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
(%)
19 21 RICHARDS 400 to 500 2,000 2 590,000 1 4.1 2.8 +1.2
19 BARTLEY RESIDENCES 400 to 500 1,997 31 650,000 2 3.7 3.2 +0.5
19 CASA CAMBIO 400 to 500 1,967 37 619,000 3 3.8 3.3 +0.5
16 EASTWOOD REGENCY 400 to 500 1,619 9 600,000 1 3.2 3.6 -0.4
15 ESPIRA SUITES 400 to 500 1,930 10 667,500 2 3.5 3.6 -0.1
17 HEDGES PARK CONDOMINIUM 400 to 500 1,657 15 526,000 1 3.8 3.5 +0.3
15 HERITAGE EAST 400 to 500 1,680 5 580,000 1 3.5 3.7 -0.2
19 ISUITES @ PALM 400 to 500 1,600 2 604,194 2 3.2 3.1 +0.1
19 KOVAN GRANDEUR 300 to 400 1,777 3 480,000 1 4.4 3.9 +0.6
19 LA FIESTA 400 to 500 1,868 11 632,000 5 3.5 2.6 +0.9
15 LAVERNE'S LOFT 300 to 400 1,690 5 540,000 3 3.8 4.0 -0.2
14 LEVENUE 400 to 500 1,864 12 650,000 1 3.4 3.4 +0.1
14 PALMERA EAST 400 to 500 1,850 4 615,000 1 3.6 3.1 +0.5
15 PARC BLEU 400 to 500 1,917 6 615,000 1 3.7 3.2 +0.5
19 PARC CENTROS 400 to 500 1,729 14 625,333 3 3.3 3.2 +0.1
25 PARC ROSEWOOD 400 to 500 1,594 48 517,333 9 3.7 3.3 +0.4
19 PARK RESIDENCES KOVAN 300 to 400 1,800 5 583,000 1 3.7 3.5 +0.2
19 PRESTO@UPPER SERANGOON 400 to 500 1,825 10 605,000 1 3.6 3.3 +0.4
19 PRIMO RESIDENCES 400 to 500 1,750 1 600,000 1 3.5 2.9 +0.6
14 QUBE SUITES 400 to 500 1,838 4 580,000 1 3.8 3.3 +0.5
14 RESIDENCES 88 400 to 500 1,890 1 565,000 1 4.0 3.1 +0.9
18 RIPPLE BAY 400 to 500 1,765 17 579,578 5 3.7 3.6 +0.0
19 RIVERSOUND RESIDENCE 400 to 500 1,650 5 543,963 3 3.6 3.0 +0.6
15 SIGLAP V 400 to 500 1,870 5 700,000 1 3.2 2.9 +0.3
27 SKIES MILTONIA 400 to 500 1,700 3 564,500 4 3.6 2.7 +0.9
18 STRATUM 400 to 500 1,587 23 580,000 1 3.3 3.5 -0.2
19 SUITES @ PAYA LEBAR 300 to 400 1,696 12 525,000 2 3.9 3.9 +0.0
13 SUITES@BRADDELL 400 to 500 1,800 4 560,000 2 3.9 3.6 +0.3
16 THE GLADES 400 to 500 1,974 17 746,761 33 3.2 3.2 -0.0
27 THE NAUTICAL 400 to 500 1,614 7 557,125 4 3.5 3.1 +0.4
18 THE PALETTE 400 to 500 1,800 4 610,000 1 3.5 3.3 +0.2
19 THE PROMENADE@PELIKAT 400 to 500 1,688 13 620,000 1 3.3 3.2 +0.0
19 THE VUE 400 to 500 1,720 10 540,000 1 3.8 3.6 +0.2
14 TROPIKA EAST 400 to 500 1,750 9 628,000 1 3.3 3.3 +0.0
14 VACANZA @ EAST 400 to 500 1,794 8 627,629 3 3.4 3.0 +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
(%)
11 26 NEWTON 400 to 500 2,650 3 1,102,838 29 2.9 2.7 +0.2
12 AIRSTREAM 400 to 500 1,821 7 605,000 2 3.6 3.8 -0.2
3 ALEXIS 300 to 400 2,304 13 575,000 1 4.8 4.5 +0.3
8 CAVAN SUITES 300 to 400 1,867 6 550,000 1 4.1 3.5 +0.6
14 CENTRA HEIGHTS 400 to 500 1,985 10 638,000 1 3.7 3.7 +0.1
14 CENTRA STUDIOS 400 to 500 1,864 7 642,888 1 3.5 4.1 -0.6
14 CENTRA SUITES 400 to 500 1,867 12 640,000 1 3.5 3.6 -0.1
14 CENTRAL IMPERIAL 400 to 500 1,800 1 472,500 2 4.6 4.2 +0.4
15 CORALIS 400 to 500 2,450 6 688,000 1 4.3 3.4 +0.8
11 DUNEARN SUITES 400 to 500 2,238 4 740,000 2 3.6 3.2 +0.4
9 ESPADA 300 to 400 2,634 28 869,000 2 3.6 3.5 +0.1
15 EVERITT EDGE 400 to 500 1,867 3 560,000 1 4.0 3.4 +0.6
15 FULCRUM 400 to 500 2,250 2 953,000 3 2.8 2.8 -0.0
14 GUILLEMARD EDGE 400 to 500 1,815 33 597,667 3 3.6 3.3 +0.4
15 IMPERIAL HEIGHTS 400 to 500 1,867 3 625,000 2 3.6 3.5 +0.0
15 JUPITER 18 400 to 500 1,750 4 560,000 1 3.8 3.4 +0.4
13 LEICESTER SUITES 400 to 500 1,865 10 738,000 1 3.0 3.0 +0.0
10 LOFT @ NATHAN 300 to 400 2,125 4 760,000 1 3.4 3.1 +0.2
10 LOFT @ NATHAN 400 to 500 2,250 8 838,000 1 3.2 3.1 +0.1
8 LOFT @ RANGOON 400 to 500 2,117 3 640,000 2 4.0 3.7 +0.3
10 LOFT @ STEVENS 400 to 500 2,388 4 799,999 1 3.6 3.7 -0.1
10 LOFT@HOLLAND 300 to 400 2,320 10 710,000 2 3.9 3.4 +0.5
12 M66 400 to 500 1,763 4 585,000 1 3.6 3.7 -0.1
9 MACKENZIE 88 400 to 500 2,142 6 702,500 2 3.7 3.3 +0.3
14 NESS 400 to 500 1,740 5 564,000 2 3.7 3.4 +0.3
13 NIN RESIDENCE 400 to 500 2,058 6 680,000 1 3.6 3.0 +0.6
9 NOMU 400 to 500 3,250 2 1,080,000 1 3.6 3.1 +0.5
5 PARC IMPERIAL 300 to 400 2,169 16 685,000 2 3.8 3.9 -0.1
8 PARC SOMME 300 to 400 1,825 4 565,000 1 3.9 3.9 +0.0
1 PEOPLE'S PARK COMPLEX 400 to 500 1,768 11 428,000 1 5.0 4.5 +0.5
12 PRESTIGE HEIGHTS 300 to 400 1,786 22 509,000 3 4.2 3.9 +0.3
12 PRESTIGE HEIGHTS 400 to 500 1,920 5 610,000 1 3.8 3.9 -0.2
12 REGENT RESIDENCES 400 to 500 1,974 17 700,000 1 3.4 3.3 +0.1
14 REZI 26 400 to 500 1,922 16 540,000 1 4.3 3.6 +0.6
10 ROBIN SUITES 400 to 500 2,519 7 1,065,000 1 2.8 4.5 -1.7
14 ROYCE RESIDENCES 400 to 500 1,700 2 530,000 3 3.8 3.7 +0.1
10 RV RESIDENCES 400 to 500 2,714 11 917,150 1 3.6 3.2 +0.3
14 SILVERSCAPE 400 to 500 1,707 6 566,250 4 3.6 3.4 +0.2
14 SIMS EDGE 400 to 500 1,958 13 600,000 1 3.9 3.4 +0.5
20 SKY VUE 400 to 500 2,304 57 817,500 2 3.4 2.9 +0.5
4 SKYLINE RESIDENCES 400 to 500 2,727 15 900,000 1 3.6 3.4 +0.3
12 SKYSUITES17 300 to 400 1,914 7 610,000 2 3.8 3.4 +0.3
2 SKYSUITES@ANSON 300 to 400 2,879 31 890,000 1 3.9 3.8 +0.1
11 SOLEIL @ SINARAN 400 to 500 2,933 3 877,000 1 4.0 3.7 +0.4
15 SPRING @ LANGSAT 400 to 500 1,800 1 608,000 1 3.6 4.0 -0.4
15 SUITES @ GUILLEMARD 300 to 400 1,730 5 525,000 2 4.0 3.4 +0.5
15 SUITES @ GUILLEMARD 400 to 500 1,750 2 560,000 1 3.8 3.4 +0.3
11 SUITES @ NEWTON 400 to 500 2,150 1 920,000 1 2.8 2.7 +0.1
14 SUITES @ SIMS 300 to 400 1,743 7 550,000 1 3.8 4.0 -0.2
21 SUITES AT BUKIT TIMAH 300 to 400 1,717 6 600,000 1 3.4 3.2 +0.3
14 SUITES@CHANGI 400 to 500 1,764 13 592,000 1 3.6 3.5 +0.1
4 THE FORESTA @ MOUNT FABER 400 to 500 2,490 5 808,888 1 3.7 2.9 +0.8
21 THE HILLFORD 300 to 400 1,659 67 491,900 2 4.0 4.4 -0.4
12 THE INTERWEAVE 300 to 400 1,882 22 570,444 2 4.0 3.8 +0.1
15 THE LINE @ TANJONG RHU 400 to 500 2,200 1 1,000,000 1 2.6 2.5 +0.1
12 THE VERVE 400 to 500 1,960 5 670,000 1 3.5 3.0 +0.5
14 THE WATER EDGE 300 to 400 1,730 5 510,000 1 4.1 4.0 +0.1
14 TREASURES @ G20 400 to 500 1,710 5 520,000 1 3.9 3.4 +0.5
14 VIENTO 400 to 500 1,798 8 591,500 2 3.6 3.7 -0.0
9 VIVACE 400 to 500 2,413 4 938,000 1 3.1 3.4 -0.4
14 WATERBANK AT DAKOTA 400 to 500 2,396 12 745,000 2 3.9 3.6 +0.3

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