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AZ @ Paya Lebar Review

AZ @ Paya Lebar Review
Industrial & Commercial Property Review — District 14

AZ @ Paya Lebar

A freehold B1 light-industrial address wedged between MacPherson and Paya Lebar MRT interchanges

SGCPI Research Desk Updated 25 August 2026 140 Paya Lebar Road, Singapore 409015 FREEHOLD

Street-level view of AZ @ Paya Lebar, 140 Paya Lebar Road, Singapore 409015. Imagery: Google Street View (user-contributed imagery), accessed August 2026.

Project Overview

Building NameAZ @ Paya Lebar
Address140 Paya Lebar Road, Singapore 409015
DistrictDistrict 14
TenureFreehold
Zoning / UseB1 Light Industrial
Built Form10-storey strata light-industrial building
Land Area / GFA≈8,764 sqm land / ≈21,911 sqm GFA
Completion Year2014
Nearest MRTMacPherson (CC10/DT26) ≈2 min walk; Paya Lebar (CC9/EW8) ≈8 min walk
Key Road AccessPan-Island Expressway (PIE), Kallang-Paya Lebar Expressway (KPE)
Transacted PSF Range≈S$1,570 – S$1,780 psf
Sale Price Range≈S$2.17M – S$4.98M
Asking Rent Range≈S$2.80 – S$4.00 psf/month
Occupier BaseB1 light manufacturing, e-commerce fulfilment, workshops, warehousing and office-cum-factory users

Location & Connectivity

AZ @ Paya Lebar sits along Paya Lebar Road on the fringe of the Geylang and MacPherson industrial belt, a stone’s throw from the city centre yet firmly zoned for B1 light-industrial use. The immediate surrounds mix strata-titled factory buildings, established showrooms and a growing cluster of newer developments, giving the location an established but steadily upgrading character within District 14.

Connectivity is a clear strength. MacPherson MRT interchange (Circle Line CC10 and Downtown Line DT26) is roughly a two-minute walk away, while Paya Lebar interchange (Circle Line CC9 and East-West Line EW8) is within a short ride or brisk walk, putting the building on three MRT lines at once. Drivers benefit from quick slip-road access onto the Pan-Island Expressway and the Kallang-Paya Lebar Expressway, which together connect the site to Changi Airport, the Central Business District and the wider island network within minutes.

Everyday amenities are well covered for an industrial address: Grantral Mall @ Macpherson, Paya Lebar Square and SingPost Centre are all within easy reach, alongside Sheng Siong and Fairprice supermarkets and a good spread of coffee shops and eateries along Paya Lebar Road and Sims Avenue. The nearby Kallang and Ubi industrial estates round out a dense ecosystem of suppliers, logistics partners and B2B services that many light-industrial occupiers value.

Location of AZ @ Paya Lebar. Map data: Google Maps, accessed August 2026.

Building & Facilities

Completed in 2014, AZ @ Paya Lebar is a ten-storey strata-titled light-industrial development occupying a land parcel of approximately 8,764 sqm with a gross floor area of around 21,911 sqm. The building was designed with a mix of unit sizes to serve both smaller B1 occupiers and larger factory or warehouse operators, and its relatively recent completion places it among the newer freehold light-industrial stock in the MacPherson/Paya Lebar micro-market.

On-site facilities include a landscaped roof garden on the fifth storey, a multi-storey car park spanning several levels for both owners and visitors, and a combined antenna system serving SingTel, M1 and StarHub for stronger in-building mobile coverage from the ground floor up to the top storey. Vertical transport is handled by a bank of passenger lifts supplemented by dedicated cargo lifts, supporting the movement of goods, equipment and pallets that light-industrial tenants typically require. A ground-floor F&B canteen operates on weekdays and Saturdays, and a parcel locker system has been added for courier deliveries and collections.

Prospective buyers and tenants should verify the specific permitted use of any unit with URA and the building’s MCST before committing to a fit-out, since B1 zoning carries defined limits on activities, noise, storage and ancillary office proportion. It is also worth confirming loading-bay access, lift dimensions and floor-loading capacity against the intended use, particularly for occupiers running heavier machinery or dense storage racking.

Unit Types & Floor Plan Notes

Strata units at AZ @ Paya Lebar range broadly from around 1,100 sqft to well over 14,000 sqft, giving the building unusually wide appeal across small B1 users, mid-sized operators and larger factory or warehouse tenants under one roof. Layouts are generally regular and rectilinear, which occupiers tend to favour for racking, production lines or partitioned office-cum-workshop configurations.

Compact B1 Unit

≈1,098 – 1,300 sqft

Entry-level light-industrial or office-cum-warehouse units popular with small e-commerce, trading and service businesses seeking an owner-occupied or leased base near the MRT.

Mid-Tier Production Unit

≈1,600 – 2,300 sqft

Suited to light manufacturing, assembly or fulfilment operations that need more floor space plus a dedicated ancillary office and storage zone.

Executive Workshop Unit

≈2,300 – 4,000 sqft

A larger footprint often taken up by established SMEs consolidating a workshop, showroom and back-office function within a single strata title.

Whole-Floor / Bulk Unit

≈4,000 – 14,400 sqft

Larger combined or whole-floor units for warehousing, regional distribution or manufacturers needing scale, typically transacted at a discount to smaller-unit psf pricing.

Floor-to-floor height: ≈4.5m typical, suitable for mezzanine fit-outs
Floor loading: ≈7.5 kN/sqm, standard for B1 light-industrial use
Vertical transport: 6 passenger lifts and 2 dedicated cargo lifts
Loading & access: Ground-level loading bays with lorry access, level 1–4 multi-storey car park
Power provision: Three-phase electrical supply provisioned to units, subject to individual load application

Investment Case

As one of the newer freehold B1 buildings in the MacPherson/Paya Lebar cluster, AZ @ Paya Lebar occupies a reasonably distinctive niche: most nearby light-industrial stock sits on 30 to 60-year leasehold land, so freehold tenure here appeals to owner-occupiers and long-horizon investors alike. Recent transaction data spanning 2025 into 2026 shows psf pricing holding in a fairly tight band, suggesting a market that has found a level rather than one still discovering it.

What Works

  • Freehold tenure, uncommon among comparable B1 buildings in the immediate vicinity
  • Triple MRT-line access via MacPherson and Paya Lebar interchanges, both within walking distance
  • Fast expressway access via the PIE and KPE for logistics-dependent occupiers
  • Wide range of unit sizes accommodating both small owner-occupiers and larger tenants
  • Relatively young building stock (completed 2014) versus older estate-wide alternatives

What to Weigh Carefully

  • B1 zoning caps permitted use, ancillary office ratio and certain storage activities
  • Psf pricing sits at a premium to older leasehold industrial stock nearby
  • Resale and rental liquidity for larger bulk units can be thinner than for compact units
  • MCST and sinking-fund contributions apply on top of any mortgage servicing
  • Industrial-space demand is cyclical and sensitive to manufacturing and logistics sentiment

Who This Suits

AZ @ Paya Lebar tends to suit owner-occupier SMEs in light manufacturing, trading, e-commerce fulfilment or workshop-based trades that want a freehold asset near an MRT interchange rather than a leasehold unit further from transport nodes. Investors comfortable with the B1 segment’s cyclicality may also find the freehold angle attractive as a hedge against lease-decay concerns that affect much of Singapore’s industrial stock. Smaller compact units appeal to first-time industrial-property buyers and start-ups needing an affordable, well-connected base, while the larger whole-floor configurations suit established operators consolidating warehousing or production under one strata title. It is generally less suited to businesses requiring heavy-industry (B2) zoning, very high floor-loading, or activities that fall outside permitted B1 use — these buyers should verify use-class requirements with URA before shortlisting the building.

Frequently Asked Questions

What is the permitted use under AZ @ Paya Lebar’s B1 zoning?
AZ @ Paya Lebar is zoned B1 Light Industrial, which permits clean, non-pollutive light manufacturing, workshops, warehousing, ancillary offices and approved trades that do not generate significant noise, odour or vibration. Ancillary office space is typically capped at around 40% of unit floor area under URA guidelines, and any showroom, retail or F&B use generally requires separate approval. Buyers and tenants intending to run a business that is not straightforwardly light-industrial should check the unit’s specific use conditions with URA and JTC where applicable before committing, since misuse can trigger enforcement action, fines or a requirement to reinstate the space to its approved configuration.
Can foreigners buy a unit at AZ @ Paya Lebar?
Yes. Industrial and commercial properties such as AZ @ Paya Lebar are not covered by the Residential Property Act, so there are no nationality-based restrictions on foreign individuals or foreign-owned companies purchasing units here, unlike landed or certain residential property types. Foreign buyers can hold the property directly or through a Singapore-incorporated entity, subject to normal company and banking due diligence. That said, financing terms, loan-to-value ratios and interest rates offered by local banks can differ for foreign buyers versus Singapore citizens or permanent residents, so it is worth comparing several lenders and confirming eligibility criteria early in the purchase process.
Does Additional Buyer’s Stamp Duty (ABSD) apply to this purchase?
ABSD applies specifically to residential property purchases in Singapore and does not apply to industrial or commercial properties such as AZ @ Paya Lebar. Buyers of this unit type only need to account for the standard Buyer’s Stamp Duty rather than any residential ABSD tier, regardless of how many other properties the buyer already owns or their residency status. This is one of the structural attractions of industrial and commercial assets for investors who already hold residential property and want to diversify without triggering additional residential stamp duties. Always confirm current rules with a conveyancing lawyer, since duty frameworks are periodically reviewed by the Ministry of Finance.
Is Seller’s Stamp Duty (SSD) a concern when reselling?
Industrial and commercial properties in Singapore, including AZ @ Paya Lebar, are not subject to Seller’s Stamp Duty, which applies mainly to residential property sold within a defined holding period. This means an owner can sell a unit at AZ @ Paya Lebar at any time after purchase without incurring an SSD charge tied to a minimum holding duration, giving industrial investors more flexibility around timing a disposal than residential owners typically have. Ordinary capital gains considerations, income tax treatment of any trading profit, and normal legal and agent fees still apply, so sellers should still plan an exit with professional tax advice in mind.
What Buyer’s Stamp Duty (BSD) rates apply?
Buyer’s Stamp Duty for non-residential property such as AZ @ Paya Lebar is calculated on a tiered percentage of the purchase price or market value, whichever is higher, using Singapore’s standard non-residential BSD schedule. On a typical strata unit priced in the low-to-mid millions, BSD works out to a low single-digit percentage of the transaction value in most cases. Because rates and tier thresholds have been adjusted in past Budgets, buyers should obtain a current calculation from IRAS or a conveyancing lawyer at the point of purchase rather than relying on older figures, to ensure accurate budgeting for total transaction costs.
Does GST apply when buying or leasing a unit here?
Sale and lease of industrial and commercial property such as AZ @ Paya Lebar is generally subject to GST, unlike most residential property transactions which are GST-exempt. If the seller or landlord is GST-registered, GST is typically charged on the purchase price or rental, and a GST-registered buyer running a taxable business may be able to claim this back as input tax, subject to normal IRAS rules. Buyers who are not GST-registered, or whose intended use is not fully taxable, should factor the GST cost into their budget upfront and seek advice from an accountant on registration and input-tax recovery before transacting.
How does financing differ for a freehold unit versus a leasehold one?
Because AZ @ Paya Lebar is freehold, it avoids the loan-tenure and loan-to-value restrictions that banks often apply to industrial units with a short remaining lease, where financing can taper as the lease runs down. This generally makes freehold industrial units easier to finance over longer tenures and can support better loan-to-value ratios than an ageing 30 or 60-year leasehold building nearby. That said, industrial property loans are still typically capped at a lower loan-to-value ratio than residential mortgages, and buyers should compare packages across banks, since serviceability assessments, interest rates and eligible loan tenure can vary meaningfully between lenders for commercial and industrial financing.
What rental yield can an owner realistically expect?
Based on current asking rents of roughly S$2.80 to S$4.00 psf per month against transacted prices in the region of S$1,570 to S$1,780 psf, gross rental yields at AZ @ Paya Lebar broadly work out to an estimated ≈2.5% to 3.5% per annum before deducting MCST fees, property tax, maintenance and any vacancy periods. Smaller, well-located units tend to lease faster and can command a modest premium, while larger bulk units may take longer to fill and are more exposed to negotiation. Investors should stress-test any yield projection against realistic vacancy assumptions and rising operating costs rather than relying solely on the current asking-rent range.
How does the building’s age affect maintenance and running costs?
Completed in 2014, AZ @ Paya Lebar is over a decade old but still comparatively young against much of Singapore’s industrial stock, many of which date to the 1980s and 1990s. At this stage, major building systems such as lifts, fire protection and the roof garden are generally within their expected service life, though owners should expect routine wear on common facilities and periodic sinking-fund top-ups for larger repairs as the building approaches its second decade. Reviewing the MCST’s latest maintenance schedule, sinking-fund balance and any planned upgrading works is a sensible step before purchase, to gauge whether near-term special levies are likely.
What are the odds of an en-bloc sale or redevelopment?
En-bloc potential for strata-titled B1 industrial buildings like AZ @ Paya Lebar depends on factors such as plot ratio headroom, the age and condition of the building, and whether a majority of owners can be aligned on a collective sale, which is often harder to achieve in industrial strata schemes with many small owner-occupiers than in residential ones. Given the building’s relatively recent 2014 completion and freehold tenure, near-term en-bloc activity appears unlikely, and any redevelopment case would probably need to be argued on unlocking additional GFA under a future Master Plan review rather than lease decay, which is not a factor here.
What parking and loading provisions does the building offer?
AZ @ Paya Lebar provides a multi-storey car park across several levels for owners, tenants and visitors, supplemented by season parking arrangements for regular users, along with ground-level loading bays designed for lorry access to support goods movement. Two dedicated cargo lifts run alongside six passenger lifts, allowing bulkier deliveries and equipment to be moved without competing with staff and visitor traffic. Businesses with frequent large-vehicle deliveries or heavy equipment should confirm loading-bay dimensions, height clearance and booking arrangements directly with the MCST managing agent, since capacity at peak periods can be shared across multiple tenants in the building.
What are typical MCST and maintenance fees like?
As a strata-titled development, AZ @ Paya Lebar is managed by an MCST that levies monthly maintenance fees based on each unit’s share value, covering common-area cleaning, security, lift servicing, the roof garden, car park upkeep and sinking-fund contributions for major repairs. Exact quantums vary by unit size and are typically disclosed in the resale or lease information pack, so buyers should request the latest MCST budget and any upcoming special levies before finalising a purchase. Factoring these recurring costs into a yield or affordability calculation, rather than looking at rent or price alone, gives a more realistic picture of net returns.
How liquid is the resale market for units at AZ @ Paya Lebar?
Resale liquidity for compact units in the roughly 1,100 to 2,300 sqft range tends to be reasonably healthy given consistent demand from small owner-occupiers, while larger bulk or whole-floor units generally see fewer transactions and can take longer to find a matching buyer. Freehold tenure is a supportive factor for liquidity relative to short-leasehold industrial stock, since it removes lease-decay concerns from a buyer’s financing and holding-period calculations. As with most strata-industrial assets, liquidity is inherently lower than for residential property, so owners planning a shorter holding period should factor in realistic marketing timelines when modelling an exit.
What kinds of businesses are best suited to this building?
Given its B1 zoning, AZ @ Paya Lebar suits light manufacturing, assembly, packaging, e-commerce fulfilment, trading companies, workshops and service-based SMEs that need a mix of production, storage and ancillary office space under one roof. The building’s mobile-signal boosting, cargo-lift access and multi-storey car park also make it workable for businesses with moderate logistics needs and frequent staff or client visits. It is less suitable for heavy or pollutive industries requiring B2 zoning, very high floor-loading, or specialised utilities beyond standard three-phase power, and such businesses should look at dedicated B2 developments instead of assuming this building can accommodate their operational requirements.

This article is provided for general informational purposes only and does not constitute financial, legal, tax or investment advice. Figures on transacted prices, rents, land area, GFA and yields are drawn from publicly available third-party listings and market data sources current as of August 2026, may not be fully representative of every unit, and are subject to change without notice. Prospective buyers and tenants should conduct independent due diligence, including verification with URA, JTC, the building’s MCST and a qualified property, legal or financial adviser, before making any purchase, leasing or investment decision.

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