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Ispace Review

Ispace Review
Industrial & Commercial Property Review — District 22

Ispace

A five-storey ramp-up B2 factory in the Soon Lee estate, priced for occupiers who want drive-up access without Boon Lay Way frontage money.

SGCPI Research Desk Updated 24 August 2026 7 Soon Lee Street, Singapore 627608 30-YR LEASEHOLD FROM 2012

Street-level view of Ispace, 7 Soon Lee Street, Singapore 627608. Imagery: Google Street View (user-contributed imagery), accessed August 2026.

Project Overview

Building NameIspace
Address7 Soon Lee Street, Singapore 627608
DistrictD22 — Jurong West / Boon Lay / Tuas
Tenure30-year leasehold from 5 March 2012 (≈16 years unexpired)
Zoning / UseB2 Light & General Industrial (Factory / Workshop)
Built Form5-storey strata ramp-up factory, full-glass frontage
Land Area / GFA19,618 sqm site / 39,237 sqm GFA
Completion Year2014
Nearest MRTPioneer EW28 (≈1.3 km); Boon Lay EW27 / JS8; Enterprise JS9
Key Road AccessBoon Lay Way to AYE; PIE via Jalan Boon Lay
Transacted PSF RangeS$284 – S$480 psf (last 12 months)
Sale Price RangeS$470,000 – S$1,750,000
Asking Rent RangeS$1,250 – S$7,000 per month (≈S$1.60 – S$2.90 psf)
Occupier BaseSME workshops, trading and distribution, storage, light assembly

Location & Connectivity

Ispace sits in the Soon Lee industrial cluster in Jurong West, bounded by Boon Lay Way, Pioneer Road North and the older Kian Teck estate. This is working industrial land, not a business park: single-user factories, marine and oil-and-gas suppliers, workshops and logistics yards. Its glass frontage is visible from Boon Lay Way.

Vehicles matter more than trains here. Boon Lay Way feeds onto the AYE, putting Tuas Checkpoint about 15 minutes west and the CBD 30 to 35 minutes east off-peak. Jalan Boon Lay runs north to the PIE for Jurong Island. Pioneer MRT on the East–West Line is roughly 1.3 km away, about a 15-minute walk; most staff arrive by bus or company transport. Enterprise station on the Jurong Region Line adds a second rail option.

Amenities are functional. Kian Teck Food Court and Quality Road Food Centre cover daily meals, with coffee shops and a minimart in the estate. Pioneer Mall and Jurong Point are a short drive. Nanyang Technological University and the Jurong Innovation District help with technical hiring.

Location of Ispace, 7 Soon Lee Street, Singapore 627608. Map data: Google Maps, accessed August 2026.

Building & Facilities

Completed in 2014, Ispace is a five-storey ramp-up factory on a 19,618 sqm site with 39,237 sqm of gross floor area, a plot ratio near 2.0. The ramp is the point of it: lorries drive to the unit door on every level, so goods move without a lift queue. Ground-floor units take 40-foot access, upper levels 20-foot containers. Ceilings near 6 metres allow racking or a mezzanine.

Common facilities are utilitarian: ≈2 passenger and ≈2 cargo lifts backing up the ramp, ≈100 to 150 parking lots including lorry bays, and 24-hour security. Units were handed over as bare shells with a toilet, roller shutter and side door; the offices and mezzanine decks in resale listings are owner additions.

Three checks matter before committing. Confirm any mezzanine, toilet or partitioning has an approved permit, because unapproved works become the buyer’s liability. Verify the power supply to the unit; ≈3-phase is standard, but heavier machinery may need an upgrade. Check the floor loading certificate for that level, since upper floors at ≈15 kN/sqm will not take what the ground floor takes.

Unit Types & Floor Plan Notes

Strata units run from about 1,690 sqft to just over 3,000 sqft, across an estimated ≈200 to 240 units. Layouts are rectangular and column-free. Price moves on level, corner position, and whether a mezzanine already exists.

Entry ramp-up unit

≈1,690 – 1,750 sqft

The smallest and most liquid format, suited to a small workshop or trading firm needing storage plus an office. Recent deals in this band have cleared from around S$284 psf.

Mid-floor with mezzanine

≈1,900 – 2,000 sqft

The most common resale profile. An existing mezzanine adds usable area not counted in the strata figure, so effective space beats the headline number. Confirm the mezzanine is approved.

Corner unit

≈2,200 – 2,500 sqft

Two exposed faces mean better light and a second access point, useful where goods in and goods out need separating. Corner stock carries a premium.

Large / ground floor

≈2,800 – 3,035 sqft

Where the top psf has been recorded: a 3,025 sqft unit transacted at S$480 psf in July 2026. Ground-floor units command that premium for 40-foot access and heavier floor loading.

Ceiling height: ≈6 m clear; ≈2.8 – 3.0 m under a fitted mezzanine
Floor loading: ≈15 kN/sqm upper levels; ≈20 – 25 kN/sqm ground floor
Vehicular access: Ramp-up to unit door, all levels; 20-ft upper, 40-ft ground
Power supply: ≈3-phase, ≈50 – 100 amp per unit subject to upgrade
Fittings: Roller shutter, side access door, in-unit toilet; office fit-out by owner

Investment Case

Ispace is a lease-decay play and the pricing says so. With roughly 16 years left on a 30-year term from 2012, quoted psf sits well below comparable ramp-up stock on longer tenures. The discount buys real operational quality, but the asset amortises to zero within most holding periods, so run the sums as occupation cost, not capital growth.

What Works

  • Ramp-up access to every floor removes the cargo-lift bottleneck of older factories.
  • Entry pricing near S$284 psf is among the lowest for post-2010 ramp-up stock in the west.
  • B2 zoning permits noisier, dustier processes than a B1 estate allows.
  • Roughly 6-metre ceilings support racking or a mezzanine, lifting usable area.
  • Direct AYE and PIE access, with Tuas and Jurong Island both close.

What to Weigh Carefully

  • Around 16 years of lease left, after which the unit reverts with no value.
  • Financing tightens sharply on short leases: lower loan-to-value, compressed tenure.
  • Rail is a 15-minute walk, limiting appeal to office-led occupiers.
  • The resale pool narrows each year as financing hardens.
  • Fit-outs vary in approval status; unpermitted works pass to the buyer.

Who This Suits

The natural buyer is an owner-occupier SME with a 10-to-15 year horizon that would otherwise be renting. Treated as prepaid rent, a unit here compares well with leasing equivalent space nearby, and drive-up access is worth real money to anyone moving pallets daily. Engineering workshops, marine and oil-and-gas suppliers, trading firms and light assembly all fit the B2 envelope. It suits investors far less, since yield carries the entire return.

Frequently Asked Questions

What business activities are permitted in a B2 unit at Ispace?
B2 zoning covers light and general industrial use: manufacturing, assembly, engineering workshops, repair, processing and the warehousing that supports them. It tolerates higher noise, fumes and effluent than B1, so trades excluded from B1 estates are often accepted here. Ancillary office, showroom and staff amenity space is generally capped at around 40 per cent of the unit’s floor area, with the balance reserved for the industrial activity itself. Pure office, retail, showroom-only, gym and tuition uses are not permitted. Confirm your specific trade classification with JTC or URA before committing, since approvals are assessed activity by activity.
Can foreigners or foreign-owned companies buy a unit here?
Industrial property falls outside the Residential Property Act, so foreign individuals and foreign-incorporated companies can buy strata industrial units without prior approval from the Singapore Land Authority. The practical constraint is use rather than ownership. Because the site sits on a 30-year leasehold subject to industrial land conditions, the buyer or its tenant is expected to carry out an approved industrial activity, and purely passive holding is discouraged. Foreign buyers should also expect banks to apply tighter lending criteria, and most lenders will want a Singapore-registered operating entity in place before offering financing on workable terms.
What stamp duties does the buyer pay, and does ABSD apply?
Additional Buyer’s Stamp Duty applies to residential property only, so it does not arise here regardless of how many properties the buyer owns or whether the buyer is a company or foreign. That is a large part of why industrial strata attracts buyers who have used up their residential capacity. Buyer’s Stamp Duty still applies, charged on the higher of price or market valuation on a tiered non-residential scale starting at one per cent. On a unit in the S$470,000 to S$1,750,000 range this lands in the low single digits as a percentage, payable in cash within 14 days.
How does Seller’s Stamp Duty work on industrial property?
Industrial property carries its own Seller’s Stamp Duty regime, separate from the residential one. It bites when a unit acquired on or after 12 January 2013 is disposed of within three years of purchase. Rates step down by holding period: the heaviest band applies to a first-year sale, lighter bands in the second and third, nothing after three full years. It is assessed on the higher of price or market value. Anyone buying at Ispace with a quick resale in mind should assume the duty removes most of the margin and plan a longer hold.
Is GST payable on the purchase or the rent?
GST applies to industrial property when the seller is GST-registered, which is common at Ispace and is flagged explicitly in several resale listings. It is charged on top of the price at the prevailing rate and falls due in cash on completion, separate from the loan and stamp duty. A GST-registered buyer can usually recover it as input tax in the next filing, which turns it into a cash-flow item rather than a cost. A buyer who is not registered absorbs it permanently. Rent from a GST-registered landlord is likewise subject to GST, so budget for it in occupancy costs.
How does the remaining lease affect financing?
This is the single biggest constraint at Ispace. With roughly 16 years unexpired, banks typically require the loan to be repaid several years before lease expiry, which compresses the tenure and pushes monthly instalments up sharply. Loan-to-value ratios are usually cut below the 80 per cent available on longer-tenure industrial assets, and some lenders decline short-lease strata industrial outright. Obtain an in-principle approval before making an offer rather than after. Expect a meaningful cash component, and model total monthly outlay against the rent you would otherwise pay for comparable space in the same estate.
What rental yield is realistic at current pricing?
Asking rents run from about S$1,250 to S$7,000 a month depending on size and fit-out, roughly S$1.60 to S$2.90 psf. Set against transacted prices of S$284 to S$480 psf, gross yields look high next to longer-tenure industrial assets. That headline is misleading on its own. Because the lease amortises to nothing, part of what presents as yield is really the return of capital rather than a return on it. Net the figure down for MCST charges, property tax, vacancy periods and periodic fit-out refresh before comparing it against any asset with a longer tail.
Is the building’s age a concern, and could it be redeveloped?
Physically the building is sound. Completed in 2014, it sits at the newer end of the Soon Lee estate and its ramp, frontage and 6-metre ceilings still compare well with recent B2 launches. Services are past their first decade, so lifts, pumps and fire systems will move into replacement cycles that reach the sinking fund. Redevelopment or a collective sale is unlikely: short-lease strata sites offer a developer little without a fresh lease from the lessor, and the site is already built near a plot ratio of 2.0. Assume the lease simply runs down.
What is the parking and loading arrangement?
The ramp defines the building. Lorries drive up to the door of the unit on every level, so loading happens at the doorstep rather than through a shared bay and a queue. Upper-level units take 20-foot containers, while ground-floor units accept 40-foot access, which is why they price higher. Parking is estimated at ≈100 to 150 lots across surface and deck areas, including dedicated lorry bays, with season parking administered by the MCST and availability tightening as occupancy rises. Verify the ramp turning radius against your own vehicle specification if you run larger rigid trucks.
What should I budget for MCST maintenance fees?
Expect roughly S$0.28 to S$0.38 psf a month based on comparable strata ramp-up developments in the Jurong and Tuas area, which on a 2,000 sqft unit means broadly S$560 to S$760 monthly. The charge covers estate security, ramp and common-area maintenance, lifts, fire systems, landscaping and the sinking fund. Ask the managing agent for the last two years of accounts and the sinking-fund balance before committing, since a building past its first decade may be approaching lift and pump replacement. Confirm the exact rate for your unit’s share value rather than relying on the benchmark range.
How liquid is a resale unit at Ispace?
Moderate now, and thinning over time. Transactions occur regularly and the smaller 1,700 to 2,000 sqft formats move most readily, since they suit the largest pool of SME occupiers and demand the least cash. The constraint is financing: as the lease shortens, fewer banks lend and more buyers must fund in cash, which narrows the market each year. Sellers later in the lease should expect longer marketing periods and firmer price negotiation. Anyone buying today should assume the exit will be harder than the entry and should not depend on selling quickly.
Which types of business get the most out of this building?
Operations that move physical goods daily and value drive-up access over address prestige. Engineering and fabrication workshops, marine and oil-and-gas suppliers, equipment servicing firms, trading and distribution companies and storage-led businesses all sit comfortably within B2 use and benefit from the ramp and the 6-metre ceilings. Proximity to Tuas, Jurong Island and the AYE suits anyone servicing the western industrial belt or running cross-border freight. Businesses that depend on client visits, walk-in traffic or a large office-based headcount will find the location and the use quantum restrictive, and are better served elsewhere.

Disclaimer: This review is prepared for general information only and does not constitute financial, legal, tax or valuation advice. Figures marked with the symbol ≈ are reasoned estimates based on comparable developments and have not been independently verified. Transacted prices, asking rents, lease details, stamp duty rates, GST treatment and maintenance charges change over time and should be confirmed with the relevant authorities, the managing agent and your own professional advisers before any commitment. Neither the publisher nor its research desk accepts liability for decisions made in reliance on this material.

© 2026 SG Commercial Property Insights. All rights reserved.

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