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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 1,900 1 728,000 1 3.1 2.2 +0.9
19 BARTLEY RESIDENCES 400 to 500 1,927 30 699,714 7 3.3 2.9 +0.4
19 CARDIFF RESIDENCE 400 to 500 1,756 21 570,000 7 3.7 3.4 +0.3
19 CASA CAMBIO 400 to 500 1,813 17 673,986 8 3.2 2.9 +0.3
22 CASPIAN 400 to 500 1,913 4 655,000 1 3.5 3.2 +0.3
18 COCO PALMS 400 to 500 1,798 37 642,800 5 3.4 3.2 +0.2
18 D'NEST 400 to 500 1,746 31 623,667 6 3.4 3.3 +0.1
16 EASTWOOD REGENCY 400 to 500 1,542 10 617,667 3 3.0 3.3 -0.3
27 EIGHT COURTYARDS 400 to 500 1,700 1 540,000 2 3.8 3.4 +0.3
15 ESPIRA SUITES 400 to 500 1,800 4 687,500 2 3.1 3.7 -0.5
17 HEDGES PARK CONDOMINIUM 400 to 500 1,575 10 535,000 1 3.5 3.8 -0.3
15 HERITAGE EAST 300 to 400 1,867 3 585,000 1 3.8 3.4 +0.4
15 HERITAGE EAST 400 to 500 1,588 4 600,000 1 3.2 3.4 -0.2
23 HILLION RESIDENCES 400 to 500 1,840 36 733,000 2 3.0 3.1 -0.1
5 HUNDRED TREES 400 to 500 2,000 1 732,500 2 3.3 2.8 +0.5
19 ISUITES @ PALM 400 to 500 1,648 5 592,000 1 3.3 3.4 -0.1
22 J GATEWAY 400 to 500 2,391 45 901,933 3 3.2 3.1 +0.1
19 JEWEL @ BUANGKOK 400 to 500 1,779 9 680,000 1 3.1 3.0 +0.1
19 LA FIESTA 400 to 500 1,795 19 648,000 1 3.3 3.1 +0.3
15 LA VIDA @ 130 400 to 500 1,775 8 618,000 1 3.4 3.5 -0.1
15 LAVERNE'S LOFT 400 to 500 1,675 2 610,000 2 3.3 3.2 +0.1
14 LEVENUE 400 to 500 1,650 6 650,000 3 3.0 3.1 -0.1
18 MY MANHATTAN 400 to 500 2,200 2 670,000 1 3.9 3.1 +0.8
16 OPTIMA @ TANAH MERAH 400 to 500 2,090 5 715,000 2 3.5 3.2 +0.3
15 PARC BLEU 400 to 500 1,757 7 582,500 2 3.6 3.3 +0.4
19 PARC CENTROS 400 to 500 1,735 16 648,600 5 3.2 3.2 +0.0
15 PARC ELEGANCE 300 to 400 1,625 6 547,500 2 3.6 3.6 -0.0
15 PARC ELEGANCE 400 to 500 1,715 14 616,600 5 3.3 3.6 -0.2
17 PARC OLYMPIA 400 to 500 1,650 14 562,500 2 3.5 3.6 -0.1
25 PARC ROSEWOOD 400 to 500 1,551 33 530,125 4 3.5 3.6 -0.1
19 PARK RESIDENCES KOVAN 300 to 400 1,516 7 559,333 3 3.3 3.5 -0.3
19 [email protected] SERANGOON 400 to 500 1,738 8 628,000 2 3.3 3.0 +0.4
14 QUBE SUITES 400 to 500 2,000 1 641,000 2 3.7 2.9 +0.8
18 RIPPLE BAY 400 to 500 1,686 14 567,333 3 3.6 3.3 +0.3
5 SEAHILL 400 to 500 2,167 6 749,000 2 3.5 3.3 +0.2
19 SPACE @ KOVAN 400 to 500 1,718 7 642,888 1 3.2 3.1 +0.1
18 STRATUM 400 to 500 1,600 20 600,000 1 3.2 3.6 -0.4
15 SUITES @ EASTCOAST 300 to 400 1,613 8 557,500 6 3.5 3.4 +0.1
14 SUITES @ EUNOS 300 to 400 1,675 4 579,300 1 3.5 3.4 +0.1
19 SUITES @ PAYA LEBAR 300 to 400 1,650 4 545,000 3 3.6 3.4 +0.3
19 THE BENTLY [email protected] 400 to 500 1,700 1 700,000 1 2.9 2.1 +0.8
15 THE COTZ 300 to 400 1,550 3 520,000 1 3.6 3.9 -0.3
15 THE COTZ 400 to 500 1,640 5 585,000 2 3.4 3.9 -0.5
14 THE EBONY 300 to 400 1,636 7 541,250 4 3.6 3.3 +0.3
17 THE INFLORA 400 to 500 1,570 14 535,500 8 3.5 3.4 +0.1
22 THE LAKEFRONT RESIDENCES 400 to 500 2,108 10 760,000 1 3.3 3.1 +0.2
14 THE LENOX 400 to 500 1,925 4 635,000 3 3.6 3.3 +0.4
19 THE LUXURIE 400 to 500 1,713 4 628,000 1 3.3 3.0 +0.2
27 THE NAUTICAL 400 to 500 1,600 8 537,500 2 3.6 3.6 -0.0
20 THE PANORAMA 400 to 500 1,742 18 735,000 1 2.8 2.5 +0.4
19 THE [email protected] 400 to 500 1,665 17 650,000 1 3.1 3.3 -0.2
19 THE SCALA 400 to 500 2,154 12 770,667 3 3.4 3.1 +0.2
19 THE VUE 400 to 500 1,631 8 643,000 3 3.0 3.2 -0.2
16 URBAN VISTA 400 to 500 1,831 16 643,000 5 3.4 3.0 +0.4
15 VIBES @ EAST COAST 300 to 400 1,607 7 577,000 4 3.3 3.3 -0.0
15 VIBES @ EAST COAST 400 to 500 1,683 9 620,667 3 3.3 3.3 -0.1

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 2,050 15 828,000 1 3.0 3.3 -0.3
15 38 I SUITES 400 to 500 1,864 7 754,000 3 3.0 2.8 +0.1
11 8 BASSEIN 400 to 500 2,070 10 820,888 1 3.0 3.1 -0.1
13 [email protected] 300 to 400 1,767 6 640,000 2 3.3 2.9 +0.4
12 AIRSTREAM 400 to 500 1,700 6 643,333 3 3.2 3.4 -0.3
3 ALEX RESIDENCES 400 to 500 2,610 15 855,150 2 3.7 3.1 +0.6
3 ALEXIS 300 to 400 2,067 9 678,000 1 3.7 3.4 +0.3
3 ALEXIS 400 to 500 2,064 7 702,500 2 3.5 3.4 +0.1
9 ATTITUDE AT KIM YAM 300 to 400 2,000 4 707,500 2 3.4 3.6 -0.2
14 AVANT RESIDENCES 300 to 400 2,967 3 667,086 8 5.3 6.1 -0.8
13 BARTLEY RIDGE 400 to 500 1,889 33 723,111 9 3.1 2.8 +0.3
15 BELLA CASITA 400 to 500 2,000 1 700,000 2 3.4 2.8 +0.7
12 BLISS LOFT 400 to 500 1,750 2 615,000 1 3.4 3.4 -0.0
14 CASA AERATA 400 to 500 1,850 7 585,981 6 3.8 3.7 +0.1
8 CAVAN SUITES 300 to 400 1,800 1 572,500 2 3.8 3.5 +0.3
14 CENTRA HEIGHTS 400 to 500 1,898 14 660,000 1 3.5 3.5 -0.1
14 CENTRA LOFT 400 to 500 1,807 7 630,000 1 3.4 3.8 -0.3
14 CENTRA RESIDENCE 300 to 400 1,700 4 585,000 1 3.5 3.9 -0.4
14 CENTRA RESIDENCE 400 to 500 1,833 9 600,000 1 3.7 3.9 -0.3
14 CENTRA STUDIOS 300 to 400 1,750 5 580,000 1 3.6 3.4 +0.2
14 CENTRA SUITES 400 to 500 1,888 13 605,000 4 3.7 3.7 +0.0
14 CENTRAL IMPERIAL 400 to 500 1,700 2 470,450 4 4.3 4.1 +0.3
12 CITY SUITES 400 to 500 1,992 13 822,888 1 2.9 3.0 -0.0
3 COMMONWEALTH TOWERS 400 to 500 2,287 121 892,000 4 3.1 3.0 +0.1
15 CORALIS 400 to 500 2,183 6 928,000 1 2.8 2.7 +0.1
14 COSMO 300 to 400 1,750 3 640,000 1 3.3 3.2 +0.1
12 CRADELS 400 to 500 1,914 18 702,500 2 3.3 3.5 -0.2
9 DEVONSHIRE 12 400 to 500 2,638 4 970,000 2 3.3 3.2 +0.1
12 DOMUS 400 to 500 2,060 5 873,000 1 2.8 3.0 -0.2
2 DORSETT RESIDENCES 400 to 500 3,300 2 1,000,000 1 4.0 3.4 +0.6
3 ECHELON 400 to 500 2,579 12 980,000 1 3.2 3.1 +0.0
14 EDENZ LOFT 400 to 500 1,700 13 555,000 2 3.7 3.4 +0.2
14 EDENZ SUITES 400 to 500 1,725 10 591,667 3 3.5 3.5 +0.0
12 EIGHT RIVERSUITES 400 to 500 2,059 49 739,761 13 3.3 2.9 +0.4
9 ESPADA 300 to 400 2,713 19 978,667 9 3.3 3.2 +0.1
9 ESPADA 400 to 500 2,800 2 1,030,000 1 3.3 3.2 +0.0
15 EVERITT EDGE 400 to 500 1,690 5 621,000 2 3.3 3.2 +0.0
14 GUILLEMARD EDGE 400 to 500 1,818 29 635,200 5 3.4 3.4 +0.1
15 HAIG 162 300 to 400 1,679 7 539,000 2 3.7 3.7 +0.0
15 HAIG 162 400 to 500 1,900 2 720,000 1 3.2 3.7 -0.5
14 IDYLLIC SUITES 400 to 500 1,725 14 620,000 1 3.3 3.3 +0.1
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,360 5 963,500 2 2.9 2.9 +0.1
15 ISUITES @ MARSHALL 300 to 400 1,850 2 610,000 1 3.6 2.8 +0.8
14 LA BRISA 400 to 500 1,756 8 640,000 1 3.3 3.2 +0.1
14 LA FLEUR 400 to 500 1,717 12 536,400 5 3.8 3.5 +0.3
14 LE REGAL 400 to 500 1,670 5 509,000 2 3.9 4.1 -0.2
13 LEICESTER SUITES 400 to 500 1,960 5 733,333 3 3.2 3.1 +0.1
10 LOFT @ NATHAN 300 to 400 2,025 4 715,000 1 3.4 2.9 +0.5
10 LOFT @ NATHAN 400 to 500 2,204 13 880,000 1 3.0 2.9 +0.1
8 LOFT @ RANGOON 400 to 500 1,883 3 650,000 1 3.5 3.1 +0.4
2 LUMIERE 400 to 500 2,150 2 950,000 1 2.7 3.6 -0.9
14 MELOSA 400 to 500 1,725 2 650,000 1 3.2 3.4 -0.2
14 METRO LOFT 400 to 500 1,778 10 660,000 1 3.2 3.3 -0.0
14 MILLAGE 400 to 500 1,751 8 702,500 2 3.0 2.9 +0.1
9 MOUNT SOPHIA SUITES 400 to 500 2,300 1 860,000 1 3.2 3.2 +0.0
14 NESS 300 to 400 1,550 1 525,333 1 3.5 4.0 -0.5
13 NIN RESIDENCE 400 to 500 1,925 6 770,000 1 3.0 2.8 +0.2
9 NOMU 400 to 500 2,900 1 1,160,000 1 3.0 2.8 +0.2
21 NOTTINGHILL SUITES 300 to 400 1,636 21 652,000 1 3.0 3.3 -0.3
21 NOTTINGHILL SUITES 400 to 500 1,700 2 640,000 1 3.2 3.3 -0.1
12 OKIO 400 to 500 1,929 12 700,000 1 3.3 3.4 -0.1
12 ONE DUSUN RESIDENCES 400 to 500 2,039 9 763,750 4 3.2 2.9 +0.3
12 OPAL SUITES 400 to 500 1,725 2 585,000 1 3.5 3.6 -0.0
9 OXLEY EDGE 400 to 500 2,400 9 860,000 1 3.3 3.2 +0.2
5 PARC IMPERIAL 400 to 500 2,044 18 657,500 2 3.7 3.8 -0.1
9 PARC SOPHIA 400 to 500 2,286 7 900,000 1 3.0 2.9 +0.1
12 PRESTIGE HEIGHTS 300 to 400 1,760 20 576,971 7 3.7 3.5 +0.1
14 PRIME RESIDENCE 400 to 500 1,813 4 555,000 1 3.9 3.9 -0.0
14 PRIMEDGE 400 to 500 1,780 5 670,000 1 3.2 3.9 -0.7
8 RANGOON 88 400 to 500 2,200 4 640,000 1 4.1 3.2 +1.0
12 REGENT RESIDENCES 400 to 500 1,810 10 675,333 3 3.2 2.6 +0.6
12 RIVERBAY 300 to 400 1,692 6 605,667 3 3.4 3.3 +0.1
9 ROBERTSON EDGE 400 to 500 2,425 10 917,750 2 3.2 3.6 -0.4
14 ROYCE RESIDENCES 400 to 500 1,725 4 605,000 1 3.4 4.4 -0.9
10 RV EDGE 300 to 400 2,176 7 774,333 3 3.4 3.6 -0.2
10 RV EDGE 400 to 500 2,521 7 854,667 6 3.5 3.6 -0.0
10 RV RESIDENCES 400 to 500 2,781 8 1,050,000 1 3.2 2.7 +0.5
10 RV SUITES 400 to 500 2,567 3 920,000 1 3.3 3.1 +0.2
14 SILVERSCAPE 400 to 500 1,700 7 612,500 2 3.3 3.4 -0.0
14 SIMS EDGE 400 to 500 1,830 10 682,178 5 3.2 3.0 +0.2
14 SIMS URBAN OASIS 400 to 500 2,018 62 765,500 2 3.2 3.2 +0.0
20 SKY VUE 400 to 500 2,357 14 830,333 3 3.4 3.1 +0.3
4 SKYLINE RESIDENCES 400 to 500 2,806 8 1,020,000 1 3.3 2.7 +0.6
12 SKYSUITES17 300 to 400 1,838 8 640,750 4 3.4 3.4 +0.0
2 [email protected] 300 to 400 2,804 38 954,000 2 3.5 3.5 -0.0
8 SOHO 188 400 to 500 2,240 5 680,000 1 4.0 3.5 +0.4
2 SPOTTISWOODE 18 300 to 400 2,207 41 856,738 5 3.1 3.3 -0.2
2 SPOTTISWOODE SUITES 400 to 500 2,629 17 990,000 1 3.2 3.0 +0.2
10 STELLAR RV 400 to 500 2,200 3 868,000 1 3.0 2.9 +0.1
14 SUITES 28 400 to 500 1,763 4 562,500 2 3.8 2.9 +0.9
15 SUITES @ GUILLEMARD 200 to 300 1,400 1 445,000 1 3.8 3.7 +0.0
11 SUITES @ NEWTON 400 to 500 2,433 3 995,000 1 2.9 3.2 -0.2
8 SUITES @ OWEN 400 to 500 2,000 3 703,000 1 3.4 3.6 -0.2
12 SUITES @ TOPAZ 300 to 400 1,750 5 560,000 2 3.8 3.2 +0.5
15 [email protected] KATONG 300 to 400 1,725 4 572,000 1 3.6 3.6 +0.0
14 [email protected] 400 to 500 1,635 13 587,000 2 3.3 3.2 +0.2
15 TEMBELING RESIDENCE 400 to 500 1,800 2 640,000 1 3.4 2.7 +0.7
1 THE CLIFT 400 to 500 3,110 10 1,030,000 1 3.6 3.6 +0.0
10 THE FORD @ HOLLAND 400 to 500 2,600 2 879,000 2 3.5 3.2 +0.4
4 THE FORESTA @ MOUNT FABER 400 to 500 2,511 14 868,000 1 3.5 2.9 +0.5
21 THE HILLFORD 300 to 400 1,699 36 495,000 5 4.1 4.5 -0.4
12 THE INTERWEAVE 300 to 400 1,744 9 602,000 4 3.5 3.6 -0.1
12 THE INTERWEAVE 400 to 500 1,885 10 680,000 1 3.3 3.6 -0.3
15 THE LINE @ TANJONG RHU 400 to 500 2,078 9 993,280 1 2.5 2.4 +0.1
14 THE OCTET 300 to 400 1,650 1 540,000 1 3.7 3.2 +0.5
12 THE VERVE 400 to 500 1,800 3 643,000 1 3.4 3.1 +0.2
14 THE WATER EDGE 400 to 500 1,837 15 692,667 3 3.2 3.8 -0.6
20 THOMSON V TWO 400 to 500 1,750 2 720,000 2 2.9 3.8 -0.9
12 TREVISTA 400 to 500 1,992 6 620,000 1 3.9 3.1 +0.7
8 TYRWHITT 139 300 to 400 1,900 3 601,500 2 3.8 3.3 +0.5
9 [email protected] QUAY 400 to 500 3,163 4 1,188,888 1 3.2 2.7 +0.5
8 URBAN LOFTS 400 to 500 1,890 5 620,000 1 3.7 3.5 +0.1
1 V ON SHENTON 400 to 500 2,692 66 1,185,333 3 2.7 2.6 +0.2
15 VENTURA VIEW 400 to 500 1,600 1 530,000 1 3.6 4.0 -0.4
12 VETRO 400 to 500 1,750 3 578,000 1 3.6 3.5 +0.2
5 VIVA VISTA 300 to 400 1,924 23 630,000 3 3.7 3.7 -0.0
9 VIVACE 300 to 400 2,313 4 850,800 1 3.3 3.3 -0.0
9 VIVACE 400 to 500 2,450 4 874,000 2 3.4 3.3 +0.1
10 VIZ AT HOLLAND 400 to 500 2,133 3 900,000 1 2.8 2.6 +0.3
14 WATERBANK AT DAKOTA 400 to 500 2,303 18 825,000 1 3.3 3.4 -0.1
9 WILKIE 80 300 to 400 2,100 2 790,000 1 3.2 3.1 +0.1
9 WILKIE 80 400 to 500 2,214 7 821,000 1 3.2 3.1 +0.1
11 ZEDGE 400 to 500 1,900 7 830,000 1 2.7 2.6 +0.2

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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