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 2,233 6 770,000 1 3.5 3.3 +0.2
19 BARTLEY RESIDENCES 400 to 500 2,216 40 719,667 3 3.7 3.2 +0.5
19 BOTANIQUE AT BARTLEY 400 to 500 2,356 16 809,333 3 3.5 3.1 +0.3
19 CARDIFF RESIDENCE 400 to 500 2,000 31 611,683 3 3.9 4.1 -0.1
19 CASA CAMBIO 400 to 500 2,077 33 733,800 5 3.4 3.2 +0.2
22 CASPIAN 400 to 500 2,160 5 658,888 1 3.9 3.2 +0.7
18 COCO PALMS 400 to 500 2,190 24 661,400 5 4.0 3.5 +0.5
15 CUBIK 400 to 500 1,800 1 692,500 2 3.1 2.6 +0.5
18 D'NEST 400 to 500 1,995 36 638,111 9 3.8 3.6 +0.2
27 EIGHT COURTYARDS 400 to 500 1,900 1 598,000 1 3.8 3.1 +0.7
20 FLORAVIEW 300 to 400 2,000 1 550,000 1 4.4 3.6 +0.8
28 FLORAVILLE 300 to 400 1,788 4 610,000 1 3.5 3.6 -0.0
23 FORESQUE RESIDENCES 400 to 500 1,864 11 678,000 1 3.3 3.1 +0.2
19 GLASGOW RESIDENCE 400 to 500 1,800 3 578,333 3 3.7 2.8 +1.0
16 GRANDEUR PARK RESIDENCES 400 to 500 2,579 19 763,000 4 4.1 3.8 +0.2
17 HEDGES PARK CONDOMINIUM 400 to 500 1,987 19 578,667 3 4.1 3.9 +0.2
15 HERITAGE EAST 400 to 500 1,950 4 615,000 1 3.8 3.9 -0.1
28 HIGH PARK RESIDENCES 300 to 400 1,800 8 554,333 3 3.9 3.5 +0.4
28 HIGH PARK RESIDENCES 400 to 500 2,113 23 645,000 6 3.9 3.5 +0.5
23 HILLION RESIDENCES 400 to 500 2,169 88 732,750 12 3.6 3.4 +0.1
19 ISUITES @ PALM 400 to 500 2,009 7 619,000 2 3.9 3.2 +0.7
22 J GATEWAY 400 to 500 2,779 61 922,000 3 3.6 3.6 +0.0
19 JEWEL @ BUANGKOK 400 to 500 2,197 16 725,750 4 3.6 3.2 +0.5
27 KANDIS RESIDENCE 400 to 500 2,800 2 745,000 1 4.5 3.9 +0.6
19 KENSINGTON SQUARE 400 to 500 1,830 6 647,500 4 3.4 2.7 +0.7
19 KINGSFORD WATERBAY 400 to 500 2,102 31 632,324 12 4.0 3.7 +0.3
19 KOVAN GRANDEUR 300 to 400 1,683 3 546,667 3 3.7 3.7 +0.0
19 LA FIESTA 400 to 500 2,044 18 664,333 3 3.7 3.2 +0.4
15 LA VIDA @ 130 400 to 500 2,007 7 690,000 1 3.5 3.2 +0.3
15 LAVERNE'S LOFT 400 to 500 1,788 4 625,000 1 3.4 3.8 -0.4
23 LE QUEST 400 to 500 2,335 30 742,667 3 3.8 3.7 +0.1
19 MIDTOWN RESIDENCES 400 to 500 2,050 15 684,000 2 3.6 3.6 -0.0
18 MY MANHATTAN 400 to 500 2,433 3 685,000 1 4.3 3.4 +0.8
23 [email protected] 400 to 500 1,982 17 620,000 1 3.8 3.5 +0.3
27 NORTH PARK RESIDENCES 400 to 500 2,249 30 691,667 3 3.9 3.2 +0.7
17 OCEAN FRONT SUITES 400 to 500 1,822 9 591,700 4 3.7 3.5 +0.2
15 PALM GALLERIA 400 to 500 1,900 1 680,000 1 3.4 2.7 +0.7
15 PARC BLEU 400 to 500 1,965 10 660,000 1 3.6 3.8 -0.2
19 PARC CENTROS 400 to 500 2,149 34 672,600 5 3.8 3.3 +0.5
15 PARC ELEGANCE 300 to 400 1,667 6 580,000 1 3.4 3.9 -0.5
15 PARC ELEGANCE 400 to 500 2,082 17 647,960 5 3.9 3.9 -0.1
17 PARC OLYMPIA 400 to 500 1,969 8 608,000 1 3.9 3.7 +0.2
5 PARC RIVIERA 400 to 500 2,360 44 719,296 3 3.9 3.5 +0.4
25 PARC ROSEWOOD 400 to 500 1,873 57 567,200 10 4.0 4.3 -0.3
19 PARK RESIDENCES KOVAN 300 to 400 2,067 9 640,000 1 3.9 3.7 +0.2
15 PRESTIGE LOFT 300 to 400 1,925 4 600,000 1 3.9 3.9 -0.1
19 [email protected] SERANGOON 400 to 500 1,992 13 622,500 4 3.8 3.4 +0.4
14 QUBE SUITES 400 to 500 2,250 2 683,000 1 4.0 3.3 +0.7
18 RIPPLE BAY 400 to 500 1,990 10 631,000 4 3.8 3.4 +0.4
28 RIVERBANK @ FERNVALE 400 to 500 1,833 6 685,000 2 3.2 3.1 +0.1
5 SEAHILL 400 to 500 2,525 4 704,000 5 4.3 3.4 +0.9
15 SEASIDE RESIDENCES 400 to 500 3,088 4 933,000 1 4.0 3.2 +0.7
14 SINGA HILLS 400 to 500 2,075 2 705,000 1 3.5 3.2 +0.3
27 SKIES MILTONIA 400 to 500 1,808 6 616,333 3 3.5 3.3 +0.2
19 SPACE @ KOVAN 400 to 500 1,871 12 610,000 1 3.7 3.3 +0.3
19 SPAZIO @ KOVAN 400 to 500 2,100 1 702,000 2 3.6 3.0 +0.5
18 STRATUM 400 to 500 1,856 16 598,250 4 3.7 3.8 -0.0
15 SUITES @ EASTCOAST 300 to 400 1,843 20 618,333 3 3.6 3.8 -0.2
15 SUITES @ EASTCOAST 400 to 500 2,000 1 618,000 1 3.9 3.8 +0.1
19 SUITES @ PAYA LEBAR 300 to 400 1,910 15 590,000 1 3.9 3.6 +0.3
13 [email protected] 400 to 500 1,933 3 584,000 2 4.0 3.7 +0.3
18 THE ALPS RESIDENCES 400 to 500 2,053 34 689,000 2 3.6 3.6 -0.0
15 THE COTZ 300 to 400 1,700 1 585,000 1 3.5 3.5 -0.0
15 THE COTZ 400 to 500 1,857 7 604,333 3 3.7 3.5 +0.2
15 THE CRISTALLO 400 to 500 2,080 5 650,000 1 3.8 3.4 +0.4
19 THE GARDEN RESIDENCES 400 to 500 2,743 10 825,000 1 4.0 3.3 +0.7
16 THE GLADES 400 to 500 2,352 40 712,000 4 4.0 3.7 +0.2
17 THE INFLORA 400 to 500 1,980 22 579,625 8 4.1 3.7 +0.4
22 THE LAKEFRONT RESIDENCES 400 to 500 2,412 13 681,667 3 4.2 3.5 +0.7
14 THE LENOX 400 to 500 2,025 8 630,000 1 3.9 3.4 +0.4
19 THE LUXURIE 400 to 500 2,093 3 668,000 1 3.8 3.1 +0.7
20 THE PANORAMA 400 to 500 2,146 25 760,000 1 3.4 2.9 +0.5
19 THE [email protected] 400 to 500 1,865 23 656,667 3 3.4 3.6 -0.2
18 THE SANTORINI 400 to 500 2,039 14 585,000 1 4.2 3.5 +0.7
19 THE SCALA 400 to 500 2,407 23 795,667 3 3.6 3.1 +0.5
5 THE SORRENTO 400 to 500 2,500 8 745,000 1 4.0 3.2 +0.8
18 THE TAPESTRY 400 to 500 2,531 34 733,361 8 4.1 3.9 +0.2
19 THE VUE 400 to 500 1,825 2 655,000 2 3.3 3.3 +0.0
14 TROPIKA EAST 400 to 500 2,018 10 666,500 2 3.6 3.0 +0.6
19 URBAN RESIDENCES 400 to 500 1,938 4 664,000 2 3.5 3.3 +0.2
16 URBAN VISTA 400 to 500 2,063 27 662,500 2 3.7 3.4 +0.3
14 VACANZA @ EAST 400 to 500 2,275 4 635,000 1 4.3 2.9 +1.4
15 VIBES @ EAST COAST 300 to 400 1,894 8 627,500 2 3.6 3.5 +0.1
19 [email protected] SERANGOON 300 to 400 1,850 1 620,000 1 3.6 3.5 +0.1
19 [email protected] SERANGOON 400 to 500 2,050 8 625,000 1 3.9 3.5 +0.4
18 VUE 8 RESIDENCE 400 to 500 1,983 3 665,000 2 3.6 3.3 +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 2,311 19 807,500 2 3.4 3.0 +0.4
11 26 NEWTON 400 to 500 2,574 27 1,020,000 1 3.0 2.8 +0.2
8 28 RC SUITES 400 to 500 2,385 17 705,000 2 4.1 4.1 +0.0
15 38 I SUITES 400 to 500 2,225 8 800,000 1 3.3 3.1 +0.2
11 8 BASSEIN 400 to 500 2,240 21 800,000 1 3.4 3.2 +0.2
13 [email protected] 300 to 400 1,922 9 645,333 3 3.6 3.1 +0.5
15 91 MARSHALL 300 to 400 1,600 2 640,000 1 3.0 3.2 -0.2
12 AIRSTREAM 400 to 500 2,217 12 656,667 3 4.1 3.8 +0.2
3 ALEX RESIDENCES 400 to 500 2,773 26 950,000 2 3.5 3.4 +0.1
13 BARTLEY RIDGE 400 to 500 2,186 49 747,500 12 3.5 3.1 +0.4
14 CASA AERATA 400 to 500 2,200 9 540,000 1 4.9 4.7 +0.1
8 CAVAN SUITES 400 to 500 2,020 5 630,000 1 3.8 4.0 -0.2
14 CENTRA HEIGHTS 400 to 500 2,157 28 724,000 2 3.6 3.5 +0.1
14 CENTRA LOFT 400 to 500 2,087 15 619,667 3 4.0 3.9 +0.1
14 CENTRA RESIDENCE 400 to 500 1,956 9 635,000 2 3.7 3.6 +0.1
14 CENTRA STUDIOS 300 to 400 1,863 4 582,500 2 3.8 3.3 +0.5
14 CENTRA SUITES 400 to 500 2,006 14 630,000 1 3.8 3.8 +0.0
7 CITY GATE 400 to 500 2,806 18 905,000 1 3.7 2.8 +1.0
8 CITY LOFT 300 to 400 2,035 10 605,333 3 4.0 4.4 -0.3
8 CITY LOFT 400 to 500 2,500 1 645,000 1 4.7 4.4 +0.3
8 CITY STUDIOS 400 to 500 2,150 2 655,000 1 3.9 3.5 +0.5
12 CITY SUITES 400 to 500 2,233 12 751,000 1 3.6 3.3 +0.3
3 COMMONWEALTH TOWERS 400 to 500 2,733 112 918,161 11 3.6 3.5 +0.1
12 CRADELS 400 to 500 2,164 24 686,500 2 3.8 3.5 +0.3
12 DOMUS 400 to 500 2,758 6 833,000 2 4.0 2.9 +1.1
11 DUNEARN SUITES 400 to 500 2,300 4 820,000 1 3.4 3.1 +0.3
3 ECHELON 400 to 500 2,773 35 958,000 1 3.5 3.4 +0.1
14 EDENZ LOFT 400 to 500 1,960 5 600,000 1 3.9 3.4 +0.5
14 EDENZ SUITES 400 to 500 1,944 8 598,000 1 3.9 3.6 +0.3
12 EIGHT RIVERSUITES 400 to 500 2,305 52 732,667 3 3.8 3.5 +0.3
9 ESPADA 300 to 400 2,544 48 900,000 1 3.4 3.2 +0.2
9 ESPADA 400 to 500 2,729 7 1,085,000 1 3.0 3.2 -0.2
15 FULCRUM 400 to 500 2,515 17 950,000 1 3.2 2.4 +0.8
12 GEM RESIDENCES 400 to 500 2,525 30 823,333 6 3.7 3.2 +0.5
14 GUILLEMARD EDGE 400 to 500 2,025 53 645,167 6 3.8 3.4 +0.4
15 HAIG 162 300 to 400 2,070 10 614,500 2 4.0 3.9 +0.1
14 IDYLLIC SUITES 400 to 500 2,150 12 599,000 2 4.3 4.1 +0.2
15 IMPERIAL HEIGHTS 400 to 500 2,213 8 680,000 2 3.9 3.5 +0.4
8 JOOL SUITES 400 to 500 1,957 7 689,667 6 3.4 3.5 -0.1
12 JUI RESIDENCES 400 to 500 2,571 7 820,000 1 3.8 3.1 +0.6
15 JUPITER 18 400 to 500 2,044 8 650,810 1 3.8 4.1 -0.4
14 LA FLEUR 400 to 500 1,967 21 586,667 3 4.0 3.7 +0.3
14 LE REGAL 300 to 400 1,860 9 530,000 1 4.2 4.8 -0.6
13 LEICESTER SUITES 400 to 500 2,091 17 765,000 1 3.3 3.2 +0.0
10 LOFT @ NATHAN 400 to 500 2,488 17 847,667 3 3.5 3.3 +0.2
10 [email protected] 300 to 400 2,733 16 830,000 1 4.0 3.5 +0.4
10 M5 400 to 500 2,914 7 1,090,223 3 3.2 3.0 +0.2
12 M66 400 to 500 1,843 6 643,000 1 3.4 4.0 -0.5
9 MACKENZIE 88 400 to 500 2,357 7 780,000 1 3.6 3.0 +0.7
14 MELOSA 400 to 500 2,110 5 613,500 2 4.1 3.8 +0.4
14 METRO LOFT 400 to 500 2,217 6 650,888 1 4.1 3.8 +0.3
14 MILLAGE 400 to 500 2,090 5 730,000 1 3.4 3.2 +0.3
11 MULBERRY TREE 400 to 500 2,733 3 808,000 1 4.1 3.1 +1.0
12 NEEM TREE 400 to 500 2,462 13 750,000 1 3.9 3.3 +0.6
14 NESS 400 to 500 1,945 11 601,472 4 3.9 4.0 -0.2
13 NIN RESIDENCE 400 to 500 2,180 5 747,000 1 3.5 3.2 +0.3
21 NOTTINGHILL SUITES 300 to 400 1,900 18 663,000 1 3.4 3.6 -0.2
21 NOTTINGHILL SUITES 400 to 500 2,233 3 750,000 1 3.6 3.6 -0.0
12 OKIO 400 to 500 2,207 21 714,000 2 3.7 3.6 +0.1
15 ONAN SUITES 400 to 500 2,400 1 700,000 1 4.1 3.5 +0.6
12 ONE DUSUN RESIDENCES 400 to 500 2,254 14 830,000 1 3.3 3.1 +0.1
5 PARC IMPERIAL 400 to 500 2,281 17 727,500 4 3.8 4.1 -0.4
8 PARC SOMME 300 to 400 2,000 1 620,000 1 3.9 3.4 +0.5
14 PARK PLACE RESIDENCES AT PLQ 400 to 500 2,978 25 960,000 1 3.7 3.3 +0.5
14 PAVILION SQUARE 300 to 400 2,061 14 575,263 2 4.3 4.8 -0.5
1 PEOPLE'S PARK COMPLEX 400 to 500 2,063 8 542,500 2 4.6 3.8 +0.8
12 PRESTIGE HEIGHTS 300 to 400 1,990 32 580,000 1 4.1 3.7 +0.4
3 PRINCIPAL GARDEN 400 to 500 2,906 35 894,091 11 3.9 3.6 +0.3
3 QUEENS PEAK 400 to 500 2,693 53 893,539 7 3.6 3.3 +0.3
12 REGENT RESIDENCES 400 to 500 2,019 16 695,000 2 3.5 2.8 +0.6
14 REZI 26 400 to 500 2,088 22 640,500 4 3.9 3.8 +0.1
14 REZI 3TWO 400 to 500 2,143 10 720,000 1 3.6 3.5 +0.1
12 RIVERBAY 300 to 400 1,897 9 595,000 1 3.8 3.7 +0.1
12 RIVIERA 38 400 to 500 2,072 9 650,000 1 3.8 3.3 +0.5
10 ROBIN SUITES 400 to 500 2,755 10 1,100,000 1 3.0 2.8 +0.2
14 ROYCE RESIDENCES 400 to 500 2,170 5 535,000 1 4.9 4.7 +0.2
9 RV POINT 300 to 400 2,319 4 795,000 1 3.5 3.2 +0.3
9 RV POINT 400 to 500 2,594 8 954,000 2 3.3 3.2 +0.0
10 RV RESIDENCES 400 to 500 2,739 18 973,000 2 3.4 3.1 +0.3
13 SENNETT RESIDENCE 400 to 500 2,875 2 808,000 1 4.3 3.0 +1.3
14 SILVERSCAPE 400 to 500 2,023 11 618,000 2 3.9 3.4 +0.5
14 SIMS URBAN OASIS 400 to 500 2,320 73 758,875 8 3.7 3.4 +0.3
20 SKY VUE 400 to 500 2,651 31 903,500 2 3.5 3.1 +0.4
12 SKYSUITES17 300 to 400 1,981 13 630,000 1 3.8 3.5 +0.2
2 [email protected] 300 to 400 2,862 46 834,000 2 4.1 3.9 +0.2
14 SMART SUITES 400 to 500 2,129 12 675,000 1 3.8 4.2 -0.4
8 SOHO 188 400 to 500 2,129 13 700,000 2 3.7 3.6 +0.0
2 SPOTTISWOODE 18 300 to 400 2,394 60 882,200 5 3.3 3.5 -0.3
2 SPOTTISWOODE SUITES 400 to 500 2,609 33 1,085,000 1 2.9 3.1 -0.2
15 STRAITS RESIDENCES 400 to 500 1,800 1 668,000 1 3.2 3.0 +0.2
8 STURDEE RESIDENCES 400 to 500 2,686 11 834,333 3 3.9 3.3 +0.5
15 [email protected] KATONG 300 to 400 1,850 9 626,000 1 3.5 3.3 +0.3
8 THE CITRON RESIDENCES 400 to 500 2,300 2 775,000 1 3.6 3.3 +0.3
1 THE CLIFT 400 to 500 3,103 19 900,000 1 4.1 3.9 +0.3
21 THE CREEK @ BUKIT 400 to 500 2,132 11 850,000 1 3.0 2.7 +0.3
4 THE FORESTA @ MOUNT FABER 400 to 500 2,629 14 850,000 1 3.7 3.1 +0.6
21 THE HILLFORD 300 to 400 2,138 40 515,125 8 5.0 5.0 +0.0
12 THE INTERWEAVE 300 to 400 2,073 26 614,250 4 4.0 3.8 +0.2
12 THE INTERWEAVE 400 to 500 2,282 11 661,000 2 4.1 3.8 +0.3
14 THE OCTET 400 to 500 2,083 12 617,500 2 4.0 3.9 +0.1
13 THE POIZ RESIDENCES 400 to 500 2,399 70 762,155 14 3.8 3.4 +0.4
15 THE SERENNO 400 to 500 2,600 1 738,000 1 4.2 2.5 +1.7
12 THE VERVE 400 to 500 2,195 10 680,000 1 3.9 3.6 +0.3
14 THE WATER EDGE 400 to 500 2,065 17 652,000 1 3.8 3.8 +0.0
20 THOMSON IMPRESSIONS 400 to 500 2,227 24 791,667 3 3.4 3.0 +0.4
20 THOMSON THREE 400 to 500 2,105 11 824,000 7 3.1 2.6 +0.5
20 THOMSON V ONE 400 to 500 2,025 2 620,000 1 3.9 3.2 +0.7
20 THOMSON V TWO 400 to 500 2,190 5 710,000 1 3.7 3.7 +0.0
14 TREASURES @ G20 400 to 500 2,011 9 513,000 2 4.7 4.7 -0.0
14 [email protected] 300 to 400 2,200 1 563,000 1 4.7 3.8 +0.9
14 [email protected] 400 to 500 1,930 5 589,000 4 3.9 3.8 +0.1
1 V ON SHENTON 400 to 500 2,899 48 1,020,000 1 3.4 3.3 +0.1
14 VIENTO 400 to 500 1,928 9 628,000 1 3.7 3.6 +0.1
5 VIVA VISTA 300 to 400 2,254 35 612,500 2 4.4 4.2 +0.2
5 VIVA VISTA 400 to 500 2,350 7 680,000 1 4.1 4.2 -0.1
14 WATERBANK AT DAKOTA 400 to 500 2,468 26 806,333 6 3.7 3.2 +0.5
9 WILKIE 80 300 to 400 2,300 1 735,000 1 3.8 3.1 +0.6

Disclaimer

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