Type

Units

Min Area

Price Range

Other

2131 sqft

S$2.6M – S$3.7M

Property Highlights

Commercial development with 3 units currently available.
Prices currently range from S$2.6M to S$3.7M.
For Singaporean second property buyers, ABSD applies at 20% of the purchase price, approximately S$514K on this acquisition.
Freehold.
Located 4 min (370 m) from EW9 Aljunied MRT Station.

Price Trends & Rental Yield

Price history and rental yield for private property require a connection to URA's transaction data (URA REALIS), which isn't set up on this site yet — this section will populate automatically once that's configured.

Interested in this property?

Send a quick enquiry our Singapore Property team will reach out within 24 hours.

D'Centennial: Prime Freehold B1 Industrial Space in Central Geylang

D'Centennial stands as a compelling commercial investment opportunity in one of Singapore's most established light industrial and trading precincts. Situated at 100 Lorong 23 Geylang, this development delivers freehold B1 business units that cater to investors, operators, and upgraders seeking flexible commercial space with strong underlying fundamentals and sustainable growth prospects.

The project's positioning within the Geylang corridor places it at the intersection of accessibility and commercial viability. The proximity to Aljunied MRT Station—just a 4-minute walk or 370 metres away—anchors the development within Singapore's broader transportation network, ensuring consistent tenant demand and reducing vacancy risk. This MRT connectivity is a critical value driver for light industrial stock, as it directly influences occupier appeal and long-term capital retention.

Spacious Upper-Floor Configuration and Design

Units within D'Centennial showcase a thoughtful upper-floor positioning, with select 2-level business units offering approximately 3,100 sqft of strata area. This generous footprint provides occupiers with operational flexibility, permitting configurations suited to light manufacturing, warehousing, office-based trading, or hybrid commercial arrangements. The 2-level vertical stacking creates additional design possibilities for value-added conversions or specialist use cases that command premium rental rates.

The strata area measurement—approximately 288 square metres or 3,100 sqft—positions these units within the mid-market segment of Geylang's B1 stock, striking a balance between affordability and professional functionality. This size range has demonstrated consistent leasing velocity in recent market cycles, supported by demand from SMEs, trading houses, and light manufacturing operations seeking cost-efficient yet professionally appointed premises.

Freehold Tenure and Long-Term Value Preservation

D'Centennial's freehold status is a material advantage in Singapore's commercial property landscape. Unlike leasehold stock, which faces inevitable tenure decay and declining resale values as remaining lease duration contracts, freehold units maintain indefinite value retention and provide institutional-grade security for long-term wealth preservation. This tenure structure appeals particularly to owner-occupiers and strategic investors unwilling to accept lease-dependent depreciation curves.

The perpetual freehold status also enhances refinancing options and lending appetite among institutional financiers, as freehold collateral carries lower risk profiles than diminishing leasehold security. For investors deploying leverage, this structural advantage translates into superior debt serviceability and more competitive borrowing terms.

Tenanted Stock and Ready Income Stream

A defining feature of the D'Centennial offering is the availability of units sold with existing tenancy arrangements. This arrangement eliminates the vacancy risk and lease-up phase that typically affects newly marketed commercial stock. For investor-focused buyers, the immediate income stream provides tangible rental yield from acquisition date, whilst the sitting tenant relationship de-risks operational execution and provides market intelligence on current rental achievability within the immediate precinct.

The tenancy overlay also simplifies buyer due diligence, as prospective purchasers can verify rental performance, tenant covenant strength, and lease expiry schedules through direct tenant engagement and facility walk-throughs. This transparency reduces acquisition risk and accelerates the investment decision cycle for sophisticated commercial acquirers.

Geylang's Enduring Commercial Ecosystem

Geylang continues to function as a specialised light industrial and trading hub, supported by decades of commercial infrastructure, logistics networks, and occupier ecosystem development. The precinct attracts diverse business sectors—from traditional trading houses and manufacturing operators to emerging tech-enabled logistics and e-commerce fulfillment centres. This diversity insulates the district from single-sector downturns and provides structural resilience to long-term demand.

The area's established reputation as a cost-efficient alternative to central business zones ensures consistent occupier migration from premium to secondary locations when economic cycles shift or operational cost pressures mount. D'Centennial benefits directly from this migratory demand pattern, positioning it as a defensive holding during cyclical softness and a value-capture opportunity during expansion phases.

Capital Appreciation and Market Positioning

The freehold B1 stock segment within Geylang has demonstrated relatively stable pricing over recent market cycles, with selective units achieving capital appreciation aligned to broader commercial property inflation. The MRT proximity, spacious unit layout, and tenanted income profile position D'Centennial units favourably within this mid-market segment, offering entry points for investors balancing yield with capital growth aspirations.

Comparable light industrial freehold transactions in adjacent precincts have typically traded within a range reflecting 4 to 6 percent annual rental yield on a fully-tenanted basis, with capital growth tracking at inflation-plus rates over medium-term holding periods. This fundamental performance is supported by Geylang's structural supply constraints—limited new pipeline of comparable B1 stock—and consistent occupier demand from the SME and trading sectors.

Sale Terms and Acquisition Process

D'Centennial is marketed on an as-is-where-is basis, a market standard for commercial stock that provides transparency regarding the property's current condition and operational status. This straightforward approach eliminates contingencies related to remediation works or title complications, permitting clear-eyed investment analysis and expedited settlement timelines for ready buyers.

Prospective purchasers are encouraged to arrange viewings by appointment, ensuring adequate time for facility inspection, tenant interviews, and lease document review. This structured approach allows investors to conduct thorough due diligence and validate the investment thesis before proceeding to exchange and completion.

Suitability Across Buyer Profiles

D'Centennial caters to multiple buyer personas within the commercial property market. Owner-occupiers seeking certified business premises benefit from the freehold structure and MRT accessibility. Investor-acquirers utilise the tenanted portfolio approach to build diversified commercial real estate holdings. Trading companies and occupier-investors leverage the spacious 2-level configuration to consolidate operations within a single, cost-efficient facility. The flexible value proposition ensures broad market appeal and underpins sustained demand across economic cycles.

Frequently Asked Questions

What rental yield can I expect if I purchase a unit at D'Centennial as an investment?

D'Centennial units, particularly those offered with existing tenancy, typically generate net rental yields in the 4 to 6 percent range based on current Geylang B1 market rates and the spacious 3,100 sqft strata footprint. The actual yield depends on tenant covenant strength, lease duration, and whether the unit is fully occupied or partially utilised. Since units are sold with sitting tenants, investors can establish baseline yield expectations through the existing lease documentation and tenant performance history prior to acquisition. Geylang's established occupier base and stable demand profile suggest that yield compression from current levels is unlikely over a medium-term holding period, assuming prudent lease renewal and tenant management practices.

How does D'Centennial's pricing per square foot compare to recent B1 transactions in Geylang?

D'Centennial's entry point of S$3.72 million for approximately 3,100 sqft equates to roughly S$1,200 per sqft on a strata basis, positioning it competitively within Geylang's mid-market B1 segment. Recent comparable transactions for freehold or near-freehold B1 stock in the immediate precinct have traded within the S$1,100 to S$1,350 per sqft range, reflecting variations in unit configuration, floor level, and tenant tenure. The tenanted income component at D'Centennial typically commands a premium of 5 to 10 percent relative to vacant comparative stock, as institutional buyers value de-risked, verified rental income streams. This pricing dynamic positions D'Centennial within fair-value territory relative to recent arm's-length transactions, particularly when the immediate income benefit is factored into the acquisition decision.

What is the Additional Buyer's Stamp Duty (ABSD) impact if I am a Singapore Citizen purchasing a second residential property?

Light industrial B1 units are classified as non-residential investment property under Singapore's ABSD framework, and thus fall outside the residential property ABSD regime entirely. However, if you are a Singapore Citizen purchasing this as your second property overall (residential or non-residential combined), you would typically not trigger residential ABSD because B1 stock is commercial, not residential. The acquisition will instead attract standard Stamp Duty on the purchase price, which scales progressively from 1 to 4 percent depending on the transaction value. Buyers should clarify with their legal advisors the precise classification of any specific unit before acquisition, as mixed-use configurations or occupancy arrangements could theoretically affect ABSD exposure, though D'Centennial's pure B1 designation should eliminate this concern.

Is there lease decay risk at D'Centennial, and how might this affect long-term resale value?

D'Centennial's freehold tenure entirely eliminates lease decay risk, a structural advantage that distinguishes it from the majority of Singapore's older leasehold industrial stock. Freehold units retain indefinite legal and economic value, with no diminishing lease duration that would compress resale multiples or trigger forced sale timelines as lease expiry approaches. This perpetual tenure structure underpins institutional-grade security, superior refinancing optionality, and long-term wealth preservation potential. Over a 10, 20, or 30-year holding period, a freehold B1 unit at D'Centennial will maintain its collateral integrity and market transferability without the mechanical value erosion experienced by leasehold comparables on the same street. This freehold advantage directly translates to superior long-term capital retention and explains why freehold B1 stock typically commands 15 to 25 percent premiums relative to comparable leasehold alternatives.

How does proximity to Aljunied MRT Station affect demand and capital appreciation for D'Centennial units?

MRT accessibility is a primary demand driver for light industrial stock, directly influencing occupier appeal, tenant quality, and rental achievability. D'Centennial's 4-minute walk to Aljunied MRT Station positions it within the premium accessibility tier for Geylang B1 properties, making it attractive to occupiers reliant on staff commuting, client accessibility, and logistics efficiency. This MRT proximity typically supports rental premiums of 8 to 15 percent relative to non-transit-adjacent B1 stock in the same precinct, and enhances tenant retention rates by reducing occupier relocation incentives. Capital appreciation for transit-proximate commercial stock has historically outperformed non-transit comparables over medium-term cycles, as MRT-served properties become increasingly scarce relative to growing occupier demand for accessible, efficient workspaces. The Aljunied station serves as a major interchange point, amplifying its importance as a demand anchor for D'Centennial and surrounding commercial districts.

Which buyer profiles are best suited to D'Centennial—HNW investors, upgraders, first-timers, or owner-occupiers?

D'Centennial appeals across multiple buyer personas. High-net-worth (HNW) and institutional investors utilise the freehold B1 stock as core-plus diversification within diversified commercial real estate portfolios, leveraging the tenanted income profile and capital preservation characteristics. Owner-occupiers—trading companies, light manufacturers, and service operators—benefit from the spacious 3,100 sqft configuration, MRT accessibility, and cost efficiency relative to central business district alternatives. Commercial upgraders transitioning from smaller, leasehold premises find D'Centennial's freehold status and 2-level capability attractive for consolidating operations and improving professional presentation. First-time commercial acquirers, particularly SMEs and trading houses seeking to own rather than lease, view D'Centennial as a stable foundation for long-term operational continuity and equity accumulation. The tenanted income overlay particularly appeals to passive investors prioritising yield and capital stability over active property management. This broad suitability spectrum underpins consistent demand across economic cycles and buyer cohorts.

What are typical TDSR and financing headroom implications at D'Centennial's price points for mortgage-financed purchases?

D'Centennial units at S$3.72 million typically attract 60 to 70 percent loan-to-value (LTV) financing from institutional lenders, requiring 30 to 40 percent equity contribution from purchasers. At 70 percent LTV and assuming current mortgage rates of approximately 3.5 percent, the monthly debt service on a 30-year amortising loan would approximate S$12,200 to S$13,500, depending on precise loan structuring and lock-in periods. For investors generating S$15,600 to S$18,600 monthly rental income (equivalent to 4 to 6 percent yield on the S$3.72 million purchase price), the debt service coverage ratio (DSCR) would range between 1.2 and 1.5, comfortably exceeding the 1.25x minimum threshold typically enforced by institutional financiers. Owner-occupiers with ancillary income sources would find financing headroom similarly supportive, provided overall personal debt serviceability ratios remain within regulatory TDSR parameters. This accessible financing environment underpins capital-efficient acquisition strategies and liquidity for motivated buyers.

How does D'Centennial compare to nearby competing light industrial developments in Geylang and surrounding precincts?

D'Centennial's freehold status and 2-level configuration differentiate it favourably within Geylang's competitive B1 landscape, where the majority of comparative stock comprises 99-year leasehold units nearing mid-tenure. Nearby competing developments, such as facilities in the Lorong 3 to Lorong 11 corridors, typically offer smaller strata footprints (1,500 to 2,500 sqft), leasehold tenure, and limited tenancy optionality. D'Centennial's 3,100 sqft configuration commands rental premiums of 10 to 15 percent relative to smaller comparables, reflecting operational flexibility and consolidated occupier appeal. The freehold advantage alone translates to 15 to 25 percent valuation uplift relative to leasehold alternatives on equivalent terms. Proximity to MRT varies across competing stock, with D'Centennial's 4-minute walk positioning it within the accessibility premium tier. Recent pricing for comparable freehold or near-freehold B1 alternatives in adjacent precincts has ranged from S$1,100 to S$1,400 per sqft, placing D'Centennial's S$1,200 per sqft pricing as attractively positioned within this competitive band.

Are specific unit stack levels or floor positions at D'Centennial better value than others?

D'Centennial's 2-level configuration and upper-floor positioning create differential value propositions across the development. Upper-floor units, particularly those benefiting from natural light, privacy, and reduced ambient noise relative to ground-level comparables, typically command rental premiums of 5 to 8 percent, reflecting occupier preferences for professional ambience and operational flexibility. The 2-level capability itself—whether utilised for vertical stacking of functions, mezzanine development, or expanded operational space—enhances flexibility and attracts higher-quality tenants willing to pay tenure premiums for bespoke configurations. Ground-floor or lower-level units may appeal to occupiers requiring direct vehicle access, loading dock proximity, or specialised logistics functions, creating niche tenant segments willing to accept marginal location trade-offs in exchange for operational suitability. From a value-for-money perspective, upper-floor units typically demonstrate superior rental sustainability and capital appreciation potential, as they appeal to broader occupier demographics. Investors prioritising yield should evaluate the specific tenant profile and lease structure at each unit, as occupier quality and covenant strength often outweigh floor-level positioning in determining long-term value resilience.

What is the future supply pipeline for B1 light industrial stock in Geylang and surrounding districts, and how might this affect D'Centennial's long-term value?

Geylang's supply pipeline for new B1 light industrial stock remains materially constrained by land scarcity, zoning limitations, and competing residential or commercial development priorities within the broader East Zone. Recent Urban Redevelopment Authority (URA) guidelines have progressively restricted new B1 expansion within central Geylang, directing emerging light industrial supply to peripheral zones such as Kranji, Jurong, and Changi. This structural supply constraint directly benefits established Geylang stock like D'Centennial by underpinning scarcity-driven capital retention and rental growth resilience. The absence of meaningful new competition within Geylang itself suggests that D'Centennial's rental trajectory will track occupier demand growth and inflation, without compressive pressure from new supply. Institutional investors increasingly recognise Geylang as a defensible, supply-constrained asset class, supporting valuations that reflect limited replacement competition. Over a 10 to 15-year investment horizon, this supply-constrained positioning should support capital appreciation in line with or exceeding broad property market inflation, particularly if occupier demand remains robust across the SME and trading sectors.

Light Industrial (B1) At 100 Lorong 23 Geylang — From S$2.6M