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
(%)
15 AURALIS 400 to 500 1,990 5 645,000 2 3.7 3.1 +0.6
19 BARTLEY RESIDENCES 400 to 500 1,972 19 685,000 3 3.5 3.4 +0.1
19 CARDIFF RESIDENCE 400 to 500 1,767 25 566,667 3 3.7 3.8 -0.1
19 CASA CAMBIO 400 to 500 1,840 21 681,000 3 3.2 3.1 +0.1
22 CASPIAN 400 to 500 2,167 3 630,000 1 4.1 3.3 +0.8
18 D'NEST 400 to 500 1,765 10 603,667 6 3.5 3.4 +0.1
27 EIGHT COURTYARDS 400 to 500 1,750 1 570,000 1 3.7 3.3 +0.4
23 FORESQUE RESIDENCES 400 to 500 1,700 9 615,000 2 3.3 2.9 +0.4
17 HEDGES PARK CONDOMINIUM 400 to 500 1,600 6 525,000 1 3.7 3.4 +0.3
15 HERITAGE EAST 300 to 400 1,480 5 552,500 2 3.2 3.2 -0.0
15 HERITAGE EAST 400 to 500 1,600 4 590,000 2 3.3 3.2 +0.0
5 HUNDRED TREES 400 to 500 2,072 5 700,000 1 3.6 3.2 +0.4
19 ISUITES @ PALM 400 to 500 1,608 9 585,000 1 3.3 3.4 -0.1
22 J GATEWAY 400 to 500 2,240 42 830,000 2 3.2 3.0 +0.3
19 KOVAN GRANDEUR 300 to 400 1,588 4 491,000 3 3.9 3.6 +0.3
19 LA FIESTA 400 to 500 1,824 24 642,500 2 3.4 2.9 +0.5
15 LA VIDA @ 130 400 to 500 1,708 6 619,000 2 3.3 3.2 +0.1
15 LAVERNE'S LOFT 300 to 400 1,533 3 554,000 1 3.3 3.2 +0.1
15 LAVERNE'S LOFT 400 to 500 1,642 6 582,000 1 3.4 3.2 +0.2
14 LEVENUE 400 to 500 1,758 6 638,000 1 3.3 3.3 -0.0
23 NATURA@HILLVIEW 400 to 500 1,700 8 625,000 1 3.3 2.9 +0.3
16 OPTIMA @ TANAH MERAH 400 to 500 2,025 6 676,000 1 3.6 3.1 +0.5
14 PALMERA EAST 400 to 500 1,817 3 632,000 1 3.4 2.9 +0.5
15 PARC BLEU 400 to 500 1,650 3 590,000 1 3.4 3.4 +0.0
19 PARC CENTROS 400 to 500 1,780 27 615,750 4 3.5 3.3 +0.2
15 PARC ELEGANCE 300 to 400 1,657 7 550,000 2 3.6 3.6 +0.0
17 PARC OLYMPIA 400 to 500 1,660 5 536,000 3 3.7 3.3 +0.4
25 PARC ROSEWOOD 400 to 500 1,531 42 519,500 8 3.5 3.4 +0.1
19 PARK RESIDENCES KOVAN 300 to 400 1,586 7 561,500 2 3.4 3.3 +0.1
19 PRIMO RESIDENCES 400 to 500 1,683 3 570,000 1 3.5 2.8 +0.7
14 QUBE SUITES 400 to 500 1,700 3 611,888 1 3.3 3.1 +0.3
14 RESIDENCES 88 400 to 500 1,600 1 568,000 1 3.4 3.4 +0.0
18 RIPPLE BAY 400 to 500 1,750 8 564,609 6 3.7 3.3 +0.5
28 RIVERBANK @ FERNVALE 400 to 500 1,685 11 620,000 1 3.3 3.2 +0.1
19 RIVERSOUND RESIDENCE 400 to 500 1,700 1 550,000 2 3.7 3.0 +0.7
5 SEAHILL 400 to 500 2,313 8 680,000 1 4.1 3.3 +0.7
27 SKIES MILTONIA 400 to 500 1,638 8 584,444 2 3.4 3.0 +0.4
15 SUITES @ EASTCOAST 300 to 400 1,618 14 549,000 2 3.5 3.3 +0.2
14 SUITES @ EUNOS 300 to 400 1,767 3 580,000 1 3.7 3.3 +0.4
19 SUITES @ KOVAN 300 to 400 1,683 3 542,500 2 3.7 3.9 -0.2
19 SUITES @ PAYA LEBAR 300 to 400 1,583 6 580,000 1 3.3 3.2 +0.0
19 SUITES @ PAYA LEBAR 400 to 500 1,617 3 557,000 1 3.5 3.2 +0.2
13 SUITES@BRADDELL 300 to 400 1,650 1 550,000 1 3.6 3.6 +0.0
15 THE COTZ 300 to 400 1,625 4 500,000 1 3.9 3.9 +0.0
16 THE GLADES 400 to 500 2,018 25 789,280 10 3.1 3.2 -0.2
14 THE LENOX 400 to 500 1,800 4 590,000 1 3.7 3.5 +0.1
27 THE NAUTICAL 400 to 500 1,693 3 555,000 1 3.7 3.6 +0.1
18 THE PALETTE 400 to 500 1,713 4 605,000 1 3.4 3.2 +0.2
19 THE PROMENADE@PELIKAT 400 to 500 1,617 12 601,500 2 3.2 2.7 +0.5
19 THE SCALA 400 to 500 2,176 21 734,000 2 3.6 3.3 +0.2
19 THE TEMBUSU 400 to 500 1,886 11 755,000 1 3.0 2.6 +0.4
19 THE VUE 400 to 500 1,675 6 574,250 4 3.5 3.4 +0.1
15 TREESCAPE 400 to 500 2,000 1 670,800 1 3.6 3.4 +0.2
16 URBAN VISTA 400 to 500 1,864 44 632,000 1 3.5 3.0 +0.5
14 VACANZA @ EAST 400 to 500 1,633 3 658,750 2 3.0 2.9 +0.1
15 VIBES @ EAST COAST 300 to 400 1,650 8 535,000 1 3.7 3.5 +0.2
15 VIBES @ EAST COAST 400 to 500 1,715 10 601,500 2 3.4 3.5 -0.1
19 VIBES @ KOVAN 400 to 500 1,600 1 555,000 2 3.5 4.0 -0.6
19 VIBES@UPPER SERANGOON 400 to 500 1,779 7 590,000 1 3.6 3.2 +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
(%)
15 16 @ AMBER 400 to 500 1,817 3 732,500 2 3.0 2.9 +0.1
11 26 NEWTON 400 to 500 2,536 29 1,210,643 22 2.5 2.6 -0.1
11 6 DERBYSHIRE 400 to 500 2,333 3 1,203,718 6 2.3 2.2 +0.1
12 AIRSTREAM 300 to 400 1,663 4 510,000 1 3.9 3.2 +0.7
3 ALEXIS 300 to 400 2,250 27 685,250 8 3.9 3.6 +0.4
9 ATTITUDE AT KIM YAM 300 to 400 2,150 4 800,000 1 3.2 2.9 +0.3
13 BARTLEY RIDGE 400 to 500 1,869 15 720,000 2 3.1 2.8 +0.3
14 CASA AERATA 300 to 400 1,600 2 516,000 3 3.7 3.6 +0.2
14 CASA AERATA 400 to 500 1,740 5 589,986 3 3.5 3.6 -0.0
14 CENTRA HEIGHTS 400 to 500 1,932 21 665,667 3 3.5 3.4 +0.1
14 CENTRA LOFT 400 to 500 1,750 6 600,000 2 3.5 3.4 +0.1
14 CENTRA RESIDENCE 400 to 500 1,941 11 580,000 1 4.0 3.4 +0.6
14 CENTRA SUITES 400 to 500 1,838 12 577,667 3 3.8 3.7 +0.1
8 CITY LOFT 300 to 400 1,763 8 525,000 1 4.0 4.0 +0.1
14 COSMO 400 to 500 1,900 1 610,000 1 3.7 3.7 +0.1
12 CRADELS 400 to 500 1,953 20 676,500 2 3.5 3.2 +0.3
9 DEVONSHIRE RESIDENCES 400 to 500 2,940 10 1,100,088 1 3.2 3.0 +0.2
12 DOMUS 400 to 500 2,358 6 835,000 1 3.4 3.0 +0.4
11 DUNEARN SUITES 400 to 500 2,000 6 780,000 1 3.1 2.8 +0.3
12 EIGHT RIVERSUITES 400 to 500 2,078 41 717,333 12 3.5 2.9 +0.6
9 ESPADA 300 to 400 2,525 46 872,829 7 3.5 3.5 -0.0
9 ESPADA 400 to 500 2,800 1 976,500 2 3.4 3.5 -0.0
9 ESTILO 400 to 500 2,633 3 835,560 1 3.8 3.3 +0.5
15 FULCRUM 400 to 500 2,228 9 1,003,500 2 2.7 3.0 -0.4
14 GUILLEMARD EDGE 400 to 500 1,838 48 673,000 1 3.3 3.8 -0.6
15 HAIG 162 400 to 500 1,800 2 647,500 2 3.3 3.9 -0.6
14 IDYLLIC SUITES 400 to 500 1,770 10 540,000 1 3.9 3.8 +0.1
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,555 10 1,140,000 2 2.7 2.7 -0.0
15 IMPERIAL HEIGHTS 400 to 500 1,807 7 613,167 3 3.5 3.3 +0.3
8 JOOL SUITES 400 to 500 1,906 8 640,000 1 3.6 3.2 +0.3
14 LA BRISA 400 to 500 1,806 8 537,000 2 4.0 3.9 +0.2
8 LE SOMME 400 to 500 1,900 2 680,000 1 3.4 3.8 -0.4
13 LEICESTER SUITES 400 to 500 1,971 12 731,500 2 3.2 3.2 +0.0
11 LINCOLN SUITES 400 to 500 2,633 9 1,000,000 1 3.2 2.9 +0.2
10 LOFT @ NATHAN 300 to 400 2,050 2 695,000 1 3.5 3.0 +0.6
10 LOFT @ STEVENS 400 to 500 2,175 4 810,000 1 3.2 3.5 -0.3
10 LOFT@HOLLAND 300 to 400 2,327 10 770,000 1 3.6 3.6 +0.1
9 MACKENZIE 138 400 to 500 2,150 4 740,000 1 3.5 3.1 +0.4
11 MEDGE 400 to 500 2,100 2 710,000 1 3.5 2.9 +0.6
14 MELOSA 400 to 500 1,729 7 553,875 4 3.7 3.4 +0.3
14 MILLAGE 400 to 500 1,836 14 680,000 2 3.2 3.1 +0.2
14 NESS 400 to 500 1,763 12 581,000 1 3.6 3.7 -0.1
9 NEWTON EDGE 400 to 500 2,250 4 770,000 1 3.5 2.9 +0.6
13 NIN RESIDENCE 400 to 500 2,036 7 760,000 1 3.2 3.0 +0.2
21 NOTTINGHILL SUITES 300 to 400 1,690 16 606,667 3 3.3 3.3 +0.1
12 OKIO 400 to 500 1,974 17 685,000 1 3.5 3.4 +0.1
12 ONE DUSUN RESIDENCES 400 to 500 2,103 19 745,000 1 3.4 3.2 +0.2
12 OPAL SUITES 400 to 500 1,675 3 550,000 1 3.7 3.4 +0.3
5 PARC IMPERIAL 300 to 400 2,027 24 675,667 3 3.6 3.7 -0.1
5 PARC IMPERIAL 400 to 500 2,066 22 670,250 2 3.7 3.7 +0.0
9 PARC SOPHIA 400 to 500 2,341 12 870,000 2 3.2 3.1 +0.1
1 PEOPLE'S PARK COMPLEX 400 to 500 1,693 20 440,000 2 4.6 4.7 -0.1
12 PRESTIGE HEIGHTS 300 to 400 1,766 19 537,500 5 3.9 3.8 +0.1
12 PRESTIGE HEIGHTS 400 to 500 1,900 9 608,500 2 3.7 3.8 -0.1
14 PRIME RESIDENCE 300 to 400 1,567 6 510,000 1 3.7 4.4 -0.7
14 PRIMEDGE 400 to 500 1,775 4 612,000 1 3.5 3.1 +0.3
15 QUESTA @ DUNMAN 400 to 500 1,800 1 670,000 1 3.2 2.7 +0.5
12 REGENT RESIDENCES 400 to 500 1,908 6 663,000 2 3.5 2.7 +0.8
14 REZI 26 400 to 500 1,817 12 620,944 2 3.5 3.1 +0.4
9 ROBERTSON EDGE 400 to 500 2,372 9 844,000 2 3.4 3.4 -0.1
10 ROBIN SUITES 400 to 500 2,443 7 980,000 2 3.0 3.1 -0.1
10 RV EDGE 400 to 500 2,327 15 783,333 3 3.6 3.5 +0.1
9 RV POINT 400 to 500 2,488 4 865,000 1 3.5 3.8 -0.3
10 RV RESIDENCES 400 to 500 2,631 16 976,620 1 3.2 3.5 -0.3
10 RV SUITES 400 to 500 2,450 1 888,888 1 3.3 3.0 +0.3
14 SILVERSCAPE 400 to 500 1,689 9 545,000 1 3.7 3.6 +0.1
14 SIMS EDGE 400 to 500 1,825 6 580,000 1 3.8 3.3 +0.5
13 SKY GREEN 400 to 500 1,944 9 735,000 1 3.2 3.0 +0.2
20 SKY VUE 400 to 500 2,279 7 830,000 1 3.3 3.3 +0.0
4 SKYLINE RESIDENCES 400 to 500 2,860 5 963,000 1 3.6 3.2 +0.3
12 SKYSUITES17 300 to 400 1,871 11 690,000 1 3.3 4.0 -0.7
2 SKYSUITES@ANSON 300 to 400 2,813 54 920,434 42 3.7 3.6 +0.0
8 SOHO 188 400 to 500 2,150 5 650,000 1 4.0 3.9 +0.1
8 SOHO @ FARRER 400 to 500 2,175 2 650,000 1 4.0 4.7 -0.7
2 SPOTTISWOODE 18 300 to 400 2,229 50 811,178 5 3.3 3.3 -0.0
2 SPOTTISWOODE SUITES 400 to 500 2,611 31 1,053,333 12 3.0 3.1 -0.1
15 STRAITS RESIDENCES 400 to 500 1,650 2 630,000 1 3.1 2.8 +0.4
14 SUITES 28 400 to 500 1,588 4 530,000 1 3.6 2.9 +0.7
21 SUITES AT BUKIT TIMAH 300 to 400 1,763 4 595,000 1 3.6 2.9 +0.6
21 SUITES AT BUKIT TIMAH 400 to 500 1,686 7 675,000 1 3.0 2.9 +0.1
15 SUITES@ KATONG 400 to 500 1,667 3 568,000 1 3.5 4.0 -0.5
14 SUITES@CHANGI 400 to 500 1,705 10 530,000 1 3.9 3.4 +0.5
15 SUNSHINE REGENCY 400 to 500 1,700 1 562,000 1 3.6 3.8 -0.2
1 THE CLIFT 400 to 500 2,967 15 972,500 4 3.7 3.7 -0.1
21 THE HILLFORD 300 to 400 1,722 27 492,500 2 4.2 4.4 -0.2
12 THE INTERWEAVE 300 to 400 1,783 14 573,333 3 3.7 3.3 +0.4
12 THE INTERWEAVE 400 to 500 1,900 11 620,000 1 3.7 3.3 +0.3
15 THE LINE @ TANJONG RHU 400 to 500 2,086 7 1,060,067 6 2.4 2.2 +0.1
8 THE URBANITE 400 to 500 1,867 3 705,000 2 3.2 3.4 -0.2
14 THE WATER EDGE 300 to 400 1,785 6 540,000 1 4.0 3.7 +0.3
14 THE WATER EDGE 400 to 500 1,938 4 622,100 3 3.7 3.7 +0.1
20 THOMSON V ONE 400 to 500 2,000 1 560,000 1 4.3 3.4 +0.9
14 TREASURES @ G20 400 to 500 1,600 11 510,000 2 3.8 3.5 +0.3
12 TREVISTA 400 to 500 1,870 5 680,000 1 3.3 3.0 +0.3
8 TYRWHITT 139 300 to 400 1,600 1 600,000 1 3.2 3.0 +0.2
8 TYRWHITT 139 400 to 500 2,000 1 690,000 1 3.5 3.0 +0.5
14 VIENTO 400 to 500 1,715 13 571,250 4 3.6 3.7 -0.1
5 VIVA VISTA 300 to 400 1,928 24 572,500 4 4.0 3.8 +0.3
5 VIVA VISTA 400 to 500 2,050 6 667,500 2 3.7 3.8 -0.1
9 VIVACE 300 to 400 2,222 9 838,000 1 3.2 3.2 -0.0
14 WATERBANK AT DAKOTA 400 to 500 2,433 18 767,500 4 3.8 3.5 +0.3
11 ZEDGE 400 to 500 1,779 7 770,000 1 2.8 2.8 -0.1

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