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 1,996 25 715,000 2 3.4 3.0 +0.3
19 BOTANIQUE AT BARTLEY 400 to 500 2,250 5 750,000 1 3.6 3.3 +0.3
19 CARDIFF RESIDENCE 400 to 500 1,783 23 572,000 1 3.7 3.6 +0.1
18 COCO PALMS 400 to 500 1,890 17 635,333 3 3.6 3.1 +0.4
15 CUBIK 400 to 500 1,825 2 650,000 1 3.4 2.9 +0.5
18 D'NEST 400 to 500 1,810 29 602,000 4 3.6 3.3 +0.3
23 FORESQUE RESIDENCES 400 to 500 1,750 5 605,000 1 3.5 3.0 +0.5
17 HEDGES PARK CONDOMINIUM 400 to 500 1,750 14 530,000 1 4.0 3.8 +0.1
28 HIGH PARK RESIDENCES 300 to 400 1,642 6 502,000 2 3.9 3.4 +0.5
28 HIGH PARK RESIDENCES 400 to 500 1,793 7 601,125 8 3.6 3.4 +0.1
22 J GATEWAY 400 to 500 2,590 26 868,000 1 3.6 3.2 +0.3
19 JEWEL @ BUANGKOK 400 to 500 1,846 13 651,667 3 3.4 3.0 +0.4
19 KINGSFORD WATERBAY 400 to 500 1,767 33 591,000 3 3.6 3.4 +0.1
15 PARC BLEU 400 to 500 1,738 4 610,000 1 3.4 3.3 +0.1
19 PARC CENTROS 400 to 500 1,784 17 621,667 3 3.4 3.2 +0.2
15 PARC ELEGANCE 300 to 400 1,650 2 540,000 1 3.7 3.3 +0.3
17 PARC OLYMPIA 400 to 500 1,725 8 552,500 2 3.7 3.6 +0.1
5 PARC RIVIERA 400 to 500 2,056 68 653,750 2 3.8 3.3 +0.5
25 PARC ROSEWOOD 400 to 500 1,552 41 515,000 3 3.6 3.9 -0.3
28 RIVERBANK @ FERNVALE 400 to 500 1,775 6 580,000 1 3.7 3.3 +0.4
19 SPACE @ KOVAN 400 to 500 1,788 13 580,000 1 3.7 3.7 +0.0
19 THE BENTLY RESIDENCES@KOVAN 400 to 500 1,750 2 720,000 1 2.9 2.6 +0.3
15 THE COTZ 300 to 400 1,563 4 512,888 1 3.7 3.7 -0.1
16 THE GLADES 400 to 500 2,068 20 724,000 2 3.4 3.2 +0.2
17 THE INFLORA 400 to 500 1,688 16 515,625 8 3.9 3.3 +0.6
20 THE PANORAMA 400 to 500 1,830 15 680,000 1 3.2 2.7 +0.5
14 TROPIKA EAST 400 to 500 1,767 6 640,000 1 3.3 2.8 +0.5
15 VIBES @ EAST COAST 400 to 500 1,761 7 610,000 1 3.5 3.6 -0.1
19 VIBES@UPPER SERANGOON 400 to 500 1,700 1 566,667 3 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 2,018 11 780,000 1 3.1 2.9 +0.2
13 18 WOODSVILLE 400 to 500 2,093 7 788,000 1 3.2 2.8 +0.3
14 28 IMPERIAL RESIDENCES 400 to 500 1,988 4 630,000 1 3.8 3.2 +0.6
15 38 I SUITES 400 to 500 1,893 7 743,000 1 3.1 3.8 -0.8
12 AIRSTREAM 300 to 400 1,600 1 470,000 1 4.1 3.7 +0.3
12 AIRSTREAM 400 to 500 1,800 10 650,000 1 3.3 3.7 -0.4
13 BARTLEY RIDGE 400 to 500 1,955 39 743,000 1 3.2 3.1 +0.1
14 CASA AERATA 400 to 500 1,850 6 563,000 1 3.9 3.9 +0.1
14 CENTRA HEIGHTS 400 to 500 1,913 12 644,888 1 3.6 3.4 +0.2
14 CENTRA LOFT 400 to 500 1,931 8 612,888 1 3.8 3.9 -0.1
14 CENTRA RESIDENCE 400 to 500 1,929 7 630,000 1 3.7 3.7 -0.1
3 COMMONWEALTH TOWERS 400 to 500 2,526 46 816,500 4 3.7 3.5 +0.2
2 DORSETT RESIDENCES 400 to 500 3,000 2 932,500 2 3.9 3.5 +0.4
14 EDENZ LOFT 400 to 500 1,741 11 570,000 2 3.7 3.2 +0.4
12 EIGHT RIVERSUITES 400 to 500 2,157 40 734,333 3 3.5 3.2 +0.3
9 ESPADA 300 to 400 2,545 36 1,000,000 1 3.1 3.2 -0.1
14 GUILLEMARD EDGE 400 to 500 1,889 35 602,629 3 3.8 3.5 +0.3
14 IDYLLIC SUITES 400 to 500 1,806 8 560,000 1 3.9 3.6 +0.3
14 LA BRISA 400 to 500 1,727 3 580,000 1 3.6 3.7 -0.1
14 LA FLEUR 400 to 500 1,720 14 510,000 1 4.0 3.7 +0.3
14 LE REGAL 300 to 400 1,570 5 498,800 1 3.8 3.3 +0.5
14 MELOSA 400 to 500 1,825 6 545,000 1 4.0 3.6 +0.4
14 MILLAGE 400 to 500 1,905 11 720,000 1 3.2 3.0 +0.2
12 MOONSTONE ROYALE 400 to 500 1,650 1 590,000 1 3.4 2.9 +0.5
9 MOUNT SOPHIA SUITES 400 to 500 2,300 4 766,500 2 3.6 3.4 +0.2
21 NOTTINGHILL SUITES 300 to 400 1,790 15 593,333 3 3.6 3.6 +0.0
9 OXLEY EDGE 300 to 400 2,350 2 829,000 2 3.4 3.1 +0.3
12 PARC HAVEN 400 to 500 1,833 3 660,000 1 3.3 2.6 +0.7
8 PARC SOMME 300 to 400 1,817 3 544,000 2 4.0 3.4 +0.6
14 PAVILION SQUARE 300 to 400 1,921 7 567,500 2 4.1 4.5 -0.4
1 PEOPLE'S PARK COMPLEX 400 to 500 1,825 10 480,000 1 4.6 4.2 +0.4
12 PRESTIGE HEIGHTS 400 to 500 2,056 5 640,000 1 3.9 4.2 -0.3
1 ROBINSON SUITES 400 to 500 2,911 14 1,238,000 1 2.8 2.7 +0.1
14 ROYCE RESIDENCES 400 to 500 1,713 4 488,000 1 4.2 3.9 +0.3
10 RV EDGE 300 to 400 2,125 10 738,000 1 3.5 3.6 -0.2
10 RV EDGE 400 to 500 2,394 8 875,000 2 3.3 3.6 -0.3
10 RV SUITES 400 to 500 2,725 4 896,800 1 3.6 3.3 +0.3
14 SIMS EDGE 400 to 500 1,775 4 735,000 1 2.9 2.9 -0.0
14 SIMS URBAN OASIS 400 to 500 2,100 81 699,400 5 3.6 3.2 +0.4
13 SKY GREEN 400 to 500 2,013 28 700,000 1 3.5 3.0 +0.5
20 SKY VUE 400 to 500 2,362 21 810,000 1 3.5 3.0 +0.5
2 SPOTTISWOODE 18 300 to 400 2,261 35 813,333 3 3.3 3.3 +0.0
14 SUITES 28 400 to 500 1,950 2 570,000 1 4.1 2.6 +1.5
14 SUITES @ SIMS 300 to 400 1,630 5 470,000 1 4.2 4.1 +0.1
1 THE CLIFT 400 to 500 3,200 10 950,000 1 4.0 3.7 +0.3
21 THE CREEK @ BUKIT 400 to 500 1,925 2 728,000 1 3.2 2.5 +0.6
21 THE HILLFORD 300 to 400 1,747 39 469,400 5 4.5 4.7 -0.2
12 THE INTERWEAVE 400 to 500 1,870 5 644,000 2 3.5 3.8 -0.4
14 THE OCTET 400 to 500 1,738 8 500,000 1 4.2 4.1 +0.1
13 THE POIZ RESIDENCES 400 to 500 2,219 57 778,000 1 3.4 3.4 +0.1
12 THE VERVE 400 to 500 1,889 9 615,000 1 3.7 3.2 +0.5
20 THOMSON THREE 400 to 500 1,925 6 780,000 1 3.0 2.5 +0.4
8 TYRWHITT 139 300 to 400 2,175 4 580,000 1 4.5 3.9 +0.6
9 VIVACE 300 to 400 2,317 6 780,000 1 3.6 3.4 +0.2
10 VIZ AT HOLLAND 400 to 500 2,225 6 800,000 1 3.3 2.8 +0.6
9 WILKIE 80 300 to 400 2,225 2 810,000 1 3.3 2.8 +0.5

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