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 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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