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M38 Review

M38 Review
Industrial & Commercial Property Review — District 20

M38

A freehold B1 light-industrial address in the heart of Bishan, built for owner-occupiers who value a permanent land title.

SGCPI Research Desk Updated August 2026 38 Jalan Pemimpin, Singapore 577178 FREEHOLD

Street-level view of M38, 38 Jalan Pemimpin, Singapore 577178. Imagery: Google Street View (user-contributed imagery), accessed August 2026.

Project Overview

Building NameM38
Address38 Jalan Pemimpin, Singapore 577178
DistrictDistrict 20 (Bishan / Ang Mo Kio / Thomson)
TenureFreehold
Zoning / UseB1 Light Industrial
Built Form9-storey light-industrial block with ramp-up access
Land Area / GFA≈44,000 – 55,500 sq ft land; 72 strata units
Completion Year≈2009 (TOP)
Nearest MRTMarymount (CC16), Bishan (CC15/NS17), Braddell (NS18)
Key Road AccessCentral Expressway (CTE), Pan Island Expressway (PIE), Seletar Expressway (SLE), Ayer Rajah Expressway (AYE)
Transacted PSF Range≈S$1,077 – S$1,748 psf
Sale Price Range≈S$1.95m – S$3.8m
Asking Rent Range≈S$4,800 – S$15,000 per month
Occupier BaseSMEs, light manufacturers, auto/parts distributors, enrichment and tuition operators, showroom and office-warehouse users

Location & Connectivity

M38 sits along Jalan Pemimpin in the Bishan / Ang Mo Kio planning belt, a stretch of Singapore’s Central Region long associated with light-industrial and B1 developments rather than heavy manufacturing. The immediate surroundings are a mix of low-rise industrial blocks, car workshops, F&B outlets and small showrooms, giving the estate a working, owner-operator character rather than a corporate business-park feel. For buyers or tenants who want proximity to the city centre without CBD-grade rents, this pocket of District 20 has historically offered a middle ground between fringe industrial estates further out and the tighter, pricier stock closer to town.

Connectivity is one of the building’s stronger selling points for a freehold B1 asset of its size. Marymount MRT station on the Circle Line is roughly 250 metres away on foot, putting M38 within a five-minute walk of rail transport — an unusually short distance for an industrial building, where a ten- to fifteen-minute walk to the nearest station is more typical. Bishan interchange station, served by both the Circle Line and the North-South Line, and Braddell station on the North-South Line are both within a short bus or drive, widening the catchment for staff who commute from across the island. By road, the building has ready access to the Central Expressway, which runs close by, with the Pan Island Expressway, Seletar Expressway and Ayer Rajah Expressway all reachable within a short drive, supporting distribution and last-mile delivery use cases as well as staff and client access by car.

Surrounding amenities lean practical rather than lifestyle-driven, which suits the tenant profile. Sin Ming Plaza and Thomson Plaza offer F&B, banking and retail within a few minutes’ drive, while Junction 8 in Bishan town centre — about five minutes away — provides a fuller mall experience for client meetings or staff lunches. Eateries such as those in the immediate Jalan Pemimpin cluster and NTUC FairPrice outlets nearby cover day-to-day convenience. For businesses that value being near — but not inside — the Bishan residential heartland, with its schools and established estate infrastructure, the location strikes a reasonable balance between accessibility and industrial pricing.

Location of M38, 38 Jalan Pemimpin, Singapore 577178. Map data: Google Maps, accessed August 2026.

Building & Facilities

M38 is a nine-storey light-industrial development comprising 72 strata-titled units, developed by Mavern Pte Limited. The building was designed with a glass-and-black-steel façade that reads more like a modern commercial block than a traditional industrial shed, and it offers direct ramp-up vehicular access up to the fourth floor — a genuinely useful feature for tenants who need to move goods, equipment or vehicles directly into their unit rather than relying solely on cargo lifts. Ceiling heights of around 6 metres per unit, together with mezzanine floors built into most units, give occupiers meaningful flexibility to configure storage, light assembly, or a hybrid office-and-workshop layout within a single strata lot.

Where M38 distinguishes itself from a typical no-frills B1 block is in its common facilities. The rooftop level houses a swimming pool, gymnasium, jogging track, barbecue pits, a Jacuzzi, a roof garden and a pool deck — an amenity set more commonly associated with residential or mixed-use developments than industrial buildings. This positions the project as much for owner-occupiers who spend long hours on site as for pure investment landlords, since staff wellbeing facilities can be a genuine differentiator when competing for talent in a light-industrial context. Lift access, loading bays and a basic security/access-control set-up round out the base building specification, though prospective buyers should verify current lift count, loading bay allocation and facility upkeep during a physical viewing, as maintenance standards can vary across a building’s lifecycle.

As with any strata-titled B1 asset, prospective buyers and tenants should conduct due diligence on the exact permitted use for their intended business, confirm current MCST by-laws and any restrictions on activities such as retail-facing use, and check the unit’s fire safety certification and any required Change of Use approval with the Singapore authorities before committing. A pre-purchase or pre-lease site visit, together with a review of the latest MCST minutes and maintenance fund position, is recommended practice for any industrial strata purchase of this nature.

Unit Types & Floor Plan Notes

M38’s 72 units are spread across a compact nine-storey footprint, with sizes ranging from small single-level lots suited to a two- or three-person operation up to larger multi-bay units for businesses needing dedicated storage and workshop space alongside an office component. Most units include a mezzanine level, which effectively separates a ground-floor working or storage area from an upper-level office or meeting space — a layout well suited to hybrid occupiers who split time between admin work and hands-on operations.

Compact Unit

≈700 – 1,000 sq ft

Entry-level lot with mezzanine, suited to small trading firms, tuition or enrichment operators, or single-owner workshops needing a low quantum.

Mid-Size Unit

≈1,200 – 1,800 sq ft

The most commonly transacted band at M38, balancing workshop floor area with mezzanine office space for a small team.

Ramp-Up Unit

≈2,000 – 2,850 sq ft

Ground- to fourth-floor units with direct ramp-up vehicular access, suited to businesses moving goods or vehicles in and out regularly.

Combined / Larger Lot

≈3,000 sq ft and above

Adjoining units combined by an owner-occupier for a larger single operation, typically requiring MCST or authority sign-off before combination.

Ceiling Height: ≈6 metres per unit
Mezzanine: Included in most units, subject to floor plan
Vehicle Access: Direct ramp-up access to Level 4
Loading: Shared loading/unloading bays at ground level
Sanitary: Individual washroom within each unit

Investment Case

M38’s core appeal rests on a combination that is genuinely uncommon in Singapore’s industrial market: freehold land tenure on a B1 light-industrial site, paired with a central-ish District 20 address a five-minute walk from an MRT station. Most industrial developments in Singapore sit on 30- or 60-year JTC-derived leases, so a freehold industrial title tends to command a premium and typically holds its value more steadily as the building ages, since there is no depreciating lease tail to price in. That said, industrial strata pricing is also more sensitive to broader manufacturing and SME sentiment than residential property, and buyers should weigh the building’s age, facility upkeep and unit configuration carefully against current asking levels.

What Works

  • Freehold tenure — rare for a B1 industrial asset, supporting long-term value retention
  • ≈250m walk to Marymount MRT, unusually MRT-proximate for an industrial building
  • Direct ramp-up vehicular access to Level 4, useful for goods- and vehicle-heavy trades
  • Rooftop pool, gym, jogging track and BBQ facilities — an amenity set well above typical B1 stock
  • Mezzanine layouts in most units allow a flexible office-plus-workshop configuration

What to Weigh Carefully

  • Strictly B1 zoning — retail-facing or unrestricted commercial use is not permitted without approval
  • Building is now roughly a decade and a half old; lift, facade and facility maintenance should be checked on site
  • Industrial strata liquidity is thinner than residential or office stock, especially for larger, higher-quantum units
  • MCST/maintenance fees for a facility-rich building tend to run higher than a bare-bones industrial block
  • Financing for industrial property typically caps at lower loan-to-value ratios than residential purchases

Who This Suits

M38 is best suited to owner-occupier SMEs — light manufacturers, auto parts and accessories businesses, trading and distribution firms, enrichment or tuition operators (subject to approval), and service businesses that need a mix of storage, light workshop space and office area under one roof. The freehold tenure also makes it a candidate for long-horizon investors who want exposure to Singapore industrial property without the lease-decay dynamics of a 30- or 60-year JTC site, provided they are comfortable with the relatively thinner resale and rental liquidity typical of strata-titled industrial units. Businesses that value staff wellbeing amenities, or that host client visits and want a more presentable facade than a typical industrial shed, will likely find the building’s rooftop facilities and ramp-up access a meaningful point of difference versus nearby alternatives.

Frequently Asked Questions

What is M38 zoned for and what businesses can operate there?
M38 is zoned B1 Light Industrial under Singapore’s Master Plan, which permits clean and light industrial activities such as manufacturing, assembly, workshops, warehousing, distribution and ancillary offices, provided pollutants, noise and traffic impact remain within permitted limits. Retail-facing businesses, F&B outlets, or fully commercial uses are generally not allowed without specific approval from the relevant authority, and change-of-use applications can be rejected if the proposed activity does not fit B1 criteria. Buyers or tenants planning a specific business — including tuition, enrichment or showroom concepts — should verify permitted use for their intended activity with URA or the appointed managing agent before signing any purchase or lease agreement, since misuse can result in enforcement action.
Can foreigners buy industrial units at M38?
Yes. Unlike residential property, industrial property in Singapore — including B1 light-industrial units such as those at M38 — is generally open to foreign individuals and foreign-owned companies without the restrictions imposed under the Residential Property Act. There is no equivalent approval requirement that applies to most private residential purchases by foreigners. That said, foreign buyers should still budget for the usual Buyer’s Stamp Duty, engage a Singapore-qualified conveyancing lawyer, and confirm financing terms with a local bank, since loan quantum and tenure for foreign buyers of industrial property can differ from those offered to Singapore citizens or permanent residents. Corporate structuring and tax treatment should be discussed with a qualified advisor.
Does Additional Buyer’s Stamp Duty (ABSD) apply to a purchase at M38?
No. ABSD in Singapore applies specifically to residential property purchases and does not extend to industrial property, including B1 light-industrial strata units like those at M38. This is one of the structural attractions of industrial property for investors who already hold residential properties and would otherwise face steep ABSD rates on further residential purchases. Buyers of industrial property instead pay standard Buyer’s Stamp Duty (BSD) on the purchase price or market value, whichever is higher, calculated on the usual tiered scale. It is worth noting that industrial property rules have been tightened in other ways over the years, including a Seller’s Stamp Duty holding period, so buyers should not assume industrial property is unregulated simply because ABSD does not apply.
What Seller’s Stamp Duty (SSD) applies if I resell my unit at M38 quickly?
Industrial property in Singapore, including units at M38, is subject to Seller’s Stamp Duty if sold within the holding period set by the Ministry of Finance, which has historically been three years from the date of purchase for industrial property. The SSD rate is tiered and reduces the earlier in the holding period a sale takes place, starting highest for a sale within the first year and stepping down for the second and third years, with no SSD payable after the holding period lapses. This is designed to discourage short-term flipping of industrial strata units. Buyers intending to hold M38 as a medium- to long-term owner-occupied or leased asset are unlikely to be affected, but should factor SSD into any exit planning within the first three years.
How is Buyer’s Stamp Duty (BSD) calculated for an M38 purchase?
BSD for industrial property such as M38 is calculated on the higher of the purchase price or the market value of the unit, using Singapore’s standard tiered BSD schedule, which rises progressively for higher-value portions of the purchase price. For a unit transacting in the region of S$1.95 million to S$3.8 million as seen at M38, BSD would typically run into the low hundred-thousands of Singapore dollars depending on the exact price, and should be budgeted as a cash or CPF-payable cost on top of the purchase price. Buyers should obtain an exact BSD computation from their conveyancing lawyer or use the Inland Revenue Authority of Singapore’s official calculator before finalising their budget, since duty bands are periodically revised.
Is GST payable on a purchase at M38?
GST treatment depends on the seller’s GST registration status and the nature of the transaction. If the seller is a GST-registered entity selling the property in the course of business, GST is generally chargeable on the sale price of an industrial property, since industrial property (unlike most residential property) is treated as a taxable supply. If the seller is an individual not registered for GST, or the sale falls outside the scope of a taxable business activity, GST may not apply. Because GST materially affects total acquisition cost, buyers should always confirm the seller’s GST status in writing before signing the Sale and Purchase Agreement, and factor any applicable GST into their financing and cash-flow planning from the outset.
How does financing work for an industrial unit like those at M38, and does remaining lease matter?
Because M38 is freehold, financing is not constrained by the loan-tenure-versus-remaining-lease limits that apply to leasehold industrial property, where banks typically cap loan tenure so that the loan is repaid well before the lease expires. Banks generally offer industrial property loans at lower loan-to-value ratios than residential loans, often in the region of 70–80%, and loan tenure is usually capped at a shorter period than residential mortgages, commonly around 25–30 years, subject to the borrower’s age and the bank’s internal policy. Buyers should shop multiple banks, as industrial property lending terms vary more than residential lending, and should factor in that valuations for industrial strata units can be more conservative than the transacted PSF quoted in marketing materials.
What rental yield can an owner expect from a unit at M38?
Based on the asking rent range of roughly S$4,800 to S$15,000 per month against sale prices of roughly S$1.95 million to S$3.8 million, gross rental yields for M38 units broadly fall in a range that owners of Singapore industrial strata property typically see, commonly in the mid-single-digit percentage range annually before deducting MCST fees, property tax, agent commission and vacancy periods. Actual yield varies significantly by unit size, floor level, and whether the unit has ramp-up access, which tends to command a premium. Prospective landlords should stress-test their yield assumptions against a realistic vacancy allowance, since industrial tenant turnover and vacancy periods can be longer than for residential property, particularly for larger or more specialised units.
How old is the building and does that affect the purchase decision?
M38 reached completion (TOP) in the late 2000s, making it roughly a decade and a half old as of 2026 — a moderate age for an industrial building, generally past its newest-building premium but well short of the age where major mechanical and electrical replacement typically becomes necessary. Buyers should inspect lift condition, facade upkeep, the state of the rooftop facilities, and any planned or recent major repair works funded through the sinking fund. Since M38’s rooftop pool, gym and Jacuzzi are more complex to maintain than a typical bare industrial block’s facilities, it is worth reviewing recent MCST AGM minutes and the sinking fund balance to confirm these amenities are being properly funded and maintained rather than left to deteriorate.
What are the chances of M38 being redeveloped or sold en bloc?
En bloc potential for a freehold industrial development like M38 exists in principle, since freehold status removes the lease-related urgency that sometimes drives collective sales of ageing leasehold sites, but it also removes one of the main motivations owners might otherwise have to sell collectively. Industrial en bloc sales in Singapore are considerably less common than residential collective sales, given more limited redevelopment upside under B1 zoning and a smaller pool of interested developers. Any collective sale would require the consent thresholds set out under the Land Titles (Strata) Act, which for developments over ten years old requires owners holding at least 80% of share value to agree. Owners should treat en bloc potential as a longer-term, low-probability scenario rather than a near-term exit strategy.
What parking and loading provisions does M38 offer?
M38 provides on-site parking for tenants, owners and visitors, along with shared loading and unloading bays at ground level to support the building’s ramp-up access design, which allows vehicles to drive directly up to units on the lower floors. Exact parking lot allocation per unit, visitor parking availability and loading bay booking procedures are managed by the MCST and can vary depending on unit size and strata share value, so prospective buyers or tenants should confirm current allocation and any applicable parking season fees directly with the managing agent. Businesses with frequent delivery or despatch needs should also check peak-hour congestion at the loading bays before committing to a unit that depends heavily on ground-floor access.
What are typical MCST or maintenance fees at M38?
As a facility-rich development with a rooftop pool, gym, jogging track and Jacuzzi, M38’s MCST maintenance fees are likely to sit above those of a bare-bones industrial block without such amenities, reflecting the higher cost of servicing pool chemicals, landscaping, security and common-area upkeep. Exact quantum varies by unit share value and is set annually at the MCST’s AGM based on the approved budget, so figures should always be confirmed directly with the managing agent or through the latest AGM minutes rather than assumed from general market norms. Buyers should factor maintenance fees into their total cost of ownership or net rental yield calculation, since higher fees can meaningfully affect net returns on a modest-quantum unit.
How liquid is the resale market for units at M38?
Industrial strata property in Singapore is generally less liquid than residential property, with fewer transactions, a smaller buyer pool restricted mostly to businesses and industrial investors, and longer typical marketing periods before a sale completes. M38’s freehold status and MRT-proximate location are supportive of liquidity relative to leasehold industrial peers further from transport nodes, and recent transaction data showing activity as recently as early 2026 suggests an active, if modest, secondary market. That said, larger or higher-quantum units tend to take longer to sell than smaller, more affordable lots, since the pool of buyers able to finance and use a larger industrial unit is naturally narrower. Sellers should price realistically against recent comparable transactions and allow a reasonable marketing runway.
What types of businesses are best suited to a unit at M38?
Given its B1 zoning, ramp-up access and mezzanine-equipped units, M38 suits light manufacturers, assembly and light fabrication businesses, automotive parts and accessories distributors, general trading and distribution firms, and service businesses needing combined storage, workshop and office space. The building has also attracted enrichment and tuition-type operators, subject always to confirming permitted use and obtaining any necessary change-of-use approval before signing a lease or purchase agreement, since such uses sit closer to the edge of standard B1 permitted activities. Businesses requiring heavy industrial processes, significant pollutant discharge, or genuinely retail-facing footfall are unlikely to be approved and would be better suited to a B2 industrial site or a dedicated commercial/retail property instead.
Are there restrictions on renting out an M38 unit, and can it be subdivided or combined?
Owners can generally lease their M38 units to third-party businesses provided the tenant’s use complies with the B1 zoning and any MCST by-laws, and standard tenancy agreement practices — security deposit, diplomatic clause where relevant, and stamp duty on the lease — apply as with any commercial tenancy in Singapore. Combining adjoining units, or subdividing a larger unit, is possible in principle but typically requires approval from both the MCST and the relevant planning authority, along with confirmation that fire safety and structural requirements continue to be met after any reconfiguration. Owners considering either option should engage a qualified architect or engineer and obtain the necessary approvals before carrying out any physical works, as unauthorised alterations can result in enforcement action and complicate a future resale.

This article is provided for general informational purposes only and does not constitute financial, investment, legal or tax advice. Figures marked with “≈” are reasoned estimates based on publicly available listings and market data at the time of writing and should be independently verified before any transaction decision. Property prices, rents, availability and regulations are subject to change. Prospective buyers and tenants should conduct their own due diligence and consult qualified professionals, including a licensed property agent, lawyer and financial advisor, before making any purchase, lease or investment decision.

© 2026 SG Commercial Property Insights. All rights reserved.

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