDEN RESIDENCES 400 to 500 2,933 9 760,000 1 4.6 3.7 +0.9
16 THE GLADES 400 to 500 2,655 20 734,429 7 4.3 4.1 +0.2
17 THE INFLORA 400 to 500 1,964 11 601,455 11 3.9 3.9 +0.1
19 THE LUXURIE 400 to 500 2,100 2 670,000 1 3.8 3.6 +0.2
27 THE NAUTICAL 400 to 500 2,217 9 630,000 1 4.2 4.2 +0.0
18 THE PALETTE 400 to 500 2,400 2 706,000 1 4.1 3.5 +0.6
20 THE PANORAMA 400 to 500 2,496 13 781,429 7 3.8 3.2 +0.7
19 THE [email protected] 400 to 500 2,054 13 675,000 1 3.7 4.0 -0.3
18 THE SANTORINI 400 to 500 2,300 2 680,000 1 4.1 3.8 +0.2
19 THE SCALA 400 to 500 2,659 16 823,750 4 3.9 3.3 +0.5
5 THE SORRENTO 400 to 500 2,663 12 781,000 1 4.1 3.9 +0.2
18 THE TAPESTRY 400 to 500 2,596 50 754,578 5 4.1 4.1 +0.0
19 THE VUE 400 to 500 2,388 8 661,250 4 4.3 4.1 +0.2
27 THE WISTERIA 400 to 500 2,250 2 658,000 1 4.1 4.0 +0.1
14 TROPIKA EAST 400 to 500 1,985 10 668,000 1 3.6 3.5 +0.0
19 URBAN RESIDENCES 400 to 500 2,440 5 668,000 1 4.4 4.1 +0.3
16 URBAN VISTA 400 to 500 2,447 18 656,600 5 4.5 3.6 +0.8
14 VACANZA @ EAST 400 to 500 2,062 6 670,000 1 3.7 3.1 +0.6
15 VIBES @ EAST COAST 400 to 500 2,423 13 755,000 2 3.9 4.1 -0.2
18 VUE 8 RESIDENCE 400 to 500 2,300 1 656,000 2 4.2 3.6 +0.6
5 WHISTLER GRAND 400 to 500 3,208 25 771,667 6 5.0 4.5 +0.5

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
(%)
13 18 WOODSVILLE 400 to 500 2,669 8 920,000 1 3.5 3.4 +0.0
13 [email protected] 300 to 400 2,000 1 635,000 1 3.8 3.3 +0.5
15 91 MARSHALL 300 to 400 2,150 1 642,500 2 4.0 4.4 -0.4
12 AIRSTREAM 400 to 500 2,288 4 590,000 1 4.7 4.0 +0.6
3 ALEX RESIDENCES 400 to 500 3,142 19 928,500 10 4.1 3.8 +0.3
3 ALEXIS 300 to 400 2,578 20 740,000 2 4.2 4.2 +0.0
3 ALEXIS 400 to 500 2,741 11 735,000 3 4.5 4.2 +0.3
13 BARTLEY RIDGE 400 to 500 2,550 19 762,636 11 4.0 3.4 +0.6
8 CAVAN SUITES 300 to 400 1,963 4 600,000 2 3.9 3.9 +0.1
8 CAVAN SUITES 400 to 500 1,967 3 700,000 1 3.4 3.9 -0.5
14 CENTRA HEIGHTS 400 to 500 2,331 8 724,000 2 3.9 3.7 +0.1
14 CENTRA RESIDENCE 400 to 500 2,365 13 628,000 1 4.5 4.3 +0.2
14 CENTRA STUDIOS 300 to 400 2,390 5 585,000 1 4.9 4.5 +0.4
14 CENTRA SUITES 400 to 500 2,313 12 700,000 1 4.0 4.1 -0.1
7 CITY GATE 400 to 500 3,074 14 965,627 3 3.8 3.1 +0.7
8 CITY LOFT 300 to 400 2,375 2 594,333 3 4.8 4.5 +0.3
12 CITY REGENCY 400 to 500 2,340 6 673,000 1 4.2 4.2 -0.0
8 CITY STUDIOS 400 to 500 2,750 3 655,000 1 5.0 4.3 +0.7
3 COMMONWEALTH TOWERS 400 to 500 3,033 83 899,000 12 4.0 3.8 +0.3
15 CORALIS 400 to 500 2,800 5 940,000 1 3.6 3.1 +0.5
12 CRADELS 400 to 500 2,573 13 770,000 1 4.0 4.0 +0.0
14 D'WEAVE 400 to 500 2,460 5 638,000 1 4.6 3.8 +0.9
12 DOMUS 400 to 500 2,883 9 816,000 1 4.2 3.9 +0.4
11 DUNEARN SUITES 400 to 500 2,533 3 820,000 1 3.7 3.0 +0.7
3 ECHELON 400 to 500 3,127 13 936,667 6 4.0 3.6 +0.4
14 EDENZ SUITES 400 to 500 1,942 6 608,000 2 3.8 3.9 -0.1
12 EIGHT RIVERSUITES 400 to 500 2,655 38 759,200 5 4.2 3.8 +0.4
9 ESPADA 300 to 400 3,040 28 932,286 7 3.9 3.5 +0.4
9 ESPADA 400 to 500 3,350 2 1,130,000 1 3.6 3.5 +0.0
15 FULCRUM 400 to 500 2,738 4 950,000 1 3.5 2.6 +0.8
12 GEM RESIDENCES 400 to 500 2,796 24 825,825 7 4.1 3.4 +0.7
14 GUILLEMARD EDGE 400 to 500 2,193 34 660,000 5 4.0 3.9 +0.1
14 GUILLEMARD SUITES 400 to 500 2,500 2 770,000 1 3.9 4.0 -0.1
15 HAIG 162 300 to 400 2,075 6 620,000 1 4.0 3.7 +0.3
14 IDYLLIC SUITES 400 to 500 2,121 7 635,000 1 4.0 4.1 -0.0
15 IMPERIAL HEIGHTS 400 to 500 2,150 3 680,000 1 3.8 3.5 +0.3
8 JOOL SUITES 400 to 500 2,371 7 690,000 4 4.1 4.1 +0.1
15 JUPITER 18 400 to 500 2,300 4 655,405 2 4.2 3.6 +0.6
14 LA BRISA 400 to 500 2,144 9 618,000 1 4.2 4.1 +0.0
14 LA FLEUR 400 to 500 2,188 8 597,500 2 4.4 3.9 +0.5
13 LEICESTER SUITES 400 to 500 2,400 5 782,500 2 3.7 3.4 +0.2
10 LOFT @ NATHAN 400 to 500 2,738 8 844,667 3 3.9 3.1 +0.8
8 LOFT @ RANGOON 400 to 500 2,100 1 680,000 2 3.7 4.3 -0.6
10 M5 400 to 500 3,325 4 1,090,223 3 3.7 3.3 +0.4
9 MACKENZIE 88 400 to 500 2,783 6 744,000 2 4.5 4.1 +0.4
14 MELOSA 400 to 500 2,286 7 617,500 2 4.4 3.9 +0.5
14 METRO LOFT 400 to 500 2,250 8 662,944 2 4.1 4.1 -0.0
14 MILLAGE 400 to 500 2,204 13 705,000 2 3.8 3.3 +0.5
9 MOUNT SOPHIA SUITES 400 to 500 2,525 2 820,000 2 3.7 3.7 -0.0
12 NEEM TREE 400 to 500 2,671 7 780,000 4 4.1 3.6 +0.5
14 NESS 400 to 500 2,171 7 660,000 1 3.9 4.3 -0.3
13 NIN RESIDENCE 400 to 500 2,508 6 742,400 5 4.1 3.5 +0.6
21 NOTTINGHILL SUITES 300 to 400 2,325 14 659,500 4 4.2 4.0 +0.2
12 OKIO 400 to 500 2,444 8 750,667 3 3.9 3.5 +0.4
12 ONE DUSUN RESIDENCES 400 to 500 2,488 12 830,000 1 3.6 3.5 +0.0
5 PARC IMPERIAL 300 to 400 2,548 21 700,000 2 4.4 4.5 -0.1
5 PARC IMPERIAL 400 to 500 2,750 14 725,833 6 4.5 4.5 +0.0
9 PARC SOPHIA 400 to 500 2,709 7 900,000 2 3.6 3.4 +0.2
13 PARK COLONIAL 400 to 500 3,152 86 938,333 3 4.0 3.8 +0.2
14 PARK PLACE RESIDENCES AT PLQ 400 to 500 3,233 39 950,000 1 4.1 3.5 +0.6
1 PEOPLE'S PARK COMPLEX 400 to 500 1,910 24 635,000 2 3.6 4.2 -0.6
12 PRESTIGE HEIGHTS 300 to 400 2,216 16 580,000 1 4.6 5.4 -0.8
14 PRIME RESIDENCE 400 to 500 2,500 1 568,888 1 5.3 3.8 +1.4
3 PRINCIPAL GARDEN 400 to 500 3,135 24 904,857 7 4.2 3.7 +0.4
3 QUEENS PEAK 400 to 500 3,096 62 957,992 14 3.9 3.8 +0.0
15 QUESTA @ DUNMAN 400 to 500 2,275 4 717,000 3 3.8 3.2 +0.6
8 R66 APARTMENTS 400 to 500 2,286 5 705,000 2 3.9 4.0 -0.1
8 RANGOON 88 400 to 500 2,417 3 690,000 1 4.2 3.8 +0.4
12 REGENT RESIDENCES 400 to 500 2,419 8 685,000 1 4.2 3.2 +1.0
8 RESIDENCES @ SOMME 400 to 500 2,483 3 635,000 2 4.7 4.0 +0.7
14 REZI 26 400 to 500 2,350 10 697,000 1 4.0 4.2 -0.1
12 RIVERBAY 300 to 400 2,093 7 600,000 1 4.2 4.6 -0.4
12 RIVIERA 38 400 to 500 2,250 1 735,000 1 3.7 3.5 +0.2
9 ROBERTSON EDGE 400 to 500 3,031 13 920,000 3 4.0 3.9 +0.1
10 ROBIN SUITES 400 to 500 3,043 7 1,125,000 2 3.2 3.0 +0.3
14 ROYCE RESIDENCES 400 to 500 2,133 3 600,000 2 4.3 5.0 -0.7
10 RV EDGE 400 to 500 2,760 10 840,000 3 3.9 4.0 -0.1
9 RV POINT 400 to 500 2,800 7 1,040,000 1 3.2 3.4 -0.2
10 RV RESIDENCES 400 to 500 2,847 12 956,000 6 3.6 3.2 +0.3
13 SENNETT RESIDENCE 400 to 500 2,600 1 808,000 1 3.9 3.5 +0.4
14 SILVERSCAPE 400 to 500 2,021 7 627,500 2 3.9 3.5 +0.3
14 SIMS EDGE 400 to 500 2,528 9 718,000 2 4.2 3.4 +0.8
14 SIMS URBAN OASIS 400 to 500 2,558 38 780,143 14 3.9 3.6 +0.3
20 SKY VUE 400 to 500 2,795 13 908,333 6 3.7 3.3 +0.4
4 SKYLINE RESIDENCES 400 to 500 3,321 7 1,080,000 2 3.7 2.9 +0.8
12 SKYSUITES17 300 to 400 2,279 7 682,888 1 4.0 3.8 +0.2
2 [email protected] 300 to 400 3,234 38 862,000 7 4.5 4.4 +0.1
14 SMART SUITES 400 to 500 2,260 7 675,000 1 4.0 4.1 -0.0
8 SOHO 188 400 to 500 2,200 4 717,500 4 3.7 3.7 +0.0
9 SOPHIA HILLS 400 to 500 3,025 2 970,000 1 3.7 3.4 +0.3
2 SPOTTISWOODE 18 300 to 400 2,637 39 865,000 2 3.7 3.8 -0.2
2 SPOTTISWOODE SUITES 400 to 500 2,940 15 1,030,000 1 3.4 3.3 +0.2
10 STELLAR RV 400 to 500 2,500 1 866,800 1 3.5 3.3 +0.2
3 STIRLING RESIDENCES 400 to 500 3,537 60 1,100,333 3 3.9 3.9 -0.0
15 STRAITS RESIDENCES 400 to 500 2,400 1 645,000 1 4.5 3.4 +1.1
8 STURDEE RESIDENCES 400 to 500 3,006 13 845,000 3 4.3 3.9 +0.4
15 SUITES @ GUILLEMARD 200 to 300 1,550 1 528,000 1 3.5 3.4 +0.1
15 SUITES @ GUILLEMARD 300 to 400 2,370 5 668,000 1 4.3 3.4 +0.9
15 [email protected] KATONG 300 to 400 2,231 8 626,000 1 4.3 3.9 +0.4
10 THE ASANA 300 to 400 2,435 2 1,080,000 1 2.7 2.8 -0.1
1 THE CLIFT 400 to 500 3,340 5 950,000 1 4.2 4.2 +0.0
4 THE FORESTA @ MOUNT FABER 400 to 500 2,866 8 842,500 2 4.1 3.2 +0.9
21 THE HILLFORD 300 to 400 2,374 33 532,667 18 5.3 5.8 -0.4
21 THE HILLFORD 400 to 500 2,600 3 520,000 1 6.0 5.8 +0.2
10 THE HYDE 400 to 500 3,983 3 1,487,800 5 3.2 3.2 +0.0
12 THE INTERWEAVE 300 to 400 2,307 11 634,000 2 4.4 4.1 +0.2
12 THE INTERWEAVE 400 to 500 2,400 6 700,000 2 4.1 4.1 -0.0
15 THE LINE @ TANJONG RHU 400 to 500 2,517 6 930,000 2 3.2 2.7 +0.6
14 THE OCTET 400 to 500 2,400 5 621,500 2 4.6 4.1 +0.6
13 THE POIZ RESIDENCES 400 to 500 2,629 40 779,006 11 4.0 3.6 +0.5
9 THE RISE @ OXLEY - RESIDENCES 400 to 500 3,069 8 1,120,000 1 3.3 3.4 -0.1
14 THE WATER EDGE 300 to 400 2,150 5 585,000 1 4.4 4.1 +0.4
20 THOMSON IMPRESSIONS 400 to 500 2,693 14 802,500 4 4.0 3.5 +0.5
20 THOMSON THREE 400 to 500 2,050 5 820,833 4 3.0 2.9 +0.1
20 THOMSON V TWO 300 to 400 1,917 3 691,500 2 3.3 3.5 -0.2
14 TRE RESIDENCES 400 to 500 2,533 3 749,000 2 4.1 3.7 +0.3
14 TREASURES @ G20 400 to 500 2,300 5 546,667 3 5.0 4.8 +0.2
14 [email protected] 300 to 400 2,150 2 563,000 1 4.6 4.4 +0.2
14 [email protected] 400 to 500 2,250 5 650,000 1 4.2 4.0 +0.2
12 TREVISTA 400 to 500 2,350 3 713,000 1 4.0 3.1 +0.9
8 TYRWHITT 139 300 to 400 1,600 1 600,000 1 3.2 3.9 -0.7
1 V ON SHENTON 400 to 500 3,350 32 985,000 3 4.1 3.6 +0.5
14 VIENTO 400 to 500 2,160 5 628,000 2 4.1 4.0 +0.1
5 VIVA VISTA 300 to 400 2,373 25 654,333 6 4.4 4.6 -0.3
5 VIVA VISTA 400 to 500 2,720 5 630,000 1 5.2 4.6 +0.5
9 VIVACE 400 to 500 3,012 4 860,333 3 4.2 4.3 -0.1
14 WATERBANK AT DAKOTA 400 to 500 2,768 9 822,000 3 4.0 3.6 +0.5
10 ZENITH 400 to 500 2,400 1 950,000 1 3.0 3.0 +0.0

Disclaimer

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