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APEX @ Henderson Review

APEX @ Henderson Review
Industrial & Commercial Property Review — District 03

APEX @ Henderson

A freehold B1 light-industrial address on the CBD fringe, built around owner-occupiers and long-hold investors

SGCPI Research Desk Updated August 2026 201 Henderson Road, Singapore 159545 FREEHOLD

Street-level view of APEX @ Henderson, 201 Henderson Road. Imagery: Google Street View (user-contributed imagery), accessed August 2026.

Project Overview

Building NameAPEX @ Henderson
Address201 Henderson Road, Singapore 159545
DistrictDistrict 03 (Bukit Merah / Alexandra-Commonwealth)
TenureFreehold
Zoning / UseB1 Light Industrial (Business 1)
Built Form9-storey light-industrial/commercial block
Land Area / GFA≈7,753 sqm land / ≈19,381 sqm GFA
Completion Year2015 (TOP)
Nearest MRTTiong Bahru (EW17), Redhill (EW18), Havelock (TE16)
Key Road AccessAYE, CTE, ECP
Transacted PSF Range≈S$890 – S$960 psf (recent strata sales)
Sale Price Range≈S$2.79 million – S$8.80 million
Asking Rent Range≈S$6,800 – S$8,000 per unit/month
Occupier BaseLight manufacturing, IT/tech, trading firms, co-working operators

Location & Connectivity

APEX @ Henderson sits along Henderson Road in Bukit Merah, a stretch of city-fringe industrial and commercial stock that has long served firms wanting proximity to the CBD without CBD rents. The building falls within District 03, an area that blends established housing estates such as Tiong Bahru and Queenstown with pockets of B1 industrial land, giving occupiers a working environment close to town without the compromises of a far-flung industrial estate.

Connectivity is the project’s strongest card. Tiong Bahru (EW17) and Redhill (EW18) MRT stations on the East-West Line are both within reasonable walking distance, and the Thomson-East Coast Line’s Havelock station (TE16) extends transit reach further into the city centre. By road, the building is served by the Ayer Rajah Expressway, Central Expressway and East Coast Parkway, putting Raffles Place, Changi Airport and the western industrial belt all within a short drive.

Amenities nearby include Tiong Bahru Plaza, Valley Point and Anchorpoint Shopping Centre for retail and F&B, along with NTUC FairPrice and Giant supermarkets for day-to-day needs. Tiong Bahru Park and the Southern Ridges trail network, including Henderson Waves, sit close by, giving staff outdoor space rarely found next to industrial buildings this near to town.

Location of APEX @ Henderson. Map data: Google Maps, accessed August 2026.

Building & Facilities

The development is a nine-storey light-industrial and commercial building with a land area of approximately 7,753 sqm and a gross floor area of approximately 19,381 sqm. Floor-to-floor heights and passenger and cargo lift provision are typical of a modern B1 development, supporting light assembly, storage, showroom and office-style fit-outs within the same strata format.

Common facilities include lobby and lift access on each floor, car park provision within the development, and a mix of loading and unloading points suited to light industrial traffic rather than heavy haulage. A number of units have already been fitted out as coworking and office space, showing the building’s flexibility beyond pure factory use.

As with any strata-titled B1 building, prospective buyers and tenants should conduct their own due diligence on permitted use for their specific business activity, MCST by-laws, and any unit-specific restrictions before committing, since compliance requirements can vary by floor and by unit.

Unit Types & Floor Plan Notes

Strata units at APEX @ Henderson span a wide range, from compact office-style spaces suited to smaller trading or tech firms through to larger factory-format floors for manufacturing, assembly or logistics operations. The spread below reflects the broad configurations seen in the building.

Compact Office/Studio

≈700 – 1,200 sqft

Entry-level strata units suited to small trading, IT or consultancy operations wanting a light-industrial address at a lower quantum.

Mid-Tier Factory/Office

≈1,500 – 2,700 sqft

The most commonly transacted format, suiting light manufacturing, warehousing-cum-office or showroom-style occupiers.

Large Factory Floor

≈3,000 – 3,500 sqft

Larger single-floor plates for occupiers needing more contiguous production, storage or assembly space under one title.

Combined / Whole-Floor

≈4,000 sqft and above

Adjoining units combined for occupiers consolidating operations or investors seeking a larger single tenancy for leasing out.

Ceiling Height: ≈4.5m to 5.5m typical clear height, factory-format floors
Floor Loading: ≈10 – 15 kN/sqm, standard B1 specification
Lifts: Passenger and cargo lift access to upper floors
Loading Bays: Ground-level loading/unloading bays for light vehicles
Car Parking: On-site parking, paid hourly and season parking available

Investment Case

APEX @ Henderson’s core appeal is its freehold status paired with a genuinely central, well-connected B1 location, a combination that is increasingly scarce as older industrial estates are redeveloped or converted. That said, B1 strata assets carry buyer-specific considerations around use restrictions and liquidity that differ meaningfully from residential or even B2 industrial property, and these should be weighed carefully before committing capital.

What Works

  • Freehold tenure removes lease-decay risk that weighs on most Singapore industrial stock
  • Genuine city-fringe location with three MRT lines and three expressways within easy reach
  • Flexible strata sizes suit both owner-occupiers and buy-to-lease investors
  • Established building since 2015 with a track record of active leasing and resale activity
  • Proximity to Tiong Bahru, Alexandra and the CBD supports staff retention for occupiers

What to Weigh Carefully

  • B1 zoning restricts use to permitted light-industrial and ancillary activities only
  • Strata industrial resale liquidity is thinner than residential, especially for larger units
  • Rental yields are sensitive to broader industrial demand cycles and new competing supply
  • Financing terms for industrial property are generally less generous than for residential
  • Unit-specific fit-out and compliance history should be checked before purchase

Who This Suits

APEX @ Henderson suits owner-occupiers running light manufacturing, trading, tech or design-and-build businesses who want a permanent, freehold base close to town rather than a leasehold unit in a far-flung industrial park. It also suits investors comfortable with the B1 asset class who prioritise tenure security and location over headline yield, and who are prepared to hold through leasing cycles rather than seek a quick flip. It is less suited to buyers wanting heavy industrial specifications, large land parcels for logistics, or fast, residential-style resale liquidity.

Frequently Asked Questions

What can APEX @ Henderson actually be used for under its B1 zoning?
APEX @ Henderson is zoned B1 Light Industrial, which under URA guidelines permits light manufacturing, assembly, repair, processing, storage and ancillary office use, provided operations do not generate excessive noise, smoke, odour or other nuisances affecting neighbouring occupiers. Some units within the building have been fitted out as coworking space, tech offices and showrooms, which are generally acceptable so long as they remain ancillary to a permitted industrial activity rather than becoming pure commercial office use. Buyers and tenants should always verify the specific approved use of their unit with URA and the building’s MCST before committing, since misuse can trigger enforcement action, fines or a requirement to reinstate the space to compliant use.
Can foreigners buy strata units at APEX @ Henderson?
Yes. Unlike residential property, industrial and B1 commercial space in Singapore is not subject to the Residential Property Act, so foreign individuals and foreign-owned companies can generally purchase strata units at APEX @ Henderson without needing special approval. This makes B1 industrial property one of the more accessible asset classes for foreign investors and regional businesses seeking a Singapore base. That said, foreign buyers should still budget for standard transaction costs such as legal fees, stamp duties and any financing constraints from lenders, and should confirm current rules with a conveyancing lawyer, as policy can be updated by the authorities from time to time.
Does Additional Buyer’s Stamp Duty (ABSD) apply here?
No. ABSD is a residential property measure and does not apply to industrial or B1 commercial purchases such as units at APEX @ Henderson, regardless of whether the buyer is a Singapore citizen, permanent resident, foreigner or company. This is a key structural advantage of industrial property over residential property for investors who already own residential homes and want to avoid the layered ABSD rates that would otherwise apply to an additional home purchase. Buyers should still budget for the standard Buyer’s Stamp Duty on the purchase price, and companies purchasing industrial units should also check their own corporate structuring and financing implications with their advisors before proceeding.
Is there a Seller’s Stamp Duty (SSD) holding period to be aware of?
Industrial property in Singapore, including B1 units at APEX @ Henderson, is subject to its own Seller’s Stamp Duty regime, separate from the residential SSD schedule. Historically this has applied to industrial property sold within a set holding period after purchase, with the duty rate reducing the sooner the property is held before resale. Because SSD rules and holding periods for industrial property have been adjusted by the authorities over time, buyers planning a short-term hold or quick resale should check the current IRAS schedule before transacting, and factor any applicable SSD into their exit-timing and return calculations rather than assuming an immediate resale is duty-free.
How is Buyer’s Stamp Duty (BSD) calculated on a purchase here?
BSD on non-residential property such as APEX @ Henderson is calculated on a tiered percentage of the purchase price or market value, whichever is higher, following IRAS’s published non-residential BSD schedule. For a unit transacting in the ≈S$2.79 million to S$8.80 million range typical of this building, BSD would form a meaningful line item in the total acquisition cost and should be budgeted for alongside legal fees, valuation fees and any financing arrangement fees. Buyers are encouraged to use IRAS’s online BSD calculator with the exact intended purchase price for an accurate figure, since rates are applied progressively across price bands rather than as a single flat percentage.
Does GST apply when buying or leasing a unit?
GST treatment depends on the seller or landlord’s registration status and the nature of the transaction. Sales and leases of non-residential property such as industrial units at APEX @ Henderson by a GST-registered vendor are generally subject to GST at the prevailing rate, whereas sales by non-GST-registered individual owners typically are not. Buyers intending to lease out their unit, or businesses planning to occupy it, should clarify GST treatment with their tax advisor and the seller’s agent before signing, particularly where the purchase is being made through a GST-registered company, since this affects both the total cost of acquisition and ongoing invoicing for rental income.
Since this is freehold, how does financing typically work?
Because APEX @ Henderson is freehold, buyers avoid the lease-decay financing constraints that affect older leasehold industrial stock, where banks progressively tighten loan tenure and quantum as the remaining lease shortens. Freehold industrial property is generally easier to finance over a longer tenure, though lenders still apply industrial-specific loan-to-value limits that are typically more conservative than residential financing, alongside standard eligibility checks for individuals or corporate borrowers. Interest rates and tenure will still depend on the buyer’s profile, whether the purchase is personal or corporate, and whether the unit is owner-occupied or purchased for investment, so buyers should approach multiple banks for indicative terms before committing.
What kind of rental yield can an investor expect?
Based on current asking rents of roughly S$6,800 to S$8,000 per unit per month against sale prices in the ≈S$2.79 million to S$8.80 million range, gross yields for APEX @ Henderson units broadly fall within the range typical of established city-fringe B1 industrial stock, though actual figures vary significantly by unit size, floor and fit-out condition. Investors should model net yield after MCST fees, property tax, any agent commissions and vacancy periods rather than relying on gross figures alone. Yield performance will also track broader industrial leasing demand, so investors should monitor occupier sentiment in the Bukit Merah and city-fringe industrial submarket over their intended holding period.
How does the building’s age affect its investment profile?
APEX @ Henderson obtained its Temporary Occupation Permit in 2015, making it roughly a decade old as of 2026, which places it in a comparatively young bracket among Singapore’s B1 industrial stock, much of which dates from the 1990s or earlier. This relative youth typically means fewer near-term major repair or upgrading costs, more contemporary lift, fire safety and building services specifications, and a longer runway before facade or mechanical systems require significant capital expenditure. Buyers should still request the building’s maintenance and sinking fund records from the MCST to confirm reserves are adequate for anticipated upkeep over the next decade of ownership.
What are the odds of en-bloc sale or redevelopment?
En-bloc potential for APEX @ Henderson appears limited in the near term, given the building is a relatively young, freehold, strata-titled development completed in 2015 with an active and diversified base of owner-occupiers and investors, factors that generally make collective sale consensus harder to reach than in older, under-utilised industrial estates. Redevelopment appeal would typically increase only if URA rezoning, a change in plot ratio, or a shift in the surrounding Bukit Merah masterplan materially increased the site’s development potential relative to its current use. Investors should treat en-bloc upside as a low-probability, long-horizon possibility rather than a core part of the investment thesis.
What is parking and loading like at the building?
The development provides on-site car parking on a paid basis, with rates around S$0.81 per half hour during operating hours, alongside season parking arrangements for regular occupiers, which is broadly in line with comparable B1 buildings in the city-fringe area. Ground-level loading and unloading bays cater to light commercial vehicles typical of light manufacturing, trading and storage operations, though the building is not configured for heavy trucks or large-scale logistics traffic given its urban, mixed-use surroundings. Businesses with intensive loading requirements, frequent large-vehicle deliveries or heavy goods movement should assess the building’s loading bay capacity and access hours against their specific operational needs before committing to a unit.
What should buyers expect in terms of MCST or maintenance fees?
As a strata-titled development, APEX @ Henderson is managed by a Management Corporation Strata Title (MCST) that collects monthly maintenance fees from all unit owners to fund common area upkeep, security, cleaning, lift servicing and sinking fund contributions for future major repairs. Fees are typically apportioned by share value, meaning larger units pay proportionally more than smaller ones, and rates can vary depending on the scope of shared facilities and the building’s reserve fund position. Prospective buyers should request the latest MCST financial statements, budget and any planned special levies before purchase, since underfunded sinking funds can translate into unexpected special assessments down the line.
How liquid is the resale market for units in this building?
Resale liquidity for strata B1 industrial units, including those at APEX @ Henderson, is generally thinner than for residential property, with transaction volumes driven more by occupier demand cycles than by the broader pool of retail residential buyers. Recent transaction data shows a workable but modest pace of sales, with smaller and more affordably priced units typically moving faster than larger factory-format floors, which appeal to a narrower pool of occupiers and investors. Sellers should expect a longer marketing period than for a comparable residential asset and should price in line with recent comparable transactions rather than aspirational asking levels to maintain a realistic exit timeline.
What types of businesses are best suited to operate here?
Given its B1 zoning and mixed unit sizes, APEX @ Henderson is best suited to light manufacturing and assembly operations, trading and distribution firms, technology and IT companies, design studios, and ancillary office or showroom uses that complement a light-industrial activity. The building’s existing tenant mix, which includes coworking operators and technology-related businesses alongside more traditional light-industrial occupiers, reflects this flexibility. It is less suited to heavy manufacturing, businesses requiring large uninterrupted floor plates or high floor-loading capacity, or logistics operations needing extensive heavy-vehicle loading access, all of which are better served by purpose-built B2 industrial estates further from the city centre.

This article is for general information purposes only and does not constitute investment, legal, tax or financial advice. Figures marked with an approximate symbol are reasoned estimates based on publicly available data at the time of writing and should be independently verified before any transaction decision. Property values, rental rates and regulatory measures such as stamp duties are subject to change. Readers should conduct their own due diligence and consult qualified professionals before buying, selling or leasing any property.

© 2026 SG Commercial Property Insights. All rights reserved.

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