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
(%)
19 BARTLEY RESIDENCES 400 to 500 1,978 19 679,000 2 3.5 3.1 +0.4
19 BOTANIQUE AT BARTLEY 400 to 500 2,206 8 750,000 1 3.5 3.3 +0.2
19 CARDIFF RESIDENCE 400 to 500 1,793 14 561,000 2 3.8 3.6 +0.2
18 COCO PALMS 400 to 500 1,849 25 636,500 4 3.5 3.1 +0.3
18 D'NEST 400 to 500 1,779 17 598,000 2 3.6 3.3 +0.3
23 FORESQUE RESIDENCES 400 to 500 1,720 5 615,000 1 3.4 2.9 +0.4
17 HEDGES PARK CONDOMINIUM 400 to 500 1,715 10 530,000 2 3.9 3.8 +0.1
15 HERITAGE EAST 400 to 500 1,567 3 620,000 1 3.0 3.4 -0.3
28 HIGH PARK RESIDENCES 300 to 400 1,613 4 523,333 3 3.7 3.5 +0.2
28 HIGH PARK RESIDENCES 400 to 500 1,758 6 603,750 4 3.5 3.5 -0.0
23 HILLION RESIDENCES 400 to 500 1,924 43 700,000 1 3.3 3.3 -0.0
19 JEWEL @ BUANGKOK 400 to 500 1,850 10 662,500 2 3.4 3.0 +0.4
19 KINGSFORD WATERBAY 400 to 500 1,770 32 597,667 3 3.6 3.4 +0.2
14 LEVENUE 400 to 500 1,740 5 648,800 1 3.2 3.5 -0.2
19 MIDTOWN RESIDENCES 400 to 500 1,829 7 650,000 1 3.4 3.2 +0.1
23 NATURA@HILLVIEW 400 to 500 1,635 8 575,000 1 3.4 3.2 +0.3
14 PALMERA EAST 400 to 500 1,750 2 600,000 1 3.5 2.9 +0.6
15 PARC BLEU 400 to 500 1,788 4 610,000 1 3.5 3.4 +0.1
19 PARC CENTROS 400 to 500 1,825 17 621,667 3 3.5 3.3 +0.2
15 PARC ELEGANCE 300 to 400 1,700 2 540,000 1 3.8 3.4 +0.4
15 PARC ELEGANCE 400 to 500 1,706 9 600,000 1 3.4 3.4 +0.0
17 PARC OLYMPIA 400 to 500 1,707 14 540,000 1 3.8 3.7 +0.1
5 PARC RIVIERA 400 to 500 2,041 38 653,750 2 3.7 3.2 +0.6
25 PARC ROSEWOOD 400 to 500 1,534 32 503,250 4 3.7 3.7 -0.0
19 PRESTO@UPPER SERANGOON 400 to 500 1,823 4 600,000 1 3.6 3.0 +0.6
28 RIVERBANK @ FERNVALE 400 to 500 1,733 3 594,000 2 3.5 3.2 +0.3
19 SPACE @ KOVAN 400 to 500 1,738 13 580,000 1 3.6 3.1 +0.5
18 STRATUM 400 to 500 1,606 18 570,000 1 3.4 3.6 -0.2
19 SUITES @ PAYA LEBAR 300 to 400 1,675 8 510,000 1 3.9 3.8 +0.1
14 THE EBONY 300 to 400 1,717 3 513,000 1 4.0 3.7 +0.4
16 THE GLADES 400 to 500 2,057 16 710,000 1 3.5 3.6 -0.1
17 THE INFLORA 400 to 500 1,682 17 516,286 7 3.9 3.6 +0.4
22 THE LAKEFRONT RESIDENCES 400 to 500 2,137 9 705,000 1 3.6 3.2 +0.4
20 THE PANORAMA 400 to 500 1,804 14 689,000 2 3.1 2.7 +0.4
19 THE PROMENADE@PELIKAT 400 to 500 1,677 13 555,000 1 3.6 3.8 -0.1
18 THE SANTORINI 400 to 500 1,769 7 580,000 1 3.7 3.1 +0.6
19 THE TEMBUSU 400 to 500 1,945 11 788,400 2 3.0 2.5 +0.5
14 TROPIKA EAST 400 to 500 1,735 10 625,000 1 3.3 3.0 +0.3
19 URBAN RESIDENCES 400 to 500 1,864 7 670,000 1 3.3 3.5 -0.1
14 VACANZA @ EAST 400 to 500 1,680 10 690,000 1 2.9 2.8 +0.1
15 VIBES @ EAST COAST 400 to 500 1,750 13 585,000 1 3.6 3.7 -0.1
19 VIBES @ KOVAN 400 to 500 1,750 2 600,000 1 3.5 3.1 +0.4
19 VIBES@UPPER SERANGOON 300 to 400 1,600 1 520,000 1 3.7 3.6 +0.1
19 VIBES@UPPER SERANGOON 400 to 500 1,800 4 560,000 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
(%)
13 18 WOODSVILLE 400 to 500 2,040 5 788,000 1 3.1 3.3 -0.2
14 28 IMPERIAL RESIDENCES 400 to 500 1,763 4 630,000 1 3.4 3.1 +0.3
15 38 I SUITES 400 to 500 1,886 7 743,000 1 3.0 3.7 -0.6
12 AIRSTREAM 400 to 500 1,722 9 650,000 1 3.2 3.8 -0.6
3 ALEXIS 300 to 400 2,218 14 710,000 1 3.7 3.5 +0.3
9 ATTITUDE AT KIM YAM 300 to 400 2,114 7 720,000 1 3.5 3.6 -0.1
13 BARTLEY RIDGE 400 to 500 1,955 38 709,333 3 3.3 2.9 +0.4
15 BELLA CASITA 400 to 500 1,900 2 560,000 1 4.1 3.1 +1.0
14 CASA AERATA 400 to 500 1,771 7 563,000 1 3.8 3.7 +0.1
14 CENTRA LOFT 400 to 500 1,871 7 583,000 1 3.9 3.5 +0.3
8 CITY LOFT 300 to 400 1,785 10 570,000 1 3.8 3.9 -0.1
3 COMMONWEALTH TOWERS 400 to 500 2,414 78 836,200 10 3.5 3.3 +0.1
12 CRADELS 400 to 500 1,917 12 726,000 1 3.2 3.3 -0.1
2 DORSETT RESIDENCES 400 to 500 2,917 3 915,000 1 3.8 3.6 +0.2
12 EIGHT RIVERSUITES 400 to 500 2,132 43 741,500 2 3.4 3.2 +0.3
15 EVERITT EDGE 400 to 500 1,733 3 628,000 1 3.3 3.4 -0.1
14 GUILLEMARD EDGE 400 to 500 1,830 33 614,333 3 3.6 3.2 +0.4
14 IDYLLIC SUITES 400 to 500 1,735 10 560,000 1 3.7 3.5 +0.3
14 LA FLEUR 400 to 500 1,712 15 510,000 2 4.0 3.7 +0.3
14 LE REGAL 300 to 400 1,613 8 498,800 1 3.9 4.2 -0.3
10 LOFT@HOLLAND 400 to 500 2,400 2 808,591 1 3.6 4.1 -0.5
12 MOONSTONE ROYALE 400 to 500 1,650 1 572,888 1 3.5 3.6 -0.2
9 MOUNT SOPHIA SUITES 400 to 500 2,183 3 766,500 2 3.4 3.4 +0.0
11 MULBERRY TREE 400 to 500 2,050 1 742,500 1 3.3 2.9 +0.4
21 NOTTINGHILL SUITES 300 to 400 1,702 17 593,333 3 3.4 3.4 +0.0
8 PARC SOMME 300 to 400 1,850 1 544,000 2 4.1 3.4 +0.7
14 PAVILION SQUARE 300 to 400 1,864 7 550,000 1 4.1 4.5 -0.5
1 PEOPLE'S PARK COMPLEX 400 to 500 1,710 10 468,000 1 4.4 3.9 +0.5
12 PRESTIGE HEIGHTS 300 to 400 1,731 19 570,000 1 3.6 3.9 -0.2
12 PRESTIGE HEIGHTS 400 to 500 1,946 5 540,000 1 4.3 3.9 +0.5
14 REZI 26 400 to 500 1,767 6 570,000 1 3.7 3.3 +0.4
10 RV EDGE 400 to 500 2,369 8 850,000 1 3.3 3.7 -0.4
10 RV SUITES 400 to 500 2,767 3 896,800 1 3.7 3.5 +0.2
14 SIMS EDGE 400 to 500 1,850 9 735,000 1 3.0 3.0 +0.0
14 SIMS URBAN OASIS 400 to 500 2,117 60 686,400 5 3.7 3.2 +0.6
13 SKY GREEN 400 to 500 2,005 21 700,000 1 3.4 3.0 +0.4
20 SKY VUE 400 to 500 2,374 17 810,000 1 3.5 3.1 +0.4
2 SKYSUITES@ANSON 300 to 400 2,672 29 900,000 1 3.6 3.3 +0.3
2 SPOTTISWOODE 18 300 to 400 2,243 41 802,667 3 3.4 3.6 -0.2
15 SPRING @ LANGSAT 400 to 500 1,725 2 596,000 1 3.5 3.0 +0.5
15 STUDIOS@TEMBELING 400 to 500 2,167 3 730,000 1 3.6 3.2 +0.4
8 SUITES 123 400 to 500 2,013 4 638,888 1 3.8 4.2 -0.4
14 SUITES 28 400 to 500 1,875 2 570,000 1 3.9 2.5 +1.4
15 SUITES @ GUILLEMARD 300 to 400 1,750 5 575,000 1 3.7 3.3 +0.3
21 SUITES AT BUKIT TIMAH 300 to 400 1,690 5 600,000 1 3.4 3.0 +0.4
14 SUITES@CHANGI 400 to 500 1,686 5 530,000 1 3.8 3.5 +0.3
1 THE CLIFT 400 to 500 3,045 11 950,000 1 3.8 3.7 +0.2
21 THE HILLFORD 300 to 400 1,751 35 472,500 6 4.4 4.9 -0.5
14 THE OCTET 400 to 500 1,738 8 500,000 1 4.2 4.0 +0.2
13 THE POIZ RESIDENCES 400 to 500 2,185 47 715,000 1 3.7 3.4 +0.3
12 THE VERVE 400 to 500 1,875 6 615,000 1 3.7 3.2 +0.4
20 THOMSON IMPRESSIONS 400 to 500 1,973 11 765,000 1 3.1 2.9 +0.2
20 THOMSON THREE 400 to 500 1,883 6 780,000 1 2.9 2.5 +0.4
14 VIENTO 400 to 500 1,783 6 530,000 1 4.0 3.7 +0.3
5 VIVA VISTA 300 to 400 1,993 20 616,000 1 3.9 3.7 +0.1
10 VIZ AT HOLLAND 400 to 500 2,200 4 800,000 1 3.3 2.7 +0.6

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