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 CARDIFF RESIDENCE 400 to 500 1,714 25 582,500 2 3.5 3.2 +0.4
19 CASA CAMBIO 400 to 500 1,854 27 731,500 2 3.0 2.9 +0.1
18 COCO PALMS 400 to 500 1,838 17 645,250 4 3.4 3.1 +0.3
16 EASTWOOD REGENCY 400 to 500 1,512 9 520,000 1 3.5 3.3 +0.2
15 ESPIRA SUITES 400 to 500 1,804 7 700,000 1 3.1 2.9 +0.2
17 HEDGES PARK CONDOMINIUM 400 to 500 1,696 14 545,970 4 3.7 3.3 +0.4
15 HERITAGE EAST 400 to 500 1,622 9 620,000 1 3.1 3.5 -0.4
28 HIGH PARK RESIDENCES 400 to 500 556 1 560,000 1 1.2 1.2 -0.0
23 HILLION RESIDENCES 400 to 500 1,876 71 805,000 2 2.8 2.6 +0.2
5 HUNDRED TREES 400 to 500 2,023 6 788,000 1 3.1 2.4 +0.6
22 J GATEWAY 400 to 500 2,484 38 850,000 1 3.5 3.3 +0.2
19 JEWEL @ BUANGKOK 400 to 500 1,797 21 669,250 4 3.2 2.7 +0.5
19 LA FIESTA 400 to 500 1,812 20 647,500 1 3.4 2.9 +0.5
15 LAVERNE'S LOFT 300 to 400 1,675 4 576,000 1 3.5 4.2 -0.7
19 PARC CENTROS 400 to 500 1,772 24 632,000 3 3.4 3.1 +0.3
15 PARC ELEGANCE 300 to 400 1,650 7 600,000 1 3.3 3.4 -0.1
15 PARC ELEGANCE 400 to 500 1,640 15 625,400 2 3.1 3.4 -0.3
25 PARC ROSEWOOD 400 to 500 1,520 47 520,750 4 3.5 3.2 +0.3
18 RIPPLE BAY 400 to 500 1,661 11 576,800 5 3.5 3.3 +0.1
5 SEAHILL 400 to 500 2,231 7 705,000 1 3.8 3.3 +0.5
15 SIGLAP V 400 to 500 1,588 4 630,000 1 3.0 2.9 +0.1
19 SUITES @ PAYA LEBAR 300 to 400 1,695 16 550,000 2 3.7 3.6 +0.1
13 [email protected] 400 to 500 1,700 2 582,000 1 3.5 3.5 +0.0
15 THE COTZ 300 to 400 1,567 3 530,000 1 3.5 3.7 -0.2
17 THE INFLORA 400 to 500 1,586 20 529,444 2 3.6 3.0 +0.6
15 THE LUCENT 400 to 500 1,700 1 680,000 1 3.0 2.4 +0.6
19 THE LUXURIE 400 to 500 1,900 4 650,000 1 3.5 2.9 +0.6
20 THE PANORAMA 400 to 500 1,760 21 697,500 2 3.0 2.6 +0.4
19 THE SCALA 400 to 500 2,181 18 776,667 3 3.4 3.1 +0.3
19 THE VUE 400 to 500 1,650 4 590,000 1 3.4 3.1 +0.2
14 TROPIKA EAST 400 to 500 1,750 8 655,000 1 3.2 3.1 +0.2
16 URBAN VISTA 400 to 500 1,862 20 650,000 1 3.4 3.0 +0.5

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 1,950 12 798,000 1 2.9 2.6 +0.4
13 18 WOODSVILLE 400 to 500 2,078 9 805,000 1 3.1 2.8 +0.3
9 8 SAINT THOMAS 400 to 500 3,200 1 1,442,738 4 2.7 2.4 +0.3
12 AIRSTREAM 400 to 500 1,777 11 640,000 1 3.3 3.6 -0.3
3 ALEXIS 300 to 400 2,213 16 707,963 3 3.8 3.1 +0.6
13 BARTLEY RIDGE 400 to 500 1,903 40 749,000 2 3.0 2.9 +0.2
8 CAVAN SUITES 300 to 400 1,817 6 595,000 1 3.7 3.4 +0.3
14 CENTRA HEIGHTS 400 to 500 1,904 21 676,694 2 3.4 3.1 +0.3
14 CENTRA RESIDENCE 400 to 500 1,930 5 610,000 1 3.8 3.7 +0.1
14 CENTRA SUITES 400 to 500 1,815 12 614,000 2 3.5 3.4 +0.2
8 CITIGATE RESIDENCE 400 to 500 1,900 1 612,000 1 3.7 3.2 +0.5
7 CITY GATE 400 to 500 2,604 13 935,000 1 3.3 2.6 +0.7
3 COMMONWEALTH TOWERS 400 to 500 2,583 26 900,000 1 3.4 3.2 +0.3
14 COSMO 400 to 500 1,767 3 650,000 1 3.3 3.2 +0.1
12 CRADELS 400 to 500 1,949 13 708,000 1 3.3 3.1 +0.2
9 DEVONSHIRE RESIDENCES 400 to 500 2,729 8 1,200,000 1 2.7 2.7 +0.1
11 DUNEARN SUITES 400 to 500 2,140 7 759,000 2 3.4 3.1 +0.3
14 EDENZ SUITES 400 to 500 1,746 13 635,000 1 3.3 3.5 -0.2
12 EIGHT RIVERSUITES 400 to 500 2,072 40 716,500 2 3.5 3.3 +0.2
14 GUILLEMARD EDGE 400 to 500 1,843 42 730,000 1 3.0 3.8 -0.8
9 ILLUMINAIRE ON DEVONSHIRE 400 to 500 2,520 5 939,000 1 3.2 3.0 +0.3
15 IMPERIAL HEIGHTS 400 to 500 1,857 7 600,000 1 3.7 3.5 +0.3
14 LA BRISA 400 to 500 1,739 9 645,000 1 3.2 3.1 +0.2
14 LA FLEUR 400 to 500 1,669 14 530,000 1 3.8 3.4 +0.4
13 LEICESTER SUITES 400 to 500 1,908 13 742,500 1 3.1 3.2 -0.1
11 LINCOLN SUITES 400 to 500 2,671 14 1,170,000 1 2.7 2.4 +0.3
10 LOFT @ NATHAN 400 to 500 2,150 14 815,000 1 3.2 3.1 +0.1
10 [email protected] 300 to 400 2,383 9 825,000 1 3.5 3.1 +0.4
10 M5 400 to 500 2,167 6 960,000 1 2.7 2.7 +0.1
14 METRO LOFT 400 to 500 1,850 2 668,000 1 3.3 3.2 +0.1
12 NEEM TREE 400 to 500 1,977 13 872,523 1 2.7 2.6 +0.1
13 NIN RESIDENCE 400 to 500 2,033 6 729,000 1 3.3 2.9 +0.4
21 NOTTINGHILL SUITES 300 to 400 1,717 15 650,000 1 3.2 3.1 +0.1
9 OXLEY EDGE 300 to 400 2,338 4 880,000 1 3.2 2.7 +0.5
5 PARC IMPERIAL 300 to 400 2,010 20 708,000 1 3.4 4.0 -0.6
5 PARC IMPERIAL 400 to 500 2,064 20 674,667 3 3.7 4.0 -0.3
1 PEOPLE'S PARK COMPLEX 400 to 500 1,775 13 510,000 1 4.2 4.6 -0.4
12 PRESTIGE HEIGHTS 300 to 400 1,726 25 500,000 1 4.1 3.8 +0.3
12 REGENT RESIDENCES 400 to 500 1,911 9 660,000 1 3.5 2.8 +0.7
9 ROBERTSON EDGE 400 to 500 2,463 16 930,000 1 3.2 3.4 -0.2
10 ROBIN SUITES 400 to 500 2,460 15 1,050,000 1 2.8 2.7 +0.1
1 ROBINSON SUITES 400 to 500 2,877 28 1,280,000 1 2.7 2.6 +0.1
14 ROYCE RESIDENCES 400 to 500 1,700 1 565,000 1 3.6 3.8 -0.2
10 RV EDGE 400 to 500 2,277 13 835,000 1 3.3 3.2 +0.1
14 SILVERSCAPE 400 to 500 1,667 9 570,000 1 3.5 3.2 +0.3
14 SIMS EDGE 400 to 500 1,836 7 638,000 1 3.5 2.9 +0.5
14 SIMS URBAN OASIS 400 to 500 2,017 77 780,000 1 3.1 3.3 -0.2
13 SKY GREEN 400 to 500 1,953 17 770,000 1 3.0 2.9 +0.2
20 SKY VUE 400 to 500 2,359 44 822,800 1 3.4 3.0 +0.5
14 SMART SUITES 400 to 500 1,883 9 658,000 1 3.4 3.1 +0.3
2 SPOTTISWOODE 18 300 to 400 2,238 43 853,000 1 3.1 3.9 -0.8
2 SPOTTISWOODE SUITES 400 to 500 2,600 13 1,080,000 1 2.9 2.7 +0.2
10 STELLAR RV 400 to 500 2,100 1 850,000 1 3.0 2.8 +0.2
8 SUITES 123 400 to 500 2,050 2 668,000 1 3.7 4.0 -0.3
15 SUITES @ GUILLEMARD 400 to 500 1,750 8 580,000 1 3.6 3.8 -0.2
12 SUITES @ TOPAZ 300 to 400 1,650 3 553,000 1 3.6 4.1 -0.5
21 SUITES AT BUKIT TIMAH 300 to 400 1,756 9 595,000 1 3.5 3.2 +0.4
21 SUITES DE LAUREL 400 to 500 1,900 1 725,000 1 3.1 2.5 +0.6
14 [email protected] 400 to 500 1,718 11 585,000 1 3.5 3.1 +0.4
21 THE CREEK @ BUKIT 400 to 500 1,836 7 785,000 1 2.8 2.5 +0.3
4 THE FORESTA @ MOUNT FABER 400 to 500 2,436 11 830,000 1 3.5 3.4 +0.1
21 THE HILLFORD 300 to 400 1,744 40 478,841 7 4.4 4.7 -0.3
12 THE INTERWEAVE 400 to 500 1,971 7 698,000 1 3.4 3.6 -0.2
12 THE VERVE 400 to 500 1,828 9 625,000 1 3.5 3.1 +0.4
14 THE WATER EDGE 300 to 400 1,720 5 555,000 1 3.7 3.6 +0.2
20 THOMSON V TWO 300 to 400 1,800 5 650,000 1 3.3 3.6 -0.3
14 TRE RESIDENCES 400 to 500 2,210 10 720,000 1 3.7 2.9 +0.8
8 TYRWHITT 139 300 to 400 1,875 2 600,000 1 3.8 3.0 +0.7
1 V ON SHENTON 400 to 500 2,741 32 1,135,500 4 2.9 2.9 -0.0
12 VETRO 400 to 500 1,850 2 565,000 1 3.9 3.7 +0.2
14 VIENTO 400 to 500 1,750 10 580,000 1 3.6 3.4 +0.2
5 VIVA VISTA 300 to 400 1,970 28 550,000 1 4.3 3.8 +0.5
14 WATERBANK AT DAKOTA 400 to 500 2,311 19 810,000 1 3.4 3.1 +0.3

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