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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
(%)
19 21 RICHARDS 400 to 500 2,800 1 715,000 1 4.7 4.2 +0.5
19 AFFINITY AT SERANGOON 400 to 500 2,937 53 818,769 13 4.3 3.8 +0.5
19 BARTLEY RESIDENCES 400 to 500 3,180 15 806,500 2 4.7 3.8 +0.9
19 BOTANIQUE AT BARTLEY 400 to 500 3,191 16 895,000 3 4.3 3.8 +0.4
19 CARDIFF RESIDENCE 400 to 500 2,850 14 662,500 4 5.2 4.6 +0.6
19 CASA CAMBIO 400 to 500 2,863 15 818,000 1 4.2 4.7 -0.5
18 COCO PALMS 400 to 500 3,193 14 750,000 1 5.1 4.1 +1.0
18 D'NEST 400 to 500 2,912 21 702,500 6 5.0 4.5 +0.5
16 EAST VILLAGE 400 to 500 2,825 2 758,000 1 4.5 3.3 +1.2
15 ESPIRA SUITES 400 to 500 2,900 2 715,000 1 4.9 4.1 +0.8
28 FLORAVILLE 300 to 400 2,250 1 640,000 1 4.2 3.7 +0.5
23 FORESQUE RESIDENCES 400 to 500 2,858 6 718,000 1 4.8 3.7 +1.0
16 GRANDEUR PARK RESIDENCES 400 to 500 3,344 8 802,800 5 5.0 4.3 +0.7
17 HEDGES PARK CONDOMINIUM 400 to 500 2,667 6 680,000 1 4.7 4.5 +0.2
28 HIGH PARK RESIDENCES 300 to 400 2,482 11 645,000 2 4.6 4.4 +0.3
28 HIGH PARK RESIDENCES 400 to 500 2,836 11 738,333 3 4.6 4.4 +0.2
23 HILLION RESIDENCES 400 to 500 3,015 31 800,750 8 4.5 4.3 +0.2
19 ISUITES @ PALM 400 to 500 2,575 2 665,250 4 4.6 3.8 +0.8
22 J GATEWAY 400 to 500 3,840 21 957,200 5 4.8 4.3 +0.5
27 KANDIS RESIDENCE 400 to 500 2,794 2 705,000 1 4.8 4.5 +0.3
19 KINGSFORD WATERBAY 400 to 500 2,706 18 714,222 9 4.5 4.6 -0.0
19 KOVAN GRANDEUR 300 to 400 2,363 4 548,000 1 5.2 4.9 +0.3
15 LA VIDA @ 130 400 to 500 2,920 5 783,888 1 4.5 4.2 +0.3
22 LAKE GRANDE 400 to 500 3,323 15 875,000 1 4.6 4.3 +0.3
23 LAUREL TREE 400 to 500 3,140 5 720,250 4 5.2 6.2 -0.9
15 LAVERNE'S LOFT 300 to 400 2,500 1 645,000 1 4.7 5.4 -0.7
23 LE QUEST 400 to 500 3,046 13 800,000 1 4.6 4.4 +0.1
14 LEVENUE 400 to 500 3,067 3 758,000 1 4.9 4.6 +0.2
19 MIDTOWN RESIDENCES 400 to 500 2,980 5 717,500 2 5.0 4.5 +0.5
18 MY MANHATTAN 400 to 500 2,933 3 821,000 1 4.3 4.5 -0.2
23 NATURA@HILLVIEW 400 to 500 2,783 9 710,000 2 4.7 4.6 +0.1
27 NORTH PARK RESIDENCES 400 to 500 2,954 14 757,500 2 4.7 3.9 +0.8
17 OCEAN FRONT SUITES 400 to 500 2,333 3 635,000 1 4.4 4.0 +0.4
15 PARC BLEU 400 to 500 2,900 4 700,000 1 5.0 5.0 -0.0
28 PARC BOTANNIA 400 to 500 2,960 5 748,888 1 4.7 4.4 +0.4
19 PARC CENTROS 400 to 500 3,006 14 780,472 4 4.6 3.9 +0.7
15 PARC ELEGANCE 300 to 400 2,456 8 644,667 3 4.6 4.9 -0.3
15 PARC ELEGANCE 400 to 500 2,792 13 633,000 1 5.3 4.9 +0.4
5 PARC RIVIERA 400 to 500 3,306 9 768,250 4 5.2 4.4 +0.7
25 PARC ROSEWOOD 400 to 500 2,588 33 641,321 9 4.8 4.8 +0.0
19 PARK RESIDENCES KOVAN 300 to 400 2,820 5 645,000 2 5.2 5.0 +0.2
19 PRESTIGE POINT 400 to 500 2,900 1 745,000 1 4.7 3.5 +1.1
14 QUBE SUITES 400 to 500 3,300 1 660,000 1 6.0 3.8 +2.2
18 RIPPLE BAY 400 to 500 2,744 9 704,000 2 4.7 4.0 +0.7
28 RIVERBANK @ FERNVALE 400 to 500 2,633 3 721,000 3 4.4 4.3 +0.1
19 RIVERFRONT RESIDENCES 400 to 500 2,911 69 777,100 10 4.5 4.1 +0.4
15 SIGLAP V 400 to 500 2,550 1 705,000 1 4.3 3.7 +0.7
27 SKIES MILTONIA 400 to 500 2,692 6 650,000 3 5.0 4.5 +0.5
23 SOL ACRES 400 to 500 2,933 3 720,000 5 4.9 4.3 +0.6
18 STRATUM 400 to 500 2,567 6 630,000 5 4.9 4.5 +0.4
15 SUITES @ EASTCOAST 300 to 400 2,577 11 630,000 1 4.9 5.1 -0.2
19 SUITES @ PAYA LEBAR 300 to 400 2,580 5 644,000 5 4.8 5.2 -0.4
19 SUITES @ PAYA LEBAR 400 to 500 2,790 5 700,500 2 4.8 5.2 -0.4
18 THE ALPS RESIDENCES 400 to 500 3,043 7 711,500 2 5.1 4.8 +0.4
15 THE CRISTALLO 400 to 500 2,500 2 700,000 1 4.3 3.8 +0.5
19 THE FLORENCE RESIDENCES 400 to 500 2,928 9 830,750 2 4.2 4.0 +0.2
19 THE GARDEN RESIDENCES 400 to 500 2,993 12 780,210 9 4.6 4.0 +0.6
16 THE GLADES 400 to 500 3,170 10 801,800 5 4.7 4.3 +0.5
17 THE INFLORA 400 to 500 2,717 9 653,200 5 5.0 4.4 +0.6
14 THE LENOX 400 to 500 2,600 5 705,000 1 4.4 4.3 +0.1
27 THE NAUTICAL 400 to 500 2,463 4 640,000 1 4.6 4.4 +0.2
20 THE PANORAMA 400 to 500 3,025 12 842,500 2 4.3 3.6 +0.7
19 THE PROMENADE@PELIKAT 400 to 500 2,549 10 676,933 3 4.5 4.2 +0.3
18 THE SANTORINI 400 to 500 3,100 1 706,800 1 5.3 4.3 +1.0
19 THE SCALA 400 to 500 3,269 13 850,000 3 4.6 4.1 +0.5
18 THE TAPESTRY 400 to 500 2,914 22 766,214 14 4.6 4.4 +0.2
19 THE TEMBUSU 400 to 500 2,950 10 880,000 1 4.0 3.4 +0.6
19 THE VUE 400 to 500 2,900 1 690,000 1 5.0 4.0 +1.0
27 THE WISTERIA 400 to 500 2,817 3 686,000 1 4.9 4.4 +0.5
18 TREASURE AT TAMPINES 400 to 500 3,039 9 783,722 18 4.7 4.6 +0.0
5 TWIN VEW 400 to 500 3,540 5 894,000 1 4.8 4.0 +0.7
19 URBAN RESIDENCES 400 to 500 2,700 1 693,000 1 4.7 4.1 +0.5
16 URBAN VISTA 400 to 500 2,929 14 726,000 2 4.8 4.1 +0.7
14 VACANZA @ EAST 400 to 500 2,577 10 845,000 1 3.7 3.9 -0.2
15 VIBES @ EAST COAST 300 to 400 2,738 4 677,972 4 4.8 4.5 +0.3
15 VIBES @ EAST COAST 400 to 500 2,840 5 688,000 1 5.0 4.5 +0.5
19 VIBES @ KOVAN 300 to 400 2,600 3 670,000 1 4.7 4.6 +0.0
19 VIBES @ KOVAN 400 to 500 2,900 1 735,000 1 4.7 4.6 +0.1
5 WHISTLER GRAND 400 to 500 3,590 15 808,000 1 5.3 4.4 +0.9

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 3,270 5 846,613 4 4.6 3.9 +0.8
5 24 ONE RESIDENCES 400 to 500 4,200 2 983,000 1 5.1 5.2 -0.1
11 26 NEWTON 400 to 500 3,488 12 1,072,500 2 3.9 3.8 +0.2
14 28 IMPERIAL RESIDENCES 400 to 500 2,567 3 720,000 1 4.3 4.3 +0.0
8 28 RC SUITES 400 to 500 3,095 11 750,000 1 5.0 4.7 +0.3
15 38 I SUITES 400 to 500 2,870 5 780,000 1 4.4 3.8 +0.6
11 6 DERBYSHIRE 400 to 500 3,233 3 920,000 1 4.2 3.9 +0.3
11 8 BASSEIN 400 to 500 3,069 13 825,600 5 4.5 4.2 +0.2
13 8@WOODLEIGH 300 to 400 2,900 3 727,888 2 4.8 3.8 +1.0
12 AIRSTREAM 400 to 500 2,925 4 739,000 1 4.7 5.0 -0.2
3 ALEX RESIDENCES 400 to 500 3,747 16 936,600 5 4.8 4.5 +0.3
3 ALEXIS 400 to 500 3,033 3 810,000 1 4.5 5.3 -0.8
13 BARTLEY RIDGE 400 to 500 3,034 20 834,333 3 4.4 3.7 +0.7
12 BLISS LOFT 400 to 500 3,300 1 738,000 1 5.4 4.5 +0.8
14 CASA AERATA 400 to 500 2,650 6 658,000 1 4.8 4.6 +0.2
8 CAVAN SUITES 300 to 400 2,650 4 622,000 4 5.1 4.6 +0.6
8 CAVAN SUITES 400 to 500 2,850 4 688,000 1 5.0 4.6 +0.4
14 CENTRA RESIDENCE 400 to 500 2,700 5 650,000 1 5.0 5.6 -0.6
8 CITY LOFT 300 to 400 2,700 4 680,000 1 4.8 5.3 -0.5
3 COMMONWEALTH TOWERS 400 to 500 3,735 53 961,236 8 4.7 4.5 +0.1
14 COSMO 300 to 400 2,700 1 720,000 1 4.5 4.5 +0.0
12 CRADELS 400 to 500 3,065 13 760,000 1 4.8 4.7 +0.1
3 ECHELON 400 to 500 3,960 10 975,000 2 4.9 4.1 +0.8
14 EDENZ LOFT 400 to 500 2,663 4 664,000 2 4.8 4.5 +0.3
14 EDENZ SUITES 400 to 500 2,675 6 670,000 1 4.8 5.0 -0.3
12 EIGHT RIVERSUITES 400 to 500 3,259 27 805,000 1 4.9 4.2 +0.6
10 FIFTY-TWO STEVENS 400 to 500 3,200 1 975,000 2 3.9 3.3 +0.6
10 FOURTH AVENUE RESIDENCES 400 to 500 3,845 32 1,060,000 1 4.4 3.5 +0.9
12 GEM RESIDENCES 400 to 500 3,397 16 930,000 1 4.4 4.3 +0.1
14 GRANDVIEW SUITES 400 to 500 2,900 1 620,000 1 5.6 6.0 -0.4
14 GUILLEMARD EDGE 400 to 500 2,752 28 720,000 2 4.6 4.7 -0.1
14 GUILLEMARD SUITES 400 to 500 2,900 3 665,000 1 5.2 4.4 +0.8
15 HAIG 162 300 to 400 2,645 11 666,000 3 4.8 4.4 +0.4
4 HARBOUR SUITES 400 to 500 2,883 3 770,000 1 4.5 3.9 +0.6
15 IMPERIAL HEIGHTS 400 to 500 2,900 2 765,000 1 4.5 4.1 +0.5
15 ISUITES @ MARSHALL 300 to 400 2,500 1 688,500 2 4.4 5.2 -0.8
8 JOOL SUITES 300 to 400 2,800 1 678,000 1 5.0 4.1 +0.9
12 JUI RESIDENCES 400 to 500 3,400 1 854,888 1 4.8 4.0 +0.8
21 KAP RESIDENCES 400 to 500 3,100 2 940,000 1 4.0 3.5 +0.5
5 KENT RIDGE HILL RESIDENCES 400 to 500 3,572 51 963,833 6 4.4 4.1 +0.3
14 LE REGAL 300 to 400 2,733 6 565,000 1 5.8 6.6 -0.8
14 LE REGAL 400 to 500 2,867 3 618,000 1 5.6 6.6 -1.1
13 LEICESTER SUITES 400 to 500 2,850 4 822,000 1 4.2 4.3 -0.2
11 LINCOLN SUITES 400 to 500 3,529 7 1,081,250 4 3.9 3.4 +0.6
10 LOFT @ NATHAN 300 to 400 2,971 7 812,000 1 4.4 4.3 +0.1
10 LOFT @ NATHAN 400 to 500 3,360 15 883,333 3 4.6 4.3 +0.3
8 LOFT @ RANGOON 400 to 500 2,917 3 686,000 1 5.1 4.4 +0.7
10 LOFT@HOLLAND 300 to 400 3,501 9 856,944 2 4.9 4.5 +0.4
10 M5 400 to 500 3,325 2 950,000 1 4.2 4.7 -0.5
12 M66 400 to 500 2,600 4 690,000 1 4.5 4.2 +0.4
9 MACKENZIE 138 400 to 500 3,188 4 810,000 1 4.7 4.6 +0.1
9 MACKENZIE 88 400 to 500 3,000 3 838,000 1 4.3 4.1 +0.2
3 MARGARET VILLE 400 to 500 3,900 3 1,055,472 4 4.4 4.1 +0.3
14 MILLAGE 400 to 500 2,900 5 731,500 2 4.8 4.3 +0.5
15 MOUNTBATTEN LODGE 300 to 400 2,375 4 650,000 1 4.4 3.6 +0.7
12 NEEM TREE 400 to 500 3,000 3 800,000 1 4.5 4.1 +0.4
14 NESS 300 to 400 2,633 3 613,000 1 5.2 5.0 +0.2
14 NESS 400 to 500 3,038 4 685,000 3 5.3 5.0 +0.3
21 NOTTINGHILL SUITES 300 to 400 2,645 10 708,333 3 4.5 4.9 -0.4
11 NOVENA REGENCY 400 to 500 3,008 6 920,000 2 3.9 4.0 -0.1
12 OKIO 400 to 500 2,960 10 754,000 2 4.7 4.2 +0.5
12 ONE DUSUN RESIDENCES 400 to 500 3,244 11 810,000 1 4.8 4.4 +0.4
9 OXLEY EDGE 400 to 500 3,325 2 900,000 1 4.4 3.9 +0.5
14 PARC ESTA 400 to 500 3,758 32 914,000 5 4.9 4.3 +0.7
5 PARC IMPERIAL 300 to 400 3,061 14 700,000 1 5.2 5.2 +0.0
5 PARC IMPERIAL 400 to 500 3,129 14 785,750 4 4.8 5.2 -0.4
9 PARC SOPHIA 400 to 500 3,333 6 920,000 1 4.3 4.0 +0.3
13 PARK COLONIAL 400 to 500 3,510 26 985,694 4 4.3 4.2 +0.1
14 PARK PLACE RESIDENCES AT PLQ 400 to 500 3,930 23 1,070,200 5 4.4 4.3 +0.1
14 PAVILION SQUARE 300 to 400 2,863 4 608,000 1 5.6 5.8 -0.2
14 PAVILION SQUARE 400 to 500 3,000 1 660,000 1 5.5 5.8 -0.4
12 PRESTIGE HEIGHTS 300 to 400 2,674 17 625,667 3 5.1 4.6 +0.6
3 PRINCIPAL GARDEN 400 to 500 4,032 21 942,000 4 5.1 4.3 +0.8
3 QUEENS PEAK 400 to 500 3,938 40 965,000 3 4.9 4.3 +0.6
8 RANGOON 88 400 to 500 2,976 5 720,000 1 5.0 4.4 +0.6
12 REGENT RESIDENCES 400 to 500 3,008 10 760,000 1 4.7 4.1 +0.6
8 RESIDENCES @ SOMME 400 to 500 3,250 2 731,000 2 5.3 4.4 +1.0
14 REZI 35 400 to 500 2,850 2 740,667 3 4.6 4.1 +0.6
9 ROBERTSON EDGE 400 to 500 3,564 7 967,500 2 4.4 4.5 -0.1
10 ROBIN SUITES 400 to 500 3,600 6 1,077,000 1 4.0 3.9 +0.2
14 ROYCE RESIDENCES 300 to 400 2,600 1 613,000 1 5.1 5.2 -0.1
10 RV EDGE 300 to 400 3,250 8 815,000 2 4.8 4.6 +0.2
10 RV RESIDENCES 400 to 500 3,690 10 985,000 1 4.5 4.0 +0.5
14 SIMS URBAN OASIS 400 to 500 3,246 45 784,167 6 5.0 4.4 +0.6
13 SKY GREEN 400 to 500 3,079 12 836,296 3 4.4 4.0 +0.4
20 SKY VUE 400 to 500 3,509 16 972,500 5 4.3 3.8 +0.5
4 SKYLINE RESIDENCES 400 to 500 3,650 11 1,130,000 2 3.9 3.4 +0.5
12 SKYSUITES17 300 to 400 2,779 7 650,000 1 5.1 4.6 +0.5
2 SKYSUITES@ANSON 300 to 400 3,779 30 921,400 5 4.9 5.1 -0.2
11 SOLEIL @ SINARAN 400 to 500 3,817 3 990,000 1 4.6 4.0 +0.6
2 SPOTTISWOODE SUITES 400 to 500 3,554 13 1,065,000 2 4.0 3.6 +0.4
10 STELLAR RV 400 to 500 3,550 1 900,000 1 4.7 3.9 +0.8
3 STIRLING RESIDENCES 400 to 500 4,038 20 1,069,333 3 4.5 4.2 +0.3
14 STUDIO8 400 to 500 3,150 1 765,000 1 4.9 4.1 +0.9
15 STUDIOS@TEMBELING 300 to 400 2,600 1 640,000 1 4.9 4.3 +0.6
15 STUDIOS@TEMBELING 400 to 500 3,000 2 849,444 2 4.2 4.3 -0.0
8 STURDEE RESIDENCES 400 to 500 3,457 15 872,755 5 4.8 4.1 +0.6
15 SUITES @ GUILLEMARD 300 to 400 2,825 2 685,000 1 4.9 4.1 +0.8
15 SUITES @ GUILLEMARD 400 to 500 2,700 4 775,000 1 4.2 4.1 +0.1
11 SUITES @ NEWTON 400 to 500 3,200 2 970,000 1 4.0 3.8 +0.2
11 SUITES @ SHREWSBURY 300 to 400 2,600 1 650,000 1 4.8 4.4 +0.4
14 SUITES @ SIMS 300 to 400 2,600 3 638,000 1 4.9 6.2 -1.4
12 SUITES @ TOPAZ 300 to 400 2,425 4 650,000 1 4.5 5.0 -0.5
14 SUITES@CHANGI 400 to 500 2,720 5 685,000 1 4.8 4.2 +0.6
14 THE ANTARES 400 to 500 3,650 3 891,500 2 4.9 4.1 +0.8
8 THE CITRON RESIDENCES 400 to 500 3,500 1 840,000 1 5.0 4.5 +0.5
1 THE CLIFT 400 to 500 4,669 6 1,035,000 1 5.4 4.8 +0.6
21 THE CREEK @ BUKIT 400 to 500 3,029 12 800,000 1 4.5 3.9 +0.6
10 THE ENCLAVE . HOLLAND 400 to 500 3,700 2 1,050,000 1 4.2 3.1 +1.1
21 THE HILLFORD 300 to 400 2,913 23 563,167 6 6.2 6.8 -0.6
12 THE INTERWEAVE 300 to 400 2,731 13 695,000 1 4.7 4.7 +0.0
12 THE INTERWEAVE 400 to 500 3,079 7 690,000 1 5.4 4.7 +0.6
15 THE LINE @ TANJONG RHU 400 to 500 3,350 2 1,010,000 2 4.0 2.9 +1.1
14 THE OCTET 400 to 500 2,940 5 658,000 1 5.4 4.9 +0.5
13 THE POIZ RESIDENCES 400 to 500 3,254 37 824,333 3 4.7 4.2 +0.5
13 THE TRE VER 400 to 500 3,565 10 913,000 4 4.7 4.1 +0.6
8 THE URBANITE 400 to 500 3,000 3 794,888 1 4.5 4.1 +0.4
14 THE WATER EDGE 400 to 500 2,940 10 700,000 1 5.0 5.0 +0.0
20 THOMSON IMPRESSIONS 400 to 500 3,015 13 858,000 1 4.2 4.0 +0.3
20 THOMSON THREE 400 to 500 3,157 7 883,333 3 4.3 3.3 +1.0
12 TREVISTA 400 to 500 3,025 2 725,000 1 5.0 3.5 +1.5
14 VIENTO 400 to 500 2,740 5 701,500 2 4.7 4.9 -0.2
12 VIIO @ BALESTIER 400 to 500 3,350 2 859,000 2 4.7 4.2 +0.5
5 VIVA VISTA 300 to 400 3,005 20 700,000 1 5.2 5.1 +0.0

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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