Type

Units

Min Area

Price Range

Other

60799 sqft

S$20M

Property Highlights

Commercial development with 1 unit currently available.
Prices currently start from S$20M.
For Singaporean second property buyers, ABSD applies at 20% of the purchase price, approximately S$4M on this acquisition.
Located 8 min (670 m) from EW27 Boon Lay MRT Station.

Price Trends & Rental Yield

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21 Fan Yoong Road: Premium Industrial Asset in Jurong Innovation District

21 Fan Yoong Road represents a rare institutional-quality industrial offering positioned at the heart of Singapore's most dynamic manufacturing and logistics corridor. This nine-storey detached structure commands approximately 60,799 square feet of land with a total gross floor area exceeding 155,000 square feet, presenting a singular opportunity for discerning operators seeking a purpose-built, fully integrated production and accommodation ecosystem.

The property sits within the Jurong Innovation District, a strategically designated zone engineered to support advanced manufacturing, precision engineering, and high-value logistics operations. This location advantage translates directly into tenant recruitment, workforce stability, and operational efficiency—factors that institutional investors and owner-operators consistently prioritise when evaluating industrial real estate in Singapore's competitive market.

Comprehensive Facility Infrastructure

The building architecture reflects a sophisticated understanding of modern industrial workflows. A dedicated worker dormitory accommodates up to 36 on-site residents, eliminating recruitment friction and reducing absenteeism for shift-intensive operations. This amenity proves particularly valuable for manufacturers and logistics firms dependent on consistent, reliable staffing in a tight labour market.

The production and workshop areas feature column-free high-ceiling design specifications suitable for machinery installation, assembly lines, and large-scale goods handling. Overhead cranes are already integrated into the structural framework, substantially reducing capital expenditure for incoming tenants or operators. Multiple loading bays, integrated cargo lifting capacity, and generous parking provisions support seamless goods movement and visitor access—critical operational requirements often absent in older industrial stock.

Executive and administrative functions benefit from a dedicated modern office wing, complete with meeting rooms, directorial suites, pantry facilities, and on-site gymnasium. This separation of functions allows management teams to operate in professional comfort whilst maintaining immediate oversight of production or warehousing activities below.

Sustainability and Operational Resilience

The development carries Green Mark building certification and features rooftop-mounted solar photovoltaic panels, demonstrating environmental commitment and providing measurable utility cost reduction over the lease tenure. For operators with ESG reporting obligations or sustainability-linked financing arrangements, these features provide tangible competitive differentiation.

The JTC lease structure extends through 2037, providing operational certainty and sufficient runway for businesses to amortise heavy capital equipment investments across a meaningful timeframe. This lease duration aligns with typical industrial asset holding periods, reducing refinancing risk for leveraged acquisitions.

Strategic Location and Connectivity

Proximity to Boon Lay MRT Station (EW27) at approximately 670 metres—roughly an eight-minute walk—ensures reliable public transport connectivity for both workforce and visitors. The East-West Line linkage provides direct access to central business districts and residential concentrations across the island, supporting recruitment from wider geographic catchments.

Transport infrastructure extends beyond MRT: the Pan-Island Expressway and Ayer Rajah Expressway provide rapid connectivity to Changi Airport and the northern industrial belt. Tuas Mega Port—Singapore's forthcoming integrated transshipment and container handling facility—sits within practical trucking distance, positioning occupiers for direct participation in evolving regional supply chain hubs.

Suitability Across Operational Profiles

The property suits diverse industrial mandates. Precision manufacturers benefit from the modern facility envelope and integrated infrastructure. Third-party logistics operators value the scale, dormitory capacity, and multi-bay loading provision. Engineering firms and light industrial producers find suitable accommodation within the office and workshop zones. Multinational corporations establishing regional manufacturing headquarters appreciate the turnkey, fully serviced infrastructure requiring minimal fitout investment.

Investment Perspective and Market Positioning

Industrial real estate in Jurong commands sustained institutional investor demand, underpinned by Singapore's manufacturing export competitiveness and regional logistics centrality. Single-user occupancy reduces management complexity relative to multi-tenanted portfolios, whilst the integrated dormitory provision creates operational stickiness—once a business establishes production lines and worker accommodation arrangements, relocation costs and disruption create meaningful switching resistance.

Capital appreciation over the medium to long term reflects broader market dynamics: industrial land scarcity, steady logistics demand, and the progressive gentrification of older industrial zones driving rentals and valuations higher. Properties with modern infrastructure, sustainability credentials, and strategic MRT proximity consistently outperform aged, undersized stock requiring substantial capital reinvestment.

Operational Efficiency and Total Cost of Ownership

The comprehensive on-site facility bundle—dormitory, office, production space, solar generation, and integrated cargo handling—substantially reduces the operational footprint required elsewhere. Businesses no longer need to coordinate separate office rental, staff accommodation arrangements, and warehouse facilities across multiple locations. This integration generates meaningful efficiencies in management overhead, utility coordination, and workforce logistics.

The existing infrastructure—cranes, loading bays, lift systems—represents substantial sunk capital investment already embedded in the property structure. Incoming operators inherit these systems, eliminating the need for expensive retrofitting or phased equipment procurement that typically extends fitout timelines and delays revenue generation.

Frequently Asked Questions

What rental yield might an investor expect if acquiring this property as an industrial investment?

Industrial investment yields in Jurong typically range from 4% to 5.5% net, depending on tenant profile, lease security, and market cycle positioning. A property of this scale and specification—featuring modern infrastructure, integrated dormitory capacity, and Green Mark certification—commands premium rental multiples relative to older stock, potentially supporting yields toward the upper end of this range. Institutional-grade occupiers (multinational manufacturers, third-party logistics firms) typically secure lease terms of five to ten years, providing income stability. However, actual yield realisation depends critically on tenant selection: a high-quality, long-tenure tenant anchoring the entire facility generates superior cashflow predictability compared to shorter-term arrangements. The on-site dormitory substantially enhances tenant stickiness, reducing vacancy risk that would otherwise compress yields during market downturns.

How does the per-square-foot pricing compare to recent industrial transactions in Jurong?

Industrial real estate in Jurong currently transacts within a range of approximately S$250 to S$400 per square foot for modern, purpose-built facilities with strong logistics positioning and MRT connectivity. 21 Fan Yoong Road, priced from S$20 million across 155,037 square feet of GFA, equates to roughly S$129 per square foot on a total GFA basis—substantially below median transaction pricing for comparable new-build or recently renovated industrial stock. This apparent discount reflects several factors: the lease tenure extending to 2037 (rather than longer-duration JTC or freehold stock), the single-user occupancy structure (eliminating multi-tenanted management premium), and the specialised dormitory configuration (commanding higher operational value for specific tenant profiles but reducing pool of potential buyers). Recent comparable transactions for modern Jurong facilities with similar specification have achieved S$320–S$380 psf; this property's per-square-foot positioning reflects its lease profile and the specific integrated amenities mix, which appeal strongly to owner-operators but may require longer marketing timelines if marketed as a pure investment vehicle.

What are the Additional Buyer's Stamp Duty implications for a Singapore Citizen purchasing this as a second property?

Singapore Citizens acquiring a second residential property incur Additional Buyer's Stamp Duty at the current rate of 20%, calculated on the purchase price above S$180,000. For a property priced at S$20 million, ABSD would comprise 20% of the applicable amount, translating to a material additional cost on top of standard stamp duty. However, critical distinction: 21 Fan Yoong Road is classified as commercial/industrial real estate, not residential, and therefore ABSD does not apply to this acquisition regardless of the purchaser's existing property holdings. This removes a significant tax barrier that would otherwise restrict individual or corporate purchaser participation. The absence of ABSD liability enhances investment appeal relative to residential property acquisition, particularly for buyer-investors already holding residential properties, as no additional 20% duty burden diminishes net returns or cash-on-cash yield calculations.

How does the JTC lease expiry in 2037 affect resale value and long-term hold viability?

The JTC lease tenure extending to 2037 provides approximately 13 years of operational runway from present, sufficient for most business cycles and capital equipment amortisation schedules. However, lease decay mechanics apply: as the lease approaches expiry, property valuations face downward pressure because subsequent purchasers inherit progressively shorter income-generating windows. This lease duration limits the property's appeal to long-term strategic holders seeking 20–30 year hold periods; owner-operators with shorter deployment horizons (5–10 years) face manageable exit timelines before lease decay becomes acute. Resale value trajectory typically follows a declining curve as lease expiry approaches, with significant compression in the final 5–7 years unless JTC grants a lease renewal or the purchaser negotiates an extension. Prudent investors should model exit scenarios around the 2032–2035 timeframe to optimise realisation pricing before lease decay inflicts heavy valuation haircuts. The commercial/industrial classification (rather than residential) means fewer retail buyers exist, potentially lengthening marketing periods during lease twilight years.

How significantly does proximity to Boon Lay MRT Station influence tenant demand and capital appreciation?

MRT station proximity materially enhances industrial property valuation and tenant recruitment capacity, particularly for facilities relying on shift workers and white-collar workforce participation. At approximately 670 metres (8-minute walk), 21 Fan Yoong Road sits within the optimal employment accessibility radius for both logistics and manufacturing sectors. Boon Lay's position on the East-West Line provides direct connectivity to central business districts, Changi Airport, and residential concentrations across the island, enabling businesses to recruit talent from significantly wider geographic catchments than facilities requiring private transport. Properties within 1-kilometre radius of major MRT stations typically command 15–20% rental premiums relative to road-dependent competitors, reflecting genuine operational advantages in workforce stability and recruitment speed. Capital appreciation curves for MRT-proximate industrial stock outperform non-connected properties across economic cycles, as institutional investors and owner-operators consistently privilege accessibility. The future development pipeline in Jurong—including enhanced transport linkages—suggests sustained capital appreciation potential as the district consolidates as Singapore's manufacturing and innovation heartland.

Which buyer profiles are best suited to this property, and why?

Owner-operators in precision manufacturing, advanced engineering, or third-party logistics represent the optimal buyer profile: the integrated dormitory, high-ceiling production spaces, and modern office infrastructure directly support their operational requirements without requiring secondary facility coordination. Multinational manufacturing corporations establishing or consolidating regional headquarters find the turnkey infrastructure—including on-site accommodation—exceptionally valuable for rapid deployment and workforce stability. Investment funds focused on industrial real estate and seeking operational scale benefit from the property's institutional-grade infrastructure and MRT connectivity, though the lease tenure (expiring 2037) suits medium-term (7–10 year) holding periods rather than perpetual hold strategies. Small to medium-sized enterprises in similar sectors may find the total acquisition cost and facility scale exceed their immediate needs, making the property less suitable for this cohort. Owner-occupiers with established manufacturing or logistics operations looking to consolidate multiple facilities into a single, modern complex represent an underexploited buyer category—the property's design specifically accommodates this consolidation logic. Conversely, pure-play financial investors with no operational link to industrial activities may encounter extended marketing timelines, as the pool of speculative buyers for industrial property remains narrower than residential counterparts.

What TDSR and financing headroom constraints apply to purchasers at this price point?

Total Debt Service Ratio limitations apply to residential mortgage financing, not commercial/industrial property acquisition—banks typically structure industrial facility financing under commercial lending protocols with different leverage and serviceability criteria. A purchaser financing S$20 million (or the portion thereof subject to debt) would encounter typical commercial lending constraints: 60–70% loan-to-value ratios, interest-only payment structures common for owner-operators, and cashflow-based lending decisions informed by prospective tenant rental offers rather than residential income multiples. Serviceability assessment for commercial real estate emphasises tenant lease terms, historical occupancy rates, and sector fundamentals rather than personal income metrics. For owner-operators, lenders examine the operational business's capacity to service facility debt from earnings generated within the property. Investment-focused purchasers seeking leverage must demonstrate either existing real estate portfolio strength or projected tenant rental income sufficient to support debt service at stressed interest rate scenarios (typically 2–3% above prevailing rates). The integrated dormitory and on-site production infrastructure enhance lending appeal, as these features materially improve occupancy certainty and tenant stickiness—critical metrics lenders scrutinise when sizing facility-specific debt facilities.

How does 21 Fan Yoong Road compare to competing industrial developments in Jurong?

The modern Jurong industrial landscape includes several competing options: older multi-storey factory buildings (typically 4–6 storeys, fragmented between multiple tenants), newer purpose-built single-user facilities without integrated amenities, and small-to-medium industrial units within managed estates. 21 Fan Yoong Road differentiates itself through vertical integration—the combination of production floors, modern office, and on-site dormitory within a single nine-storey envelope eliminates the operational fragmentation many competitors require. Comparable modern facilities in Pioneer Industrial Estate and Boon Lay vicinity typically lack comprehensive dormitory capacity, forcing businesses to coordinate staff accommodation externally. The Green Mark certification and rooftop solar infrastructure position this property ahead of pre-2015 construction stock still dominating Jurong's supply base. Lease tenure represents a trade-off: properties with longer JTC tenures (through 2040–2050) or freehold status command premium pricing, whereas 21 Fan Yoong Road's 2037 expiry targets buyer profiles with medium-term deployment horizons. The nine-storey configuration offers significantly more vertical flexibility than single-storey sheds, permitting separation of functions (office above, production below) that lower-rise competitors cannot deliver. Overall, this property occupies a distinct positioning: more sophisticated and integrated than competing industrial stock, with lease tenure and pricing reflecting its 13-year remaining runway rather than longer-duration alternatives.

Which floor levels or stacks offer superior value for different operational use cases?

Optimal floor allocation varies by tenant operational profile. Production, manufacturing, and high-volume logistics workflows typically occupy lower storeys (levels 1–3), benefiting from direct loading bay access, minimal vertical goods movement costs, and superior crane utilisation efficiency. Lower-floor location also simplifies emergency egress for large equipment and reduces wear on building systems through constant material movement. Mid-level storeys (4–6) suit secondary assembly, component finishing, or value-add logistics functions requiring moderate internal goods movement but not requiring ground-floor cargo access. Upper storeys (7–9) optimally accommodate office, meeting, and administrative functions—modern manufacturing and logistics firms increasingly segregate white-collar activities into quieter, dedicated spaces with superior light and air exposure. The dormitory configuration (specifics unreported but typical in such facilities) likely occupies mid-to-upper storeys, optimising security and resident amenity. For owner-operators seeking to sublease portions whilst occupying balance, stacking production on lower floors and ancillary functions on mid-to-upper levels maximises sublease value per square foot (office commanding premium rentals relative to production space) whilst retaining control of high-utilisation lower-floor capacity. Single-tenant occupancy permits flexible stacking; conversely, multi-tenant marketing benefits from segregated floor-by-floor leasing opportunities—a consideration when modelling exit scenarios and refinancing capacity.

What future supply pipeline and district development trajectory might influence long-term capital appreciation?

Jurong is undergoing strategic transformation as Singapore's declared Advanced Manufacturing and engineering heartland, with substantial infrastructure and institutional investment anchoring this positioning. Government initiatives including the Jurong Innovation District expansion, enhanced transport connectivity, and targeted incentives for precision manufacturing and cleantech facilities signal sustained demand tailwinds. However, this strategic focus also generates incremental supply: new JTC industrial complexes, purpose-built manufacturing facilities, and logistics hubs entering the market will progressively moderate rental growth and capital appreciation relative to pre-2020 trajectories. Competition from newer, longer-lease-tenure facilities (or freehold equivalents) represents the principal headwind: as fresher inventory with more advantageous lease structures enters supply, older stock (including this property, as 2037 approaches) faces structural valuation pressure. Conversely, consolidation of Jurong as the undisputed advanced manufacturing node supports sustained occupier demand across the long term. The district's MRT connectivity roadmap—including potential future enhancements—positions properties with current station proximity advantageously. Real capital appreciation over the next 5–10 years likely tracks 1–3% annually, below historical norms, reflecting the maturing supply-demand balance in this established industrial precinct. Investor expectations should calibrate to moderate, steady-state appreciation rather than transformational capital gains, with cashflow generation from tenant relationships representing the primary return driver.

Commercial At Fan Yoong Road — From S$20M