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 1,863 4 722,000 1 3.1 2.5 +0.6
19 BARTLEY RESIDENCES 400 to 500 1,959 22 718,333 3 3.3 3.0 +0.3
19 CARDIFF RESIDENCE 400 to 500 1,741 13 582,500 2 3.6 3.4 +0.2
19 CASA CAMBIO 400 to 500 1,860 21 684,178 5 3.3 3.0 +0.3
22 CASPIAN 400 to 500 2,050 4 652,500 2 3.8 3.1 +0.7
18 COCO PALMS 400 to 500 1,816 34 642,375 8 3.4 3.1 +0.3
16 EASTWOOD REGENCY 400 to 500 1,525 6 637,500 2 2.9 3.2 -0.3
17 HEDGES PARK CONDOMINIUM 400 to 500 1,711 7 525,000 1 3.9 3.4 +0.5
5 HUNDRED TREES 400 to 500 2,013 4 788,000 1 3.1 2.9 +0.2
19 ISUITES @ PALM 400 to 500 1,567 6 595,000 1 3.2 3.2 -0.0
22 J GATEWAY 400 to 500 2,383 35 886,600 3 3.2 2.9 +0.4
19 JEWEL @ BUANGKOK 400 to 500 1,800 9 682,500 2 3.2 3.0 +0.2
19 KOVAN GRANDEUR 300 to 400 1,600 4 538,000 1 3.6 4.0 -0.5
19 LA FIESTA 400 to 500 1,804 22 647,500 1 3.3 2.9 +0.4
15 LAVERNE'S LOFT 400 to 500 1,625 2 638,000 1 3.1 3.2 -0.2
14 LEVENUE 400 to 500 1,733 6 620,000 1 3.4 3.1 +0.2
19 MIDTOWN RESIDENCES 400 to 500 1,880 5 680,000 1 3.3 2.9 +0.4
18 MY MANHATTAN 400 to 500 2,250 4 670,000 1 4.0 3.2 +0.8
23 [email protected] 400 to 500 1,650 8 630,000 1 3.1 3.0 +0.2
16 OPTIMA @ TANAH MERAH 400 to 500 2,043 7 740,000 1 3.3 3.0 +0.3
19 PARC CENTROS 400 to 500 1,767 34 631,500 6 3.4 3.0 +0.3
15 PARC ELEGANCE 400 to 500 1,663 16 649,000 2 3.1 3.9 -0.8
17 PARC OLYMPIA 400 to 500 1,583 6 565,000 1 3.4 3.1 +0.2
25 PARC ROSEWOOD 400 to 500 1,565 28 526,250 6 3.6 3.4 +0.2
15 PRESTIGE LOFT 300 to 400 1,500 2 530,000 1 3.4 3.3 +0.1
15 PRESTIGE LOFT 400 to 500 1,500 1 612,108 1 2.9 3.3 -0.4
19 PRIMO RESIDENCES 400 to 500 1,625 2 600,000 1 3.3 2.6 +0.6
18 RIPPLE BAY 400 to 500 1,677 15 582,000 2 3.5 3.3 +0.2
28 RIVERBANK @ FERNVALE 400 to 500 1,767 3 591,000 6 3.6 2.9 +0.7
5 SEAHILL 400 to 500 2,205 10 726,900 2 3.6 3.3 +0.4
15 SIGLAP V 400 to 500 1,650 8 630,000 1 3.1 2.9 +0.2
18 STRATUM 400 to 500 1,580 15 585,000 1 3.2 3.6 -0.3
19 SUITES @ KOVAN 300 to 400 1,673 3 550,000 1 3.7 4.6 -0.9
19 SUITES @ PAYA LEBAR 300 to 400 1,557 7 547,500 4 3.4 3.2 +0.2
15 THE COTZ 300 to 400 1,575 4 539,000 2 3.5 3.4 +0.1
15 THE COTZ 400 to 500 1,570 5 580,000 1 3.2 3.4 -0.2
14 THE EBONY 300 to 400 1,693 9 520,000 1 3.9 3.9 -0.0
16 THE GLADES 400 to 500 2,040 15 677,444 2 3.6 3.4 +0.2
17 THE INFLORA 400 to 500 1,591 26 532,988 9 3.6 3.2 +0.3
27 THE NAUTICAL 400 to 500 1,621 7 557,500 2 3.5 3.4 +0.1
20 THE PANORAMA 400 to 500 1,820 5 723,750 4 3.0 2.4 +0.6
19 THE [email protected] 400 to 500 1,614 14 595,000 1 3.3 3.4 -0.1
19 THE SCALA 400 to 500 2,203 15 790,000 1 3.3 3.0 +0.3
19 THE VUE 400 to 500 1,650 5 630,000 3 3.1 3.2 -0.1
14 TROPIKA EAST 400 to 500 1,650 6 650,000 1 3.0 2.7 +0.3
16 URBAN VISTA 400 to 500 1,830 43 600,000 1 3.7 3.2 +0.5
19 [email protected] SERANGOON 400 to 500 1,756 9 613,000 1 3.4 3.0 +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
(%)
11 10 SHELFORD 400 to 500 1,994 8 833,000 1 2.9 2.7 +0.1
15 16 @ AMBER 400 to 500 1,760 5 740,000 1 2.9 2.7 +0.2
15 38 I SUITES 400 to 500 1,913 8 740,000 1 3.1 2.8 +0.3
11 8 BASSEIN 400 to 500 2,040 19 828,000 1 3.0 2.9 +0.1
13 [email protected] 300 to 400 1,908 6 634,500 4 3.6 2.8 +0.8
3 ALEXIS 300 to 400 2,200 20 706,944 2 3.7 3.5 +0.2
9 ASPEN LINQ 400 to 500 2,250 2 828,000 1 3.3 3.3 -0.0
9 ATTITUDE AT KIM YAM 300 to 400 2,114 7 708,750 4 3.6 3.4 +0.2
14 AVANT RESIDENCES 300 to 400 1,775 2 668,900 2 3.2 3.4 -0.2
14 AVANT RESIDENCES 400 to 500 2,087 7 733,771 7 3.4 3.4 +0.0
13 BARTLEY RIDGE 400 to 500 1,948 20 721,000 9 3.2 2.7 +0.5
14 CASA AERATA 400 to 500 1,850 6 592,500 2 3.7 3.6 +0.2
8 CAVAN SUITES 300 to 400 1,794 8 595,000 1 3.6 3.6 -0.0
14 CENTRA HEIGHTS 400 to 500 1,880 15 672,796 3 3.4 3.4 -0.0
14 CENTRA RESIDENCE 300 to 400 1,767 3 585,000 1 3.6 3.7 -0.1
14 CENTRA RESIDENCE 400 to 500 1,945 10 600,000 1 3.9 3.7 +0.2
14 CENTRA SUITES 400 to 500 1,821 14 645,000 1 3.4 3.4 +0.0
12 CITY REGENCY 400 to 500 1,800 1 653,000 1 3.3 3.3 +0.0
3 COMMONWEALTH TOWERS 400 to 500 2,389 113 930,000 2 3.1 2.9 +0.1
15 CORALIS 400 to 500 1,975 6 880,000 1 2.7 2.5 +0.1
14 COSMO 300 to 400 1,738 4 640,000 1 3.3 3.0 +0.3
12 CRADELS 400 to 500 1,950 14 700,444 2 3.3 3.3 +0.0
14 D'WEAVE 400 to 500 1,942 6 660,000 1 3.5 3.1 +0.4
9 DEVONSHIRE 12 400 to 500 2,683 3 970,000 2 3.3 3.2 +0.1
14 EDENZ LOFT 400 to 500 1,676 7 570,000 1 3.5 3.1 +0.4
14 EDENZ SUITES 400 to 500 1,780 5 606,500 2 3.5 3.6 -0.1
12 EIGHT RIVERSUITES 400 to 500 2,085 44 739,778 5 3.4 2.9 +0.4
9 ESPADA 300 to 400 2,487 27 1,006,000 5 3.0 3.0 -0.0
9 ESPADA 400 to 500 2,400 1 1,030,000 1 2.8 3.0 -0.2
15 EVERITT EDGE 400 to 500 1,900 1 615,000 1 3.7 3.0 +0.7
8 FORTE SUITES 400 to 500 2,250 4 800,000 1 3.4 2.8 +0.6
14 GUILLEMARD EDGE 400 to 500 1,787 47 607,500 2 3.5 3.7 -0.2
14 GUILLEMARD SUITES 400 to 500 1,994 8 640,000 1 3.7 3.2 +0.5
15 HAIG 162 300 to 400 1,750 9 548,000 1 3.8 3.6 +0.2
14 IDYLLIC SUITES 400 to 500 1,773 15 620,000 1 3.4 3.3 +0.1
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,578 9 939,000 1 3.3 2.9 +0.3
8 JOOL SUITES 300 to 400 1,888 4 645,000 1 3.5 3.2 +0.3
5 JUBILEE RESIDENCE 400 to 500 2,025 2 690,000 1 3.5 4.6 -1.1
15 JUPITER 18 400 to 500 1,700 2 600,000 2 3.4 3.3 +0.1
14 LA BRISA 400 to 500 1,680 5 700,000 1 2.9 3.1 -0.2
13 LEICESTER SUITES 400 to 500 1,958 6 750,000 1 3.1 3.2 -0.1
11 LINCOLN SUITES 400 to 500 2,486 7 1,170,000 1 2.5 2.6 -0.1
10 LOFT @ NATHAN 300 to 400 2,027 3 715,000 1 3.4 3.0 +0.4
10 LOFT @ NATHAN 400 to 500 2,168 19 915,000 1 2.8 3.0 -0.2
10 [email protected] 300 to 400 2,275 10 823,000 1 3.3 3.7 -0.4
10 [email protected] 400 to 500 2,376 2 895,000 2 3.2 3.7 -0.5
14 MILLAGE 400 to 500 1,894 9 700,000 1 3.2 3.4 -0.1
14 NESS 400 to 500 1,744 9 618,444 2 3.4 3.5 -0.1
13 NIN RESIDENCE 400 to 500 2,040 5 741,500 2 3.3 2.8 +0.5
21 NOTTINGHILL SUITES 300 to 400 1,692 13 638,000 1 3.2 3.2 +0.0
12 OKIO 400 to 500 1,977 11 710,000 1 3.3 3.3 +0.0
15 ONE @ PULASAN 400 to 500 1,650 1 620,000 1 3.2 3.7 -0.5
12 ONE DUSUN RESIDENCES 400 to 500 2,034 16 790,000 3 3.1 2.8 +0.3
12 OPAL SUITES 400 to 500 1,800 1 585,000 1 3.7 3.7 +0.0
5 PARC IMPERIAL 300 to 400 1,978 23 680,000 1 3.5 3.9 -0.4
5 PARC IMPERIAL 400 to 500 2,059 17 700,750 4 3.5 3.9 -0.4
9 PARC SOPHIA 400 to 500 2,218 11 922,500 2 2.9 2.9 +0.0
12 PRESTIGE HEIGHTS 300 to 400 1,711 21 577,500 4 3.6 3.4 +0.2
12 PRESTIGE HEIGHTS 400 to 500 1,800 2 625,000 1 3.5 3.4 +0.1
12 REGENT RESIDENCES 400 to 500 1,929 8 675,333 3 3.4 2.5 +0.9
14 REZI 26 400 to 500 1,777 13 665,000 1 3.2 3.5 -0.3
12 RIVERBAY 300 to 400 1,725 4 605,667 3 3.4 3.2 +0.3
12 RIVIERA 38 400 to 500 1,850 2 650,000 1 3.4 3.0 +0.4
9 ROBERTSON EDGE 400 to 500 2,286 7 910,000 1 3.0 3.4 -0.4
10 ROBIN SUITES 400 to 500 2,417 12 1,200,000 1 2.4 2.4 +0.0
10 RV EDGE 300 to 400 2,200 6 775,000 1 3.4 3.3 +0.1
10 RV EDGE 400 to 500 2,239 14 988,000 1 2.7 3.3 -0.6
10 RV RESIDENCES 400 to 500 2,485 17 1,050,000 1 2.8 2.5 +0.3
14 SILVERSCAPE 400 to 500 1,671 7 570,000 1 3.5 3.2 +0.3
14 SIMS EDGE 400 to 500 1,830 5 672,000 3 3.3 3.3 -0.0
14 SIMS URBAN OASIS 400 to 500 2,086 23 780,000 1 3.2 3.2 -0.0
20 SKY VUE 400 to 500 2,356 9 830,933 3 3.4 3.2 +0.2
12 SKYSUITES17 300 to 400 1,929 11 635,000 1 3.6 3.5 +0.2
2 [email protected] 300 to 400 2,646 38 958,333 3 3.3 3.2 +0.1
2 SPOTTISWOODE 18 300 to 400 2,254 40 870,000 2 3.1 3.1 -0.0
15 SPRING @ LANGSAT 400 to 500 1,817 3 620,000 1 3.5 3.0 +0.5
10 STELLAR RV 400 to 500 2,250 2 868,000 1 3.1 2.8 +0.3
8 SUITES 123 400 to 500 1,960 3 668,000 1 3.5 3.8 -0.3
12 SUITES @ TOPAZ 300 to 400 1,725 2 574,000 2 3.6 3.7 -0.1
21 SUITES AT BUKIT TIMAH 300 to 400 1,750 5 573,333 3 3.7 3.2 +0.5
14 [email protected] 400 to 500 1,613 8 560,888 1 3.4 3.0 +0.5
11 THE AXIS 300 to 400 1,925 4 583,000 1 4.0 3.4 +0.6
21 THE HILLFORD 300 to 400 1,697 32 483,600 13 4.2 4.5 -0.3
12 THE INTERWEAVE 300 to 400 1,815 17 605,000 2 3.6 3.4 +0.2
8 THE URBANITE 400 to 500 1,800 2 770,000 1 2.8 2.8 -0.0
12 THE VERVE 400 to 500 1,800 8 638,500 2 3.4 3.2 +0.2
20 THOMSON V TWO 300 to 400 1,750 3 650,000 1 3.2 3.5 -0.2
20 THOMSON V TWO 400 to 500 1,883 6 715,000 3 3.2 3.5 -0.3
14 TREASURES @ G20 400 to 500 1,650 6 512,500 2 3.9 3.4 +0.5
8 TYRWHITT 139 300 to 400 1,850 2 618,000 1 3.6 2.9 +0.7
1 V ON SHENTON 400 to 500 2,777 24 1,321,333 3 2.5 2.3 +0.2
12 VETRO 400 to 500 1,700 1 585,000 1 3.5 3.3 +0.2
5 VIVA VISTA 300 to 400 1,944 21 642,500 2 3.6 3.6 +0.0
9 VIVACE 400 to 500 2,395 10 848,000 1 3.4 3.4 +0.0
14 WATERBANK AT DAKOTA 400 to 500 2,285 20 825,000 1 3.3 3.2 +0.1
9 WILKIE 80 400 to 500 2,250 6 821,000 1 3.3 3.1 +0.2

Disclaimer

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