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
(%)
15 AURALIS 400 to 500 2,150 2 645,000 2 4.0 3.0 +1.0
19 BARTLEY RESIDENCES 400 to 500 1,967 25 695,000 3 3.4 3.2 +0.2
19 CARDIFF RESIDENCE 400 to 500 1,797 26 552,500 2 3.9 4.1 -0.2
19 CASA CAMBIO 400 to 500 1,824 27 620,333 3 3.5 3.2 +0.3
22 CASPIAN 400 to 500 2,000 2 630,000 1 3.8 3.4 +0.5
15 ESPIRA SUITES 400 to 500 1,750 3 667,500 2 3.1 3.4 -0.3
23 FORESQUE RESIDENCES 400 to 500 1,694 9 609,000 2 3.3 2.8 +0.5
15 HERITAGE EAST 300 to 400 1,500 4 550,000 1 3.3 3.3 -0.0
15 HERITAGE EAST 400 to 500 1,592 6 590,000 2 3.2 3.3 -0.0
5 HUNDRED TREES 400 to 500 2,103 4 700,000 1 3.6 3.1 +0.5
19 ISUITES @ PALM 400 to 500 1,625 8 585,000 1 3.3 3.2 +0.1
19 KOVAN GRANDEUR 300 to 400 1,617 6 484,000 2 4.0 3.8 +0.3
19 LA FIESTA 400 to 500 1,836 23 642,500 2 3.4 3.0 +0.4
15 LA VIDA @ 130 400 to 500 1,806 9 630,000 1 3.4 3.3 +0.2
15 LAVERNE'S LOFT 300 to 400 1,567 3 540,000 1 3.5 3.5 -0.0
15 LAVERNE'S LOFT 400 to 500 1,671 7 582,000 1 3.4 3.5 -0.0
14 LEVENUE 400 to 500 1,800 3 638,000 1 3.4 3.4 -0.0
16 OPTIMA @ TANAH MERAH 400 to 500 2,025 4 682,444 2 3.6 3.1 +0.4
14 PALMERA EAST 400 to 500 1,817 3 612,333 3 3.6 3.2 +0.4
15 PARC BLEU 400 to 500 1,650 3 590,000 1 3.4 3.2 +0.1
19 PARC CENTROS 400 to 500 1,775 19 624,000 4 3.4 3.3 +0.1
15 PARC ELEGANCE 300 to 400 1,619 8 535,000 1 3.6 3.9 -0.3
15 PARC ELEGANCE 400 to 500 1,700 15 540,000 1 3.8 3.9 -0.2
17 PARC OLYMPIA 400 to 500 1,665 10 536,000 3 3.7 3.4 +0.3
25 PARC ROSEWOOD 400 to 500 1,539 44 517,333 9 3.6 3.4 +0.2
19 PARK RESIDENCES KOVAN 300 to 400 1,550 9 557,000 3 3.3 3.4 -0.0
19 PRIMO RESIDENCES 400 to 500 1,550 1 570,000 1 3.3 2.6 +0.6
14 QUBE SUITES 400 to 500 1,550 2 595,944 2 3.1 2.9 +0.2
14 RESIDENCES 88 400 to 500 1,600 1 568,000 1 3.4 3.3 +0.1
18 RIPPLE BAY 400 to 500 1,708 13 566,943 6 3.6 3.4 +0.2
28 RIVERBANK @ FERNVALE 400 to 500 1,686 7 620,000 1 3.3 3.5 -0.3
19 RIVERSOUND RESIDENCE 400 to 500 1,700 4 551,888 1 3.7 3.4 +0.3
5 SEAHILL 400 to 500 2,267 6 680,000 1 4.0 3.3 +0.7
27 SKIES MILTONIA 400 to 500 1,645 10 575,000 2 3.4 2.9 +0.5
19 SPACE @ KOVAN 400 to 500 1,794 8 605,000 1 3.6 3.0 +0.5
15 SUITES @ EASTCOAST 300 to 400 1,659 11 543,250 4 3.7 3.3 +0.3
19 SUITES @ KOVAN 300 to 400 1,650 2 542,500 2 3.6 3.4 +0.3
19 SUITES @ PAYA LEBAR 300 to 400 1,625 4 565,000 2 3.5 3.3 +0.1
19 SUITES @ PAYA LEBAR 400 to 500 1,500 3 557,000 1 3.2 3.3 -0.1
16 THE GLADES 400 to 500 2,003 34 769,464 22 3.1 3.2 -0.1
18 THE PALETTE 400 to 500 1,717 3 610,000 1 3.4 3.3 +0.1
19 THE SCALA 400 to 500 2,168 20 733,333 3 3.5 3.2 +0.3
19 THE VUE 400 to 500 1,720 10 564,400 5 3.7 3.4 +0.2
16 URBAN VISTA 400 to 500 1,852 33 632,000 1 3.5 3.1 +0.4
14 VACANZA @ EAST 400 to 500 1,700 3 670,000 1 3.0 2.9 +0.2
15 VIBES @ EAST COAST 300 to 400 1,645 10 535,000 1 3.7 3.4 +0.3
15 VIBES @ EAST COAST 400 to 500 1,728 9 580,000 1 3.6 3.4 +0.1
19 VIBES @ KOVAN 400 to 500 1,800 1 555,000 2 3.9 3.6 +0.3

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 2,036 14 750,000 1 3.3 3.0 +0.2
15 16 @ AMBER 400 to 500 1,890 5 710,000 1 3.2 3.1 +0.1
11 26 NEWTON 400 to 500 2,568 20 1,176,740 33 2.6 2.7 -0.1
11 6 DERBYSHIRE 400 to 500 2,375 2 1,171,677 4 2.4 2.4 +0.0
13 8@WOODLEIGH 300 to 400 1,907 7 570,000 1 4.0 3.4 +0.6
12 AIRSTREAM 400 to 500 1,836 7 655,000 1 3.4 3.6 -0.2
3 ALEXIS 300 to 400 2,213 19 679,500 6 3.9 3.6 +0.3
3 ALEXIS 400 to 500 2,294 8 685,000 1 4.0 3.6 +0.4
13 BARTLEY RIDGE 400 to 500 1,895 40 695,000 2 3.3 2.9 +0.4
14 CASA AERATA 300 to 400 1,600 2 514,000 2 3.7 3.8 -0.1
14 CASA AERATA 400 to 500 1,878 9 589,986 3 3.8 3.8 -0.0
14 CENTRA HEIGHTS 400 to 500 1,937 17 653,500 2 3.6 3.4 +0.2
14 CENTRA LOFT 400 to 500 1,828 9 620,000 1 3.5 3.5 +0.0
14 CENTRA RESIDENCE 400 to 500 1,927 11 580,000 1 4.0 3.6 +0.4
14 CENTRA STUDIOS 400 to 500 1,845 10 642,888 1 3.4 4.3 -0.8
14 CENTRA SUITES 400 to 500 1,858 12 583,250 4 3.8 3.8 +0.0
8 CITY LOFT 300 to 400 1,725 6 500,000 1 4.1 4.1 +0.0
15 CORALIS 400 to 500 2,071 14 860,000 1 2.9 2.8 +0.1
12 CRADELS 400 to 500 1,939 21 671,000 3 3.5 3.3 +0.2
14 D'WEAVE 400 to 500 1,850 7 607,000 1 3.7 3.5 +0.1
9 DEVONSHIRE RESIDENCES 400 to 500 3,056 9 1,100,088 1 3.3 3.1 +0.2
11 DUNEARN SUITES 400 to 500 2,033 6 780,000 1 3.1 3.2 -0.1
12 EIGHT RIVERSUITES 400 to 500 2,081 46 725,143 7 3.4 2.9 +0.6
9 ESPADA 300 to 400 2,488 31 878,167 6 3.4 3.5 -0.1
9 ESTILO 400 to 500 2,650 2 835,560 1 3.8 3.2 +0.6
15 FULCRUM 400 to 500 2,336 7 969,461 13 2.9 2.9 -0.0
14 GUILLEMARD EDGE 400 to 500 1,811 36 673,000 1 3.2 4.0 -0.8
15 HAIG 162 300 to 400 1,614 13 530,000 1 3.7 3.6 +0.0
15 HAIG 162 400 to 500 1,800 2 675,000 1 3.2 3.6 -0.4
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,544 9 1,140,000 2 2.7 2.8 -0.1
15 IMPERIAL HEIGHTS 400 to 500 1,825 6 613,167 3 3.6 3.3 +0.3
14 LA BRISA 400 to 500 1,800 9 574,667 3 3.8 3.8 -0.1
14 LA FLEUR 400 to 500 1,727 24 550,088 1 3.8 3.8 -0.1
14 LE REGAL 300 to 400 1,565 10 550,000 1 3.4 3.6 -0.2
14 LE REGAL 400 to 500 1,663 4 478,000 1 4.2 3.6 +0.6
8 LE SOMME 400 to 500 1,900 2 680,000 1 3.4 3.4 -0.1
13 LEICESTER SUITES 400 to 500 2,015 10 732,500 2 3.3 3.2 +0.1
11 LINCOLN SUITES 400 to 500 2,660 10 1,000,000 1 3.2 3.0 +0.2
9 LIV ON WILKIE 400 to 500 2,800 3 978,000 2 3.4 3.1 +0.3
10 LOFT @ NATHAN 300 to 400 2,033 3 760,000 1 3.2 2.9 +0.3
10 LOFT @ NATHAN 400 to 500 2,141 22 841,500 2 3.1 2.9 +0.1
10 LOFT @ STEVENS 400 to 500 2,200 3 810,000 1 3.3 3.3 +0.0
10 LOFT@HOLLAND 300 to 400 2,271 8 770,000 1 3.5 3.6 -0.1
11 MEDGE 400 to 500 2,100 2 710,000 1 3.5 3.1 +0.4
14 MELOSA 400 to 500 1,800 9 558,000 1 3.9 3.5 +0.3
14 MILLAGE 400 to 500 1,850 6 680,000 1 3.3 3.1 +0.2
9 NEWTON EDGE 400 to 500 2,575 2 770,000 1 4.0 2.9 +1.1
13 NIN RESIDENCE 400 to 500 2,075 6 760,000 1 3.3 3.0 +0.3
21 NOTTINGHILL SUITES 300 to 400 1,642 24 560,000 1 3.5 3.7 -0.1
12 OKIO 400 to 500 1,979 14 685,000 1 3.5 3.3 +0.1
12 ONE DUSUN RESIDENCES 400 to 500 2,088 21 745,000 1 3.4 3.3 +0.1
5 PARC IMPERIAL 300 to 400 2,003 24 680,500 4 3.5 3.5 -0.0
5 PARC IMPERIAL 400 to 500 2,026 19 661,250 2 3.7 3.5 +0.1
9 PARC SOPHIA 400 to 500 2,376 13 860,000 1 3.3 3.2 +0.1
1 PEOPLE'S PARK COMPLEX 400 to 500 1,744 18 424,000 2 4.9 4.9 +0.0
12 PRESTIGE HEIGHTS 300 to 400 1,780 15 516,400 5 4.1 3.9 +0.2
12 PRESTIGE HEIGHTS 400 to 500 1,865 10 618,000 1 3.6 3.9 -0.3
15 QUESTA @ DUNMAN 400 to 500 1,783 6 670,000 1 3.2 2.9 +0.3
12 REGENT RESIDENCES 400 to 500 1,896 12 663,000 2 3.4 2.8 +0.6
9 ROBERTSON EDGE 400 to 500 2,450 10 844,000 2 3.5 3.6 -0.1
10 ROBIN SUITES 400 to 500 2,450 2 980,000 2 3.0 3.0 -0.0
10 RV EDGE 400 to 500 2,335 13 805,000 4 3.5 3.6 -0.1
10 RV RESIDENCES 400 to 500 2,645 10 905,000 1 3.5 3.5 +0.0
14 SILVERSCAPE 400 to 500 1,730 10 655,000 1 3.2 3.5 -0.4
13 SKY GREEN 400 to 500 1,966 19 726,500 1 3.2 3.3 -0.0
4 SKYLINE RESIDENCES 400 to 500 2,970 5 937,667 3 3.8 3.0 +0.8
2 SKYSUITES@ANSON 300 to 400 2,798 55 920,685 30 3.6 3.6 +0.0
8 SOHO 188 400 to 500 2,083 9 650,000 1 3.8 3.9 -0.0
11 SOLEIL @ SINARAN 400 to 500 2,940 5 938,000 1 3.8 3.5 +0.2
2 SPOTTISWOODE 18 300 to 400 2,235 62 801,963 3 3.3 3.4 -0.0
2 SPOTTISWOODE SUITES 400 to 500 2,659 17 1,052,577 14 3.0 3.3 -0.2
15 STRAITS RESIDENCES 400 to 500 1,750 2 630,000 1 3.3 3.1 +0.2
14 SUITES 28 400 to 500 1,700 3 530,000 1 3.8 2.9 +1.0
15 SUITES @ GUILLEMARD 300 to 400 1,850 2 510,000 1 4.4 3.4 +1.0
11 SUITES @ NEWTON 400 to 500 2,433 3 922,000 3 3.2 2.8 +0.4
21 SUITES AT BUKIT TIMAH 300 to 400 1,767 11 595,000 1 3.6 3.2 +0.4
15 SUITES@ KATONG 400 to 500 1,675 4 638,000 1 3.2 3.7 -0.5
14 SUITES@CHANGI 400 to 500 1,690 10 530,000 1 3.8 3.5 +0.3
11 THE AXIS 300 to 400 1,967 3 590,000 1 4.0 4.2 -0.2
1 THE CLIFT 400 to 500 3,050 16 970,000 4 3.8 3.7 +0.1
21 THE HILLFORD 300 to 400 1,684 37 492,500 2 4.1 4.2 -0.1
12 THE INTERWEAVE 300 to 400 1,801 10 576,177 5 3.8 3.4 +0.3
12 THE INTERWEAVE 400 to 500 1,955 10 620,000 1 3.8 3.4 +0.3
15 THE LINE @ TANJONG RHU 400 to 500 2,080 5 1,041,150 4 2.4 2.3 +0.1
15 THE RED HOUSE 400 to 500 2,300 1 750,000 1 3.7 2.4 +1.2
8 THE URBANITE 400 to 500 1,960 5 700,000 2 3.4 3.6 -0.2
14 THE WATER EDGE 300 to 400 1,810 5 537,500 2 4.0 3.6 +0.4
14 THE WATER EDGE 400 to 500 1,861 9 612,500 1 3.6 3.6 +0.0
14 TREASURES @ G20 400 to 500 1,619 8 513,333 3 3.8 3.6 +0.2
14 TREASURES@G6 400 to 500 1,663 15 542,000 1 3.7 3.3 +0.3
8 TYRWHITT 139 400 to 500 2,000 1 675,000 2 3.6 3.2 +0.3
14 VIENTO 400 to 500 1,719 8 566,667 3 3.6 3.6 -0.0
5 VIVA VISTA 300 to 400 1,946 24 573,333 3 4.1 4.0 +0.1
14 WATERBANK AT DAKOTA 400 to 500 2,397 17 746,600 5 3.9 3.4 +0.5

Disclaimer

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