Type

Units

Min Area

Price Range

Other

2432 sqft

S$2M – S$2.1M

Property Highlights

Commercial development with 2 units currently available.
Prices currently range from S$2M to S$2.1M.
For Singaporean second property buyers, ABSD applies at 20% of the purchase price, approximately S$400K on this acquisition.
Located 6 min (460 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.

Space 21: Contemporary Light Industrial Workspace in Geylang

Space 21 represents a fresh addition to Singapore's light industrial real estate landscape, situated in the heart of Geylang's established commercial precinct. This newly completed development delivers modern B1 light industrial units designed to meet the evolving needs of manufacturing, assembly, and creative enterprises seeking efficient, well-appointed workspace. The project's strategic positioning within Lorong 21 places occupiers within walking distance of essential transport infrastructure and major expressway networks, making it an attractive prospect for businesses prioritising accessibility and operational flexibility.

The development's appeal lies in its thoughtfully engineered spaces, which eschew conventional column-heavy layouts in favour of open, unobstructed interiors. Units feature ceiling heights of approximately seven metres, providing ample vertical space for machinery, mezzanine installations, and multi-level storage configurations. This architectural approach eliminates the spatial constraints that plague many older light industrial facilities, allowing tenants and owner-occupiers to deploy their operations without compromise. The incorporation of optional mezzanine structures within units adds further versatility, enabling businesses to double their usable floor area or create distinct operational zones without requiring larger footprints.

Location and Transport Connectivity

Space 21's position on Lorong 21 Geylang offers compelling transport advantages for businesses with demanding logistics and employee commute requirements. The Aljunied MRT station (EW9) sits approximately 460 metres distant, providing direct East-West Line access to both the city centre and eastern residential corridors. This proximity translates into shorter commute times for staff and enhanced connectivity to Singapore's broader mass-transit network, a factor that increasingly influences recruitment and retention in the industrial sector. Beyond the MRT, the location delivers seamless access to three major expressways: the Pan-Island Expressway (PIE), the Kallang-Paya Lebar Expressway (KPE), and the East Coast Parkway (ECP). This tripartite expressway convergence makes Space 21 exceptionally well-suited for businesses requiring rapid distribution, frequent inter-park logistics, or client visitation across multiple regions of the island.

Geylang itself remains one of Singapore's most established industrial and commercial hubs, with decades of operational infrastructure, vendor ecosystems, and blue-collar amenities already embedded. This maturity reduces the friction associated with locating in emerging precincts, allowing businesses to focus immediately on core operations rather than establishing support networks from scratch. The neighbourhood's accessibility also supports capital appreciation for occupiers considering eventual exit or refinancing strategies.

Unit Design and Functionality

Individual units within Space 21 emphasise operational practicality alongside contemporary finishes. Corner positions offer additional advantages, including elevated natural light, dual access points for logistics flexibility, and reduced exposure to shared party walls. Each unit benefits from dedicated toilet facilities, an often-overlooked amenity that significantly enhances workplace comfort and regulatory compliance for businesses operating extended hours or employing shift-based workforces. The column-free design ensures that floor plates can be adapted to virtually any operational requirement, whether that involves heavy machinery mounting, cleanroom partitioning, or high-rack storage systems.

The mezzanine opportunity represents a particularly valuable feature for cost-conscious occupiers seeking to expand usable area without relocating. A business currently operating 1,500 square feet of ground-level space can effectively double its footprint by installing a mezzanine level, creating distinct zones for production, storage, administration, or quality control. This flexibility proves especially valuable for light manufacturing, electronics assembly, and craft-based operations where space efficiency directly correlates with profitability.

Investment Perspective and Financing

For purchasers evaluating Space 21 units as investment acquisitions, the fundamentals merit careful analysis against prevailing light industrial benchmarks. The per-square-foot pricing relative to recently transacted B1 units in the immediate Geylang and Kallang corridors will ultimately determine whether the property represents fair value, a premium, or a discount to comparable stock. Rental yields in the light industrial segment typically range from four to six percent gross, depending on tenant profile, lease length, and lease escalation clauses; potential investors should model conservative occupancy assumptions and reserve adequacy for structural maintenance on buildings of this age profile. Singapore citizens considering acquisition as a second property will face Additional Buyer's Stamp Duty (ABSD) of twenty percent on top of standard conveyancing stamp duty, materially increasing the effective purchase cost and necessitating rigorous financial modelling to ensure IRR targets remain achievable.

Financing terms for light industrial properties typically extend to seventy to eighty percent of purchase price, with tenors of up to twenty-five years possible through major institutional lenders. Purchasers should stress-test their Total Debt Service Ratio (TDSR) at current interest rate environments plus a prudent buffer, ensuring that debt serviceability remains robust even if rental income moderates or vacancy extends beyond expectation. The development's newly completed status eliminates major capex uncertainty in the first seven to ten years, a material advantage compared to ageing facilities requiring significant remedial investment.

Market Context and Competitive Positioning

Light industrial real estate in the eastern zones of Singapore has experienced sustained demand from established manufacturers seeking to remain within familiar logistics corridors whilst upgrading to contemporary facilities. Space 21 enters a market segment where supply remains relatively constrained, particularly for newly completed stock with modern ceiling heights and column-free layouts. Competing developments in adjacent precincts such as Kallang and Tai Seng command comparable or higher entry prices per square foot, positioning Space 21 as a potential value option for occupiers unwilling to compromise on infrastructure quality or location.

The broader development pipeline in the Geylang and Kallang corridor remains modest relative to residential construction, suggesting limited near-term pressure on rents or valuations from speculative oversupply. This structural scarcity, combined with escalating land values in these premium eastern locations, supports expectations for steady capital appreciation over medium to long-term holding periods.

Suitability Across Buyer Profiles

Space 21 units appeal to several distinct buyer categories. Owner-occupier manufacturers seeking to consolidate scattered operations into a single, efficient facility will find the layout flexibility and transport connectivity compelling. Established businesses outgrowing facilities in older industrial estates can relocate with confidence that the contemporary specifications and excellent locational attributes will support employee recruitment and operational efficiency. Property investors hunting for yield-generating assets in the light industrial sector will appreciate the development's strategic position, modern specifications, and location within a scarcity-constrained submarket. First-time industrial property investors benefit from the opportunity to acquire recently completed stock with minimal deferred maintenance risk, allowing focus on tenant relations and yield optimisation rather than structural emergency management.

Ultimately, Space 21 represents a materially upgraded offering within an established industrial precinct, combining contemporary design standards with proven location fundamentals and excellent transport connectivity to create an asset of genuine operational and financial merit for serious industrial occupiers and disciplined investors.

Frequently Asked Questions

What rental yield might an investor expect from a Space 21 light industrial unit purchased at market rate?

Light industrial B1 properties in the Geylang and eastern corridor typically generate gross rental yields between four and six percent, contingent on tenant quality, lease length, and escalation clauses negotiated at inception. Space 21's newly completed status, modern specifications, and proximity to Aljunied MRT may support rental rates at the upper end of this range, as occupiers value both contemporary infrastructure and transport convenience. Conservative investors should model four to four-point-five percent gross yield in financial projections, incorporating realistic vacancy periods and maintenance reserves, to ensure investment hurdle rates remain achievable even in subdued leasing environments. Net yield will be materially reduced by outgoings, property tax, and insurance, typically reducing net returns by one to two percentage points relative to gross figures.

How does Space 21's per-square-foot pricing compare to recent light industrial transactions in Geylang and Kallang?

Space 21 units at approximately S$823 per square foot (based on the S$2M reference price for 2,432 sqft) position the development within the mid-range of recently transacted B1 stock in the immediate Geylang and Kallang precincts, though exact comparative benchmarking requires analysis of recently closed deals in the specific subcategory. Neighbouring light industrial developments in Tai Seng and Kallang have transacted in the range of S$800 to S$950 psf depending on facility age, ceiling height, and specific locational advantages. Space 21's appeal lies in its recently completed status, seven-metre ceiling height, column-free layouts, and corner positioning, which collectively support its positioning within the mid-to-upper tier of regional pricing. Purchasers should obtain formal valuation reports on comparable B1 transactions within the past twelve months to verify whether Space 21 represents fair value relative to alternative light industrial acquisition targets in the eastern zone.

What is the Additional Buyer's Stamp Duty (ABSD) impact for a Singapore Citizen purchasing a Space 21 unit as a second property?

Singapore Citizens acquiring a second residential or mixed-use property (which light industrial B1 may be classified as depending on use profile) face Additional Buyer's Stamp Duty of twenty percent on top of standard conveyancing stamp duty, materially increasing effective purchase costs. On a S$2M acquisition, this equates to S$400,000 in ABSD liability alone, immediately raising the total cost of purchase to S$2.4M before legal and advisory fees. This twenty percent surcharge makes second-property acquisition substantially more expensive and necessitates rigorous financial modelling to ensure that post-ABSD equity deployment, financing costs, and rental income combine to deliver acceptable returns relative to alternative investment vehicles. First-time property purchasers and non-residential investors (such as corporate entities or foreign investors purchasing for use) are exempt from ABSD, potentially making such acquisition routes more capital-efficient for business-focused occupiers.

Are there lease decay or resale value risks associated with purchasing Space 21?

Space 21, as a newly completed light industrial development, presents no immediate lease decay concerns, as the buildings are at inception of their operational lifespan with effectively infinite residual tenure ahead. Unlike older leasehold residential properties approaching the 99-year expiration threshold, light industrial B1 facilities typically appreciate steadily regardless of lease tenure, as occupiers and investors focus on operational utility, location, and rental yield rather than lease length per se. The development's contemporary specifications and excellent transport connectivity position it well for capital preservation and appreciation over a two to three-decade holding period. Resale value will be influenced primarily by market rental rates, capital values of comparable light industrial space, and prevailing interest rate environments rather than lease decay; purchasers should monitor broader light industrial market dynamics and ensure that the asset type and location remain strategically relevant as industrial real estate trends evolve.

How does proximity to Aljunied MRT station affect demand and capital appreciation for Space 21?

The Aljunied MRT station (EW9), situated approximately 460 metres walking distance from Space 21, represents a material competitive advantage in the light industrial market, as it facilitates staff commuting, visitor access, and overall occupational desirability. Businesses increasingly seek B1 facilities with direct MRT connectivity to support recruitment across Singapore's broader labour pools and reduce employee commute friction. This demand driver has historically supported faster appreciation and superior rental resilience in light industrial properties positioned within MRT catchments relative to car-dependent alternatives. The convergence of three major expressways (PIE, KPE, ECP) alongside MRT access creates a rare dual-connectivity profile, supporting both logistical efficiency and employee convenience; this combination appeals to a wider occupier base and underpins expectations for steady capital appreciation and consistent rental demand over medium-term holding horizons. As Singapore's industrial real estate market increasingly values sustainability and accessibility, MRT-proximate facilities should command premium positioning relative to isolated estates.

Which buyer profiles are best suited to Space 21, and why?

Owner-occupier manufacturers and assemblers seeking to consolidate operations into a single, efficient contemporary facility represent the most natural target occupier base, particularly those currently operating in multiple locations or ageing facilities lacking modern specifications. Property investors with disciplined yield expectations and long-term holding horizons will find Space 21 attractive as a scarcity-constrained light industrial asset in a proven, mature industrial precinct with excellent transport connectivity and established rental markets. First-time industrial property investors benefit from purchasing recently completed stock with minimal deferred maintenance risk, allowing focus on tenant relations and yield optimisation rather than structural emergency management. Established businesses outgrowing facilities in older industrial estates and seeking consolidated, modern workspace represent a third compelling category, as the development offers turnkey occupational efficiency and capital preservation potential. Conversely, highly leveraged investors expecting immediate cash-on-cash returns may find light industrial yield profiles insufficient, and short-term traders betting on rapid price appreciation should carefully model realistic appreciation timelines given the fundamentals-driven nature of industrial real estate markets.

What are the TDSR and financing headroom implications at Space 21's price points?

A purchaser acquiring a Space 21 unit at the reference price of approximately S$2M will require debt service capacity to support a typical mortgage of S$1.4M to S$1.6M (based on seventy to eighty percent LTV), translating to monthly debt service of approximately S$6,800 to S$8,200 at current interest rates of four to four-point-five percent per annum over twenty-five years. The TDSR threshold for bank lending typically limits total monthly debt obligations to sixty percent of gross monthly income, implying that a purchaser servicing this property debt would require gross monthly income of approximately S$11,400 to S$13,700 to comfortably remain within TDSR boundaries. Investors planning to leverage rental income (typically S$13,500 to S$20,000 monthly based on four to six percent gross yield) should verify with lenders whether such income is acceptable under current lending policies; many institutional lenders apply haircuts of twenty to thirty percent to reported rental income, meaningfully reducing the debt service capacity it provides. First-time purchasers and those with competing debt obligations should model conservative scenarios incorporating interest rate increases to six to six-point-five percent, which would elevate monthly payments to approximately S$8,500 to S$10,300 and necessitate correspondingly higher income thresholds.

How does Space 21 compare to competing light industrial developments in adjacent precincts?

Space 21 competes directly with established B1 facilities in the Kallang, Tai Seng, and Geylang corridors, where recent transactions have transacted at broadly comparable per-square-foot prices but with varying facility specifications and locational attributes. Competing developments in Kallang generally command premium positioning due to superior connectivity to the Central Business District and Changi Airport, whilst Tai Seng properties benefit from established vendor ecosystems and lower land costs; Space 21's dual advantage of newly completed specification combined with strong transport connectivity positions it competitively within this landscape. The development's corner units, column-free layouts, and seven-metre ceiling heights offer material operational advantages relative to ageing facilities in the same precincts, potentially supporting rental rate premiums of five to fifteen percent versus comparable older stock. Purchasers and occupiers should conduct site visits to three to four competing facilities to validate Space 21's relative value proposition; newer developments often command modest pricing premiums that prove justified by reduced maintenance risk and superior occupational efficiency, though older facilities occasionally offer better yield if acquired at sufficient discounts to market replacement costs.

Which unit stacks or floor levels within Space 21 offer optimal value and operational functionality?

Ground-floor units within Space 21 typically command premium occupational appeal for businesses requiring frequent goods inward/outbound, machinery delivery, or direct vehicle access, though such premium positioning may elevate purchase prices relative to upper floors. Lower ground or basement levels, if available, may offer discounted acquisition costs and reduced rental rates, though occupiers should carefully assess headroom constraints, natural lighting limitations, and drainage/flood resilience before committing. Mid-stack positions (second to fourth floors, if the development extends vertically) often represent optimal value for investors, combining strong natural light and accessibility with more moderate pricing than ground floors, whilst remaining sufficiently elevated to avoid ground-level noise and vibration disturbance. Corner units consistently command premiums due to dual access points, elevated natural light, and operational flexibility, yet this premium is often justified by enhanced tenant attractiveness and marginally stronger rental resilience. Investors should prioritise unit-level specification comparison rather than relying on floor hierarchy alone; a mid-stack, non-corner unit with superior ceiling height and flexible partition capability may deliver superior value and occupational versatility than a premium-priced ground-floor corner unit with lower headroom.

What is the future supply pipeline for light industrial property in Geylang and eastern Singapore?

The supply pipeline for newly completed B1 light industrial stock in the Geylang, Kallang, and eastern industrial zones remains relatively constrained relative to residential development activity, reflecting broader planning policy prioritising retaining industrial land for productive use rather than conversion to residential or retail. Government land-sales agencies have periodically released land parcels for light industrial development, most recently in 2021–2023, though such releases typically occur on five to ten-year cycles and are absorbed relatively rapidly by established developers. Medium-term supply expectations (five to ten years forward) suggest modest incremental stock additions in adjacent precincts such as the Upper Serangoon and Paya Lebar areas, though these developments will likely be absorbed by the growing light industrial user base without creating material oversupply or price pressure. The structural scarcity of industrial land in central Singapore, combined with rising replacement costs and land values, supports expectations for steady capital appreciation in existing facilities such as Space 21; purchasers can invest with reasonable confidence that competing supply will remain manageable and unlikely to trigger rapid rental or valuation compression.

Light Industrial At Lorong 21 Geylang — From S$2M