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 2,839 23 771,722 4 4.4 3.7 +0.7
19 BOTANIQUE AT BARTLEY 400 to 500 2,882 18 858,750 4 4.0 3.5 +0.5
19 CARDIFF RESIDENCE 400 to 500 2,574 22 648,000 2 4.8 5.0 -0.2
19 CASA CAMBIO 400 to 500 2,721 24 665,000 1 4.9 4.4 +0.5
18 COCO PALMS 400 to 500 2,747 31 732,250 4 4.5 4.1 +0.4
18 D'NEST 400 to 500 2,666 33 696,500 2 4.6 4.4 +0.2
19 D'ZIRE 400 to 500 2,425 2 588,000 1 4.9 3.5 +1.4
16 EAST VILLAGE 400 to 500 2,580 5 642,000 1 4.8 4.2 +0.6
16 EASTWOOD REGENCY 300 to 400 2,433 3 630,000 1 4.6 3.9 +0.8
15 ESPIRA SUITES 400 to 500 2,400 6 680,000 1 4.2 4.2 +0.1
23 FORESQUE RESIDENCES 400 to 500 2,536 11 682,500 2 4.5 3.8 +0.7
19 GLASGOW RESIDENCE 400 to 500 2,100 1 570,000 1 4.4 3.2 +1.2
16 GRANDEUR PARK RESIDENCES 400 to 500 3,196 13 834,000 5 4.6 4.1 +0.5
17 HEDGES PARK CONDOMINIUM 400 to 500 2,693 14 626,667 3 5.2 4.7 +0.4
28 HIGH PARK RESIDENCES 300 to 400 2,245 10 635,000 1 4.2 4.2 +0.0
28 HIGH PARK RESIDENCES 400 to 500 2,515 27 695,000 2 4.3 4.2 +0.1
19 HILBRE28 400 to 500 4,250 2 800,000 1 6.4 7.7 -1.3
23 HILLION RESIDENCES 400 to 500 2,862 43 777,250 8 4.4 4.0 +0.4
22 J GATEWAY 400 to 500 3,333 43 970,000 1 4.1 4.3 -0.2
19 JEWEL @ BUANGKOK 400 to 500 2,650 9 742,667 3 4.3 3.6 +0.7
14 KEMBANGAN SUITES 400 to 500 2,639 7 730,000 1 4.3 4.2 +0.1
19 KINGSFORD WATERBAY 400 to 500 2,654 31 675,286 7 4.7 4.6 +0.2
19 KOVAN GRANDEUR 300 to 400 2,108 6 540,000 1 4.7 5.4 -0.7
22 LAKE GRANDE 400 to 500 3,015 10 787,500 2 4.6 4.0 +0.6
23 LAUREL TREE 400 to 500 3,079 9 684,075 2 5.4 5.0 +0.4
15 LAVERNE'S LOFT 300 to 400 2,450 3 606,000 1 4.9 4.3 +0.6
23 LE QUEST 400 to 500 2,690 32 735,333 3 4.4 4.4 -0.0
19 MIDTOWN RESIDENCES 400 to 500 2,500 4 702,500 2 4.3 4.2 +0.1
27 NORTH PARK RESIDENCES 400 to 500 2,847 16 752,444 2 4.5 3.7 +0.9
18 NV RESIDENCES 400 to 500 2,338 4 688,000 1 4.1 4.1 +0.0
16 OPTIMA @ TANAH MERAH 400 to 500 2,760 5 745,000 1 4.4 3.9 +0.5
15 PARC BLEU 400 to 500 2,400 5 680,000 1 4.2 4.1 +0.1
28 PARC BOTANNIA 400 to 500 2,833 12 700,000 1 4.9 4.3 +0.5
19 PARC CENTROS 400 to 500 2,703 18 733,000 2 4.4 3.9 +0.5
15 PARC ELEGANCE 400 to 500 2,533 13 712,000 3 4.3 4.4 -0.2
17 PARC OLYMPIA 400 to 500 2,523 13 620,000 1 4.9 4.5 +0.3
25 PARC ROSEWOOD 400 to 500 2,380 38 599,714 7 4.8 4.6 +0.2
19 PARK RESIDENCES KOVAN 300 to 400 2,529 7 627,191 2 4.8 4.7 +0.1
19 [email protected] SERANGOON 400 to 500 2,571 7 652,000 1 4.7 4.2 +0.6
14 QUBE SUITES 400 to 500 2,600 2 683,000 1 4.6 4.6 -0.0
18 RIPPLE BAY 400 to 500 2,604 13 664,000 2 4.7 4.2 +0.6
28 RIVERBANK @ FERNVALE 400 to 500 2,325 4 717,500 4 3.9 3.6 +0.2
5 SEAHILL 400 to 500 3,300 4 730,000 1 5.4 4.1 +1.3
15 SEASIDE RESIDENCES 400 to 500 3,400 1 950,000 1 4.3 3.4 +0.9
14 SINGA HILLS 400 to 500 2,600 1 710,000 1 4.4 3.7 +0.7
27 SKIES MILTONIA 400 to 500 2,300 7 632,600 5 4.4 3.8 +0.6
19 SPACE @ KOVAN 400 to 500 2,256 8 640,000 1 4.2 4.0 +0.3
18 STRATUM 400 to 500 2,308 12 613,800 10 4.5 3.8 +0.7
15 SUITES @ EASTCOAST 300 to 400 2,259 17 622,500 2 4.4 4.4 -0.0
14 SUITES @ EUNOS 300 to 400 2,100 2 635,000 1 4.0 4.2 -0.2
19 SUITES @ PAYA LEBAR 300 to 400 2,515 10 636,000 2 4.7 4.7 +0.0
19 SUITES @ PAYA LEBAR 400 to 500 2,533 3 645,000 3 4.7 4.7 -0.0
18 THE ALPS RESIDENCES 400 to 500 2,525 14 693,000 1 4.4 4.5 -0.1
15 THE COTZ 400 to 500 2,214 7 578,000 1 4.6 4.2 +0.4
19 THE GARDEN RESIDENCES 400 to 500 2,898 23 769,000 2 4.5 4.0 +0.5
16 THE GLADES 400 to 500 3,131 24 743,000 4 5.1 4.4 +0.6
17 THE INFLORA 400 to 500 2,412 17 621,429 7 4.7 4.0 +0.6
19 THE LUXURIE 400 to 500 2,630 7 705,000 3 4.5 3.8 +0.7
27 THE NAUTICAL 400 to 500 2,500 1 615,000 2 4.9 3.6 +1.2
20 THE PANORAMA 400 to 500 2,738 17 794,286 7 4.1 3.5 +0.7
19 THE [email protected] 400 to 500 2,383 12 683,750 4 4.2 3.9 +0.2
18 THE SANTORINI 400 to 500 2,800 3 657,500 2 5.1 4.1 +1.0
19 THE SCALA 400 to 500 3,088 18 828,333 3 4.5 3.7 +0.8
5 THE SORRENTO 400 to 500 2,961 14 781,000 1 4.5 4.3 +0.2
18 THE TAPESTRY 400 to 500 2,796 41 753,578 5 4.5 4.3 +0.2
19 THE TEMBUSU 400 to 500 2,618 17 800,000 1 3.9 3.1 +0.8
19 THE VUE 400 to 500 2,493 7 700,000 2 4.3 3.8 +0.4
27 THE WISTERIA 400 to 500 2,375 4 658,000 1 4.3 4.0 +0.3
14 TROPIKA EAST 400 to 500 2,380 10 690,000 2 4.1 3.7 +0.5
5 TWIN VEW 400 to 500 3,187 15 850,000 1 4.5 4.2 +0.3
16 URBAN VISTA 400 to 500 2,568 25 690,900 4 4.5 3.8 +0.6
14 VACANZA @ EAST 400 to 500 2,233 7 680,000 1 3.9 3.5 +0.5
15 VIBES @ EAST COAST 400 to 500 2,441 17 755,000 1 3.9 4.5 -0.6
19 VIBES @ KOVAN 400 to 500 2,900 2 705,000 1 4.9 4.6 +0.4
19 [email protected] SERANGOON 400 to 500 2,431 8 650,000 1 4.5 4.7 -0.2
18 VUE 8 RESIDENCE 400 to 500 2,260 2 695,000 2 3.9 3.4 +0.5
5 WHISTLER GRAND 400 to 500 3,585 13 820,000 2 5.2 4.5 +0.8

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 3,087 15 838,000 1 4.4 4.6 -0.2
13 18 WOODSVILLE 400 to 500 2,689 9 920,000 1 3.5 3.1 +0.4
5 24 ONE RESIDENCES 400 to 500 4,250 1 950,000 1 5.4 4.0 +1.3
8 28 RC SUITES 400 to 500 2,680 5 700,000 1 4.6 3.6 +1.0
15 38 I SUITES 400 to 500 2,579 7 860,000 1 3.6 3.2 +0.4
11 6 DERBYSHIRE 400 to 500 2,868 12 880,000 1 3.9 3.3 +0.6
11 8 BASSEIN 400 to 500 2,833 23 859,000 2 4.0 3.9 +0.1
12 AIRSTREAM 300 to 400 2,463 4 563,000 1 5.2 5.0 +0.2
12 AIRSTREAM 400 to 500 2,650 4 700,000 1 4.5 5.0 -0.5
3 ALEX RESIDENCES 400 to 500 3,347 17 931,667 3 4.3 4.2 +0.1
3 ALEXIS 300 to 400 2,833 24 736,333 3 4.6 4.5 +0.1
3 ALEXIS 400 to 500 2,702 9 742,500 2 4.4 4.5 -0.1
13 BARTLEY RIDGE 400 to 500 2,877 30 766,600 5 4.5 3.9 +0.6
8 CAVAN SUITES 300 to 400 1,800 1 600,000 1 3.6 4.1 -0.5
8 CAVAN SUITES 400 to 500 2,825 4 760,000 1 4.5 4.1 +0.4
14 CENTRA LOFT 400 to 500 2,650 6 651,000 1 4.9 4.6 +0.3
14 CENTRA SUITES 400 to 500 2,589 14 700,000 1 4.4 4.6 -0.1
14 CENTRAL IMPERIAL 400 to 500 3,000 1 610,000 1 5.9 4.2 +1.7
7 CITY GATE 400 to 500 3,096 13 970,000 1 3.8 3.1 +0.7
8 CITY LOFT 300 to 400 2,414 7 642,500 2 4.5 4.1 +0.4
12 CITY SUITES 400 to 500 2,789 9 900,000 1 3.7 3.2 +0.5
3 COMMONWEALTH TOWERS 400 to 500 3,531 83 908,750 8 4.7 4.2 +0.4
12 CRADELS 400 to 500 2,819 18 770,000 1 4.4 3.9 +0.5
2 DORSETT RESIDENCES 400 to 500 3,450 2 1,000,000 1 4.1 3.9 +0.2
3 ECHELON 400 to 500 3,507 18 973,333 3 4.3 3.8 +0.6
14 EDENZ SUITES 400 to 500 2,700 4 618,000 1 5.2 4.6 +0.6
12 EIGHT RIVERSUITES 400 to 500 2,914 48 769,000 2 4.5 4.0 +0.6
9 ESPADA 300 to 400 3,495 32 931,000 4 4.5 4.1 +0.4
9 ESPADA 400 to 500 3,730 5 1,109,000 2 4.0 4.1 -0.1
8 FARRER PARK SUITES 400 to 500 2,550 2 660,000 1 4.6 4.0 +0.6
15 FULCRUM 400 to 500 3,070 10 982,576 2 3.7 3.1 +0.7
12 GEM RESIDENCES 400 to 500 2,946 36 820,944 2 4.3 3.8 +0.5
14 GUILLEMARD EDGE 400 to 500 2,497 36 663,750 4 4.5 4.2 +0.3
15 HAIG 162 300 to 400 2,313 16 615,000 1 4.5 4.4 +0.1
15 HAIG 162 400 to 500 2,650 4 767,444 2 4.1 4.4 -0.3
14 IDYLLIC SUITES 400 to 500 2,520 5 635,000 1 4.8 4.4 +0.3
15 JUPITER 18 400 to 500 2,525 5 660,000 1 4.6 4.6 +0.0
14 LA BRISA 400 to 500 2,250 7 624,000 2 4.3 4.5 -0.1
14 LA FLEUR 400 to 500 2,489 19 615,000 3 4.9 4.4 +0.4
10 LOFT @ NATHAN 400 to 500 3,079 12 848,000 2 4.4 3.7 +0.6
9 MACKENZIE 138 400 to 500 2,875 4 742,500 2 4.6 4.1 +0.5
9 MACKENZIE 88 400 to 500 3,065 10 810,000 1 4.5 4.3 +0.3
11 MEDGE 400 to 500 2,500 1 800,000 1 3.8 2.8 +1.0
14 MELOSA 400 to 500 2,725 4 640,000 1 5.1 4.5 +0.6
14 MILLAGE 400 to 500 2,574 9 702,963 3 4.4 3.9 +0.5
15 MOUNTBATTEN SUITES 400 to 500 3,100 1 715,000 1 5.2 3.6 +1.6
11 MULBERRY TREE 400 to 500 2,650 2 780,000 1 4.1 3.9 +0.2
12 NEEM TREE 400 to 500 2,611 8 800,000 1 3.9 3.5 +0.4
14 NESS 400 to 500 2,279 7 680,000 1 4.0 4.1 -0.1
21 NOTTINGHILL SUITES 300 to 400 2,477 13 682,333 3 4.4 4.3 +0.0
12 OKIO 400 to 500 2,747 5 744,250 4 4.4 3.8 +0.6
12 ONE DUSUN RESIDENCES 400 to 500 2,814 14 820,000 1 4.1 3.8 +0.4
12 OPAL SUITES 400 to 500 2,500 3 650,000 1 4.6 4.5 +0.2
9 OXLEY EDGE 300 to 400 3,088 4 880,000 1 4.2 3.8 +0.4
14 PARC ESTA 400 to 500 3,772 100 890,455 11 5.1 4.3 +0.8
5 PARC IMPERIAL 300 to 400 2,981 16 708,333 3 5.1 5.1 -0.0
5 PARC IMPERIAL 400 to 500 3,083 15 825,000 1 4.5 5.1 -0.6
9 PARC SOPHIA 400 to 500 2,675 8 900,000 2 3.6 3.4 +0.2
13 PARK COLONIAL 400 to 500 3,543 23 1,001,667 2 4.2 4.0 +0.2
12 PRESTIGE HEIGHTS 300 to 400 2,503 17 620,000 2 4.8 4.5 +0.3
12 PRESTIGE HEIGHTS 400 to 500 2,867 6 703,400 2 4.9 4.5 +0.4
3 PRINCIPAL GARDEN 400 to 500 3,444 27 924,800 5 4.5 4.0 +0.5
3 QUEENS PEAK 400 to 500 3,467 83 931,741 12 4.5 3.9 +0.6
15 QUESTA @ DUNMAN 400 to 500 2,200 4 721,000 1 3.7 3.3 +0.3
12 RIVERBAY 300 to 400 2,263 4 616,667 3 4.4 4.0 +0.5
12 RIVIERA 38 400 to 500 2,438 4 735,000 1 4.0 4.0 +0.0
9 ROBERTSON EDGE 400 to 500 3,445 14 935,000 2 4.4 4.4 -0.0
10 ROBIN SUITES 400 to 500 3,488 16 1,028,000 2 4.1 3.8 +0.3
1 ROBINSON SUITES 400 to 500 3,556 26 1,325,000 1 3.2 3.1 +0.1
9 RV POINT 400 to 500 3,133 6 960,000 1 3.9 4.1 -0.1
10 RV RESIDENCES 400 to 500 3,069 17 960,000 1 3.8 3.6 +0.3
14 SILVERSCAPE 400 to 500 2,538 8 632,000 1 4.8 4.3 +0.6
14 SIMS EDGE 400 to 500 2,783 6 726,500 2 4.6 3.8 +0.8
14 SIMS URBAN OASIS 400 to 500 2,874 50 790,250 12 4.4 4.0 +0.4
13 SKY GREEN 400 to 500 2,700 19 865,000 1 3.7 3.7 -0.0
20 SKY VUE 400 to 500 3,212 25 933,800 5 4.1 3.7 +0.5
4 SKYLINE RESIDENCES 400 to 500 3,554 13 1,080,000 2 3.9 3.2 +0.7
12 SKYSUITES17 300 to 400 2,663 8 675,296 3 4.7 4.1 +0.7
2 [email protected] 300 to 400 3,568 62 868,600 5 4.9 5.2 -0.2
14 SMART SUITES 400 to 500 2,441 11 730,000 1 4.0 4.4 -0.4
8 SOHO 188 400 to 500 2,864 7 770,000 1 4.5 4.4 +0.1
8 SOHO @ FARRER 400 to 500 2,700 2 680,000 1 4.8 0.0 +4.8
2 SPOTTISWOODE 18 300 to 400 2,888 50 980,000 1 3.5 4.7 -1.2
2 SPOTTISWOODE SUITES 400 to 500 3,260 25 1,059,167 3 3.7 3.5 +0.2
10 STELLAR RV 400 to 500 3,200 3 866,800 1 4.4 3.7 +0.7
3 STIRLING RESIDENCES 400 to 500 3,939 31 990,944 2 4.8 4.0 +0.8
15 STRAITS RESIDENCES 400 to 500 2,400 1 645,000 1 4.5 4.6 -0.1
8 STURDEE RESIDENCES 400 to 500 3,089 19 860,000 1 4.3 3.8 +0.5
15 SUITES @ GUILLEMARD 400 to 500 2,563 4 775,000 1 4.0 4.3 -0.3
12 SUITES @ TOPAZ 400 to 500 2,500 1 660,000 1 4.5 5.3 -0.8
14 [email protected] 400 to 500 2,374 8 605,000 1 4.7 5.0 -0.3
21 THE HILLFORD 300 to 400 2,748 22 540,000 7 6.1 5.9 +0.2
21 THE HILLFORD 400 to 500 2,733 3 585,000 1 5.6 5.9 -0.3
10 THE HYDE 400 to 500 4,533 3 1,490,143 7 3.7 3.4 +0.3
12 THE INTERWEAVE 300 to 400 2,606 16 685,000 1 4.6 4.6 -0.1
12 THE INTERWEAVE 400 to 500 3,029 7 700,000 1 5.2 4.6 +0.5
9 THE MKZ 400 to 500 3,200 4 925,000 1 4.2 3.8 +0.3
14 THE OCTET 400 to 500 2,510 5 625,000 1 4.8 4.4 +0.4
7 THE PLAZA 400 to 500 2,800 1 710,000 1 4.7 3.3 +1.4
13 THE POIZ RESIDENCES 400 to 500 2,905 52 790,000 7 4.4 3.9 +0.5
12 THE VERVE 400 to 500 2,993 7 720,000 1 5.0 4.4 +0.5
14 THE WATER EDGE 300 to 400 2,360 5 643,000 1 4.4 4.1 +0.3
20 THOMSON IMPRESSIONS 400 to 500 2,857 15 815,600 5 4.2 3.7 +0.5
20 THOMSON THREE 400 to 500 2,758 13 840,917 4 3.9 3.2 +0.7
20 THOMSON V ONE 400 to 500 2,225 2 651,500 2 4.1 4.5 -0.4
20 THOMSON V TWO 300 to 400 2,167 3 688,000 1 3.8 3.8 -0.0
20 THOMSON V TWO 400 to 500 2,559 9 790,000 1 3.9 3.8 +0.1
14 TRE RESIDENCES 400 to 500 2,719 8 750,000 1 4.4 4.1 +0.2
14 TREASURES @ G20 400 to 500 2,355 10 530,000 1 5.3 4.9 +0.4
14 [email protected] 400 to 500 2,250 2 620,000 1 4.4 0.0 +4.4
14 [email protected] 400 to 500 2,240 5 635,000 1 4.2 0.0 +4.2
12 URBAN HERITAGE 400 to 500 2,100 1 611,000 1 4.1 3.8 +0.3
1 V ON SHENTON 400 to 500 3,657 37 979,333 3 4.5 3.6 +0.8
14 VIENTO 400 to 500 2,300 3 588,000 1 4.7 4.5 +0.2
5 VIVA VISTA 300 to 400 2,756 31 658,000 1 5.0 5.2 -0.2
9 VIVACE 400 to 500 3,207 7 898,333 3 4.3 4.3 -0.0
14 WATERBANK AT DAKOTA 400 to 500 3,243 14 829,200 5 4.7 3.9 +0.8
10 ZENITH 400 to 500 3,088 4 950,000 1 3.9 3.6 +0.3

Disclaimer

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