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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
(%)
15 448@EAST COAST 400 to 500 1,788 4 665,000 1 3.2 2.9 +0.3
15 AURALIS 400 to 500 1,950 3 726,000 2 3.2 2.6 +0.6
19 BARTLEY RESIDENCES 400 to 500 1,971 41 687,167 6 3.4 3.0 +0.4
19 CARDIFF RESIDENCE 400 to 500 1,735 23 566,667 3 3.7 3.4 +0.3
19 CASA CAMBIO 400 to 500 1,834 31 663,875 8 3.3 3.1 +0.2
18 D'NEST 400 to 500 1,744 51 629,143 7 3.3 3.3 +0.0
19 D'ZIRE 400 to 500 1,575 2 565,000 1 3.3 2.7 +0.6
16 EASTWOOD REGENCY 400 to 500 1,507 12 520,000 1 3.5 3.2 +0.2
23 FORESQUE RESIDENCES 400 to 500 1,718 8 620,000 1 3.3 2.9 +0.4
17 HEDGES PARK CONDOMINIUM 400 to 500 1,638 18 530,000 3 3.7 3.6 +0.1
15 HERITAGE EAST 300 to 400 1,625 4 555,000 1 3.5 3.3 +0.2
15 HERITAGE EAST 400 to 500 1,643 7 600,000 1 3.3 3.3 +0.0
23 HILLION RESIDENCES 400 to 500 1,827 98 771,154 13 2.8 2.8 +0.1
19 ISUITES @ PALM 400 to 500 1,623 3 583,000 3 3.3 3.2 +0.1
22 J GATEWAY 400 to 500 2,387 35 855,000 2 3.3 3.3 +0.1
14 KEMBANGAN SUITES 400 to 500 2,300 1 690,000 1 4.0 3.3 +0.7
19 KOVAN GRANDEUR 300 to 400 1,583 3 485,000 1 3.9 4.3 -0.3
19 LA FIESTA 400 to 500 1,820 15 648,000 1 3.4 2.9 +0.4
15 LA VIDA @ 130 400 to 500 1,775 8 638,000 1 3.3 3.2 +0.1
15 LAVERNE'S LOFT 300 to 400 1,617 6 554,500 2 3.5 3.4 +0.1
15 LAVERNE'S LOFT 400 to 500 1,667 3 590,000 1 3.4 3.4 +0.0
14 LEVENUE 400 to 500 1,830 10 660,000 3 3.3 3.6 -0.3
16 OPTIMA @ TANAH MERAH 400 to 500 2,111 9 678,000 1 3.7 3.6 +0.2
19 PARC CENTROS 400 to 500 1,718 19 650,000 2 3.2 3.2 -0.1
15 PARC ELEGANCE 300 to 400 1,642 6 545,000 2 3.6 3.7 -0.1
15 PARC ELEGANCE 400 to 500 1,721 15 597,500 2 3.5 3.7 -0.2
17 PARC OLYMPIA 400 to 500 1,672 10 551,500 2 3.6 3.5 +0.1
25 PARC ROSEWOOD 400 to 500 1,552 45 522,444 9 3.6 3.3 +0.2
19 PARK RESIDENCES KOVAN 300 to 400 1,688 4 547,500 2 3.7 3.9 -0.2
19 PRESTO@UPPER SERANGOON 400 to 500 1,733 6 630,000 3 3.3 3.1 +0.2
14 QUBE SUITES 400 to 500 1,850 2 641,000 2 3.5 2.9 +0.6
18 RIPPLE BAY 400 to 500 1,703 18 531,667 3 3.8 3.4 +0.4
28 RIVERBANK @ FERNVALE 400 to 500 1,660 8 583,333 3 3.4 3.0 +0.4
5 SEAHILL 400 to 500 2,200 1 740,000 1 3.6 3.3 +0.3
18 STRATUM 400 to 500 1,565 13 572,888 1 3.3 3.5 -0.2
15 SUITES @ EASTCOAST 300 to 400 1,583 16 560,000 1 3.4 3.3 +0.1
19 SUITES @ PAYA LEBAR 300 to 400 1,655 15 508,000 1 3.9 3.8 +0.1
13 SUITES@BRADDELL 300 to 400 1,700 3 550,000 1 3.7 3.8 -0.0
19 THE BENTLY RESIDENCES@KOVAN 400 to 500 1,900 1 700,000 1 3.3 2.0 +1.3
15 THE COTZ 300 to 400 1,550 5 512,500 2 3.6 3.6 +0.1
15 THE COTZ 400 to 500 1,667 3 578,000 2 3.5 3.6 -0.1
14 THE EBONY 300 to 400 1,650 1 565,000 2 3.5 3.1 +0.4
17 THE INFLORA 400 to 500 1,568 24 534,375 8 3.5 3.2 +0.3
22 THE LAKEFRONT RESIDENCES 400 to 500 2,111 9 755,000 3 3.4 3.2 +0.2
14 THE LENOX 400 to 500 1,800 4 635,000 3 3.4 3.3 +0.1
19 THE LUXURIE 400 to 500 1,750 1 611,667 3 3.4 2.9 +0.5
27 THE NAUTICAL 400 to 500 1,700 8 530,000 1 3.8 3.6 +0.3
20 THE PANORAMA 400 to 500 1,745 31 720,000 1 2.9 2.7 +0.2
19 THE PROMENADE@PELIKAT 400 to 500 1,650 12 608,000 1 3.3 2.8 +0.4
19 THE SCALA 400 to 500 2,159 17 755,000 2 3.4 3.2 +0.2
19 THE VUE 400 to 500 1,800 4 550,000 1 3.9 3.4 +0.5
14 VACANZA @ EAST 400 to 500 1,661 9 650,000 1 3.1 3.1 -0.0
15 VIBES @ EAST COAST 400 to 500 1,675 8 592,000 1 3.4 3.5 -0.1

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 1,917 6 732,500 2 3.1 2.7 +0.5
13 18 WOODSVILLE 400 to 500 2,030 10 860,000 1 2.8 2.8 +0.1
11 26 NEWTON 400 to 500 2,482 19 1,244,740 1 2.4 2.5 -0.1
15 38 I SUITES 400 to 500 1,931 8 780,000 1 3.0 3.2 -0.2
11 6 DERBYSHIRE 400 to 500 2,300 4 1,209,609 12 2.3 2.3 -0.0
11 8 BASSEIN 400 to 500 2,045 11 815,444 2 3.0 2.9 +0.1
13 8@WOODLEIGH 300 to 400 1,875 2 660,000 1 3.4 3.1 +0.3
3 ALEX RESIDENCES 400 to 500 2,497 43 845,000 1 3.5 3.1 +0.4
3 ALEXIS 300 to 400 2,282 14 703,333 3 3.9 3.4 +0.5
3 ALEXIS 400 to 500 2,265 10 695,000 1 3.9 3.4 +0.5
9 ASPEN LINQ 400 to 500 2,350 2 715,000 1 3.9 3.3 +0.7
13 BARTLEY RIDGE 400 to 500 1,874 42 696,125 8 3.2 3.0 +0.3
15 BELLA CASITA 400 to 500 1,867 3 690,000 1 3.2 2.9 +0.4
14 CASA AERATA 300 to 400 1,623 3 520,000 1 3.7 3.6 +0.1
14 CASA AERATA 400 to 500 1,894 8 565,296 3 4.0 3.6 +0.4
8 CAVAN SUITES 300 to 400 1,821 7 575,000 2 3.8 3.3 +0.5
14 CENTRA HEIGHTS 400 to 500 1,889 15 682,667 3 3.3 3.3 +0.1
14 CENTRA STUDIOS 300 to 400 1,770 5 541,667 3 3.9 3.6 +0.4
14 CENTRA STUDIOS 400 to 500 1,863 4 625,000 2 3.6 3.6 +0.0
14 CENTRA SUITES 400 to 500 1,800 11 600,000 1 3.6 3.6 +0.0
8 CITY LOFT 300 to 400 1,738 12 533,250 2 3.9 4.4 -0.5
12 CITY SUITES 400 to 500 2,131 6 831,267 19 3.1 3.1 -0.0
12 CRADELS 400 to 500 1,900 9 669,000 1 3.4 3.4 -0.0
12 DOMUS 400 to 500 2,183 6 854,000 2 3.1 2.8 +0.3
2 DORSETT RESIDENCES 400 to 500 3,167 3 1,000,000 1 3.8 3.5 +0.3
3 ECHELON 400 to 500 2,605 22 935,000 3 3.3 3.3 +0.1
14 EDENZ SUITES 400 to 500 1,750 2 600,000 1 3.5 3.5 +0.0
12 EIGHT RIVERSUITES 400 to 500 2,001 45 719,300 10 3.3 3.1 +0.3
9 ESPADA 300 to 400 2,595 28 970,000 3 3.2 3.1 +0.1
15 EVERITT EDGE 400 to 500 1,700 3 655,000 1 3.1 3.5 -0.4
8 FARRER PARK SUITES 300 to 400 2,000 1 640,000 1 3.8 3.1 +0.6
14 GUILLEMARD EDGE 400 to 500 1,841 42 642,167 6 3.4 3.4 +0.1
15 HAIG 162 300 to 400 1,683 9 555,000 1 3.6 3.8 -0.2
15 HAIG 162 400 to 500 1,700 1 673,333 3 3.0 3.8 -0.8
14 IDYLLIC SUITES 400 to 500 1,694 9 565,000 2 3.6 3.5 +0.1
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,567 6 938,500 2 3.3 3.2 +0.1
15 IMPERIAL HEIGHTS 400 to 500 1,750 5 675,000 1 3.1 3.0 +0.1
8 JOOL SUITES 400 to 500 1,950 8 661,667 3 3.5 3.7 -0.1
14 LA FLEUR 400 to 500 1,655 10 528,500 2 3.8 3.5 +0.3
14 LE REGAL 400 to 500 1,570 5 509,000 2 3.7 3.9 -0.2
13 LEICESTER SUITES 400 to 500 1,900 8 728,333 3 3.1 3.2 -0.1
11 LINCOLN SUITES 400 to 500 2,767 15 1,100,000 1 3.0 3.1 -0.1
10 LOFT @ NATHAN 400 to 500 2,196 12 856,000 3 3.1 3.0 +0.1
10 LOFT@HOLLAND 300 to 400 2,292 12 800,000 1 3.4 3.1 +0.3
9 MACKENZIE 138 400 to 500 2,100 4 720,000 1 3.5 2.9 +0.6
9 MACKENZIE 88 400 to 500 2,088 12 765,000 1 3.3 3.4 -0.1
14 MELOSA 400 to 500 1,771 7 578,000 4 3.7 3.4 +0.3
14 METRO LOFT 400 to 500 1,800 9 657,500 2 3.3 3.3 -0.0
9 MOUNT SOPHIA SUITES 400 to 500 2,150 6 860,000 1 3.0 3.4 -0.4
15 MOUNTBATTEN LODGE 300 to 400 1,300 1 609,000 1 2.6 2.9 -0.3
14 NESS 300 to 400 1,800 1 525,333 1 4.1 3.2 +0.9
9 NEWTON EDGE 400 to 500 2,180 5 892,500 2 2.9 2.8 +0.1
21 NOTTINGHILL SUITES 300 to 400 1,683 14 630,000 2 3.2 3.2 -0.0
12 OKIO 400 to 500 1,982 11 705,000 1 3.4 3.3 +0.1
12 ONE DUSUN RESIDENCES 400 to 500 2,039 9 700,000 1 3.5 3.3 +0.2
12 OPAL SUITES 400 to 500 1,800 4 580,000 2 3.7 3.7 -0.0
5 PARC IMPERIAL 400 to 500 2,022 16 677,500 2 3.6 3.9 -0.3
9 PARC SOPHIA 400 to 500 2,370 10 879,000 2 3.2 3.1 +0.2
1 PEOPLE'S PARK COMPLEX 400 to 500 1,627 22 510,000 1 3.8 4.4 -0.6
11 PEPPERMINT GROVE 400 to 500 2,000 1 838,000 1 2.9 2.9 -0.0
12 PRESTIGE HEIGHTS 300 to 400 1,745 22 545,833 3 3.8 3.7 +0.1
12 PRESTIGE HEIGHTS 400 to 500 1,850 3 622,000 1 3.6 3.7 -0.1
14 PRIME RESIDENCE 300 to 400 1,575 2 510,000 1 3.7 3.5 +0.2
14 PRIME RESIDENCE 400 to 500 1,850 2 555,000 1 4.0 3.5 +0.5
15 QUESTA @ DUNMAN 400 to 500 1,933 3 680,000 1 3.4 2.9 +0.5
12 REGENT RESIDENCES 400 to 500 1,864 7 676,296 3 3.3 2.7 +0.6
8 RESIDENCES @ SOMME 400 to 500 1,900 1 680,000 1 3.4 3.2 +0.1
14 REZI 26 400 to 500 1,847 18 589,444 2 3.8 3.5 +0.2
12 RIVIERA 38 400 to 500 1,990 5 620,000 1 3.9 3.3 +0.6
10 RV EDGE 300 to 400 2,136 14 755,000 2 3.4 3.5 -0.1
10 RV EDGE 400 to 500 2,300 15 828,000 1 3.3 3.5 -0.1
10 RV RESIDENCES 400 to 500 2,646 13 970,000 1 3.3 3.2 +0.1
14 SILVERSCAPE 400 to 500 1,709 9 561,667 3 3.7 3.4 +0.3
14 SIMS EDGE 400 to 500 1,814 7 664,315 6 3.3 3.1 +0.2
20 SKY VUE 400 to 500 2,298 31 826,829 7 3.3 3.2 +0.1
4 SKYLINE RESIDENCES 400 to 500 2,660 10 965,000 1 3.3 2.8 +0.5
12 SKYSUITES17 300 to 400 1,896 12 639,500 6 3.6 3.1 +0.4
2 SKYSUITES@ANSON 300 to 400 2,834 50 910,000 1 3.7 3.7 -0.0
8 SOHO 188 400 to 500 2,300 5 670,000 1 4.1 3.5 +0.7
8 SOHO @ FARRER 400 to 500 2,000 3 680,000 1 3.5 3.9 -0.4
2 SPOTTISWOODE 18 300 to 400 2,253 44 826,667 3 3.3 3.6 -0.3
2 SPOTTISWOODE SUITES 400 to 500 2,640 20 1,010,000 2 3.1 3.0 +0.1
14 SUITES 28 400 to 500 1,900 1 575,000 1 4.0 2.7 +1.3
11 SUITES @ NEWTON 400 to 500 2,350 3 950,000 1 3.0 3.3 -0.3
8 SUITES @ OWEN 400 to 500 1,900 2 703,000 1 3.2 3.6 -0.3
14 SUITES @ SIMS 300 to 400 1,850 4 518,000 1 4.3 4.1 +0.2
12 SUITES @ TOPAZ 300 to 400 1,717 3 505,000 1 4.1 3.7 +0.4
21 SUITES AT BUKIT TIMAH 400 to 500 1,670 5 675,000 1 3.0 3.5 -0.5
15 SUITES@ KATONG 300 to 400 1,688 4 526,500 2 3.8 3.2 +0.7
14 SUITES@CHANGI 400 to 500 1,640 5 591,000 2 3.3 3.2 +0.2
1 THE CLIFT 400 to 500 3,200 12 1,000,000 1 3.8 3.7 +0.2
21 THE CREEK @ BUKIT 400 to 500 1,950 8 795,000 1 2.9 3.2 -0.3
10 THE FORD @ HOLLAND 400 to 500 2,650 6 920,000 1 3.5 3.3 +0.2
4 THE FORESTA @ MOUNT FABER 400 to 500 2,530 5 868,000 1 3.5 3.1 +0.4
21 THE HILLFORD 300 to 400 1,699 32 503,333 3 4.1 4.5 -0.4
12 THE INTERWEAVE 400 to 500 1,969 8 673,000 1 3.5 4.0 -0.5
15 THE LINE @ TANJONG RHU 400 to 500 2,080 5 1,053,051 10 2.4 2.0 +0.3
15 THE VANDERLINT 400 to 500 1,900 1 620,000 1 3.7 3.1 +0.6
12 THE VERVE 400 to 500 1,888 4 690,000 1 3.3 2.6 +0.6
14 THE WATER EDGE 300 to 400 1,760 5 465,500 1 4.5 4.2 +0.4
14 THE WATER EDGE 400 to 500 1,891 16 680,000 1 3.3 4.2 -0.8
20 THREE 11 400 to 500 2,000 1 750,000 1 3.2 2.6 +0.6
12 TREVISTA 400 to 500 2,033 3 620,000 1 3.9 3.1 +0.9
8 TYRWHITT 139 400 to 500 2,025 6 681,200 1 3.6 4.6 -1.0
9 UP@ROBERTSON QUAY 400 to 500 2,930 5 1,188,888 1 3.0 3.2 -0.2
1 V ON SHENTON 400 to 500 2,897 27 1,151,132 4 3.0 2.7 +0.3
12 VETRO 400 to 500 1,775 2 569,000 2 3.7 4.5 -0.7
14 VIENTO 400 to 500 1,750 10 550,000 3 3.8 3.7 +0.1
5 VIVA VISTA 300 to 400 1,969 24 610,000 1 3.9 3.7 +0.2
5 VIVA VISTA 400 to 500 1,942 6 685,000 1 3.4 3.7 -0.3
9 VIVACE 300 to 400 2,194 11 838,000 1 3.1 3.3 -0.2
14 WATERBANK AT DAKOTA 400 to 500 2,281 16 799,600 5 3.4 3.3 +0.2
9 WILKIE 80 300 to 400 2,175 2 790,000 1 3.3 3.2 +0.1
11 ZEDGE 400 to 500 1,854 12 760,000 1 2.9 2.7 +0.2

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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