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 [email protected] COAST 400 to 500 2,000 1 680,000 1 3.5 2.7 +0.8
19 BARTLEY RESIDENCES 400 to 500 1,971 37 689,000 2 3.4 3.3 +0.2
19 BOTANIQUE AT BARTLEY 400 to 500 2,139 19 722,000 1 3.6 3.2 +0.3
19 CARDIFF RESIDENCE 400 to 500 1,750 19 558,500 2 3.8 3.5 +0.3
19 CASA CAMBIO 400 to 500 1,865 39 735,000 1 3.0 3.2 -0.2
18 COCO PALMS 400 to 500 1,833 34 645,000 3 3.4 3.2 +0.2
23 FORESQUE RESIDENCES 400 to 500 1,734 8 615,000 1 3.4 2.9 +0.5
17 HEDGES PARK CONDOMINIUM 400 to 500 1,690 10 539,629 3 3.8 3.7 +0.0
15 HERITAGE EAST 400 to 500 1,550 1 620,000 1 3.0 3.4 -0.4
28 HIGH PARK RESIDENCES 400 to 500 1,737 28 616,667 3 3.4 3.6 -0.2
23 HILLION RESIDENCES 400 to 500 1,932 47 700,000 1 3.3 3.1 +0.2
5 HUNDRED TREES 400 to 500 2,100 2 745,000 1 3.4 2.9 +0.5
19 JEWEL @ BUANGKOK 400 to 500 1,854 12 680,000 1 3.3 2.9 +0.3
19 KINGSFORD WATERBAY 400 to 500 1,743 26 590,000 3 3.5 3.3 +0.2
19 KOVAN GRANDEUR 300 to 400 1,644 8 515,000 2 3.8 3.8 -0.0
19 LA FIESTA 400 to 500 1,828 24 648,333 3 3.4 2.8 +0.6
15 LA VIDA @ 130 400 to 500 1,740 10 595,000 1 3.5 3.5 -0.0
23 LE QUEST 400 to 500 1,924 37 758,000 1 3.0 3.4 -0.4
14 LEVENUE 400 to 500 1,908 6 639,400 2 3.6 3.5 +0.0
23 [email protected] 400 to 500 1,680 17 581,500 2 3.5 3.1 +0.4
17 OCEAN FRONT SUITES 300 to 400 1,625 4 535,000 1 3.6 3.5 +0.2
19 PARC CENTROS 400 to 500 1,838 26 630,500 1 3.5 3.4 +0.1
15 PARC ELEGANCE 400 to 500 1,698 13 590,000 2 3.5 3.9 -0.4
5 PARC RIVIERA 400 to 500 2,057 23 700,000 2 3.5 3.1 +0.4
25 PARC ROSEWOOD 400 to 500 1,537 41 507,984 7 3.6 3.4 +0.2
19 PARK RESIDENCES KOVAN 300 to 400 1,709 11 600,000 1 3.4 3.4 -0.0
19 [email protected] SERANGOON 400 to 500 1,728 5 600,000 1 3.5 3.2 +0.3
14 RESIDENCES 88 400 to 500 1,600 1 560,000 1 3.4 2.4 +1.0
18 RIPPLE BAY 400 to 500 1,660 15 560,000 2 3.6 3.3 +0.2
28 RIVERBANK @ FERNVALE 400 to 500 1,725 4 594,000 2 3.5 3.1 +0.4
27 SKIES MILTONIA 400 to 500 1,620 10 545,000 1 3.6 3.2 +0.3
18 STRATUM 400 to 500 1,587 15 570,000 1 3.3 3.7 -0.4
19 SUITES @ PAYA LEBAR 300 to 400 1,662 17 510,000 1 3.9 3.7 +0.2
13 [email protected] 300 to 400 1,733 3 550,000 1 3.8 3.3 +0.5
14 THE EBONY 300 to 400 1,721 7 523,000 2 3.9 4.1 -0.1
16 THE GLADES 400 to 500 2,058 28 677,500 2 3.6 3.4 +0.2
17 THE INFLORA 400 to 500 1,664 25 520,667 6 3.8 3.6 +0.2
22 THE LAKEFRONT RESIDENCES 400 to 500 2,132 11 705,000 1 3.6 3.1 +0.5
20 THE PANORAMA 400 to 500 1,825 18 680,667 6 3.2 2.8 +0.4
19 THE [email protected] 400 to 500 1,689 22 579,143 7 3.5 3.3 +0.2
18 THE SANTORINI 400 to 500 1,833 4 582,000 3 3.8 3.1 +0.7
19 THE SCALA 400 to 500 2,200 20 720,000 1 3.7 3.2 +0.5
19 THE TEMBUSU 400 to 500 1,977 18 788,400 2 3.0 2.7 +0.4
19 THE VUE 400 to 500 1,679 7 615,000 1 3.3 2.9 +0.4
14 TROPIKA EAST 400 to 500 1,671 12 625,000 1 3.2 2.9 +0.3
19 URBAN RESIDENCES 400 to 500 1,883 3 670,000 1 3.4 3.1 +0.3
14 VACANZA @ EAST 400 to 500 1,719 8 647,500 2 3.2 2.9 +0.3
15 VIBES @ EAST COAST 300 to 400 1,712 13 570,000 1 3.6 3.6 -0.0
15 VIBES @ EAST COAST 400 to 500 1,682 11 585,000 1 3.4 3.6 -0.2
19 VIBES @ KOVAN 300 to 400 1,617 3 530,000 1 3.7 3.8 -0.2
19 VIBES @ KOVAN 400 to 500 1,833 3 600,000 1 3.7 3.8 -0.1

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
(%)
14 28 IMPERIAL RESIDENCES 400 to 500 1,760 5 610,000 2 3.5 3.4 +0.1
15 38 I SUITES 400 to 500 1,900 10 740,888 1 3.1 2.8 +0.3
13 [email protected] 300 to 400 1,780 5 635,000 1 3.4 3.1 +0.3
3 ALEXIS 300 to 400 2,094 24 710,000 1 3.5 3.0 +0.5
9 ATTITUDE AT KIM YAM 300 to 400 2,170 5 720,000 1 3.6 3.9 -0.3
13 BARTLEY RIDGE 400 to 500 1,964 28 709,333 3 3.3 3.0 +0.3
15 BELLA CASITA 400 to 500 1,900 4 560,000 1 4.1 3.2 +0.9
14 CASA AERATA 400 to 500 1,745 10 658,000 1 3.2 3.4 -0.2
14 CENTRA HEIGHTS 400 to 500 1,935 12 660,000 1 3.5 3.6 -0.1
14 CENTRA LOFT 400 to 500 1,844 8 660,000 1 3.4 3.3 +0.0
14 CENTRA RESIDENCE 400 to 500 1,869 8 568,000 1 3.9 3.8 +0.1
14 CENTRA SUITES 400 to 500 1,817 21 630,000 1 3.5 3.5 -0.0
12 CITY REGENCY 400 to 500 1,813 4 635,000 1 3.4 3.3 +0.1
3 COMMONWEALTH TOWERS 400 to 500 2,355 131 841,600 10 3.4 3.2 +0.2
14 COSMO 300 to 400 1,850 1 595,000 1 3.7 3.3 +0.4
12 CRADELS 400 to 500 1,938 26 681,444 2 3.4 3.4 +0.1
14 D'WEAVE 400 to 500 1,844 8 660,000 1 3.4 3.1 +0.2
2 DORSETT RESIDENCES 400 to 500 3,047 6 942,500 2 3.9 3.5 +0.4
12 EIGHT RIVERSUITES 400 to 500 2,110 49 729,000 2 3.5 3.2 +0.3
9 ESPADA 300 to 400 2,386 29 980,000 1 2.9 3.1 -0.2
15 EVERITT EDGE 400 to 500 1,775 4 628,000 1 3.4 3.3 +0.1
12 GEM RESIDENCES 400 to 500 2,181 27 860,000 1 3.0 3.1 -0.0
14 GRANDVIEW SUITES 300 to 400 1,580 5 484,000 2 3.9 3.4 +0.5
14 GUILLEMARD EDGE 400 to 500 1,778 41 644,000 2 3.3 3.5 -0.2
15 HAIG 162 300 to 400 1,762 13 578,888 1 3.7 3.5 +0.2
14 IDYLLIC SUITES 400 to 500 1,724 11 545,000 1 3.8 3.5 +0.3
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,650 4 940,000 1 3.4 3.1 +0.3
15 ISUITES @ MARSHALL 300 to 400 1,850 4 620,000 1 3.6 3.1 +0.5
14 LA FLEUR 400 to 500 1,697 15 510,000 2 4.0 3.7 +0.3
14 LE REGAL 300 to 400 1,610 15 491,900 2 3.9 4.2 -0.3
10 LOFT @ NATHAN 400 to 500 2,135 13 830,000 1 3.1 2.7 +0.4
10 LOFT @ STEVENS 400 to 500 2,400 1 860,000 1 3.3 2.4 +0.9
10 [email protected] 400 to 500 2,338 4 808,591 1 3.5 4.0 -0.6
14 MELOSA 400 to 500 1,738 4 550,000 1 3.8 3.5 +0.3
9 MOUNT SOPHIA SUITES 300 to 400 2,250 2 788,000 1 3.4 2.7 +0.7
11 MULBERRY TREE 400 to 500 2,050 1 771,250 2 3.2 2.8 +0.4
21 NOTTINGHILL SUITES 300 to 400 1,729 15 620,000 2 3.3 3.1 +0.2
12 OKIO 400 to 500 1,961 14 710,000 1 3.3 3.0 +0.3
15 ONE @ PULASAN 400 to 500 1,600 1 590,000 1 3.3 2.7 +0.5
9 PARC SOPHIA 400 to 500 2,319 8 802,500 2 3.5 3.0 +0.5
1 PEOPLE'S PARK COMPLEX 400 to 500 1,643 22 468,000 1 4.2 3.7 +0.5
12 PRESTIGE HEIGHTS 300 to 400 1,701 23 570,000 1 3.6 3.7 -0.1
12 PRESTIGE HEIGHTS 400 to 500 1,939 9 540,000 1 4.3 3.7 +0.6
15 QUESTA @ DUNMAN 400 to 500 1,867 6 683,000 1 3.3 2.7 +0.6
14 REZI 26 400 to 500 1,806 16 590,000 4 3.7 3.6 +0.1
14 REZI 3TWO 400 to 500 1,824 14 670,888 1 3.3 3.3 +0.0
12 RIVERBAY 300 to 400 1,686 7 570,000 2 3.5 3.8 -0.3
14 ROYCE RESIDENCES 400 to 500 1,683 3 536,000 1 3.8 4.2 -0.5
14 SIMS URBAN OASIS 400 to 500 2,117 45 712,089 10 3.6 3.1 +0.4
13 SKY GREEN 400 to 500 1,983 21 700,000 1 3.4 3.1 +0.3
20 SKY VUE 400 to 500 2,318 19 810,000 1 3.4 2.9 +0.5
2 [email protected] 300 to 400 2,540 54 880,000 2 3.5 3.4 +0.0
2 SPOTTISWOODE 18 300 to 400 2,204 60 802,000 3 3.3 3.5 -0.2
2 SPOTTISWOODE SUITES 400 to 500 2,529 18 1,105,000 1 2.7 2.8 -0.1
15 SPRING @ LANGSAT 400 to 500 1,700 1 596,000 1 3.4 3.1 +0.3
10 STELLAR RV 400 to 500 2,100 1 857,000 1 2.9 2.8 +0.2
15 [email protected] 400 to 500 2,500 1 730,000 1 4.1 3.0 +1.1
8 SUITES 123 400 to 500 1,980 5 638,888 1 3.7 3.9 -0.2
11 SUITES @ NEWTON 400 to 500 2,188 4 950,000 1 2.8 2.7 +0.1
11 SUITES @ SHREWSBURY 300 to 400 1,900 3 595,000 1 3.8 3.7 +0.1
21 SUITES AT BUKIT TIMAH 300 to 400 1,731 8 600,000 1 3.5 3.2 +0.3
14 [email protected] 400 to 500 1,657 12 530,000 1 3.8 3.4 +0.3
21 THE HILLFORD 300 to 400 1,717 35 474,125 8 4.3 4.9 -0.5
12 THE INTERWEAVE 400 to 500 1,948 8 644,000 2 3.6 3.8 -0.1
5 THE MAYLEA 400 to 500 2,250 1 795,000 1 3.4 2.7 +0.7
14 THE OCTET 400 to 500 1,811 9 545,000 1 4.0 3.7 +0.3
13 THE POIZ RESIDENCES 400 to 500 2,200 35 724,000 2 3.6 3.3 +0.3
14 THE WATER EDGE 400 to 500 1,850 10 686,000 1 3.2 4.0 -0.7
20 THOMSON THREE 400 to 500 1,923 13 782,500 2 2.9 2.7 +0.3
14 TREASURES @ G20 400 to 500 1,575 10 500,000 1 3.8 3.3 +0.4
12 TREVISTA 400 to 500 1,963 4 605,000 1 3.9 2.9 +1.0
14 VIENTO 400 to 500 1,755 11 562,667 3 3.7 3.7 +0.0
5 VIVA VISTA 300 to 400 1,945 30 616,000 1 3.8 3.8 -0.0
9 VIVACE 300 to 400 2,167 6 760,000 1 3.4 3.2 +0.2
14 WATERBANK AT DAKOTA 400 to 500 2,356 17 824,000 2 3.4 3.1 +0.3

Disclaimer

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