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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
(%)
17 AVILA GARDENS 400 to 500 1,400 1 480,000 1 3.5 2.6 +0.9
19 BARTLEY RESIDENCES 400 to 500 2,003 20 690,000 1 3.5 3.3 +0.2
19 BOTANIQUE AT BARTLEY 400 to 500 2,113 42 754,475 8 3.4 3.0 +0.3
19 CARDIFF RESIDENCE 400 to 500 1,734 17 580,000 3 3.6 3.3 +0.3
19 CASA CAMBIO 400 to 500 1,857 27 741,000 2 3.0 3.1 -0.1
18 COCO PALMS 400 to 500 1,841 20 627,500 2 3.5 3.2 +0.3
18 D'NEST 400 to 500 1,793 14 620,000 3 3.5 3.4 +0.0
15 HERITAGE EAST 400 to 500 1,660 5 615,000 1 3.2 3.1 +0.1
28 HIGH PARK RESIDENCES 300 to 400 1,508 20 502,143 7 3.6 3.3 +0.3
28 HIGH PARK RESIDENCES 400 to 500 1,705 45 596,563 16 3.4 3.3 +0.1
23 HILLION RESIDENCES 400 to 500 1,952 29 720,000 1 3.3 3.2 +0.1
19 ISUITES @ PALM 400 to 500 1,690 5 575,000 1 3.5 3.0 +0.6
22 J GATEWAY 400 to 500 2,445 23 874,944 2 3.4 3.0 +0.3
19 JEWEL @ BUANGKOK 400 to 500 1,841 17 680,000 1 3.2 3.0 +0.3
19 KINGSFORD WATERBAY 400 to 500 1,750 7 629,000 4 3.3 3.0 +0.4
19 KOVAN GRANDEUR 300 to 400 1,750 2 487,500 2 4.3 3.7 +0.6
19 MIDTOWN RESIDENCES 400 to 500 1,786 7 705,000 1 3.0 2.8 +0.2
18 MY MANHATTAN 400 to 500 2,110 5 670,000 1 3.8 3.6 +0.2
23 NATURA@HILLVIEW 400 to 500 1,750 5 596,500 2 3.5 2.9 +0.7
27 NORTH PARK RESIDENCES 400 to 500 1,900 15 690,000 1 3.3 2.7 +0.6
18 NV RESIDENCES 400 to 500 1,725 2 590,000 1 3.5 3.4 +0.1
16 OPTIMA @ TANAH MERAH 400 to 500 2,038 4 698,000 1 3.5 3.1 +0.4
15 PARC BLEU 400 to 500 1,738 4 647,500 2 3.2 3.2 +0.0
19 PARC CENTROS 400 to 500 1,790 21 615,000 2 3.5 3.1 +0.4
15 PARC ELEGANCE 400 to 500 1,729 14 585,000 1 3.5 3.4 +0.2
17 PARC OLYMPIA 400 to 500 1,650 8 530,000 1 3.7 3.5 +0.3
25 PARC ROSEWOOD 400 to 500 1,534 30 518,000 6 3.6 3.4 +0.1
15 PRESTIGE LOFT 300 to 400 1,500 1 500,000 1 3.6 3.7 -0.1
19 PRIMO RESIDENCES 400 to 500 1,717 3 590,000 1 3.5 3.1 +0.4
18 RIPPLE BAY 400 to 500 1,695 14 590,000 1 3.4 3.2 +0.2
19 RIVERSOUND RESIDENCE 400 to 500 1,625 4 585,000 1 3.3 3.3 +0.1
5 SEAHILL 400 to 500 2,213 4 725,000 1 3.7 3.3 +0.4
27 SKIES MILTONIA 400 to 500 1,619 8 565,000 3 3.4 3.2 +0.2
15 SUITES @ EASTCOAST 300 to 400 1,604 12 540,000 1 3.6 3.8 -0.2
13 SUITES@BRADDELL 300 to 400 1,650 3 530,888 1 3.7 3.4 +0.3
13 SUITES@BRADDELL 400 to 500 1,690 5 570,000 1 3.6 3.4 +0.2
15 THE COTZ 400 to 500 1,590 5 593,000 1 3.2 3.3 -0.0
17 THE INFLORA 400 to 500 1,639 27 519,714 7 3.8 3.2 +0.6
22 THE LAKEFRONT RESIDENCES 400 to 500 2,158 6 712,000 3 3.6 3.1 +0.6
19 THE LUXURIE 400 to 500 1,763 8 649,000 2 3.3 3.0 +0.3
27 THE NAUTICAL 400 to 500 1,570 5 538,000 1 3.5 3.1 +0.4
20 THE PANORAMA 400 to 500 1,833 15 695,400 5 3.2 2.7 +0.4
18 THE SANTORINI 400 to 500 1,675 2 575,000 1 3.5 3.1 +0.4
19 THE SCALA 400 to 500 2,208 12 757,667 3 3.5 3.1 +0.4
19 THE TEMBUSU 400 to 500 1,918 22 848,000 1 2.7 2.4 +0.4
19 THE VUE 400 to 500 1,671 7 680,000 1 2.9 3.3 -0.4
16 URBAN VISTA 400 to 500 1,845 36 609,000 2 3.6 3.1 +0.5
15 VIBES @ EAST COAST 300 to 400 1,800 4 585,000 1 3.7 2.8 +0.9
15 VIBES @ EAST COAST 400 to 500 1,664 7 800,000 1 2.5 2.8 -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 2,003 11 777,000 1 3.1 2.8 +0.3
15 16 @ AMBER 400 to 500 1,814 7 730,000 1 3.0 2.8 +0.2
15 38 I SUITES 400 to 500 1,894 8 768,000 1 3.0 3.0 +0.0
11 8 BASSEIN 400 to 500 2,054 18 810,000 1 3.0 3.4 -0.4
9 8 SAINT THOMAS 400 to 500 3,400 2 1,480,000 2 2.8 2.6 +0.2
15 91 MARSHALL 300 to 400 1,700 1 630,000 1 3.2 2.8 +0.4
3 ALEXIS 300 to 400 2,171 21 702,000 1 3.7 3.4 +0.4
13 BARTLEY RIDGE 400 to 500 1,975 22 722,500 4 3.3 2.8 +0.4
14 CENTRA HEIGHTS 400 to 500 1,884 8 718,000 1 3.1 3.2 -0.0
14 CENTRA LOFT 400 to 500 1,893 7 598,000 1 3.8 4.1 -0.3
14 CENTRA RESIDENCE 300 to 400 1,950 1 530,000 1 4.4 3.5 +0.9
12 CRADELS 400 to 500 1,959 9 658,000 1 3.6 3.6 +0.0
9 DEVONSHIRE 12 400 to 500 2,863 4 985,000 1 3.5 3.4 +0.1
11 DUNEARN SUITES 400 to 500 2,063 4 735,000 1 3.4 3.0 +0.4
3 ECHELON 400 to 500 2,645 11 1,023,000 1 3.1 3.2 -0.1
14 EDENZ LOFT 400 to 500 1,711 9 575,000 1 3.6 3.3 +0.3
14 EDENZ SUITES 400 to 500 1,675 2 568,500 1 3.5 4.0 -0.5
12 EIGHT RIVERSUITES 400 to 500 2,122 45 716,667 3 3.6 3.3 +0.2
9 ESPADA 300 to 400 2,504 39 930,000 1 3.2 3.3 -0.1
9 ESPADA 400 to 500 2,750 2 1,100,000 1 3.0 3.3 -0.3
14 GUILLEMARD SUITES 400 to 500 1,991 11 580,000 1 4.1 3.4 +0.7
15 HAIG 162 300 to 400 1,730 15 590,000 3 3.5 3.5 +0.0
21 KAP RESIDENCES 400 to 500 2,067 6 823,000 1 3.0 2.6 +0.5
14 LA FLEUR 400 to 500 1,659 11 680,000 1 2.9 3.6 -0.6
11 LINCOLN SUITES 400 to 500 2,550 10 1,050,000 1 2.9 3.0 -0.1
10 LOFT @ NATHAN 400 to 500 2,185 20 820,000 1 3.2 2.9 +0.3
10 LOFT @ STEVENS 300 to 400 1,990 5 760,000 1 3.1 2.8 +0.3
9 MACKENZIE 88 400 to 500 2,106 9 738,000 1 3.4 3.3 +0.1
12 NEEM TREE 400 to 500 2,017 3 690,000 1 3.5 2.6 +0.9
12 OKIO 400 to 500 2,075 10 698,800 1 3.6 3.4 +0.2
12 ONE DUSUN RESIDENCES 400 to 500 2,081 21 800,000 1 3.1 3.0 +0.1
12 OPAL SUITES 400 to 500 1,850 2 595,000 1 3.7 4.0 -0.2
5 PARC IMPERIAL 300 to 400 2,017 18 660,000 1 3.7 3.9 -0.2
5 PARC IMPERIAL 400 to 500 2,012 20 685,000 1 3.5 3.9 -0.3
8 PARC SOMME 300 to 400 1,850 2 580,000 1 3.8 3.3 +0.5
1 PEOPLE'S PARK COMPLEX 400 to 500 1,710 26 513,700 4 4.0 3.8 +0.2
12 PRESTIGE HEIGHTS 300 to 400 1,732 19 504,000 2 4.1 3.8 +0.3
12 PRESTIGE HEIGHTS 400 to 500 1,817 3 662,500 1 3.3 3.8 -0.5
15 QUESTA @ DUNMAN 400 to 500 1,800 2 684,000 2 3.2 2.7 +0.4
12 REGENT RESIDENCES 400 to 500 1,894 9 633,000 2 3.6 2.8 +0.8
12 RIVIERA 38 400 to 500 1,850 3 600,000 1 3.7 3.6 +0.1
9 ROBERTSON EDGE 400 to 500 2,412 13 1,000,000 1 2.9 3.0 -0.1
10 ROBIN SUITES 400 to 500 2,417 9 1,150,000 1 2.5 2.4 +0.2
1 ROBINSON SUITES 400 to 500 2,816 16 1,237,500 1 2.7 2.8 -0.1
14 ROYCE RESIDENCES 400 to 500 1,700 2 530,000 1 3.8 4.1 -0.3
10 RV EDGE 300 to 400 2,217 6 765,000 1 3.5 3.8 -0.3
14 SIMS EDGE 400 to 500 1,900 7 630,888 1 3.6 3.1 +0.5
14 SIMS URBAN OASIS 400 to 500 2,138 34 740,167 6 3.5 3.1 +0.4
13 SKY GREEN 400 to 500 1,990 10 750,000 1 3.2 2.9 +0.3
12 SKYSUITES17 300 to 400 1,885 13 633,000 1 3.6 3.5 +0.1
2 SKYSUITES@ANSON 300 to 400 2,822 45 960,000 1 3.5 3.5 +0.1
14 SMART SUITES 400 to 500 2,007 7 645,000 1 3.7 3.2 +0.5
2 SPOTTISWOODE 18 300 to 400 2,255 41 834,000 2 3.2 3.2 +0.1
11 SUITES @ NEWTON 400 to 500 2,400 2 900,000 1 3.2 2.7 +0.5
8 SUITES @ OWEN 300 to 400 1,850 2 571,500 2 3.9 3.3 +0.6
11 SUITES @ SHREWSBURY 300 to 400 2,000 2 550,000 1 4.4 3.6 +0.8
14 SUITES @ SIMS 300 to 400 1,725 8 550,000 1 3.8 3.7 +0.1
12 SUITES @ TOPAZ 300 to 400 1,675 4 566,000 1 3.6 3.2 +0.4
15 SUITES@ KATONG 400 to 500 1,900 1 610,000 1 3.7 3.7 +0.0
14 SUITES@CHANGI 400 to 500 1,588 8 525,000 1 3.6 3.3 +0.3
21 THE CREEK @ BUKIT 400 to 500 1,931 13 700,000 1 3.3 3.0 +0.3
10 THE FORD @ HOLLAND 400 to 500 2,525 4 880,000 1 3.4 2.7 +0.7
4 THE FORESTA @ MOUNT FABER 400 to 500 2,460 15 848,000 1 3.5 3.2 +0.3
21 THE HILLFORD 300 to 400 1,746 36 485,333 6 4.3 4.7 -0.3
12 THE INTERWEAVE 300 to 400 1,782 14 568,000 1 3.8 3.6 +0.2
12 THE INTERWEAVE 400 to 500 1,867 12 640,000 1 3.5 3.6 -0.1
12 THE VERVE 400 to 500 1,825 2 639,000 2 3.4 2.8 +0.6
14 THE WATER EDGE 400 to 500 1,857 7 650,000 1 3.4 3.2 +0.3
20 THOMSON THREE 400 to 500 1,912 17 795,000 1 2.9 2.7 +0.2
20 THOMSON V TWO 400 to 500 1,883 6 550,000 2 4.1 4.2 -0.1
14 TREASURES@G19 400 to 500 1,742 6 652,500 2 3.2 3.4 -0.2
12 TREVISTA 400 to 500 2,175 2 660,000 1 4.0 2.9 +1.0
8 URBAN LOFTS 400 to 500 1,850 1 640,000 1 3.5 3.1 +0.4
12 VETRO 400 to 500 1,700 1 585,000 1 3.5 3.3 +0.2
14 VIENTO 400 to 500 1,711 9 568,333 3 3.6 3.7 -0.1
5 VIVA VISTA 300 to 400 1,959 32 583,750 4 4.0 3.8 +0.2
9 VIVACE 300 to 400 2,385 11 803,000 2 3.6 3.3 +0.3

Disclaimer

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