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 BARTLEY RESIDENCES 400 to 500 1,958 24 760,000 1 3.1 3.2 -0.1
19 BOTANIQUE AT BARTLEY 400 to 500 2,158 6 751,667 3 3.4 3.0 +0.4
19 CARDIFF RESIDENCE 400 to 500 1,765 23 575,000 2 3.7 3.4 +0.2
18 COCO PALMS 400 to 500 1,888 13 631,500 4 3.6 3.1 +0.5
15 CUBIK 400 to 500 1,767 3 650,000 1 3.3 3.5 -0.2
18 D'NEST 400 to 500 1,847 29 624,500 4 3.5 3.4 +0.2
23 FORESQUE RESIDENCES 400 to 500 1,717 7 605,000 1 3.4 3.1 +0.3
28 HIGH PARK RESIDENCES 300 to 400 1,650 5 500,500 8 4.0 3.3 +0.6
28 HIGH PARK RESIDENCES 400 to 500 1,827 11 601,000 6 3.6 3.3 +0.3
19 ISUITES @ PALM 400 to 500 1,688 4 575,000 1 3.5 3.1 +0.4
22 J GATEWAY 400 to 500 2,612 23 878,000 2 3.6 3.2 +0.4
19 JEWEL @ BUANGKOK 400 to 500 1,857 14 651,667 3 3.4 2.9 +0.5
19 KINGSFORD WATERBAY 400 to 500 1,771 21 596,000 3 3.6 3.3 +0.2
19 KOVAN GRANDEUR 300 to 400 1,679 3 475,000 1 4.2 3.4 +0.9
23 NATURA@HILLVIEW 400 to 500 1,690 10 618,000 1 3.3 3.3 -0.0
17 OCEAN FRONT SUITES 300 to 400 1,475 2 528,000 1 3.4 3.3 +0.1
15 PARC BLEU 400 to 500 1,763 4 665,000 1 3.2 2.9 +0.3
19 PARC CENTROS 400 to 500 1,775 19 615,000 2 3.5 3.2 +0.3
17 PARC OLYMPIA 400 to 500 1,660 5 552,500 2 3.6 3.4 +0.2
25 PARC ROSEWOOD 400 to 500 1,550 44 537,500 2 3.5 3.9 -0.5
28 RIVERBANK @ FERNVALE 400 to 500 1,747 9 580,000 1 3.6 3.3 +0.3
19 RIVERSOUND RESIDENCE 400 to 500 1,700 2 585,000 1 3.5 3.0 +0.5
27 SKIES MILTONIA 400 to 500 1,675 4 570,000 1 3.5 3.3 +0.2
19 SUITES @ PAYA LEBAR 400 to 500 1,730 5 605,000 1 3.4 3.7 -0.3
19 THE BENTLY RESIDENCES@KOVAN 400 to 500 1,750 2 720,000 1 2.9 2.4 +0.5
15 THE COTZ 300 to 400 1,633 3 512,888 1 3.8 3.9 -0.1
15 THE COTZ 400 to 500 1,642 3 593,000 1 3.3 3.9 -0.6
16 THE GLADES 400 to 500 2,062 25 724,000 2 3.4 3.3 +0.1
17 THE INFLORA 400 to 500 1,638 13 521,429 7 3.8 3.1 +0.7
22 THE LAKEFRONT RESIDENCES 400 to 500 2,158 6 726,000 1 3.6 3.1 +0.5
19 THE LUXURIE 400 to 500 1,650 1 649,000 2 3.1 2.8 +0.2
20 THE PANORAMA 400 to 500 1,834 14 706,250 4 3.1 2.7 +0.4
19 THE SCALA 400 to 500 2,173 15 765,000 2 3.4 3.1 +0.3
14 TROPIKA EAST 400 to 500 1,760 5 640,000 1 3.3 2.8 +0.5
15 VIBES @ EAST COAST 400 to 500 1,696 5 610,000 1 3.3 3.1 +0.2
19 VIBES@UPPER SERANGOON 300 to 400 1,600 1 520,000 1 3.7 3.2 +0.5
19 VIBES@UPPER SERANGOON 400 to 500 1,775 6 580,000 1 3.7 3.2 +0.5

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 2,029 7 780,000 1 3.1 2.8 +0.3
13 18 WOODSVILLE 400 to 500 2,150 7 788,000 1 3.3 2.9 +0.4
14 28 IMPERIAL RESIDENCES 400 to 500 2,117 3 630,000 1 4.0 3.2 +0.9
15 38 I SUITES 400 to 500 1,880 5 755,500 2 3.0 3.4 -0.4
12 AIRSTREAM 300 to 400 1,675 2 470,000 1 4.3 3.5 +0.7
13 BARTLEY RIDGE 400 to 500 1,990 24 710,000 1 3.4 3.0 +0.3
14 CENTRA HEIGHTS 400 to 500 1,923 11 681,444 2 3.4 3.3 +0.1
14 CENTRA LOFT 400 to 500 1,864 14 612,888 1 3.7 4.2 -0.6
14 CENTRA RESIDENCE 400 to 500 1,908 6 630,000 1 3.6 3.4 +0.2
3 COMMONWEALTH TOWERS 400 to 500 2,530 41 805,500 2 3.8 3.5 +0.3
12 CRADELS 400 to 500 2,043 14 658,000 1 3.7 3.4 +0.3
2 DORSETT RESIDENCES 400 to 500 3,000 2 950,000 1 3.8 3.5 +0.2
11 DUNEARN SUITES 400 to 500 2,000 2 735,000 1 3.3 2.9 +0.3
3 ECHELON 400 to 500 2,623 20 1,023,000 1 3.1 3.0 +0.0
14 EDENZ LOFT 400 to 500 1,758 6 571,667 3 3.7 3.2 +0.5
14 EDENZ SUITES 400 to 500 1,756 9 568,500 1 3.7 4.1 -0.4
12 EIGHT RIVERSUITES 400 to 500 2,136 28 730,000 3 3.5 3.2 +0.3
9 ESPADA 300 to 400 2,499 37 1,000,000 1 3.0 3.1 -0.1
12 GEM RESIDENCES 400 to 500 2,550 2 680,000 1 4.5 2.7 +1.8
14 GUILLEMARD EDGE 400 to 500 1,896 28 603,944 2 3.8 3.5 +0.2
14 IDYLLIC SUITES 400 to 500 1,842 6 560,000 1 3.9 4.5 -0.5
15 JUPITER 18 300 to 400 1,700 1 500,000 1 4.1 3.7 +0.4
21 KAP RESIDENCES 400 to 500 2,050 4 823,000 1 3.0 2.8 +0.2
14 LA BRISA 400 to 500 1,766 8 580,000 1 3.7 3.6 +0.0
14 LA FLEUR 400 to 500 1,708 10 510,000 1 4.0 3.6 +0.4
14 LE REGAL 400 to 500 1,593 6 490,000 1 3.9 3.9 +0.0
10 LOFT @ NATHAN 400 to 500 2,215 13 820,000 1 3.2 2.8 +0.4
9 MACKENZIE 138 400 to 500 2,117 3 718,000 1 3.5 3.1 +0.5
14 MELOSA 400 to 500 1,813 4 545,000 1 4.0 3.4 +0.6
14 MILLAGE 400 to 500 2,014 7 720,000 1 3.4 3.1 +0.3
9 MOUNT SOPHIA SUITES 400 to 500 2,325 4 766,500 2 3.6 3.3 +0.3
12 NEEM TREE 400 to 500 2,150 6 690,000 1 3.7 2.8 +1.0
21 NOTTINGHILL SUITES 300 to 400 1,829 14 590,000 1 3.7 3.7 +0.0
12 ONE DUSUN RESIDENCES 400 to 500 2,150 3 800,000 1 3.2 3.0 +0.3
5 PARC IMPERIAL 400 to 500 2,050 10 685,000 1 3.6 4.5 -1.0
14 PAVILION SQUARE 300 to 400 1,917 3 567,500 2 4.1 4.3 -0.2
1 PEOPLE'S PARK COMPLEX 400 to 500 1,825 14 489,933 3 4.5 3.9 +0.5
12 PRESTIGE HEIGHTS 300 to 400 1,763 19 520,000 1 4.1 3.9 +0.1
12 PRESTIGE HEIGHTS 400 to 500 2,100 5 640,000 1 3.9 3.9 +0.0
3 PRINCIPAL GARDEN 400 to 500 2,900 8 968,000 1 3.6 3.7 -0.1
12 REGENT RESIDENCES 400 to 500 1,893 7 638,000 1 3.6 3.0 +0.6
12 RIVIERA 38 400 to 500 1,938 4 625,000 1 3.7 3.1 +0.6
1 ROBINSON SUITES 400 to 500 2,938 25 1,238,000 1 2.8 2.8 +0.0
14 ROYCE RESIDENCES 400 to 500 1,700 2 509,000 2 4.0 3.9 +0.1
10 RV EDGE 300 to 400 2,110 5 738,000 1 3.4 3.8 -0.3
10 RV EDGE 400 to 500 2,338 13 900,000 1 3.1 3.8 -0.6
14 SIMS URBAN OASIS 400 to 500 2,107 60 750,200 5 3.4 3.2 +0.2
13 SKY GREEN 400 to 500 2,031 21 725,000 2 3.4 3.1 +0.3
12 SKYSUITES17 300 to 400 1,925 11 633,000 1 3.7 3.5 +0.2
2 SKYSUITES@ANSON 300 to 400 2,880 22 960,000 1 3.6 3.5 +0.1
2 SPOTTISWOODE 18 300 to 400 2,279 31 839,333 3 3.3 3.4 -0.1
14 SUITES 28 400 to 500 1,850 2 570,000 1 3.9 2.5 +1.4
8 SUITES @ OWEN 300 to 400 1,875 2 568,000 1 4.0 3.5 +0.5
14 SUITES @ SIMS 300 to 400 1,660 5 510,000 2 3.9 3.8 +0.1
14 SUITES@CHANGI 400 to 500 1,767 6 525,000 1 4.0 3.5 +0.5
21 THE CREEK @ BUKIT 400 to 500 1,950 5 714,000 2 3.3 2.7 +0.6
10 THE FORD @ HOLLAND 400 to 500 2,700 5 880,000 1 3.7 3.1 +0.6
21 THE HILLFORD 300 to 400 1,773 26 476,400 5 4.5 4.8 -0.4
12 THE INTERWEAVE 400 to 500 1,900 4 644,000 2 3.5 3.9 -0.4
13 THE POIZ RESIDENCES 400 to 500 2,234 37 778,000 1 3.4 3.3 +0.2
12 THE VERVE 400 to 500 1,907 7 631,500 2 3.6 3.0 +0.6
14 THE WATER EDGE 400 to 500 1,869 13 650,000 1 3.5 3.3 +0.1
20 THOMSON THREE 400 to 500 1,950 6 795,000 1 2.9 2.7 +0.2
8 TYRWHITT 139 300 to 400 2,050 3 580,000 1 4.2 3.6 +0.6
14 VIENTO 400 to 500 1,714 7 565,000 1 3.6 3.7 -0.0
9 VIVACE 300 to 400 2,300 5 780,000 1 3.5 3.3 +0.2
10 VIZ AT HOLLAND 400 to 500 2,325 6 800,000 1 3.5 2.9 +0.6
9 WILKIE 80 300 to 400 2,300 1 810,000 1 3.4 3.0 +0.4

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