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
(%)
15 448@EAST COAST 400 to 500 1,830 5 665,000 1 3.3 3.0 +0.3
15 AURALIS 400 to 500 1,917 6 724,000 1 3.2 3.1 +0.1
16 BALCON EAST 400 to 500 1,500 1 620,000 1 2.9 2.7 +0.2
19 BARTLEY RESIDENCES 400 to 500 2,003 29 693,750 4 3.5 3.2 +0.3
19 CARDIFF RESIDENCE 400 to 500 1,740 21 576,667 3 3.6 3.2 +0.4
19 CASA CAMBIO 400 to 500 1,852 27 663,333 3 3.4 3.4 -0.1
18 D'NEST 400 to 500 1,750 32 628,000 5 3.3 3.3 +0.1
19 D'ZIRE 400 to 500 1,567 3 565,000 1 3.3 2.8 +0.6
16 EASTWOOD REGENCY 400 to 500 1,476 9 520,000 1 3.4 3.3 +0.2
23 FORESQUE RESIDENCES 400 to 500 1,711 7 620,000 1 3.3 3.0 +0.3
17 HEDGES PARK CONDOMINIUM 400 to 500 1,638 13 526,667 3 3.7 3.4 +0.4
15 HERITAGE EAST 300 to 400 1,500 3 555,000 1 3.2 3.2 +0.1
23 HILLION RESIDENCES 400 to 500 1,833 64 762,630 27 2.9 2.8 +0.1
19 ISUITES @ PALM 400 to 500 1,624 5 578,500 2 3.4 3.3 +0.1
22 J GATEWAY 400 to 500 2,462 21 830,000 2 3.6 3.2 +0.3
14 KEMBANGAN SUITES 400 to 500 2,200 1 690,000 1 3.8 3.3 +0.5
19 KOVAN GRANDEUR 300 to 400 1,625 2 492,500 2 4.0 3.6 +0.4
15 LA VIDA @ 130 400 to 500 1,733 6 619,000 2 3.4 3.1 +0.3
15 LAVERNE'S LOFT 300 to 400 1,625 6 554,500 2 3.5 3.3 +0.2
14 LEVENUE 400 to 500 1,813 12 650,000 1 3.3 3.5 -0.1
23 NATURA@HILLVIEW 400 to 500 1,683 9 627,500 2 3.2 3.0 +0.2
16 OPTIMA @ TANAH MERAH 400 to 500 2,050 10 678,000 1 3.6 3.6 +0.0
19 PARC CENTROS 400 to 500 1,758 26 610,000 2 3.5 3.3 +0.1
15 PARC ELEGANCE 300 to 400 1,700 6 555,000 2 3.7 3.7 -0.0
15 PARC ELEGANCE 400 to 500 1,694 13 595,000 1 3.4 3.7 -0.3
17 PARC OLYMPIA 400 to 500 1,625 2 544,333 3 3.6 3.2 +0.4
25 PARC ROSEWOOD 400 to 500 1,562 39 522,500 8 3.6 3.3 +0.2
19 PRESTO@UPPER SERANGOON 400 to 500 1,757 7 620,000 1 3.4 3.1 +0.3
18 RIPPLE BAY 400 to 500 1,764 7 551,667 6 3.8 3.2 +0.6
19 RIVERSOUND RESIDENCE 400 to 500 1,500 1 550,000 2 3.3 2.9 +0.4
27 SKIES MILTONIA 400 to 500 1,613 4 599,944 2 3.2 3.9 -0.6
18 STRATUM 400 to 500 1,579 12 572,888 1 3.3 3.5 -0.2
14 SUITES @ EUNOS 300 to 400 1,720 5 580,000 1 3.6 3.4 +0.1
19 SUITES @ KOVAN 300 to 400 1,683 3 550,000 1 3.7 3.1 +0.6
19 SUITES @ PAYA LEBAR 300 to 400 1,635 15 508,000 1 3.9 3.8 +0.1
13 SUITES@BRADDELL 300 to 400 1,688 4 550,000 1 3.7 3.7 -0.1
19 THE BENTLY RESIDENCES@KOVAN 400 to 500 1,800 2 700,000 1 3.1 2.2 +0.8
15 THE COTZ 300 to 400 1,550 3 505,000 1 3.7 3.5 +0.2
15 THE COTZ 400 to 500 1,667 3 578,000 2 3.5 3.5 -0.1
17 THE INFLORA 400 to 500 1,564 26 530,667 6 3.5 3.3 +0.3
22 THE LAKEFRONT RESIDENCES 400 to 500 2,046 13 745,000 1 3.3 3.3 +0.0
14 THE LENOX 400 to 500 1,830 5 590,000 1 3.7 3.1 +0.6
19 THE LUXURIE 400 to 500 1,750 1 611,667 3 3.4 2.9 +0.5
27 THE NAUTICAL 400 to 500 1,746 5 555,000 1 3.8 3.5 +0.3
18 THE PALETTE 400 to 500 1,700 2 605,000 1 3.4 3.2 +0.2
20 THE PANORAMA 400 to 500 1,751 15 720,000 1 2.9 3.0 -0.0
19 THE PROMENADE@PELIKAT 400 to 500 1,617 9 618,000 1 3.1 2.7 +0.5
19 THE SCALA 400 to 500 2,182 14 749,333 3 3.5 3.2 +0.3
19 THE TEMBUSU 400 to 500 1,935 2 755,000 1 3.1 2.4 +0.7
19 THE VUE 400 to 500 1,813 4 562,333 3 3.9 3.4 +0.5
14 VACANZA @ EAST 400 to 500 1,643 7 648,750 2 3.0 3.0 +0.1
15 VIBES @ EAST COAST 400 to 500 1,715 10 601,500 2 3.4 3.5 -0.1
19 VIBES @ KOVAN 400 to 500 1,683 3 560,000 1 3.6 4.3 -0.7
19 VIBES@UPPER SERANGOON 400 to 500 1,756 8 590,000 1 3.6 3.0 +0.6

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
(%)
15 16 @ AMBER 400 to 500 1,890 5 732,500 4 3.1 2.7 +0.4
13 18 WOODSVILLE 400 to 500 2,081 13 860,000 1 2.9 2.8 +0.1
11 26 NEWTON 400 to 500 2,502 24 1,221,917 9 2.5 2.5 -0.1
15 38 I SUITES 400 to 500 1,955 11 710,000 1 3.3 3.3 +0.0
11 6 DERBYSHIRE 400 to 500 2,283 3 1,203,026 15 2.3 2.2 +0.0
11 8 BASSEIN 400 to 500 2,004 14 810,000 1 3.0 2.8 +0.2
12 AIRSTREAM 300 to 400 1,633 3 510,000 1 3.8 3.3 +0.5
3 ALEX RESIDENCES 400 to 500 2,463 27 845,000 1 3.5 3.1 +0.4
3 ALEXIS 300 to 400 2,267 18 702,500 4 3.9 3.5 +0.4
9 ASPEN LINQ 400 to 500 2,350 2 715,000 1 3.9 3.1 +0.8
9 ATTITUDE AT KIM YAM 300 to 400 2,050 3 800,000 1 3.1 2.9 +0.2
13 BARTLEY RIDGE 400 to 500 1,889 14 696,286 7 3.3 2.8 +0.4
14 CASA AERATA 300 to 400 1,570 1 519,000 2 3.6 3.5 +0.1
8 CAVAN SUITES 300 to 400 1,810 5 580,000 1 3.7 3.4 +0.4
14 CENTRA HEIGHTS 400 to 500 1,917 19 673,500 2 3.4 3.4 +0.1
14 CENTRA LOFT 400 to 500 1,708 12 582,500 2 3.5 3.4 +0.1
14 CENTRA STUDIOS 300 to 400 1,767 3 541,667 3 3.9 3.5 +0.4
14 CENTRA STUDIOS 400 to 500 1,825 4 625,000 2 3.5 3.5 -0.0
8 CITY LOFT 300 to 400 1,772 9 530,500 3 4.0 3.9 +0.1
12 CITY SUITES 400 to 500 2,000 1 830,009 20 2.9 2.9 +0.0
14 COSMO 400 to 500 1,900 1 610,000 1 3.7 3.7 +0.1
12 CRADELS 400 to 500 1,922 13 688,000 1 3.4 3.1 +0.3
12 DOMUS 400 to 500 2,183 6 835,000 1 3.1 2.5 +0.6
3 ECHELON 400 to 500 2,582 17 912,500 2 3.4 3.3 +0.1
14 EDENZ SUITES 400 to 500 1,683 3 600,000 1 3.4 3.7 -0.3
12 EIGHT RIVERSUITES 400 to 500 2,019 36 716,071 14 3.4 2.9 +0.4
9 ESPADA 300 to 400 2,574 35 909,360 5 3.4 3.3 +0.1
9 ESPADA 400 to 500 2,800 1 976,500 2 3.4 3.3 +0.1
15 EVERITT EDGE 400 to 500 1,750 3 655,000 1 3.2 3.3 -0.1
8 FARRER PARK SUITES 300 to 400 2,000 1 640,000 1 3.8 3.1 +0.6
15 FULCRUM 400 to 500 2,244 8 1,029,000 1 2.6 2.8 -0.2
14 GUILLEMARD EDGE 400 to 500 1,848 43 650,167 6 3.4 3.4 +0.0
15 HAIG 162 300 to 400 1,642 13 555,000 1 3.6 4.0 -0.4
14 IDYLLIC SUITES 400 to 500 1,710 10 556,667 3 3.7 3.7 -0.0
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,595 10 1,044,000 2 3.0 2.9 +0.1
15 IMPERIAL HEIGHTS 400 to 500 1,725 6 610,000 1 3.4 3.2 +0.2
8 JOOL SUITES 400 to 500 1,932 14 661,667 3 3.5 3.5 -0.0
13 LEICESTER SUITES 400 to 500 1,890 10 729,333 3 3.1 3.2 -0.1
11 LINCOLN SUITES 400 to 500 2,693 12 1,100,000 1 2.9 3.0 -0.1
10 LOFT @ NATHAN 300 to 400 2,100 4 695,000 1 3.6 3.0 +0.6
10 LOFT @ NATHAN 400 to 500 2,192 12 856,000 3 3.1 3.0 +0.1
10 LOFT@HOLLAND 300 to 400 2,300 16 800,000 1 3.5 3.1 +0.4
9 MACKENZIE 138 400 to 500 2,067 3 720,000 1 3.4 3.1 +0.3
9 MACKENZIE 88 400 to 500 2,122 9 765,000 1 3.3 3.4 -0.0
14 MELOSA 400 to 500 1,764 7 556,125 4 3.8 3.4 +0.4
14 METRO LOFT 400 to 500 1,806 8 657,500 2 3.3 3.4 -0.1
14 MILLAGE 400 to 500 1,829 17 680,000 2 3.2 3.0 +0.2
15 MOUNTBATTEN LODGE 300 to 400 1,485 5 609,000 1 2.9 3.3 -0.3
14 NESS 400 to 500 1,714 7 581,000 1 3.5 3.5 +0.0
9 NEWTON EDGE 400 to 500 2,217 6 935,000 1 2.8 2.7 +0.1
21 NOTTINGHILL SUITES 300 to 400 1,665 13 630,000 4 3.2 3.1 +0.1
12 OPAL SUITES 400 to 500 1,746 7 570,000 3 3.7 3.6 +0.1
5 PARC IMPERIAL 400 to 500 2,070 15 677,500 2 3.7 3.9 -0.3
9 PARC SOPHIA 400 to 500 2,350 10 879,000 2 3.2 3.1 +0.1
1 PEOPLE'S PARK COMPLEX 400 to 500 1,643 23 485,000 2 4.1 4.4 -0.3
11 PEPPERMINT GROVE 400 to 500 2,000 1 838,000 1 2.9 2.9 -0.0
12 PRESTIGE HEIGHTS 300 to 400 1,740 24 541,875 4 3.9 3.7 +0.2
12 PRESTIGE HEIGHTS 400 to 500 1,900 5 622,000 1 3.7 3.7 -0.0
14 PRIME RESIDENCE 300 to 400 1,563 4 510,000 1 3.7 4.1 -0.4
14 PRIMEDGE 400 to 500 1,760 5 612,000 1 3.5 3.2 +0.2
15 QUESTA @ DUNMAN 400 to 500 2,000 1 670,000 1 3.6 2.8 +0.8
12 REGENT RESIDENCES 400 to 500 1,850 3 508,847 4 4.4 3.2 +1.2
14 REZI 26 400 to 500 1,845 21 589,444 2 3.8 3.3 +0.5
12 RIVIERA 38 400 to 500 1,967 3 610,000 2 3.9 3.2 +0.7
9 ROBERTSON EDGE 400 to 500 2,429 12 800,000 1 3.6 3.8 -0.1
10 RV EDGE 300 to 400 2,163 6 750,000 1 3.5 3.3 +0.2
10 RV EDGE 400 to 500 2,322 18 800,000 1 3.5 3.3 +0.2
9 RV POINT 400 to 500 2,531 8 865,000 1 3.5 3.4 +0.1
10 RV RESIDENCES 400 to 500 2,607 15 947,080 3 3.3 3.4 -0.1
10 RV SUITES 400 to 500 2,633 3 888,888 1 3.6 3.0 +0.6
14 SILVERSCAPE 400 to 500 1,720 9 560,000 1 3.7 3.4 +0.3
14 SIMS EDGE 400 to 500 1,850 7 633,250 4 3.5 3.2 +0.3
13 SKY GREEN 400 to 500 2,050 11 735,000 1 3.3 3.3 +0.1
20 SKY VUE 400 to 500 2,300 22 832,138 5 3.3 3.3 +0.0
4 SKYLINE RESIDENCES 400 to 500 2,717 9 965,000 1 3.4 3.0 +0.4
12 SKYSUITES17 300 to 400 1,869 12 641,400 5 3.5 3.2 +0.2
2 SKYSUITES@ANSON 300 to 400 2,882 43 918,606 14 3.8 3.8 -0.1
8 SOHO 188 400 to 500 2,250 6 670,000 1 4.0 3.6 +0.4
8 SOHO @ FARRER 400 to 500 1,950 5 665,000 2 3.5 4.2 -0.7
2 SPOTTISWOODE 18 300 to 400 2,274 31 819,178 5 3.3 3.5 -0.2
2 SPOTTISWOODE SUITES 400 to 500 2,590 26 1,030,000 1 3.0 3.2 -0.2
11 SUITES @ NEWTON 400 to 500 2,433 3 950,000 1 3.1 2.9 +0.2
14 SUITES @ SIMS 300 to 400 1,708 6 529,000 2 3.9 3.7 +0.1
12 SUITES @ TOPAZ 300 to 400 1,750 3 505,000 1 4.2 4.2 -0.0
21 SUITES AT BUKIT TIMAH 400 to 500 1,708 6 502,500 2 4.1 4.1 +0.0
15 SUITES@ KATONG 300 to 400 1,654 6 526,500 2 3.8 3.6 +0.1
15 SUITES@ KATONG 400 to 500 1,675 4 568,000 1 3.5 3.6 -0.1
14 SUITES@CHANGI 400 to 500 1,673 11 574,000 1 3.5 3.4 +0.1
1 THE CLIFT 400 to 500 3,062 13 990,000 2 3.7 3.7 +0.0
21 THE CREEK @ BUKIT 400 to 500 1,992 6 890,266 2 2.7 3.3 -0.6
15 THE LINE @ TANJONG RHU 400 to 500 2,400 2 1,045,148 11 2.8 2.0 +0.7
8 THE URBANITE 400 to 500 1,890 5 710,000 1 3.2 3.3 -0.1
15 THE VANDERLINT 400 to 500 1,850 2 620,000 1 3.6 3.0 +0.6
12 THE VERVE 400 to 500 1,840 5 690,000 1 3.2 2.7 +0.5
14 THE WATER EDGE 300 to 400 1,782 5 465,500 1 4.6 3.9 +0.7
14 THE WATER EDGE 400 to 500 1,925 8 644,600 3 3.6 3.9 -0.3
20 THREE 11 400 to 500 2,000 1 750,000 1 3.2 2.7 +0.5
12 TREVISTA 400 to 500 1,950 2 680,000 1 3.4 3.0 +0.4
8 TYRWHITT 139 300 to 400 1,667 3 600,000 1 3.3 3.9 -0.6
8 TYRWHITT 139 400 to 500 2,133 3 681,200 1 3.8 3.9 -0.1
1 V ON SHENTON 400 to 500 3,050 2 1,253,264 2 2.9 2.6 +0.3
12 VETRO 400 to 500 1,775 2 560,000 1 3.8 4.2 -0.4
14 VIENTO 400 to 500 1,733 18 562,500 2 3.7 3.8 -0.1
5 VIVA VISTA 300 to 400 1,974 22 590,000 2 4.0 3.6 +0.4
5 VIVA VISTA 400 to 500 2,038 4 685,000 1 3.6 3.6 -0.1
9 VIVACE 300 to 400 2,173 8 838,000 1 3.1 3.2 -0.1
14 WATERBANK AT DAKOTA 400 to 500 2,347 18 797,600 5 3.5 3.4 +0.2
11 ZEDGE 400 to 500 1,825 10 765,000 2 2.9 2.8 +0.1

Disclaimer

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