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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 2,150 2 645,000 2 4.0 3.0 +1.0
19 BARTLEY RESIDENCES 400 to 500 1,967 25 695,000 3 3.4 3.2 +0.2
19 CARDIFF RESIDENCE 400 to 500 1,797 26 552,500 2 3.9 4.1 -0.2
19 CASA CAMBIO 400 to 500 1,824 27 620,333 3 3.5 3.2 +0.3
22 CASPIAN 400 to 500 2,000 2 630,000 1 3.8 3.4 +0.5
15 ESPIRA SUITES 400 to 500 1,750 3 667,500 2 3.1 3.4 -0.3
23 FORESQUE RESIDENCES 400 to 500 1,694 9 609,000 2 3.3 2.8 +0.5
15 HERITAGE EAST 300 to 400 1,500 4 550,000 1 3.3 3.3 -0.0
15 HERITAGE EAST 400 to 500 1,592 6 590,000 2 3.2 3.3 -0.0
5 HUNDRED TREES 400 to 500 2,103 4 700,000 1 3.6 3.1 +0.5
19 ISUITES @ PALM 400 to 500 1,625 8 585,000 1 3.3 3.2 +0.1
19 KOVAN GRANDEUR 300 to 400 1,617 6 484,000 2 4.0 3.8 +0.3
19 LA FIESTA 400 to 500 1,836 23 642,500 2 3.4 3.0 +0.4
15 LA VIDA @ 130 400 to 500 1,806 9 630,000 1 3.4 3.3 +0.2
15 LAVERNE'S LOFT 300 to 400 1,567 3 540,000 1 3.5 3.5 -0.0
15 LAVERNE'S LOFT 400 to 500 1,671 7 582,000 1 3.4 3.5 -0.0
14 LEVENUE 400 to 500 1,800 3 638,000 1 3.4 3.4 -0.0
16 OPTIMA @ TANAH MERAH 400 to 500 2,025 4 682,444 2 3.6 3.1 +0.4
14 PALMERA EAST 400 to 500 1,817 3 612,333 3 3.6 3.2 +0.4
15 PARC BLEU 400 to 500 1,650 3 590,000 1 3.4 3.2 +0.1
19 PARC CENTROS 400 to 500 1,775 19 624,000 4 3.4 3.3 +0.1
15 PARC ELEGANCE 300 to 400 1,619 8 535,000 1 3.6 3.9 -0.3
15 PARC ELEGANCE 400 to 500 1,700 15 540,000 1 3.8 3.9 -0.2
17 PARC OLYMPIA 400 to 500 1,665 10 536,000 3 3.7 3.4 +0.3
25 PARC ROSEWOOD 400 to 500 1,539 44 517,333 9 3.6 3.4 +0.2
19 PARK RESIDENCES KOVAN 300 to 400 1,550 9 557,000 3 3.3 3.4 -0.0
19 PRIMO RESIDENCES 400 to 500 1,550 1 570,000 1 3.3 2.6 +0.6
14 QUBE SUITES 400 to 500 1,550 2 595,944 2 3.1 2.9 +0.2
14 RESIDENCES 88 400 to 500 1,600 1 568,000 1 3.4 3.3 +0.1
18 RIPPLE BAY 400 to 500 1,708 13 566,943 6 3.6 3.4 +0.2
28 RIVERBANK @ FERNVALE 400 to 500 1,686 7 620,000 1 3.3 3.5 -0.3
19 RIVERSOUND RESIDENCE 400 to 500 1,700 4 551,888 1 3.7 3.4 +0.3
5 SEAHILL 400 to 500 2,267 6 680,000 1 4.0 3.3 +0.7
27 SKIES MILTONIA 400 to 500 1,645 10 575,000 2 3.4 2.9 +0.5
19 SPACE @ KOVAN 400 to 500 1,794 8 605,000 1 3.6 3.0 +0.5
15 SUITES @ EASTCOAST 300 to 400 1,659 11 543,250 4 3.7 3.3 +0.3
19 SUITES @ KOVAN 300 to 400 1,650 2 542,500 2 3.6 3.4 +0.3
19 SUITES @ PAYA LEBAR 300 to 400 1,625 4 565,000 2 3.5 3.3 +0.1
19 SUITES @ PAYA LEBAR 400 to 500 1,500 3 557,000 1 3.2 3.3 -0.1
16 THE GLADES 400 to 500 2,003 34 769,464 22 3.1 3.2 -0.1
18 THE PALETTE 400 to 500 1,717 3 610,000 1 3.4 3.3 +0.1
19 THE SCALA 400 to 500 2,168 20 733,333 3 3.5 3.2 +0.3
19 THE VUE 400 to 500 1,720 10 564,400 5 3.7 3.4 +0.2
16 URBAN VISTA 400 to 500 1,852 33 632,000 1 3.5 3.1 +0.4
14 VACANZA @ EAST 400 to 500 1,700 3 670,000 1 3.0 2.9 +0.2
15 VIBES @ EAST COAST 300 to 400 1,645 10 535,000 1 3.7 3.4 +0.3
15 VIBES @ EAST COAST 400 to 500 1,728 9 580,000 1 3.6 3.4 +0.1
19 VIBES @ KOVAN 400 to 500 1,800 1 555,000 2 3.9 3.6 +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 2,036 14 750,000 1 3.3 3.0 +0.2
15 16 @ AMBER 400 to 500 1,890 5 710,000 1 3.2 3.1 +0.1
11 26 NEWTON 400 to 500 2,568 20 1,176,740 33 2.6 2.7 -0.1
11 6 DERBYSHIRE 400 to 500 2,375 2 1,171,677 4 2.4 2.4 +0.0
13 8@WOODLEIGH 300 to 400 1,907 7 570,000 1 4.0 3.4 +0.6
12 AIRSTREAM 400 to 500 1,836 7 655,000 1 3.4 3.6 -0.2
3 ALEXIS 300 to 400 2,213 19 679,500 6 3.9 3.6 +0.3
3 ALEXIS 400 to 500 2,294 8 685,000 1 4.0 3.6 +0.4
13 BARTLEY RIDGE 400 to 500 1,895 40 695,000 2 3.3 2.9 +0.4
14 CASA AERATA 300 to 400 1,600 2 514,000 2 3.7 3.8 -0.1
14 CASA AERATA 400 to 500 1,878 9 589,986 3 3.8 3.8 -0.0
14 CENTRA HEIGHTS 400 to 500 1,937 17 653,500 2 3.6 3.4 +0.2
14 CENTRA LOFT 400 to 500 1,828 9 620,000 1 3.5 3.5 +0.0
14 CENTRA RESIDENCE 400 to 500 1,927 11 580,000 1 4.0 3.6 +0.4
14 CENTRA STUDIOS 400 to 500 1,845 10 642,888 1 3.4 4.3 -0.8
14 CENTRA SUITES 400 to 500 1,858 12 583,250 4 3.8 3.8 +0.0
8 CITY LOFT 300 to 400 1,725 6 500,000 1 4.1 4.1 +0.0
15 CORALIS 400 to 500 2,071 14 860,000 1 2.9 2.8 +0.1
12 CRADELS 400 to 500 1,939 21 671,000 3 3.5 3.3 +0.2
14 D'WEAVE 400 to 500 1,850 7 607,000 1 3.7 3.5 +0.1
9 DEVONSHIRE RESIDENCES 400 to 500 3,056 9 1,100,088 1 3.3 3.1 +0.2
11 DUNEARN SUITES 400 to 500 2,033 6 780,000 1 3.1 3.2 -0.1
12 EIGHT RIVERSUITES 400 to 500 2,081 46 725,143 7 3.4 2.9 +0.6
9 ESPADA 300 to 400 2,488 31 878,167 6 3.4 3.5 -0.1
9 ESTILO 400 to 500 2,650 2 835,560 1 3.8 3.2 +0.6
15 FULCRUM 400 to 500 2,336 7 969,461 13 2.9 2.9 -0.0
14 GUILLEMARD EDGE 400 to 500 1,811 36 673,000 1 3.2 4.0 -0.8
15 HAIG 162 300 to 400 1,614 13 530,000 1 3.7 3.6 +0.0
15 HAIG 162 400 to 500 1,800 2 675,000 1 3.2 3.6 -0.4
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,544 9 1,140,000 2 2.7 2.8 -0.1
15 IMPERIAL HEIGHTS 400 to 500 1,825 6 613,167 3 3.6 3.3 +0.3
14 LA BRISA 400 to 500 1,800 9 574,667 3 3.8 3.8 -0.1
14 LA FLEUR 400 to 500 1,727 24 550,088 1 3.8 3.8 -0.1
14 LE REGAL 300 to 400 1,565 10 550,000 1 3.4 3.6 -0.2
14 LE REGAL 400 to 500 1,663 4 478,000 1 4.2 3.6 +0.6
8 LE SOMME 400 to 500 1,900 2 680,000 1 3.4 3.4 -0.1
13 LEICESTER SUITES 400 to 500 2,015 10 732,500 2 3.3 3.2 +0.1
11 LINCOLN SUITES 400 to 500 2,660 10 1,000,000 1 3.2 3.0 +0.2
9 LIV ON WILKIE 400 to 500 2,800 3 978,000 2 3.4 3.1 +0.3
10 LOFT @ NATHAN 300 to 400 2,033 3 760,000 1 3.2 2.9 +0.3
10 LOFT @ NATHAN 400 to 500 2,141 22 841,500 2 3.1 2.9 +0.1
10 LOFT @ STEVENS 400 to 500 2,200 3 810,000 1 3.3 3.3 +0.0
10 LOFT@HOLLAND 300 to 400 2,271 8 770,000 1 3.5 3.6 -0.1
11 MEDGE 400 to 500 2,100 2 710,000 1 3.5 3.1 +0.4
14 MELOSA 400 to 500 1,800 9 558,000 1 3.9 3.5 +0.3
14 MILLAGE 400 to 500 1,850 6 680,000 1 3.3 3.1 +0.2
9 NEWTON EDGE 400 to 500 2,575 2 770,000 1 4.0 2.9 +1.1
13 NIN RESIDENCE 400 to 500 2,075 6 760,000 1 3.3 3.0 +0.3
21 NOTTINGHILL SUITES 300 to 400 1,642 24 560,000 1 3.5 3.7 -0.1
12 OKIO 400 to 500 1,979 14 685,000 1 3.5 3.3 +0.1
12 ONE DUSUN RESIDENCES 400 to 500 2,088 21 745,000 1 3.4 3.3 +0.1
5 PARC IMPERIAL 300 to 400 2,003 24 680,500 4 3.5 3.5 -0.0
5 PARC IMPERIAL 400 to 500 2,026 19 661,250 2 3.7 3.5 +0.1
9 PARC SOPHIA 400 to 500 2,376 13 860,000 1 3.3 3.2 +0.1
1 PEOPLE'S PARK COMPLEX 400 to 500 1,744 18 424,000 2 4.9 4.9 +0.0
12 PRESTIGE HEIGHTS 300 to 400 1,780 15 516,400 5 4.1 3.9 +0.2
12 PRESTIGE HEIGHTS 400 to 500 1,865 10 618,000 1 3.6 3.9 -0.3
15 QUESTA @ DUNMAN 400 to 500 1,783 6 670,000 1 3.2 2.9 +0.3
12 REGENT RESIDENCES 400 to 500 1,896 12 663,000 2 3.4 2.8 +0.6
9 ROBERTSON EDGE 400 to 500 2,450 10 844,000 2 3.5 3.6 -0.1
10 ROBIN SUITES 400 to 500 2,450 2 980,000 2 3.0 3.0 -0.0
10 RV EDGE 400 to 500 2,335 13 805,000 4 3.5 3.6 -0.1
10 RV RESIDENCES 400 to 500 2,645 10 905,000 1 3.5 3.5 +0.0
14 SILVERSCAPE 400 to 500 1,730 10 655,000 1 3.2 3.5 -0.4
13 SKY GREEN 400 to 500 1,966 19 726,500 1 3.2 3.3 -0.0
4 SKYLINE RESIDENCES 400 to 500 2,970 5 937,667 3 3.8 3.0 +0.8
2 SKYSUITES@ANSON 300 to 400 2,798 55 920,685 30 3.6 3.6 +0.0
8 SOHO 188 400 to 500 2,083 9 650,000 1 3.8 3.9 -0.0
11 SOLEIL @ SINARAN 400 to 500 2,940 5 938,000 1 3.8 3.5 +0.2
2 SPOTTISWOODE 18 300 to 400 2,235 62 801,963 3 3.3 3.4 -0.0
2 SPOTTISWOODE SUITES 400 to 500 2,659 17 1,052,577 14 3.0 3.3 -0.2
15 STRAITS RESIDENCES 400 to 500 1,750 2 630,000 1 3.3 3.1 +0.2
14 SUITES 28 400 to 500 1,700 3 530,000 1 3.8 2.9 +1.0
15 SUITES @ GUILLEMARD 300 to 400 1,850 2 510,000 1 4.4 3.4 +1.0
11 SUITES @ NEWTON 400 to 500 2,433 3 922,000 3 3.2 2.8 +0.4
21 SUITES AT BUKIT TIMAH 300 to 400 1,767 11 595,000 1 3.6 3.2 +0.4
15 SUITES@ KATONG 400 to 500 1,675 4 638,000 1 3.2 3.7 -0.5
14 SUITES@CHANGI 400 to 500 1,690 10 530,000 1 3.8 3.5 +0.3
11 THE AXIS 300 to 400 1,967 3 590,000 1 4.0 4.2 -0.2
1 THE CLIFT 400 to 500 3,050 16 970,000 4 3.8 3.7 +0.1
21 THE HILLFORD 300 to 400 1,684 37 492,500 2 4.1 4.2 -0.1
12 THE INTERWEAVE 300 to 400 1,801 10 576,177 5 3.8 3.4 +0.3
12 THE INTERWEAVE 400 to 500 1,955 10 620,000 1 3.8 3.4 +0.3
15 THE LINE @ TANJONG RHU 400 to 500 2,080 5 1,041,150 4 2.4 2.3 +0.1
15 THE RED HOUSE 400 to 500 2,300 1 750,000 1 3.7 2.4 +1.2
8 THE URBANITE 400 to 500 1,960 5 700,000 2 3.4 3.6 -0.2
14 THE WATER EDGE 300 to 400 1,810 5 537,500 2 4.0 3.6 +0.4
14 THE WATER EDGE 400 to 500 1,861 9 612,500 1 3.6 3.6 +0.0
14 TREASURES @ G20 400 to 500 1,619 8 513,333 3 3.8 3.6 +0.2
14 TREASURES@G6 400 to 500 1,663 15 542,000 1 3.7 3.3 +0.3
8 TYRWHITT 139 400 to 500 2,000 1 675,000 2 3.6 3.2 +0.3
14 VIENTO 400 to 500 1,719 8 566,667 3 3.6 3.6 -0.0
5 VIVA VISTA 300 to 400 1,946 24 573,333 3 4.1 4.0 +0.1
14 WATERBANK AT DAKOTA 400 to 500 2,397 17 746,600 5 3.9 3.4 +0.5

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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