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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 1,977 26 700,000 1 3.4 3.0 +0.4
19 CARDIFF RESIDENCE 400 to 500 1,730 27 582,500 2 3.6 3.2 +0.4
19 CASA CAMBIO 400 to 500 1,841 27 680,000 2 3.2 3.0 +0.2
18 COCO PALMS 400 to 500 1,821 17 645,500 2 3.4 3.3 +0.1
18 D'NEST 400 to 500 1,755 32 640,000 1 3.3 3.5 -0.2
16 EAST VILLAGE 400 to 500 1,738 4 590,000 1 3.5 2.8 +0.7
16 EASTWOOD REGENCY 300 to 400 1,500 4 525,000 1 3.4 3.2 +0.2
16 EASTWOOD REGENCY 400 to 500 1,633 7 580,000 2 3.4 3.2 +0.2
15 ESPIRA SUITES 400 to 500 1,780 5 700,000 1 3.1 3.6 -0.6
23 FORESQUE RESIDENCES 400 to 500 1,742 6 630,000 1 3.3 2.8 +0.5
17 HEDGES PARK CONDOMINIUM 400 to 500 1,669 13 552,776 5 3.6 3.4 +0.3
28 HIGH PARK RESIDENCES 300 to 400 1,500 1 500,000 1 3.6 2.9 +0.7
28 HIGH PARK RESIDENCES 400 to 500 556 1 560,000 1 1.2 2.9 -1.7
23 HILLION RESIDENCES 400 to 500 1,897 69 805,000 2 2.8 2.9 -0.1
22 J GATEWAY 400 to 500 2,455 62 875,500 4 3.4 3.2 +0.2
19 JEWEL @ BUANGKOK 400 to 500 1,824 17 663,500 2 3.3 2.8 +0.5
19 KINGSFORD WATERBAY 400 to 500 1,719 64 642,500 2 3.2 3.2 +0.0
19 LA FIESTA 400 to 500 1,836 19 628,000 1 3.5 2.9 +0.6
15 LAVERNE'S LOFT 300 to 400 1,675 2 576,000 1 3.5 4.0 -0.5
14 LEVENUE 400 to 500 1,833 6 635,000 1 3.5 3.4 +0.1
19 PARC CENTROS 400 to 500 1,800 10 644,667 3 3.4 3.0 +0.3
15 PARC ELEGANCE 300 to 400 1,588 4 600,000 1 3.2 3.3 -0.1
15 PARC ELEGANCE 400 to 500 1,659 17 591,400 2 3.4 3.3 +0.1
25 PARC ROSEWOOD 400 to 500 1,514 54 523,125 8 3.5 3.3 +0.2
15 PRESTIGE LOFT 300 to 400 1,550 1 540,000 1 3.4 3.2 +0.3
19 PRESTO@UPPER SERANGOON 400 to 500 1,709 7 630,000 2 3.3 3.0 +0.2
18 RIPPLE BAY 400 to 500 1,662 13 574,500 4 3.5 3.2 +0.3
19 RIVERSOUND RESIDENCE 400 to 500 1,667 6 568,000 1 3.5 3.0 +0.5
5 SEAHILL 400 to 500 2,189 7 705,000 1 3.7 3.2 +0.5
19 SUITES @ PAYA LEBAR 300 to 400 1,669 12 562,500 2 3.6 3.3 +0.2
19 SUITES @ PAYA LEBAR 400 to 500 1,650 7 590,000 1 3.4 3.3 +0.0
13 SUITES@BRADDELL 400 to 500 1,650 2 582,000 1 3.4 3.1 +0.3
15 THE COTZ 400 to 500 1,629 7 580,000 1 3.4 3.8 -0.4
16 THE GLADES 400 to 500 2,054 28 800,000 1 3.1 2.8 +0.2
17 THE INFLORA 400 to 500 1,590 23 525,000 2 3.6 3.0 +0.6
19 THE LUXURIE 400 to 500 1,833 4 650,000 1 3.4 3.1 +0.3
20 THE PANORAMA 400 to 500 1,776 27 705,000 3 3.0 2.7 +0.3
19 THE SCALA 400 to 500 2,162 13 770,000 2 3.4 3.2 +0.2
14 TROPIKA EAST 400 to 500 1,713 8 655,000 1 3.1 2.9 +0.2
16 URBAN VISTA 400 to 500 1,861 22 627,000 2 3.6 2.9 +0.6
14 VACANZA @ EAST 400 to 500 1,755 13 635,000 1 3.3 3.0 +0.3
19 VIBES @ KOVAN 300 to 400 1,600 4 538,888 1 3.6 3.2 +0.4

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 1,953 17 798,000 1 2.9 2.6 +0.3
13 18 WOODSVILLE 400 to 500 2,064 7 805,000 1 3.1 2.8 +0.3
8 28 RC SUITES 400 to 500 1,944 17 700,000 1 3.3 3.3 +0.1
9 8 SAINT THOMAS 400 to 500 3,538 4 1,444,317 3 2.9 2.6 +0.4
12 AIRSTREAM 400 to 500 1,746 13 640,000 1 3.3 3.4 -0.1
9 ATTITUDE AT KIM YAM 300 to 400 1,964 7 705,000 1 3.3 2.9 +0.4
14 AVANT RESIDENCES 400 to 500 1,967 6 700,000 1 3.4 3.2 +0.2
13 BARTLEY RIDGE 400 to 500 1,915 60 720,000 2 3.2 2.9 +0.3
14 CENTRA HEIGHTS 400 to 500 1,915 20 660,000 1 3.5 3.1 +0.4
14 CENTRA SUITES 400 to 500 1,820 9 614,000 2 3.6 3.5 +0.1
7 CITY GATE 400 to 500 2,583 22 935,000 1 3.3 2.7 +0.7
8 CITY LOFT 300 to 400 1,725 10 600,000 1 3.5 3.5 -0.0
3 COMMONWEALTH TOWERS 400 to 500 2,550 47 918,000 1 3.3 3.4 -0.0
14 COSMO 400 to 500 1,800 2 650,000 1 3.3 3.2 +0.1
12 CRADELS 400 to 500 1,904 15 691,500 2 3.3 3.1 +0.2
9 DEVONSHIRE RESIDENCES 400 to 500 2,738 10 1,200,000 1 2.7 2.7 +0.0
11 DUNEARN SUITES 400 to 500 1,996 5 758,000 1 3.2 3.0 +0.1
7 DUO RESIDENCES 400 to 500 2,910 10 1,060,000 1 3.3 3.1 +0.2
14 EDENZ LOFT 400 to 500 1,707 11 562,500 2 3.6 3.3 +0.3
14 EDENZ SUITES 400 to 500 1,719 13 635,000 1 3.2 3.6 -0.4
12 EIGHT RIVERSUITES 400 to 500 2,101 45 680,000 1 3.7 3.3 +0.4
9 ESPADA 300 to 400 2,457 45 980,000 1 3.0 3.3 -0.3
14 GUILLEMARD EDGE 400 to 500 1,838 43 700,000 2 3.2 3.9 -0.7
15 HAIG 162 300 to 400 1,774 13 556,000 2 3.8 3.7 +0.1
14 LA FLEUR 400 to 500 1,687 21 530,000 1 3.8 3.5 +0.3
14 LE REGAL 300 to 400 1,544 8 495,000 1 3.7 3.8 -0.1
13 LEICESTER SUITES 400 to 500 1,877 11 742,500 1 3.0 3.1 -0.1
10 LOFT @ NATHAN 400 to 500 2,161 18 815,000 1 3.2 3.1 +0.1
10 LOFT@HOLLAND 300 to 400 2,339 9 832,500 2 3.4 3.2 +0.2
10 M5 400 to 500 2,233 3 960,000 1 2.8 2.7 +0.1
9 MACKENZIE 88 400 to 500 2,044 9 745,000 2 3.3 3.3 +0.0
12 NEEM TREE 400 to 500 1,993 14 872,523 1 2.7 2.6 +0.1
13 NIN RESIDENCE 400 to 500 2,033 10 729,000 1 3.3 3.0 +0.3
21 NOTTINGHILL SUITES 300 to 400 1,682 17 646,000 3 3.1 3.2 -0.1
12 OKIO 400 to 500 1,954 15 698,800 1 3.4 3.1 +0.3
9 OXLEY EDGE 300 to 400 2,167 3 876,667 3 3.0 2.7 +0.3
5 PARC IMPERIAL 300 to 400 2,000 20 708,000 1 3.4 4.2 -0.8
5 PARC IMPERIAL 400 to 500 2,067 15 668,000 1 3.7 4.2 -0.5
1 PEOPLE'S PARK COMPLEX 400 to 500 1,755 13 510,000 1 4.1 4.1 +0.0
12 PRESTIGE HEIGHTS 300 to 400 1,774 25 500,000 1 4.3 3.9 +0.3
12 REGENT RESIDENCES 400 to 500 1,863 12 660,000 1 3.4 2.7 +0.7
12 RIVERBAY 300 to 400 1,657 6 590,000 1 3.4 3.2 +0.2
9 ROBERTSON EDGE 400 to 500 2,529 14 930,000 1 3.3 3.5 -0.2
10 ROBIN SUITES 400 to 500 2,340 5 1,050,000 1 2.7 2.6 +0.1
1 ROBINSON SUITES 400 to 500 2,917 23 1,280,000 1 2.7 2.6 +0.2
14 ROYCE RESIDENCES 400 to 500 1,800 3 557,500 2 3.9 4.1 -0.2
10 RV EDGE 300 to 400 2,131 13 761,944 2 3.4 3.3 +0.1
10 RV EDGE 400 to 500 2,356 9 855,000 2 3.3 3.3 +0.0
10 RV RESIDENCES 400 to 500 2,491 17 956,667 3 3.1 2.7 +0.4
14 SIMS EDGE 400 to 500 1,818 11 663,800 1 3.3 2.9 +0.4
14 SIMS URBAN OASIS 400 to 500 2,006 89 761,000 3 3.2 3.2 -0.0
13 SKY GREEN 400 to 500 1,993 20 770,000 1 3.1 2.8 +0.3
2 SKYSUITES@ANSON 300 to 400 2,750 53 928,000 1 3.6 3.9 -0.3
2 SPOTTISWOODE 18 300 to 400 2,246 50 853,000 1 3.2 3.9 -0.8
2 SPOTTISWOODE SUITES 400 to 500 2,655 10 1,080,000 1 3.0 2.7 +0.3
10 STELLAR RV 400 to 500 2,200 3 850,000 1 3.1 2.8 +0.3
15 SUITES @ GUILLEMARD 400 to 500 1,667 3 580,000 1 3.4 3.8 -0.4
11 SUITES @ SHREWSBURY 300 to 400 1,872 9 555,000 1 4.0 3.9 +0.1
21 SUITES DE LAUREL 400 to 500 1,988 4 725,000 1 3.3 2.7 +0.6
14 SUITES@CHANGI 400 to 500 1,692 9 587,500 2 3.5 3.2 +0.2
21 THE CREEK @ BUKIT 400 to 500 1,883 6 785,000 1 2.9 2.4 +0.5
4 THE FORESTA @ MOUNT FABER 400 to 500 2,377 11 830,000 1 3.4 2.7 +0.7
21 THE HILLFORD 300 to 400 1,741 51 483,556 9 4.3 4.5 -0.2
12 THE VERVE 400 to 500 1,825 8 615,000 1 3.6 3.1 +0.4
14 THE WATER EDGE 300 to 400 1,750 7 555,000 1 3.8 3.6 +0.2
20 THOMSON THREE 400 to 500 1,845 11 736,000 1 3.0 2.4 +0.6
14 TRE RESIDENCES 400 to 500 2,244 8 720,000 1 3.7 3.0 +0.8
8 TYRWHITT 139 300 to 400 1,783 3 600,000 1 3.6 3.2 +0.4
1 V ON SHENTON 400 to 500 2,803 35 1,126,000 2 3.0 3.0 -0.0
12 VETRO 400 to 500 1,817 3 565,000 1 3.9 3.3 +0.6
14 VIENTO 400 to 500 1,719 8 580,000 1 3.6 3.4 +0.1
5 VIVA VISTA 300 to 400 1,948 22 558,750 4 4.2 3.5 +0.7
9 WILKIE 80 400 to 500 2,267 6 837,000 1 3.2 3.5 -0.3

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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