Freehold B1 office/warehouse on Level 3 — an adjoining corner pair combining to 3,089 sqft, plus a separate tenanted unit. Five minutes' walk to a two-line MRT interchange.
How to read this. Each small dot is one recent sale nearby, plotted by price per square foot (6 sales). The gold dot is this unit's asking price per square foot. The tick marks the median, so half the sales sold for more and half for less. A dot to the left of gold sold for less per square foot. It compares price per square foot only: it does not account for floor, view, condition or renovation, and it is not a valuation.
Actual caveats near the subject, median S$1,350 psf. See each sale. Source and date are with the table below.
| Level | Size | Price | PSF | MCST / mo | Property tax / yr | Status |
|---|---|---|---|---|---|---|
| Corner unit · L3 | 1,690 sqft | S$2,872,999 | S$1,700 psf | S$576/mo (S$1,728/qtr) | S$4,590/yr | Vacantadjoins the next unit; the pair combines to 3,089 sqft |
| Next to corner · L3 | 1,399 sqft | S$2,378,299 | S$1,700 psf | S$475/mo (S$1,425.60/qtr) | S$3,780/yr | Owner-occupiedadjoins the corner unit |
| Tenanted unit · L3 | 1,399 sqft | S$2,378,299 | S$1,700 psf | S$475/mo (S$1,425.60/qtr) | S$3,780/yr | Tenanted to Aug 2027 at S$4,617/mostandalone, not adjoiningNet ≈ S$3,827/mo after MCST + tax (17% of rent) · ~1.9% net at asking |
| All three | 4,488 sqft | S$7,629,599 | S$1,700 psf | S$1,526/mo (S$4,579.20/qtr) | S$12,150/yr | Buy one, the corner pair, or all three |
The three units on offer, individually priced (a fourth unit in this run sold in Jul 2026). Unit numbers withheld. The corner unit and its neighbour adjoin and can be combined into one 3,089 sqft footprint (in my opinion, and subject to approval from the authorities and the MCST); the standalone unit is separate. Prices exclude GST. MCST includes the sinking fund, quarterly fee shown per month, before GST, rates from 1 Jul 2025; property tax is the current annual figure per the owner's fact sheet (IRAS revises Annual Value yearly).
Net = stated rent less MCST and property tax, before GST, loan, fees and vacancy. Yield basis (CEA): gross yield = annual rent as stated above (passing or projected, per the stated basis) ÷ the stated asking price; net yield is after property tax (a flat 10% of Annual Value), MCST/service charge and outgoings. These are historical/indicative, not a forecast or a guarantee of return — verify the tenancy and the IRAS Annual Value independently before relying on them.
Illustration only, not a quote or a forecast. Default rate = 3-month SORA 1.266% (MAS, 23 Oct 2026) plus an assumed 1.5% bank margin; your bank decides. Repayment includes principal. Cash in = price less loan, before stamp duty, GST and legal fees.
Why the return looks modest: in my view, freehold usually costs more than a comparable leasehold unit, so the same rent gives a lower yield. You are paying for a title that does not run down. Judge it on the monthly cash flow you can hold, not the yield alone.
| Standalone unit — passing rent | S$4,617 / mo |
| Lease renewed to | Aug 2027 |
| Annualised | S$55,400 / yr |
| Gross yield on S$2,378,299 | ~2.3% |
| Net after MCST + taxⓥ | ~1.9% |
| Corner pair | Vacant / owner-occupied — available |
| Building rent benchmark (JTC) | median S$3.05 psf/mo, middle half S$2.40–3.07 (2025Q2) |
| Corner pair if let at the JTC medianⓥ | ≈ S$9,400/mo · ≈ 2.2% gross at asking (indicative, not an offer) |
2.33% gross at asking (S$2,378,299)
At your price: 2.33% gross (S$55,400 a year ÷ your price, before costs)
Only the standalone unit is tenanted; the corner pair is available for occupation. The tenant renewed at S$3.30 psf, which is market validation of that rate rather than an asking. Commercial property tax is a flat 10% of Annual Value — the current assessment implies an AV below the passing rent, so budget for an upward revision.
Yield basis (CEA): gross yield = annual rent as stated above (passing or projected, per the stated basis) ÷ the stated asking price; net yield is after property tax (a flat 10% of Annual Value), MCST/service charge and outgoings. These are historical/indicative, not a forecast or a guarantee of return — verify the tenancy and the IRAS Annual Value independently before relying on them.
New JTC industrial land is issued on 30-year tenures, so the freehold pool cannot grow. In Q1 2026 the average freehold industrial asset transacted at S$876 psf against S$569 for 60-year and S$353 for 30-year leasehold — and freehold was the only tenure band that rose while 30-year fell. (Savills)
The corner unit and its neighbour combine into a single 3,089 sqft footprint — you lay out one operation instead of splitting it across levels. A fourth unit in this run has already sold; the pair is what remains.
Racking, a mezzanine and heavy plant fit without redesign. Containers unload direct at six 40ft bays with dock levellers, and two 4,000kg cargo lifts take loaded pallets up without breaking them down.
URA lists childcare, an industrial canteen and general industrial use as assessable at this address — a Change of Use application it will consider, rather than a flat no. With roughly 42,059 households in the Geylang planning area behind it, that matters most for a childcare operator. Approval is never guaranteed, so treat it as optionality, not a plan.
| Level | Approved now | By change-of-use application | Not permitted |
|---|---|---|---|
| Level 3all units offered | Light Industrial Use (after NEA clearance)Ancillary office while industrial stays above 60% | Childcare centreIndustrial canteenGeneral industrial useOther uses (case by case) | Independent officeShopRestaurantMedical clinicGym / fitnessCommercial schoolShowroom (1st storey only)Workers' dormitory (separate building only) |
URA SPACE per-unit check, 20 Jul 2026 (corner unit; Andrea confirms the same profile applies to all units offered). Read the middle column as an OPEN DOOR, not a refusal: URA asks for a Change of Use application it will assess, with landowner and (where relevant) NEA/LTA/PUB/SCDF clearances first — approval is not guaranteed, but these uses are not barred the way the right-hand column is. One carve-out to know: for multi-user industrial developments URA will only consider a new workers' dormitory in a SEPARATE BUILDING within the site, so it is not realistically available to a strata unit here. Approved use is granted PER UNIT — re-run URA SPACE on your specific unit and intended trade before committing.
Site photographs, 16 Apr 2026. Watermarked at build.
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From the owner's fact sheet (24 Jul 2025) and URA SPACE; verify at viewing.
Google Places ratings and distances, indicative. Chosen for a working site — where staff eat, park and get supplies. The residential catchment is the whole Geylang planning area, not a walk-in radius; it is shown because several alternative uses here are assessable rather than barred, and a childcare operator in particular would underwrite against that household base.
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OneMap-routed distances/times; ratings via Google Places, indicative and subject to change.
🚌 Bus stops nearby:
Times are indicative — weekday 08:30 for public transport (OneMap routing); drive times are off-peak, no live traffic — both vary with actual conditions.
| Street | Sold | Tenure | psf (strata floor area) |
|---|---|---|---|
| Paya Lebar 178 — this listing, standing stock | Advertised | Freehold | S$1,700 |
| Paya Lebar 178 same floor run, 1,410 sqft (the fourth unit) | Jul 2026 | Freehold | S$1,500 |
| Paya Lebar 178 1,399 sqft | Oct 2025 | Freehold | S$1,286 |
| Paya Lebar 178 1,410 sqft | Feb 2025 | Freehold | S$1,300 |
| Paya Lebar 178 3,251 sqft | Jun 2024 | Freehold | S$1,507 |
| Generations @ Tannery ~1.3 km · TOP 2029 · sold out on launch day | Jul 2026 | Freehold | L3 ≈ S$1,8xx |
| CT Gold, Lor Bakar Batu ~1.9 km · 63 units in two days | May 2026 | Freehold | S$1,400–1,900 |
Same-building sales are URA caveats (via PropKaki, read 27 Oct 2026; verify on URA REALIS). The latest, Jul 2026 at S$1,500 psf, is the fourth unit in this same run; this listing asks S$1,700 psf, about 13% above it. Generations @ Tannery and CT Gold are NEW-BUILD launches of uncompleted buildings: they show demand for freehold B1 in this corridor, not the price of standing 2004 strata.
Source: URA REALIS, data as at 27 Oct 2026.
Indicative only — confirm stamp duty, GST & apportionment with your lawyer / IRAS.
| Claim | Figure | Where it holds | Source |
|---|---|---|---|
| Private-sector multi-user factory space vacancy was 7.6% in 2Q 2026, down 0.4 points from 8.0% the quarter before (SingStat). | 7.6% | island | SingStat, available and vacant commercial/industrial space (private sector) [1] · as at 2026-11-01 |
| Multi-user factory rents rose 29.0% over the 5 years to 2Q 2026, against 25.6% for all industrial space (SingStat, JTC index). | 29.0% | island | SingStat, Rental Index of Industrial Space (JTC) [1] · as at 2026-11-01 |
| Multi-user factory prices rose 32.8% over the 5 years to 2Q 2026, against 26.9% for all industrial space (SingStat, JTC index). | 32.8% | island | SingStat, Price Index of Industrial Space (JTC) [1] · as at 2026-11-01 |
| Freehold industrial land sold at $727 (Feb 2023) and $841 (May 2025) psf ppr; JTC leasehold industrial land sold at $208 (May 2023) and $300 (Nov 2024). That is 2 and 2 sites in different places, so read it as a range, not a like-for-like pair. Freehold range: $727-$841 psf ppr. | $727-$841 psf ppr | island | Square Foot Research / EdgeProp government land sales, as at 2026-10-01 · as at 2026-10-01 (indicative) |
| New-sale industrial launches were priced at an average of $400 psf in 1995 and $726 psf in 2026 (+81.50%). This mainly reflects what each year's launches cost to build, land included, not growth in a unit you already own. Resale averaged $435 in 1995 and $595 in 2026 (+36.78%). 2026 is a part-year. The averages mix ages, locations and sizes. | 81.50% | island | PropNex Investment Suite ProTrend, generated 30 Sep 2026 · as at 2026-09-30 (indicative) |
Figures are quoted or counted from the sources shown, at the narrowest scope they support -- never an unqualified 'only'.
Listed so you hear it from me first. Each point is a sourced fact, not a prediction.
CT Gold took two days in Apr–May 2026; Generations @ Tannery, 1.3 km away, cleared all 59 units on launch day in July 2026 — and priced above CT Gold. Two data points, eleven weeks apart, same direction. Where does that leave standing freehold stock you can occupy now?
Q1 2026 averages (Savills). Freehold was the only tenure band to rise; 30-year leasehold fell. A shortening lease tightens financing and narrows the buyer pool at exit. What is not carrying that clock worth to you?
Buyers at Generations committed capital for roughly three years before they get keys. This floor exists, and the corner pair is available for occupation.
Sourced, past-tense market data. Not a forecast, an assurance of returns, or financial advice. Prices at record highs and volumes at a six-year low both hold at once — verify independently.
Published government plans near this property — the facts, with sources. What they mean for value is a question worth asking.
JTC all-industrial price index sat at 114.9 in Q3 2026 (+1.0% QoQ, +4.2% YoY) (JTC via SingStat Table Builder).
JTC industrial rental index printed 114.4 in Q3 2026 (+2.1% YoY) — rents have risen for 24 straight quarters (JTC via SingStat Table Builder).
General market information on this page was last updated on 1 Nov 2026.
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