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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
(%)
19 BARTLEY RESIDENCES 400 to 500 1,958 24 760,000 1 3.1 3.2 -0.1
19 BOTANIQUE AT BARTLEY 400 to 500 2,158 6 751,667 3 3.4 3.0 +0.4
19 CARDIFF RESIDENCE 400 to 500 1,765 23 575,000 2 3.7 3.4 +0.2
18 COCO PALMS 400 to 500 1,888 13 631,500 4 3.6 3.1 +0.5
15 CUBIK 400 to 500 1,767 3 650,000 1 3.3 3.5 -0.2
18 D'NEST 400 to 500 1,847 29 624,500 4 3.5 3.4 +0.2
23 FORESQUE RESIDENCES 400 to 500 1,717 7 605,000 1 3.4 3.1 +0.3
28 HIGH PARK RESIDENCES 300 to 400 1,650 5 500,500 8 4.0 3.3 +0.6
28 HIGH PARK RESIDENCES 400 to 500 1,827 11 601,000 6 3.6 3.3 +0.3
19 ISUITES @ PALM 400 to 500 1,688 4 575,000 1 3.5 3.1 +0.4
22 J GATEWAY 400 to 500 2,612 23 878,000 2 3.6 3.2 +0.4
19 JEWEL @ BUANGKOK 400 to 500 1,857 14 651,667 3 3.4 2.9 +0.5
19 KINGSFORD WATERBAY 400 to 500 1,771 21 596,000 3 3.6 3.3 +0.2
19 KOVAN GRANDEUR 300 to 400 1,679 3 475,000 1 4.2 3.4 +0.9
23 NATURA@HILLVIEW 400 to 500 1,690 10 618,000 1 3.3 3.3 -0.0
17 OCEAN FRONT SUITES 300 to 400 1,475 2 528,000 1 3.4 3.3 +0.1
15 PARC BLEU 400 to 500 1,763 4 665,000 1 3.2 2.9 +0.3
19 PARC CENTROS 400 to 500 1,775 19 615,000 2 3.5 3.2 +0.3
17 PARC OLYMPIA 400 to 500 1,660 5 552,500 2 3.6 3.4 +0.2
25 PARC ROSEWOOD 400 to 500 1,550 44 537,500 2 3.5 3.9 -0.5
28 RIVERBANK @ FERNVALE 400 to 500 1,747 9 580,000 1 3.6 3.3 +0.3
19 RIVERSOUND RESIDENCE 400 to 500 1,700 2 585,000 1 3.5 3.0 +0.5
27 SKIES MILTONIA 400 to 500 1,675 4 570,000 1 3.5 3.3 +0.2
19 SUITES @ PAYA LEBAR 400 to 500 1,730 5 605,000 1 3.4 3.7 -0.3
19 THE BENTLY RESIDENCES@KOVAN 400 to 500 1,750 2 720,000 1 2.9 2.4 +0.5
15 THE COTZ 300 to 400 1,633 3 512,888 1 3.8 3.9 -0.1
15 THE COTZ 400 to 500 1,642 3 593,000 1 3.3 3.9 -0.6
16 THE GLADES 400 to 500 2,062 25 724,000 2 3.4 3.3 +0.1
17 THE INFLORA 400 to 500 1,638 13 521,429 7 3.8 3.1 +0.7
22 THE LAKEFRONT RESIDENCES 400 to 500 2,158 6 726,000 1 3.6 3.1 +0.5
19 THE LUXURIE 400 to 500 1,650 1 649,000 2 3.1 2.8 +0.2
20 THE PANORAMA 400 to 500 1,834 14 706,250 4 3.1 2.7 +0.4
19 THE SCALA 400 to 500 2,173 15 765,000 2 3.4 3.1 +0.3
14 TROPIKA EAST 400 to 500 1,760 5 640,000 1 3.3 2.8 +0.5
15 VIBES @ EAST COAST 400 to 500 1,696 5 610,000 1 3.3 3.1 +0.2
19 VIBES@UPPER SERANGOON 300 to 400 1,600 1 520,000 1 3.7 3.2 +0.5
19 VIBES@UPPER SERANGOON 400 to 500 1,775 6 580,000 1 3.7 3.2 +0.5

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 2,029 7 780,000 1 3.1 2.8 +0.3
13 18 WOODSVILLE 400 to 500 2,150 7 788,000 1 3.3 2.9 +0.4
14 28 IMPERIAL RESIDENCES 400 to 500 2,117 3 630,000 1 4.0 3.2 +0.9
15 38 I SUITES 400 to 500 1,880 5 755,500 2 3.0 3.4 -0.4
12 AIRSTREAM 300 to 400 1,675 2 470,000 1 4.3 3.5 +0.7
13 BARTLEY RIDGE 400 to 500 1,990 24 710,000 1 3.4 3.0 +0.3
14 CENTRA HEIGHTS 400 to 500 1,923 11 681,444 2 3.4 3.3 +0.1
14 CENTRA LOFT 400 to 500 1,864 14 612,888 1 3.7 4.2 -0.6
14 CENTRA RESIDENCE 400 to 500 1,908 6 630,000 1 3.6 3.4 +0.2
3 COMMONWEALTH TOWERS 400 to 500 2,530 41 805,500 2 3.8 3.5 +0.3
12 CRADELS 400 to 500 2,043 14 658,000 1 3.7 3.4 +0.3
2 DORSETT RESIDENCES 400 to 500 3,000 2 950,000 1 3.8 3.5 +0.2
11 DUNEARN SUITES 400 to 500 2,000 2 735,000 1 3.3 2.9 +0.3
3 ECHELON 400 to 500 2,623 20 1,023,000 1 3.1 3.0 +0.0
14 EDENZ LOFT 400 to 500 1,758 6 571,667 3 3.7 3.2 +0.5
14 EDENZ SUITES 400 to 500 1,756 9 568,500 1 3.7 4.1 -0.4
12 EIGHT RIVERSUITES 400 to 500 2,136 28 730,000 3 3.5 3.2 +0.3
9 ESPADA 300 to 400 2,499 37 1,000,000 1 3.0 3.1 -0.1
12 GEM RESIDENCES 400 to 500 2,550 2 680,000 1 4.5 2.7 +1.8
14 GUILLEMARD EDGE 400 to 500 1,896 28 603,944 2 3.8 3.5 +0.2
14 IDYLLIC SUITES 400 to 500 1,842 6 560,000 1 3.9 4.5 -0.5
15 JUPITER 18 300 to 400 1,700 1 500,000 1 4.1 3.7 +0.4
21 KAP RESIDENCES 400 to 500 2,050 4 823,000 1 3.0 2.8 +0.2
14 LA BRISA 400 to 500 1,766 8 580,000 1 3.7 3.6 +0.0
14 LA FLEUR 400 to 500 1,708 10 510,000 1 4.0 3.6 +0.4
14 LE REGAL 400 to 500 1,593 6 490,000 1 3.9 3.9 +0.0
10 LOFT @ NATHAN 400 to 500 2,215 13 820,000 1 3.2 2.8 +0.4
9 MACKENZIE 138 400 to 500 2,117 3 718,000 1 3.5 3.1 +0.5
14 MELOSA 400 to 500 1,813 4 545,000 1 4.0 3.4 +0.6
14 MILLAGE 400 to 500 2,014 7 720,000 1 3.4 3.1 +0.3
9 MOUNT SOPHIA SUITES 400 to 500 2,325 4 766,500 2 3.6 3.3 +0.3
12 NEEM TREE 400 to 500 2,150 6 690,000 1 3.7 2.8 +1.0
21 NOTTINGHILL SUITES 300 to 400 1,829 14 590,000 1 3.7 3.7 +0.0
12 ONE DUSUN RESIDENCES 400 to 500 2,150 3 800,000 1 3.2 3.0 +0.3
5 PARC IMPERIAL 400 to 500 2,050 10 685,000 1 3.6 4.5 -1.0
14 PAVILION SQUARE 300 to 400 1,917 3 567,500 2 4.1 4.3 -0.2
1 PEOPLE'S PARK COMPLEX 400 to 500 1,825 14 489,933 3 4.5 3.9 +0.5
12 PRESTIGE HEIGHTS 300 to 400 1,763 19 520,000 1 4.1 3.9 +0.1
12 PRESTIGE HEIGHTS 400 to 500 2,100 5 640,000 1 3.9 3.9 +0.0
3 PRINCIPAL GARDEN 400 to 500 2,900 8 968,000 1 3.6 3.7 -0.1
12 REGENT RESIDENCES 400 to 500 1,893 7 638,000 1 3.6 3.0 +0.6
12 RIVIERA 38 400 to 500 1,938 4 625,000 1 3.7 3.1 +0.6
1 ROBINSON SUITES 400 to 500 2,938 25 1,238,000 1 2.8 2.8 +0.0
14 ROYCE RESIDENCES 400 to 500 1,700 2 509,000 2 4.0 3.9 +0.1
10 RV EDGE 300 to 400 2,110 5 738,000 1 3.4 3.8 -0.3
10 RV EDGE 400 to 500 2,338 13 900,000 1 3.1 3.8 -0.6
14 SIMS URBAN OASIS 400 to 500 2,107 60 750,200 5 3.4 3.2 +0.2
13 SKY GREEN 400 to 500 2,031 21 725,000 2 3.4 3.1 +0.3
12 SKYSUITES17 300 to 400 1,925 11 633,000 1 3.7 3.5 +0.2
2 SKYSUITES@ANSON 300 to 400 2,880 22 960,000 1 3.6 3.5 +0.1
2 SPOTTISWOODE 18 300 to 400 2,279 31 839,333 3 3.3 3.4 -0.1
14 SUITES 28 400 to 500 1,850 2 570,000 1 3.9 2.5 +1.4
8 SUITES @ OWEN 300 to 400 1,875 2 568,000 1 4.0 3.5 +0.5
14 SUITES @ SIMS 300 to 400 1,660 5 510,000 2 3.9 3.8 +0.1
14 SUITES@CHANGI 400 to 500 1,767 6 525,000 1 4.0 3.5 +0.5
21 THE CREEK @ BUKIT 400 to 500 1,950 5 714,000 2 3.3 2.7 +0.6
10 THE FORD @ HOLLAND 400 to 500 2,700 5 880,000 1 3.7 3.1 +0.6
21 THE HILLFORD 300 to 400 1,773 26 476,400 5 4.5 4.8 -0.4
12 THE INTERWEAVE 400 to 500 1,900 4 644,000 2 3.5 3.9 -0.4
13 THE POIZ RESIDENCES 400 to 500 2,234 37 778,000 1 3.4 3.3 +0.2
12 THE VERVE 400 to 500 1,907 7 631,500 2 3.6 3.0 +0.6
14 THE WATER EDGE 400 to 500 1,869 13 650,000 1 3.5 3.3 +0.1
20 THOMSON THREE 400 to 500 1,950 6 795,000 1 2.9 2.7 +0.2
8 TYRWHITT 139 300 to 400 2,050 3 580,000 1 4.2 3.6 +0.6
14 VIENTO 400 to 500 1,714 7 565,000 1 3.6 3.7 -0.0
9 VIVACE 300 to 400 2,300 5 780,000 1 3.5 3.3 +0.2
10 VIZ AT HOLLAND 400 to 500 2,325 6 800,000 1 3.5 2.9 +0.6
9 WILKIE 80 300 to 400 2,300 1 810,000 1 3.4 3.0 +0.4

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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