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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
(%)
15 AURALIS 400 to 500 2,233 6 770,000 1 3.5 3.3 +0.2
19 BARTLEY RESIDENCES 400 to 500 2,216 40 719,667 3 3.7 3.2 +0.5
19 BOTANIQUE AT BARTLEY 400 to 500 2,356 16 809,333 3 3.5 3.1 +0.3
19 CARDIFF RESIDENCE 400 to 500 2,000 31 611,683 3 3.9 4.1 -0.1
19 CASA CAMBIO 400 to 500 2,077 33 733,800 5 3.4 3.2 +0.2
22 CASPIAN 400 to 500 2,160 5 658,888 1 3.9 3.2 +0.7
18 COCO PALMS 400 to 500 2,190 24 661,400 5 4.0 3.5 +0.5
15 CUBIK 400 to 500 1,800 1 692,500 2 3.1 2.6 +0.5
18 D'NEST 400 to 500 1,995 36 638,111 9 3.8 3.6 +0.2
27 EIGHT COURTYARDS 400 to 500 1,900 1 598,000 1 3.8 3.1 +0.7
20 FLORAVIEW 300 to 400 2,000 1 550,000 1 4.4 3.6 +0.8
28 FLORAVILLE 300 to 400 1,788 4 610,000 1 3.5 3.6 -0.0
23 FORESQUE RESIDENCES 400 to 500 1,864 11 678,000 1 3.3 3.1 +0.2
19 GLASGOW RESIDENCE 400 to 500 1,800 3 578,333 3 3.7 2.8 +1.0
16 GRANDEUR PARK RESIDENCES 400 to 500 2,579 19 763,000 4 4.1 3.8 +0.2
17 HEDGES PARK CONDOMINIUM 400 to 500 1,987 19 578,667 3 4.1 3.9 +0.2
15 HERITAGE EAST 400 to 500 1,950 4 615,000 1 3.8 3.9 -0.1
28 HIGH PARK RESIDENCES 300 to 400 1,800 8 554,333 3 3.9 3.5 +0.4
28 HIGH PARK RESIDENCES 400 to 500 2,113 23 645,000 6 3.9 3.5 +0.5
23 HILLION RESIDENCES 400 to 500 2,169 88 732,750 12 3.6 3.4 +0.1
19 ISUITES @ PALM 400 to 500 2,009 7 619,000 2 3.9 3.2 +0.7
22 J GATEWAY 400 to 500 2,779 61 922,000 3 3.6 3.6 +0.0
19 JEWEL @ BUANGKOK 400 to 500 2,197 16 725,750 4 3.6 3.2 +0.5
27 KANDIS RESIDENCE 400 to 500 2,800 2 745,000 1 4.5 3.9 +0.6
19 KENSINGTON SQUARE 400 to 500 1,830 6 647,500 4 3.4 2.7 +0.7
19 KINGSFORD WATERBAY 400 to 500 2,102 31 632,324 12 4.0 3.7 +0.3
19 KOVAN GRANDEUR 300 to 400 1,683 3 546,667 3 3.7 3.7 +0.0
19 LA FIESTA 400 to 500 2,044 18 664,333 3 3.7 3.2 +0.4
15 LA VIDA @ 130 400 to 500 2,007 7 690,000 1 3.5 3.2 +0.3
15 LAVERNE'S LOFT 400 to 500 1,788 4 625,000 1 3.4 3.8 -0.4
23 LE QUEST 400 to 500 2,335 30 742,667 3 3.8 3.7 +0.1
19 MIDTOWN RESIDENCES 400 to 500 2,050 15 684,000 2 3.6 3.6 -0.0
18 MY MANHATTAN 400 to 500 2,433 3 685,000 1 4.3 3.4 +0.8
23 [email protected] 400 to 500 1,982 17 620,000 1 3.8 3.5 +0.3
27 NORTH PARK RESIDENCES 400 to 500 2,249 30 691,667 3 3.9 3.2 +0.7
17 OCEAN FRONT SUITES 400 to 500 1,822 9 591,700 4 3.7 3.5 +0.2
15 PALM GALLERIA 400 to 500 1,900 1 680,000 1 3.4 2.7 +0.7
15 PARC BLEU 400 to 500 1,965 10 660,000 1 3.6 3.8 -0.2
19 PARC CENTROS 400 to 500 2,149 34 672,600 5 3.8 3.3 +0.5
15 PARC ELEGANCE 300 to 400 1,667 6 580,000 1 3.4 3.9 -0.5
15 PARC ELEGANCE 400 to 500 2,082 17 647,960 5 3.9 3.9 -0.1
17 PARC OLYMPIA 400 to 500 1,969 8 608,000 1 3.9 3.7 +0.2
5 PARC RIVIERA 400 to 500 2,360 44 719,296 3 3.9 3.5 +0.4
25 PARC ROSEWOOD 400 to 500 1,873 57 567,200 10 4.0 4.3 -0.3
19 PARK RESIDENCES KOVAN 300 to 400 2,067 9 640,000 1 3.9 3.7 +0.2
15 PRESTIGE LOFT 300 to 400 1,925 4 600,000 1 3.9 3.9 -0.1
19 [email protected] SERANGOON 400 to 500 1,992 13 622,500 4 3.8 3.4 +0.4
14 QUBE SUITES 400 to 500 2,250 2 683,000 1 4.0 3.3 +0.7
18 RIPPLE BAY 400 to 500 1,990 10 631,000 4 3.8 3.4 +0.4
28 RIVERBANK @ FERNVALE 400 to 500 1,833 6 685,000 2 3.2 3.1 +0.1
5 SEAHILL 400 to 500 2,525 4 704,000 5 4.3 3.4 +0.9
15 SEASIDE RESIDENCES 400 to 500 3,088 4 933,000 1 4.0 3.2 +0.7
14 SINGA HILLS 400 to 500 2,075 2 705,000 1 3.5 3.2 +0.3
27 SKIES MILTONIA 400 to 500 1,808 6 616,333 3 3.5 3.3 +0.2
19 SPACE @ KOVAN 400 to 500 1,871 12 610,000 1 3.7 3.3 +0.3
19 SPAZIO @ KOVAN 400 to 500 2,100 1 702,000 2 3.6 3.0 +0.5
18 STRATUM 400 to 500 1,856 16 598,250 4 3.7 3.8 -0.0
15 SUITES @ EASTCOAST 300 to 400 1,843 20 618,333 3 3.6 3.8 -0.2
15 SUITES @ EASTCOAST 400 to 500 2,000 1 618,000 1 3.9 3.8 +0.1
19 SUITES @ PAYA LEBAR 300 to 400 1,910 15 590,000 1 3.9 3.6 +0.3
13 [email protected] 400 to 500 1,933 3 584,000 2 4.0 3.7 +0.3
18 THE ALPS RESIDENCES 400 to 500 2,053 34 689,000 2 3.6 3.6 -0.0
15 THE COTZ 300 to 400 1,700 1 585,000 1 3.5 3.5 -0.0
15 THE COTZ 400 to 500 1,857 7 604,333 3 3.7 3.5 +0.2
15 THE CRISTALLO 400 to 500 2,080 5 650,000 1 3.8 3.4 +0.4
19 THE GARDEN RESIDENCES 400 to 500 2,743 10 825,000 1 4.0 3.3 +0.7
16 THE GLADES 400 to 500 2,352 40 712,000 4 4.0 3.7 +0.2
17 THE INFLORA 400 to 500 1,980 22 579,625 8 4.1 3.7 +0.4
22 THE LAKEFRONT RESIDENCES 400 to 500 2,412 13 681,667 3 4.2 3.5 +0.7
14 THE LENOX 400 to 500 2,025 8 630,000 1 3.9 3.4 +0.4
19 THE LUXURIE 400 to 500 2,093 3 668,000 1 3.8 3.1 +0.7
20 THE PANORAMA 400 to 500 2,146 25 760,000 1 3.4 2.9 +0.5
19 THE [email protected] 400 to 500 1,865 23 656,667 3 3.4 3.6 -0.2
18 THE SANTORINI 400 to 500 2,039 14 585,000 1 4.2 3.5 +0.7
19 THE SCALA 400 to 500 2,407 23 795,667 3 3.6 3.1 +0.5
5 THE SORRENTO 400 to 500 2,500 8 745,000 1 4.0 3.2 +0.8
18 THE TAPESTRY 400 to 500 2,531 34 733,361 8 4.1 3.9 +0.2
19 THE VUE 400 to 500 1,825 2 655,000 2 3.3 3.3 +0.0
14 TROPIKA EAST 400 to 500 2,018 10 666,500 2 3.6 3.0 +0.6
19 URBAN RESIDENCES 400 to 500 1,938 4 664,000 2 3.5 3.3 +0.2
16 URBAN VISTA 400 to 500 2,063 27 662,500 2 3.7 3.4 +0.3
14 VACANZA @ EAST 400 to 500 2,275 4 635,000 1 4.3 2.9 +1.4
15 VIBES @ EAST COAST 300 to 400 1,894 8 627,500 2 3.6 3.5 +0.1
19 [email protected] SERANGOON 300 to 400 1,850 1 620,000 1 3.6 3.5 +0.1
19 [email protected] SERANGOON 400 to 500 2,050 8 625,000 1 3.9 3.5 +0.4
18 VUE 8 RESIDENCE 400 to 500 1,983 3 665,000 2 3.6 3.3 +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 2,311 19 807,500 2 3.4 3.0 +0.4
11 26 NEWTON 400 to 500 2,574 27 1,020,000 1 3.0 2.8 +0.2
8 28 RC SUITES 400 to 500 2,385 17 705,000 2 4.1 4.1 +0.0
15 38 I SUITES 400 to 500 2,225 8 800,000 1 3.3 3.1 +0.2
11 8 BASSEIN 400 to 500 2,240 21 800,000 1 3.4 3.2 +0.2
13 [email protected] 300 to 400 1,922 9 645,333 3 3.6 3.1 +0.5
15 91 MARSHALL 300 to 400 1,600 2 640,000 1 3.0 3.2 -0.2
12 AIRSTREAM 400 to 500 2,217 12 656,667 3 4.1 3.8 +0.2
3 ALEX RESIDENCES 400 to 500 2,773 26 950,000 2 3.5 3.4 +0.1
13 BARTLEY RIDGE 400 to 500 2,186 49 747,500 12 3.5 3.1 +0.4
14 CASA AERATA 400 to 500 2,200 9 540,000 1 4.9 4.7 +0.1
8 CAVAN SUITES 400 to 500 2,020 5 630,000 1 3.8 4.0 -0.2
14 CENTRA HEIGHTS 400 to 500 2,157 28 724,000 2 3.6 3.5 +0.1
14 CENTRA LOFT 400 to 500 2,087 15 619,667 3 4.0 3.9 +0.1
14 CENTRA RESIDENCE 400 to 500 1,956 9 635,000 2 3.7 3.6 +0.1
14 CENTRA STUDIOS 300 to 400 1,863 4 582,500 2 3.8 3.3 +0.5
14 CENTRA SUITES 400 to 500 2,006 14 630,000 1 3.8 3.8 +0.0
7 CITY GATE 400 to 500 2,806 18 905,000 1 3.7 2.8 +1.0
8 CITY LOFT 300 to 400 2,035 10 605,333 3 4.0 4.4 -0.3
8 CITY LOFT 400 to 500 2,500 1 645,000 1 4.7 4.4 +0.3
8 CITY STUDIOS 400 to 500 2,150 2 655,000 1 3.9 3.5 +0.5
12 CITY SUITES 400 to 500 2,233 12 751,000 1 3.6 3.3 +0.3
3 COMMONWEALTH TOWERS 400 to 500 2,733 112 918,161 11 3.6 3.5 +0.1
12 CRADELS 400 to 500 2,164 24 686,500 2 3.8 3.5 +0.3
12 DOMUS 400 to 500 2,758 6 833,000 2 4.0 2.9 +1.1
11 DUNEARN SUITES 400 to 500 2,300 4 820,000 1 3.4 3.1 +0.3
3 ECHELON 400 to 500 2,773 35 958,000 1 3.5 3.4 +0.1
14 EDENZ LOFT 400 to 500 1,960 5 600,000 1 3.9 3.4 +0.5
14 EDENZ SUITES 400 to 500 1,944 8 598,000 1 3.9 3.6 +0.3
12 EIGHT RIVERSUITES 400 to 500 2,305 52 732,667 3 3.8 3.5 +0.3
9 ESPADA 300 to 400 2,544 48 900,000 1 3.4 3.2 +0.2
9 ESPADA 400 to 500 2,729 7 1,085,000 1 3.0 3.2 -0.2
15 FULCRUM 400 to 500 2,515 17 950,000 1 3.2 2.4 +0.8
12 GEM RESIDENCES 400 to 500 2,525 30 823,333 6 3.7 3.2 +0.5
14 GUILLEMARD EDGE 400 to 500 2,025 53 645,167 6 3.8 3.4 +0.4
15 HAIG 162 300 to 400 2,070 10 614,500 2 4.0 3.9 +0.1
14 IDYLLIC SUITES 400 to 500 2,150 12 599,000 2 4.3 4.1 +0.2
15 IMPERIAL HEIGHTS 400 to 500 2,213 8 680,000 2 3.9 3.5 +0.4
8 JOOL SUITES 400 to 500 1,957 7 689,667 6 3.4 3.5 -0.1
12 JUI RESIDENCES 400 to 500 2,571 7 820,000 1 3.8 3.1 +0.6
15 JUPITER 18 400 to 500 2,044 8 650,810 1 3.8 4.1 -0.4
14 LA FLEUR 400 to 500 1,967 21 586,667 3 4.0 3.7 +0.3
14 LE REGAL 300 to 400 1,860 9 530,000 1 4.2 4.8 -0.6
13 LEICESTER SUITES 400 to 500 2,091 17 765,000 1 3.3 3.2 +0.0
10 LOFT @ NATHAN 400 to 500 2,488 17 847,667 3 3.5 3.3 +0.2
10 [email protected] 300 to 400 2,733 16 830,000 1 4.0 3.5 +0.4
10 M5 400 to 500 2,914 7 1,090,223 3 3.2 3.0 +0.2
12 M66 400 to 500 1,843 6 643,000 1 3.4 4.0 -0.5
9 MACKENZIE 88 400 to 500 2,357 7 780,000 1 3.6 3.0 +0.7
14 MELOSA 400 to 500 2,110 5 613,500 2 4.1 3.8 +0.4
14 METRO LOFT 400 to 500 2,217 6 650,888 1 4.1 3.8 +0.3
14 MILLAGE 400 to 500 2,090 5 730,000 1 3.4 3.2 +0.3
11 MULBERRY TREE 400 to 500 2,733 3 808,000 1 4.1 3.1 +1.0
12 NEEM TREE 400 to 500 2,462 13 750,000 1 3.9 3.3 +0.6
14 NESS 400 to 500 1,945 11 601,472 4 3.9 4.0 -0.2
13 NIN RESIDENCE 400 to 500 2,180 5 747,000 1 3.5 3.2 +0.3
21 NOTTINGHILL SUITES 300 to 400 1,900 18 663,000 1 3.4 3.6 -0.2
21 NOTTINGHILL SUITES 400 to 500 2,233 3 750,000 1 3.6 3.6 -0.0
12 OKIO 400 to 500 2,207 21 714,000 2 3.7 3.6 +0.1
15 ONAN SUITES 400 to 500 2,400 1 700,000 1 4.1 3.5 +0.6
12 ONE DUSUN RESIDENCES 400 to 500 2,254 14 830,000 1 3.3 3.1 +0.1
5 PARC IMPERIAL 400 to 500 2,281 17 727,500 4 3.8 4.1 -0.4
8 PARC SOMME 300 to 400 2,000 1 620,000 1 3.9 3.4 +0.5
14 PARK PLACE RESIDENCES AT PLQ 400 to 500 2,978 25 960,000 1 3.7 3.3 +0.5
14 PAVILION SQUARE 300 to 400 2,061 14 575,263 2 4.3 4.8 -0.5
1 PEOPLE'S PARK COMPLEX 400 to 500 2,063 8 542,500 2 4.6 3.8 +0.8
12 PRESTIGE HEIGHTS 300 to 400 1,990 32 580,000 1 4.1 3.7 +0.4
3 PRINCIPAL GARDEN 400 to 500 2,906 35 894,091 11 3.9 3.6 +0.3
3 QUEENS PEAK 400 to 500 2,693 53 893,539 7 3.6 3.3 +0.3
12 REGENT RESIDENCES 400 to 500 2,019 16 695,000 2 3.5 2.8 +0.6
14 REZI 26 400 to 500 2,088 22 640,500 4 3.9 3.8 +0.1
14 REZI 3TWO 400 to 500 2,143 10 720,000 1 3.6 3.5 +0.1
12 RIVERBAY 300 to 400 1,897 9 595,000 1 3.8 3.7 +0.1
12 RIVIERA 38 400 to 500 2,072 9 650,000 1 3.8 3.3 +0.5
10 ROBIN SUITES 400 to 500 2,755 10 1,100,000 1 3.0 2.8 +0.2
14 ROYCE RESIDENCES 400 to 500 2,170 5 535,000 1 4.9 4.7 +0.2
9 RV POINT 300 to 400 2,319 4 795,000 1 3.5 3.2 +0.3
9 RV POINT 400 to 500 2,594 8 954,000 2 3.3 3.2 +0.0
10 RV RESIDENCES 400 to 500 2,739 18 973,000 2 3.4 3.1 +0.3
13 SENNETT RESIDENCE 400 to 500 2,875 2 808,000 1 4.3 3.0 +1.3
14 SILVERSCAPE 400 to 500 2,023 11 618,000 2 3.9 3.4 +0.5
14 SIMS URBAN OASIS 400 to 500 2,320 73 758,875 8 3.7 3.4 +0.3
20 SKY VUE 400 to 500 2,651 31 903,500 2 3.5 3.1 +0.4
12 SKYSUITES17 300 to 400 1,981 13 630,000 1 3.8 3.5 +0.2
2 [email protected] 300 to 400 2,862 46 834,000 2 4.1 3.9 +0.2
14 SMART SUITES 400 to 500 2,129 12 675,000 1 3.8 4.2 -0.4
8 SOHO 188 400 to 500 2,129 13 700,000 2 3.7 3.6 +0.0
2 SPOTTISWOODE 18 300 to 400 2,394 60 882,200 5 3.3 3.5 -0.3
2 SPOTTISWOODE SUITES 400 to 500 2,609 33 1,085,000 1 2.9 3.1 -0.2
15 STRAITS RESIDENCES 400 to 500 1,800 1 668,000 1 3.2 3.0 +0.2
8 STURDEE RESIDENCES 400 to 500 2,686 11 834,333 3 3.9 3.3 +0.5
15 [email protected] KATONG 300 to 400 1,850 9 626,000 1 3.5 3.3 +0.3
8 THE CITRON RESIDENCES 400 to 500 2,300 2 775,000 1 3.6 3.3 +0.3
1 THE CLIFT 400 to 500 3,103 19 900,000 1 4.1 3.9 +0.3
21 THE CREEK @ BUKIT 400 to 500 2,132 11 850,000 1 3.0 2.7 +0.3
4 THE FORESTA @ MOUNT FABER 400 to 500 2,629 14 850,000 1 3.7 3.1 +0.6
21 THE HILLFORD 300 to 400 2,138 40 515,125 8 5.0 5.0 +0.0
12 THE INTERWEAVE 300 to 400 2,073 26 614,250 4 4.0 3.8 +0.2
12 THE INTERWEAVE 400 to 500 2,282 11 661,000 2 4.1 3.8 +0.3
14 THE OCTET 400 to 500 2,083 12 617,500 2 4.0 3.9 +0.1
13 THE POIZ RESIDENCES 400 to 500 2,399 70 762,155 14 3.8 3.4 +0.4
15 THE SERENNO 400 to 500 2,600 1 738,000 1 4.2 2.5 +1.7
12 THE VERVE 400 to 500 2,195 10 680,000 1 3.9 3.6 +0.3
14 THE WATER EDGE 400 to 500 2,065 17 652,000 1 3.8 3.8 +0.0
20 THOMSON IMPRESSIONS 400 to 500 2,227 24 791,667 3 3.4 3.0 +0.4
20 THOMSON THREE 400 to 500 2,105 11 824,000 7 3.1 2.6 +0.5
20 THOMSON V ONE 400 to 500 2,025 2 620,000 1 3.9 3.2 +0.7
20 THOMSON V TWO 400 to 500 2,190 5 710,000 1 3.7 3.7 +0.0
14 TREASURES @ G20 400 to 500 2,011 9 513,000 2 4.7 4.7 -0.0
14 [email protected] 300 to 400 2,200 1 563,000 1 4.7 3.8 +0.9
14 [email protected] 400 to 500 1,930 5 589,000 4 3.9 3.8 +0.1
1 V ON SHENTON 400 to 500 2,899 48 1,020,000 1 3.4 3.3 +0.1
14 VIENTO 400 to 500 1,928 9 628,000 1 3.7 3.6 +0.1
5 VIVA VISTA 300 to 400 2,254 35 612,500 2 4.4 4.2 +0.2
5 VIVA VISTA 400 to 500 2,350 7 680,000 1 4.1 4.2 -0.1
14 WATERBANK AT DAKOTA 400 to 500 2,468 26 806,333 6 3.7 3.2 +0.5
9 WILKIE 80 300 to 400 2,300 1 735,000 1 3.8 3.1 +0.6

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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