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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 21 RICHARDS 400 to 500 2,000 3 590,000 1 4.1 3.5 +0.6
15 AURALIS 400 to 500 1,850 2 645,000 2 3.4 2.8 +0.6
19 BARTLEY RESIDENCES 400 to 500 1,948 25 692,500 2 3.4 3.2 +0.2
19 CASA CAMBIO 400 to 500 1,823 22 616,500 2 3.5 3.1 +0.4
22 CASPIAN 400 to 500 2,050 2 630,000 1 3.9 3.4 +0.5
15 ESPIRA SUITES 400 to 500 1,850 5 667,500 2 3.3 3.6 -0.3
23 FORESQUE RESIDENCES 400 to 500 1,725 8 609,000 2 3.4 2.9 +0.5
17 HEDGES PARK CONDOMINIUM 400 to 500 1,646 12 526,000 1 3.8 3.5 +0.2
15 HERITAGE EAST 400 to 500 1,613 4 602,500 2 3.2 3.4 -0.2
19 ISUITES @ PALM 400 to 500 1,600 5 602,888 1 3.2 3.2 +0.0
19 KOVAN GRANDEUR 300 to 400 1,625 4 484,000 2 4.0 3.7 +0.3
19 LA FIESTA 400 to 500 1,870 11 622,500 4 3.6 2.9 +0.7
15 LA VIDA @ 130 400 to 500 1,785 13 630,000 1 3.4 3.3 +0.1
15 LAVERNE'S LOFT 300 to 400 1,700 1 546,000 3 3.7 3.8 -0.0
15 LAVERNE'S LOFT 400 to 500 1,700 3 590,000 1 3.5 3.8 -0.3
14 LEVENUE 400 to 500 1,800 5 650,000 1 3.3 3.3 +0.0
16 OPTIMA @ TANAH MERAH 400 to 500 2,150 3 682,444 2 3.8 3.3 +0.5
14 PALMERA EAST 400 to 500 2,050 2 613,000 4 4.0 2.9 +1.1
19 PARC CENTROS 400 to 500 1,757 11 627,000 2 3.4 3.3 +0.1
15 PARC ELEGANCE 300 to 400 1,645 11 535,000 1 3.7 3.9 -0.2
15 PARC ELEGANCE 400 to 500 1,733 15 540,000 1 3.9 3.9 -0.1
17 PARC OLYMPIA 400 to 500 1,664 18 540,000 1 3.7 3.7 +0.0
25 PARC ROSEWOOD 400 to 500 1,560 45 515,636 11 3.6 3.4 +0.3
19 PARK RESIDENCES KOVAN 300 to 400 1,614 7 565,500 2 3.4 3.4 -0.0
19 PRIMO RESIDENCES 400 to 500 1,550 1 570,000 1 3.3 2.7 +0.6
14 QUBE SUITES 400 to 500 1,800 2 580,000 1 3.7 3.0 +0.7
14 RESIDENCES 88 400 to 500 1,600 1 566,500 2 3.4 3.7 -0.3
18 RIPPLE BAY 400 to 500 1,712 21 575,931 5 3.6 3.6 -0.0
19 RIVERSOUND RESIDENCE 400 to 500 1,669 8 543,963 3 3.7 3.5 +0.2
5 SEAHILL 400 to 500 2,150 2 680,000 1 3.8 3.2 +0.6
27 SKIES MILTONIA 400 to 500 1,645 10 560,000 3 3.5 3.0 +0.5
19 SPACE @ KOVAN 400 to 500 1,763 4 605,000 1 3.5 3.0 +0.5
18 STRATUM 400 to 500 1,573 24 580,000 1 3.3 3.5 -0.2
15 SUITES @ EASTCOAST 300 to 400 1,685 11 548,333 3 3.7 3.3 +0.4
19 SUITES @ PAYA LEBAR 300 to 400 1,667 6 535,000 2 3.7 3.6 +0.1
19 SUITES @ PAYA LEBAR 400 to 500 1,500 3 557,000 1 3.2 3.6 -0.4
13 SUITES@BRADDELL 400 to 500 1,775 4 560,000 1 3.8 3.3 +0.5
16 THE GLADES 400 to 500 1,979 40 761,073 37 3.1 3.1 +0.0
27 THE NAUTICAL 400 to 500 1,600 7 552,500 1 3.5 3.6 -0.1
18 THE PALETTE 400 to 500 1,800 2 610,000 1 3.5 3.2 +0.3
19 THE PROMENADE@PELIKAT 400 to 500 1,674 27 620,000 1 3.2 3.0 +0.2
19 THE SCALA 400 to 500 2,226 17 733,333 3 3.6 3.4 +0.3
19 THE VUE 400 to 500 1,738 16 554,000 3 3.8 3.6 +0.2
16 URBAN VISTA 400 to 500 1,891 13 632,000 1 3.6 3.0 +0.6
14 VACANZA @ EAST 400 to 500 1,833 6 655,000 2 3.4 3.0 +0.4
19 VIBES @ KOVAN 400 to 500 1,750 5 550,000 1 3.8 3.4 +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 2,036 14 750,000 1 3.3 3.0 +0.3
11 26 NEWTON 400 to 500 2,639 9 1,137,386 35 2.8 2.9 -0.1
13 8@WOODLEIGH 300 to 400 1,908 6 570,000 1 4.0 3.5 +0.5
12 AIRSTREAM 400 to 500 1,700 3 632,500 2 3.2 3.5 -0.2
3 ALEXIS 300 to 400 2,350 11 662,500 4 4.3 3.8 +0.4
3 ALEXIS 400 to 500 2,267 6 685,000 1 4.0 3.8 +0.1
13 BARTLEY RIDGE 400 to 500 1,861 82 695,000 2 3.2 2.9 +0.3
14 CASA AERATA 400 to 500 1,956 9 570,000 1 4.1 3.8 +0.4
8 CAVAN SUITES 300 to 400 1,860 5 550,000 1 4.1 3.4 +0.7
14 CENTRA HEIGHTS 400 to 500 1,973 12 650,000 1 3.6 3.5 +0.1
14 CENTRA LOFT 400 to 500 1,843 15 620,000 1 3.6 3.6 -0.1
14 CENTRA RESIDENCE 400 to 500 1,963 8 580,000 1 4.1 3.5 +0.5
14 CENTRA STUDIOS 400 to 500 1,794 9 642,888 1 3.3 4.4 -1.0
14 CENTRA SUITES 400 to 500 1,836 11 601,500 2 3.7 3.9 -0.2
8 CITY LOFT 300 to 400 1,750 3 500,000 1 4.2 3.8 +0.4
15 CORALIS 400 to 500 2,189 9 774,000 2 3.4 3.2 +0.2
12 CRADELS 400 to 500 1,972 14 671,000 3 3.5 3.5 +0.1
14 D'WEAVE 400 to 500 1,842 6 607,000 1 3.6 3.3 +0.3
9 DEVONSHIRE RESIDENCES 400 to 500 3,094 9 1,100,088 1 3.4 3.1 +0.2
11 DUNEARN SUITES 400 to 500 2,125 4 780,000 1 3.3 3.3 -0.1
12 EIGHT RIVERSUITES 400 to 500 2,093 57 724,333 3 3.5 3.2 +0.3
9 ESPADA 300 to 400 2,591 36 900,000 1 3.5 3.6 -0.2
15 FULCRUM 400 to 500 2,400 6 968,384 13 3.0 3.0 +0.0
14 GUILLEMARD EDGE 400 to 500 1,782 33 610,000 1 3.5 4.1 -0.6
15 HAIG 162 300 to 400 1,592 8 530,000 1 3.6 3.6 +0.0
15 HAIG 162 400 to 500 1,880 5 675,000 1 3.3 3.6 -0.2
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,555 10 1,130,000 1 2.7 2.9 -0.2
15 IMPERIAL HEIGHTS 400 to 500 1,860 5 614,750 2 3.6 3.3 +0.3
15 JUPITER 18 400 to 500 1,729 7 560,000 1 3.7 3.2 +0.5
14 LA BRISA 400 to 500 1,778 9 650,000 1 3.3 3.6 -0.4
14 LA FLEUR 400 to 500 1,781 18 550,088 1 3.9 3.9 -0.0
14 LE REGAL 400 to 500 1,692 6 478,000 1 4.2 4.3 -0.0
13 LEICESTER SUITES 400 to 500 2,015 10 732,500 2 3.3 3.2 +0.1
11 LINCOLN SUITES 400 to 500 2,609 11 1,000,000 1 3.1 2.9 +0.2
10 LOFT @ NATHAN 300 to 400 2,033 3 760,000 1 3.2 3.1 +0.1
10 LOFT @ NATHAN 400 to 500 2,156 9 841,500 2 3.1 3.1 -0.1
10 LOFT @ STEVENS 400 to 500 2,100 1 805,000 2 3.1 3.7 -0.6
10 LOFT@HOLLAND 300 to 400 2,280 9 710,000 2 3.9 3.4 +0.4
9 MACKENZIE 88 400 to 500 2,250 2 685,000 1 3.9 3.3 +0.6
11 MEDGE 400 to 500 2,050 2 710,000 1 3.5 3.2 +0.2
14 MELOSA 400 to 500 1,910 5 558,000 1 4.1 3.6 +0.5
9 NEWTON EDGE 400 to 500 2,800 1 770,000 1 4.4 3.0 +1.4
13 NIN RESIDENCE 400 to 500 2,088 8 680,000 1 3.7 2.9 +0.8
5 PARC IMPERIAL 300 to 400 2,018 16 687,500 2 3.5 3.6 -0.1
5 PARC IMPERIAL 400 to 500 2,014 14 657,000 1 3.7 3.6 +0.1
8 PARC SOMME 300 to 400 1,825 4 565,000 1 3.9 3.5 +0.4
1 PEOPLE'S PARK COMPLEX 400 to 500 1,740 15 428,000 1 4.9 5.0 -0.1
12 PRESTIGE HEIGHTS 300 to 400 1,785 17 505,667 3 4.2 3.8 +0.4
12 REGENT RESIDENCES 400 to 500 1,933 20 675,333 3 3.4 2.9 +0.5
10 ROBIN SUITES 400 to 500 2,425 4 980,000 1 3.0 4.7 -1.7
10 RV EDGE 400 to 500 2,405 11 870,000 1 3.3 3.8 -0.4
10 RV RESIDENCES 400 to 500 2,679 7 905,000 1 3.6 3.4 +0.2
14 SILVERSCAPE 400 to 500 1,771 7 575,000 3 3.7 3.5 +0.1
13 SKY GREEN 400 to 500 2,000 21 726,500 1 3.3 3.3 +0.0
4 SKYLINE RESIDENCES 400 to 500 2,929 7 925,000 2 3.8 3.2 +0.6
2 SKYSUITES@ANSON 300 to 400 2,883 49 875,000 2 4.0 3.8 +0.2
11 SOLEIL @ SINARAN 400 to 500 2,983 6 938,000 1 3.8 3.5 +0.3
14 SUITES 28 400 to 500 1,788 4 530,000 1 4.0 2.8 +1.2
15 SUITES @ GUILLEMARD 300 to 400 1,800 3 510,000 1 4.2 3.3 +1.0
11 SUITES @ NEWTON 400 to 500 2,433 3 922,000 3 3.2 2.9 +0.3
15 SUITES@ KATONG 400 to 500 1,867 3 638,000 1 3.5 3.8 -0.3
15 TEMBELING RESIDENCE 400 to 500 1,800 2 633,000 1 3.4 3.1 +0.3
1 THE CLIFT 400 to 500 3,109 11 970,000 3 3.8 3.7 +0.2
4 THE FORESTA @ MOUNT FABER 400 to 500 2,617 15 808,888 1 3.9 3.2 +0.6
21 THE HILLFORD 300 to 400 1,654 66 492,500 2 4.0 4.4 -0.3
12 THE INTERWEAVE 300 to 400 1,806 10 580,296 3 3.7 3.6 +0.1
15 THE LINE @ TANJONG RHU 400 to 500 2,225 4 1,044,867 3 2.6 2.3 +0.3
8 THE URBANITE 400 to 500 2,013 8 700,000 1 3.5 3.6 -0.1
14 THE WATER EDGE 300 to 400 1,758 6 535,000 1 3.9 3.8 +0.2
14 TREASURES @ G20 400 to 500 1,642 6 520,000 2 3.8 3.4 +0.4
14 TREASURES@G6 400 to 500 1,657 15 589,691 5 3.4 3.3 +0.0
8 TYRWHITT 139 300 to 400 1,650 1 560,000 1 3.5 3.1 +0.4
8 TYRWHITT 139 400 to 500 2,400 1 660,000 1 4.4 3.1 +1.2
14 VIENTO 400 to 500 1,748 9 579,000 2 3.6 3.7 -0.1
5 VIVA VISTA 300 to 400 1,954 25 567,500 2 4.1 4.2 -0.1
14 WATERBANK AT DAKOTA 400 to 500 2,338 16 746,000 3 3.8 3.4 +0.4

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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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