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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 1,833 3 680,000 1 3.2 2.9 +0.3
15 AURALIS 400 to 500 1,992 6 720,000 1 3.3 3.1 +0.2
19 BARTLEY RESIDENCES 400 to 500 1,991 41 682,167 6 3.5 3.2 +0.3
19 BOTANIQUE AT BARTLEY 400 to 500 2,166 16 748,481 6 3.5 3.2 +0.3
19 CARDIFF RESIDENCE 400 to 500 1,750 21 562,333 3 3.7 3.4 +0.4
19 CASA CAMBIO 400 to 500 1,872 32 697,000 4 3.2 3.2 +0.0
18 COCO PALMS 400 to 500 1,873 31 635,000 3 3.5 3.3 +0.3
18 D'NEST 400 to 500 1,805 30 634,000 2 3.4 3.5 -0.1
16 EASTWOOD REGENCY 400 to 500 1,574 14 610,000 1 3.1 3.1 -0.0
27 EIGHT COURTYARDS 400 to 500 1,725 2 560,000 1 3.7 3.1 +0.6
15 ESPIRA SUITES 400 to 500 1,794 9 647,500 2 3.3 3.2 +0.1
23 FORESQUE RESIDENCES 400 to 500 1,738 11 648,000 1 3.2 3.0 +0.2
17 HEDGES PARK CONDOMINIUM 400 to 500 1,800 12 542,778 5 4.0 3.6 +0.4
15 HERITAGE EAST 400 to 500 1,720 5 615,000 1 3.4 3.7 -0.4
28 HIGH PARK RESIDENCES 400 to 500 1,757 28 614,143 7 3.4 3.4 -0.0
23 HILLION RESIDENCES 400 to 500 1,941 58 722,667 3 3.2 3.2 +0.1
5 HUNDRED TREES 400 to 500 2,025 4 745,000 1 3.3 3.0 +0.3
19 ISUITES @ PALM 400 to 500 1,588 8 600,000 1 3.2 3.1 +0.1
22 J GATEWAY 400 to 500 2,403 51 873,000 2 3.3 3.4 -0.1
19 JEWEL @ BUANGKOK 400 to 500 1,847 15 680,000 1 3.3 3.0 +0.3
14 KEMBANGAN SUITES 400 to 500 1,850 1 760,000 1 2.9 3.5 -0.6
19 KINGSFORD WATERBAY 400 to 500 1,785 19 594,200 5 3.6 3.3 +0.3
19 KOVAN GRANDEUR 300 to 400 1,600 6 515,000 2 3.7 3.7 +0.1
19 LA FIESTA 400 to 500 1,842 24 648,750 4 3.4 2.9 +0.5
15 LA VIDA @ 130 400 to 500 1,765 13 596,500 2 3.6 3.7 -0.1
15 LAVERNE'S LOFT 300 to 400 1,663 4 575,000 1 3.5 3.0 +0.4
23 LE QUEST 400 to 500 1,969 54 714,250 4 3.3 3.4 -0.1
14 LEVENUE 400 to 500 1,907 7 630,000 1 3.6 3.8 -0.1
19 MIDTOWN RESIDENCES 400 to 500 1,825 10 668,000 1 3.3 3.2 +0.1
23 NATURA@HILLVIEW 400 to 500 1,742 12 599,000 2 3.5 3.1 +0.4
17 OCEAN FRONT SUITES 300 to 400 1,610 3 535,000 1 3.6 3.5 +0.1
17 OCEAN FRONT SUITES 400 to 500 1,580 5 550,000 1 3.4 3.5 -0.1
15 PARC BLEU 400 to 500 1,820 5 632,500 2 3.5 3.1 +0.3
19 PARC CENTROS 400 to 500 1,823 29 624,625 4 3.5 3.2 +0.3
15 PARC ELEGANCE 300 to 400 1,647 7 555,000 1 3.6 3.9 -0.4
15 PARC ELEGANCE 400 to 500 1,752 9 580,000 1 3.6 3.9 -0.3
17 PARC OLYMPIA 400 to 500 1,729 7 566,000 1 3.7 3.6 +0.0
5 PARC RIVIERA 400 to 500 2,073 15 713,750 4 3.5 3.1 +0.3
25 PARC ROSEWOOD 400 to 500 1,559 48 508,990 11 3.7 3.6 +0.1
19 PARK RESIDENCES KOVAN 300 to 400 1,741 11 591,944 2 3.5 3.4 +0.1
19 PRESTO@UPPER SERANGOON 400 to 500 1,745 6 625,000 1 3.4 3.1 +0.3
14 RESIDENCES 88 400 to 500 1,600 1 560,000 1 3.4 2.7 +0.8
18 RIPPLE BAY 400 to 500 1,681 12 565,000 3 3.6 3.4 +0.2
19 RIVERSOUND RESIDENCE 400 to 500 1,575 2 593,000 2 3.2 2.9 +0.3
5 SEAHILL 400 to 500 2,160 5 704,629 3 3.7 3.4 +0.3
15 SHIRO 400 to 500 1,700 2 640,000 1 3.2 2.7 +0.5
15 SIGLAP V 400 to 500 1,696 6 630,000 1 3.2 3.1 +0.1
27 SKIES MILTONIA 400 to 500 1,699 10 562,286 7 3.6 3.2 +0.5
18 STRATUM 400 to 500 1,593 15 548,250 4 3.5 3.3 +0.2
15 SUITES @ EASTCOAST 300 to 400 1,629 12 543,500 2 3.6 3.5 +0.1
19 SUITES @ KOVAN 300 to 400 1,668 4 516,944 2 3.9 3.4 +0.5
19 SUITES @ PAYA LEBAR 400 to 500 1,785 4 583,250 4 3.7 3.6 +0.0
13 SUITES@BRADDELL 300 to 400 1,800 1 550,000 1 3.9 3.3 +0.6
18 THE ALPS RESIDENCES 400 to 500 1,880 16 640,000 2 3.5 3.5 -0.0
15 THE COTZ 400 to 500 1,610 5 630,000 1 3.1 3.2 -0.2
14 THE EBONY 300 to 400 1,707 7 533,000 1 3.8 4.0 -0.2
16 THE GLADES 400 to 500 2,056 29 673,750 4 3.7 3.2 +0.4
17 THE INFLORA 400 to 500 1,648 21 533,333 3 3.7 3.4 +0.3
22 THE LAKEFRONT RESIDENCES 400 to 500 2,145 10 695,000 1 3.7 2.9 +0.8
14 THE LENOX 400 to 500 1,808 6 580,000 1 3.7 3.4 +0.3
19 THE LUXURIE 400 to 500 1,763 4 650,000 1 3.3 3.0 +0.2
27 THE NAUTICAL 400 to 500 1,657 7 552,000 1 3.6 3.6 +0.0
20 THE PANORAMA 400 to 500 1,800 14 681,321 9 3.2 2.8 +0.4
19 THE PROMENADE@PELIKAT 400 to 500 1,690 19 583,000 8 3.5 3.4 +0.1
18 THE SANTORINI 400 to 500 1,979 7 583,000 2 4.1 3.3 +0.8
19 THE SCALA 400 to 500 2,182 25 720,000 1 3.6 3.1 +0.5
19 THE TEMBUSU 400 to 500 1,947 15 799,400 2 2.9 2.6 +0.3
19 THE VUE 400 to 500 1,694 8 615,000 1 3.3 3.2 +0.1
27 THE WISTERIA 400 to 500 1,767 6 560,000 2 3.8 3.2 +0.6
16 URBAN VISTA 400 to 500 1,842 33 619,500 2 3.6 3.1 +0.5
14 VACANZA @ EAST 400 to 500 1,750 5 631,667 3 3.3 2.8 +0.5
15 VIBES @ EAST COAST 300 to 400 1,700 7 570,000 1 3.6 3.5 +0.0
15 VIBES @ EAST COAST 400 to 500 1,663 8 612,500 2 3.3 3.5 -0.3
19 VIBES @ KOVAN 400 to 500 1,775 4 577,500 2 3.7 3.9 -0.2
19 VIBES@UPPER SERANGOON 400 to 500 1,758 12 561,667 3 3.8 3.3 +0.4

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
(%)
14 28 IMPERIAL RESIDENCES 400 to 500 1,725 2 610,000 2 3.4 3.2 +0.2
15 38 I SUITES 400 to 500 1,913 8 735,444 2 3.1 2.8 +0.3
11 8 BASSEIN 400 to 500 2,102 20 770,000 2 3.3 3.2 +0.1
13 8@WOODLEIGH 300 to 400 1,869 8 620,000 2 3.6 3.2 +0.4
15 91 MARSHALL 300 to 400 1,600 1 600,000 1 3.2 2.9 +0.3
12 AIRSTREAM 400 to 500 1,763 8 658,000 1 3.2 3.8 -0.5
13 BARTLEY RIDGE 400 to 500 1,940 29 711,000 5 3.3 3.0 +0.2
12 BLISS LOFT 400 to 500 1,700 1 670,000 1 3.0 3.0 +0.0
14 CASA AERATA 400 to 500 1,864 7 658,000 1 3.4 3.5 -0.1
8 CAVAN SUITES 400 to 500 1,925 4 685,000 1 3.4 3.7 -0.4
14 CENTRA HEIGHTS 400 to 500 1,915 12 624,333 3 3.7 3.5 +0.2
14 CENTRA LOFT 400 to 500 1,813 12 645,296 3 3.4 3.5 -0.2
14 CENTRA RESIDENCE 400 to 500 1,872 9 568,000 1 4.0 3.7 +0.3
14 CENTRA SUITES 400 to 500 1,821 21 631,500 2 3.5 3.4 +0.0
12 CITY REGENCY 400 to 500 1,800 6 635,000 1 3.4 3.4 -0.0
3 COMMONWEALTH TOWERS 400 to 500 2,342 94 843,600 15 3.3 3.1 +0.2
14 COSMO 300 to 400 1,800 1 595,000 1 3.6 3.5 +0.1
12 CRADELS 400 to 500 1,939 22 640,944 2 3.6 3.7 -0.1
9 DEVONSHIRE RESIDENCES 400 to 500 2,789 18 1,108,800 1 3.0 2.9 +0.1
12 DOMUS 400 to 500 2,202 11 805,000 1 3.3 3.2 +0.0
2 DORSETT RESIDENCES 400 to 500 3,194 3 964,000 2 4.0 3.4 +0.5
14 EDENZ LOFT 400 to 500 1,675 6 510,000 1 3.9 3.6 +0.3
14 EDENZ SUITES 400 to 500 1,700 6 590,000 1 3.5 3.7 -0.2
12 EIGHT RIVERSUITES 400 to 500 2,108 60 725,472 4 3.5 3.3 +0.2
9 ESPADA 300 to 400 2,323 45 980,000 1 2.8 3.2 -0.3
8 FARRER PARK SUITES 400 to 500 2,800 1 712,000 1 4.7 3.2 +1.5
12 GEM RESIDENCES 400 to 500 2,226 45 860,000 1 3.1 3.0 +0.1
14 GRANDVIEW SUITES 300 to 400 1,580 5 477,667 3 4.0 3.5 +0.4
14 GUILLEMARD EDGE 400 to 500 1,797 40 623,667 3 3.5 3.7 -0.2
15 HAIG 162 300 to 400 1,716 16 581,829 3 3.5 3.4 +0.1
14 IDYLLIC SUITES 400 to 500 1,733 8 549,000 2 3.8 3.5 +0.3
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,457 7 940,000 1 3.1 2.9 +0.2
15 ISUITES @ MARSHALL 300 to 400 1,725 4 620,000 1 3.3 3.9 -0.6
15 JUPITER 18 400 to 500 1,717 6 635,000 1 3.2 3.0 +0.2
14 LA BRISA 400 to 500 1,771 9 560,000 2 3.8 3.6 +0.2
14 LA FLEUR 400 to 500 1,718 17 510,000 2 4.0 3.6 +0.4
14 LE REGAL 300 to 400 1,580 11 485,000 1 3.9 3.8 +0.1
14 LE REGAL 400 to 500 1,669 8 495,000 1 4.0 3.8 +0.3
13 LEICESTER SUITES 400 to 500 1,914 14 700,000 1 3.3 3.4 -0.1
11 LINCOLN SUITES 400 to 500 2,533 9 1,000,000 1 3.0 2.9 +0.1
10 LOFT @ NATHAN 400 to 500 2,153 16 830,000 2 3.1 2.8 +0.3
10 LOFT @ STEVENS 400 to 500 2,050 4 860,000 1 2.9 2.6 +0.2
10 LOFT@HOLLAND 300 to 400 2,307 15 780,000 1 3.5 3.1 +0.4
12 M66 400 to 500 1,975 4 660,000 1 3.6 3.5 +0.1
14 MELOSA 400 to 500 1,813 4 559,000 2 3.9 3.5 +0.4
14 METRO LOFT 400 to 500 1,829 7 620,000 1 3.5 3.4 +0.2
9 MOUNT SOPHIA SUITES 300 to 400 2,150 2 788,000 1 3.3 3.1 +0.2
14 NESS 400 to 500 1,730 10 576,000 3 3.6 3.8 -0.2
21 NOTTINGHILL SUITES 300 to 400 1,734 19 625,000 4 3.3 3.3 +0.0
21 NOTTINGHILL SUITES 400 to 500 1,810 5 638,000 1 3.4 3.3 +0.1
12 OKIO 400 to 500 1,996 13 710,000 1 3.4 3.0 +0.3
15 ONE @ PULASAN 400 to 500 1,600 1 590,000 1 3.3 3.1 +0.1
12 ONE DUSUN RESIDENCES 400 to 500 2,040 20 753,500 2 3.2 3.1 +0.1
5 PARC IMPERIAL 300 to 400 1,973 22 653,000 1 3.6 4.6 -1.0
5 PARC IMPERIAL 400 to 500 2,005 20 678,000 1 3.5 4.6 -1.1
9 PARC SOPHIA 400 to 500 2,242 12 802,500 2 3.4 3.0 +0.4
14 PARK PLACE RESIDENCES AT PLQ 400 to 500 2,564 50 937,500 2 3.3 3.0 +0.2
14 PAVILION SQUARE 300 to 400 1,791 11 542,000 1 4.0 4.4 -0.4
1 PEOPLE'S PARK COMPLEX 400 to 500 1,669 29 465,000 1 4.3 4.4 -0.1
12 PRESTIGE HEIGHTS 300 to 400 1,704 20 560,000 1 3.7 3.4 +0.2
12 PRESTIGE HEIGHTS 400 to 500 1,911 9 626,000 1 3.7 3.4 +0.2
3 PRINCIPAL GARDEN 400 to 500 2,520 21 908,000 1 3.3 3.1 +0.2
3 QUEENS PEAK 400 to 500 2,372 121 864,600 5 3.3 3.4 -0.1
15 QUESTA @ DUNMAN 400 to 500 1,867 3 684,000 2 3.3 2.7 +0.6
14 REZI 26 400 to 500 1,789 18 590,400 5 3.6 3.4 +0.2
14 REZI 3TWO 400 to 500 1,844 18 670,888 1 3.3 3.3 +0.0
12 RIVERBAY 300 to 400 1,708 6 567,667 3 3.6 3.6 +0.0
10 ROBIN SUITES 400 to 500 2,448 12 1,088,000 1 2.7 2.7 +0.0
14 ROYCE RESIDENCES 300 to 400 1,700 5 500,000 1 4.1 3.9 +0.2
14 ROYCE RESIDENCES 400 to 500 1,738 4 536,000 1 3.9 3.9 -0.0
10 RV EDGE 300 to 400 2,124 18 780,000 1 3.3 3.2 +0.1
9 RV POINT 300 to 400 2,000 1 752,888 1 3.2 3.0 +0.1
14 SILVERSCAPE 400 to 500 1,695 10 660,000 1 3.1 3.2 -0.2
14 SIMS EDGE 400 to 500 1,857 7 739,999 1 3.0 3.1 -0.1
14 SIMS URBAN OASIS 400 to 500 2,074 45 702,049 18 3.5 3.2 +0.3
13 SKY GREEN 400 to 500 2,024 19 719,000 2 3.4 3.1 +0.3
20 SKY VUE 400 to 500 2,326 23 810,000 1 3.4 3.0 +0.4
4 SKYLINE RESIDENCES 400 to 500 2,617 9 980,000 1 3.2 2.6 +0.6
12 SKYSUITES17 300 to 400 1,856 9 575,000 1 3.9 3.6 +0.3
8 SOHO 188 400 to 500 2,063 8 674,000 2 3.7 3.6 +0.1
2 SPOTTISWOODE 18 300 to 400 2,205 51 816,200 5 3.2 3.2 +0.0
2 SPOTTISWOODE SUITES 400 to 500 2,478 22 1,105,000 1 2.7 2.5 +0.2
15 STUDIOS@TEMBELING 300 to 400 1,893 3 600,000 1 3.8 3.5 +0.3
8 SUITES 123 400 to 500 2,033 3 610,000 1 4.0 3.6 +0.4
14 SUITES 28 400 to 500 1,688 4 488,000 1 4.1 3.2 +1.0
11 SUITES @ NEWTON 400 to 500 2,240 5 950,000 1 2.8 2.6 +0.2
8 SUITES @ OWEN 400 to 500 1,950 1 660,000 1 3.5 3.5 +0.0
11 SUITES @ SHREWSBURY 300 to 400 1,933 3 580,000 2 4.0 3.9 +0.1
14 SUITES @ SIMS 300 to 400 1,752 14 530,000 1 4.0 3.8 +0.2
12 SUITES @ TOPAZ 300 to 400 1,700 6 539,000 1 3.8 3.3 +0.4
21 SUITES AT BUKIT TIMAH 400 to 500 1,800 1 638,000 1 3.4 3.7 -0.3
21 SUITES DE LAUREL 400 to 500 1,990 5 770,000 1 3.1 2.7 +0.4
14 SUITES@CHANGI 400 to 500 1,684 14 525,000 1 3.8 3.5 +0.4
21 THE CREEK @ BUKIT 400 to 500 1,893 14 810,000 1 2.8 2.8 +0.1
4 THE FORESTA @ MOUNT FABER 400 to 500 2,359 16 825,000 1 3.4 3.1 +0.3
21 THE HILLFORD 300 to 400 1,762 35 479,091 11 4.4 4.7 -0.3
12 THE INTERWEAVE 400 to 500 1,914 7 646,000 3 3.6 3.5 +0.1
15 THE LINE @ TANJONG RHU 400 to 500 2,108 6 1,020,000 1 2.5 2.1 +0.3
14 THE OCTET 400 to 500 1,819 13 546,667 3 4.0 3.7 +0.3
13 THE POIZ RESIDENCES 400 to 500 2,180 35 732,857 7 3.6 3.1 +0.4
14 THE WATER EDGE 400 to 500 1,877 11 670,000 2 3.4 3.9 -0.5
20 THOMSON IMPRESSIONS 400 to 500 2,008 18 750,000 1 3.2 2.9 +0.3
20 THOMSON THREE 400 to 500 1,959 17 792,500 2 3.0 2.7 +0.3
14 TRE RESIDENCES 400 to 500 2,135 10 710,000 1 3.6 3.1 +0.5
14 TREASURES @ G20 400 to 500 1,636 11 460,000 1 4.3 3.8 +0.4
14 TREASURES@G6 400 to 500 1,706 9 582,000 1 3.5 3.5 -0.0
12 TREVISTA 400 to 500 1,950 2 605,000 1 3.9 2.8 +1.1
14 VIENTO 400 to 500 1,711 9 579,000 2 3.5 3.6 -0.1
5 VIVA VISTA 300 to 400 1,934 40 605,000 2 3.8 4.2 -0.4
5 VIVA VISTA 400 to 500 2,050 3 635,000 1 3.9 4.2 -0.4
9 VIVACE 300 to 400 2,300 11 775,000 2 3.6 3.2 +0.4
14 WATERBANK AT DAKOTA 400 to 500 2,311 25 832,500 2 3.3 3.1 +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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