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Inspace Review

Inspace Review
Industrial & Commercial Property Review — District 19

Inspace

A freehold ramp-up B1 factory living up to its name, wedged between Bartley and Tai Seng

SGCPI Research Desk Updated August 2026 24 New Industrial Road, Singapore 536210 FREEHOLD

Street-level view of Inspace, 24 New Industrial Road. Imagery: Google Street View (user-contributed imagery), accessed August 2026.

Project Overview

Building NameInspace
Address24 New Industrial Road, Singapore 536210
DistrictDistrict 19
TenureFreehold
Zoning / UseB1 Light Industrial
Built Form8-storey ramp-up factory block, 84 units with mezzanine
Land Area / GFA≈5,694 sqm land / ≈14,480 sqm GFA
Completion Year2022 (TOP)
Nearest MRTBartley (CC12), Tai Seng (CC11)
Key Road AccessPIE, CTE, KPE
Transacted PSF Range≈S$713 – S$937 psf
Sale Price Range≈S$1.85M – S$2.5M
Asking Rent Range≈S$4,500 – S$7,500/mth
Occupier BaseSME engineering, trading, media production, light assembly, e-commerce fulfilment

Location & Connectivity

Inspace sits along New Industrial Road, a quiet industrial enclave tucked between Hougang, Serangoon and the Upper Paya Lebar corridor in District 19. The immediate surroundings are almost entirely factory and warehouse stock, which keeps the street functional and free of the retail-driven congestion found closer to Paya Lebar Central, while still placing occupiers within a short drive of that commercial hub.

Connectivity is one of the development’s stronger selling points for an industrial address. Bartley MRT (CC12) and Tai Seng MRT (CC11) on the Circle Line are both within roughly a kilometre, making the building walkable — if not entirely comfortable in the tropical heat — for staff without cars. Drivers benefit more directly: the Central Expressway (CTE), Pan Island Expressway (PIE) and Kallang-Paya Lebar Expressway (KPE) are all close by, giving quick reach into the CBD, Changi Airport and the wider island logistics network.

Amenities nearby lean practical rather than lifestyle-driven — coffee shops, a FairPrice outlet and light F&B options serve the working population, while NEX Mall and Serangoon MRT interchange are a short drive away for a fuller retail and dining fix during lunch breaks or after work.

Location of Inspace. Map data: Google Maps, accessed August 2026.

Building & Facilities

Completed in 2022, Inspace is an eight-storey ramp-up industrial block comprising 84 factory units, each fitted with a mezzanine level for office or storage use. The ramp-up configuration allows vehicles to drive directly to each floor for loading and unloading, a meaningful convenience over conventional lift-served industrial buildings where cargo has to be shuttled through service lifts. Vertical movement for people and light goods is handled by three passenger lifts and two service lifts.

Units are handed over in a largely bare shell condition with high ceilings — ranging from around 6.3m to 8m depending on the unit, with some listings quoting floor-to-floor heights near 7.8m — giving occupiers flexibility to fit out mezzanine offices, racking or light production lines. Common facilities lean towards wellness rather than pure utility: a 25m rooftop lap pool, a wellness pavilion, an outdoor fitness corner and a grill-and-dine courtyard are unusual additions for a B1 industrial scheme and were positioned as a differentiator at launch.

As with any strata-titled industrial purchase, prospective buyers should independently verify permitted use, unit-specific loading capacity and any outstanding defects or additions declared to the authorities before committing, since these details can vary unit to unit even within the same block.

Unit Types & Floor Plan Notes

Inspace’s 84 units are laid out across a fairly narrow size band, which keeps the scheme relatively homogeneous compared with larger mixed-size industrial developments. Layouts are generally column-free and regular, aimed at straightforward space planning for light manufacturing, storage or office-heavy occupiers.

Typical Suite

≈2,131 – 2,347 sqft

The most common configuration, with a regular column-free floor plate and mezzanine office above. Suited to SME owner-occupiers running light assembly, trading or engineering support operations.

Flexi Suite — Dual Key

≈2,390 – 2,454 sqft

Configured with dual entrances to the mezzanine office, allowing part of the unit to be sub-let or operationally separated from the ground-floor factory area.

Corner Ramp-Up Unit

≈2,551 – 3,057 sqft

Larger corner units on upper floors with ramp-up vehicle access directly to the doorstep, popular with occupiers needing frequent loading and unloading of goods.

Premium Mid-Floor Suite

≈2,153 – 2,347 sqft

Mid-floor units with two dedicated car park lots directly in front, private toilet and higher-spec electrical provision, typically commanding a premium over standard suites.

Ceiling Height: ≈6.3m to 8m, with some units quoting up to 7.8m floor-to-floor
Floor Loading: ≈10 kN/m²
Electrical Supply: ≈60 Amps, 3-Phase Isolator per unit
Lifts: 3 passenger lifts, 2 service lifts
Loading Access: Ramp-up design serving each floor directly

Investment Case

Inspace’s core appeal rests on the combination of freehold tenure and a modern, fully ramp-up industrial format — a pairing that is relatively scarce in Singapore’s B1 industrial stock, where most newer developments are sold on 30- or 60-year leasehold terms. That said, the scheme’s small unit count and post-TOP resale-only status mean buyers are dealing with a thinner, less liquid market than larger industrial parks.

What Works

  • Rare freehold tenure for a B1 industrial development in District 19
  • Genuine ramp-up access to every floor, reducing cargo-handling friction
  • Strong expressway connectivity via CTE, PIE and KPE
  • Two MRT stations (Bartley, Tai Seng) within walking distance
  • Unusual rooftop wellness and recreational facilities for an industrial building

What to Weigh Carefully

  • B1 zoning restricts use to permitted light industrial and ancillary office activities
  • Small 84-unit scheme limits the pool of resale comparables
  • Monthly MCST maintenance fees add meaningfully to holding costs
  • Rental demand is tied to broader manufacturing and SME industrial cycles
  • Fully sold since launch, so all transactions are now resale rather than new sale

Who This Suits

Inspace is best suited to SME owner-occupiers in light engineering, trading, media or content production, e-commerce fulfilment and similar B1-compliant trades who want a modern, freehold base with straightforward vehicle access and room for a mezzanine office. It also appeals to investors seeking freehold industrial exposure with a tenant pool of established small businesses, rather than those chasing purely speculative capital gains. It is a poor fit for retail, F&B dine-in or residential-style office concepts, since B1 zoning does not permit these uses, and buyers planning to lease to such tenants should check permitted use with URA before committing.

Frequently Asked Questions

What is Inspace zoned for and what businesses can operate there?
Inspace is zoned B1 Light Industrial under URA’s Master Plan, which permits light manufacturing, assembly, engineering support, trading, warehousing and clean, low-impact production activities, along with ancillary office space of up to a defined proportion of gross floor area. It does not permit retail shopfronts, F&B dine-in outlets, or general commercial office use as a primary activity. Businesses considering media production, e-commerce fulfilment or engineering workshops typically fit comfortably within B1 guidelines, but any use involving significant public footfall, food preparation for sale on-site, or heavy pollutive processes should be checked against URA’s permitted use list before signing a lease or completing a purchase.
Can foreigners buy a unit at Inspace?
Yes. Industrial property in Singapore, including strata units at Inspace, is not restricted under the Residential Property Act, which applies only to residential land and housing. Foreign individuals and foreign-owned companies can purchase B1 industrial units without the special approval required for landed residential property. That said, foreign buyers should still budget for the applicable Buyer’s Stamp Duty and confirm financing eligibility with a Singapore bank, since loan-to-value ratios and interest rates for non-resident buyers can differ from those offered to Singapore citizens and permanent residents purchasing the same unit.
Does Additional Buyer’s Stamp Duty (ABSD) apply to industrial purchases like Inspace?
No. ABSD in Singapore applies specifically to residential property purchases and does not extend to industrial or commercial property such as the units at Inspace. This is one of the reasons B1 industrial space appeals to investors who already own multiple residential properties and want to avoid the layered ABSD rates that would apply to an additional home purchase. Buyers still incur the standard Buyer’s Stamp Duty on industrial purchases, and should not assume industrial property is entirely duty-free — it simply sits outside the residential ABSD regime that governs condominiums and landed homes.
What about Seller’s Stamp Duty (SSD) if I resell an Inspace unit quickly?
Industrial properties purchased in Singapore are subject to Seller’s Stamp Duty if sold within three years of purchase, on a tiered basis: broadly around 15% if sold within the first year, 10% in the second year, and 5% in the third year, calculated on the higher of the sale price or market value. This is separate from, and generally lower than, the SSD framework applied to residential property. Investors planning a short holding period should factor this cost into their exit modelling, since it can meaningfully erode gains on a quick flip, and should confirm current rates with IRAS before transacting.
How much Buyer’s Stamp Duty (BSD) applies when purchasing at Inspace?
Buyer’s Stamp Duty for non-residential property, including B1 industrial units at Inspace, is calculated on a tiered percentage of the purchase price or market value, whichever is higher — broadly starting at 1% on the first S$180,000, rising through the mid-single digits, and reaching up to around 5% on amounts above S$1,500,000. On a typical Inspace unit priced between roughly S$1.85 million and S$2.5 million, BSD would represent a meaningful five-figure sum. Buyers should obtain an exact calculation from their conveyancing lawyer or IRAS at the point of purchase, as rates and thresholds are periodically revised.
Is GST charged when purchasing or renting a unit at Inspace?
Industrial property sales in Singapore are generally subject to GST when the seller is a GST-registered entity, such as a developer or a GST-registered corporate seller, whereas private individual sellers who are not GST-registered typically do not charge GST on a resale transaction. Rental of industrial space is also commonly subject to GST when the landlord is GST-registered, and several Inspace listings explicitly note that GST applies on top of quoted rent. Buyers and tenants should clarify the seller’s or landlord’s GST status upfront, since it affects the all-in cost of the transaction.
How does financing work for a freehold unit like this, and does tenure affect my loan?
Freehold industrial property such as Inspace is generally viewed favourably by banks compared with short-remaining-lease leasehold industrial stock, since there is no lease decay risk to factor into the loan tenure or valuation. Loan-to-value limits for industrial property purchases are typically lower than for residential property, and loan tenures are often capped in line with the borrower’s age or a fixed maximum number of years rather than remaining lease. Buyers should approach multiple banks for indicative terms, as industrial financing packages, interest rates and eligibility criteria can vary more widely than for residential mortgages.
What rental yield can I expect from a unit at Inspace?
Based on recent asking rents of roughly S$4,500 to S$7,500 a month against sale prices in the S$1.85 million to S$2.5 million range, gross rental yields at Inspace work out to approximately 2.5% to 4% per annum, broadly typical for newer freehold B1 industrial stock in this part of District 19. Actual yields will depend on unit size, floor level, fit-out condition and how quickly a landlord can secure a tenant, and should be net of MCST maintenance fees, property tax and any vacancy periods when modelling realistic returns rather than relying solely on the asking-rent headline figure.
How old is the building and what condition is it in?
Inspace obtained Temporary Occupation Permit in 2022, making it a relatively young industrial building as of 2026, roughly four years post-completion. This places it well within its structural and mechanical warranty life for most building systems, and buyers can generally expect lifts, common facilities and building services to be in good working order without the deferred-maintenance concerns that affect older 1970s- and 1980s-era flatted factories nearby. Prospective buyers should still request the latest building condition report and any MCST minutes covering major repairs or upcoming sinking-fund expenditure as part of standard due diligence before purchase.
What are the chances of Inspace being redeveloped or going en-bloc?
Given its 2022 completion, an en-bloc sale or redevelopment of Inspace within the next decade or more is considered unlikely under current planning norms, since freehold industrial schemes of this age rarely attract collective sale interest until they are considerably older or a significant rezoning event changes the site’s redevelopment potential. Owners should not factor near-term en-bloc upside into their investment case. The more realistic long-term scenario is steady occupier or owner turnover through individual resale transactions, with any collective sale prospects best reassessed only after the building approaches several decades of age.
What parking and loading/unloading provisions does Inspace offer?
Inspace’s ramp-up design allows vehicles, including light commercial vans and small lorries, to drive directly up to each floor for loading and unloading at the unit’s doorstep, removing the need to route cargo through shared lifts. Several units come with one or two dedicated car park lots positioned directly in front of the unit, which is a practical advantage for daily operations and client visits. Buyers and tenants with heavier logistics needs, such as frequent large-lorry deliveries, should confirm ramp gradient, floor loading capacity and any building management restrictions on vehicle size or delivery timing before committing to a unit.
What are the maintenance and MCST fees at Inspace?
Monthly MCST maintenance fees at Inspace have been quoted in recent listings at around S$779 before GST for a unit of roughly 2,450 sqft, which covers upkeep of common facilities including the lifts, rooftop pool, wellness pavilion and general building maintenance. Fees will scale with unit size and share value, and are billed separately from property tax and any income tax on rental earnings. Buyers should request the latest MCST budget and sinking fund statement to understand whether fees are trending upward, and factor this recurring cost into net yield calculations rather than working off gross rental income alone.
How liquid is the resale market for Inspace units?
With only 84 strata units in the scheme, Inspace’s resale market is comparatively thin next to larger industrial parks with hundreds of units, meaning fewer comparable transactions are available at any given time to benchmark pricing. Recent transaction data shows a psf range of roughly S$713 to S$937 over the past few years, suggesting steady rather than highly active turnover. Freehold tenure and the building’s relatively young age support resale appeal, but sellers should expect a longer marketing period than in larger schemes and may need to price competitively against the limited pool of comparable ramp-up freehold listings in the vicinity.

This article is provided for general informational purposes only and does not constitute financial, legal or investment advice. Figures on pricing, rental, floor area and building specifications are drawn from publicly available listings and third-party sources as at the update date shown above, may include reasoned estimates where exact data was unavailable, and are subject to change. Prospective buyers and tenants should conduct independent due diligence and verify all figures with the relevant authorities, agents or building management before making any purchase, leasing or investment decision.

© 2026 SG Commercial Property Insights. All rights reserved.

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