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Pines Industrial Building Review

Pines Industrial Building Review
Industrial & Commercial Property Review — District 13

Pines Industrial Building

A city-fringe B1 light industrial block on MacPherson Road, weighed for owner-occupiers and yield-seeking investors.

SGCPI Research Desk Updated August 2026 240 MacPherson Road, Singapore 348574 ≈60-YR LEASEHOLD FROM ≈1981

Street-level view of Pines Industrial Building, 240 MacPherson Road. Imagery: Google Street View (user-contributed imagery), accessed August 2026.

Project Overview

Building NamePines Industrial Building
Address240 MacPherson Road, Singapore 348574
DistrictDistrict 13 (Macpherson / Potong Pasir)
Tenure≈60-year leasehold from ≈1981
Zoning / UseB1 Light Industrial
Built FormSingle mid-rise block, ≈8 storeys
Land Area / GFALand ≈4,154 sqm (≈44,720 sq ft); GFA ≈10,386 sqm (≈111,780 sq ft)
Completion Year≈1981
Nearest MRTPotong Pasir (NE10), Mattar (DT25), Geylang Bahru (DT24)
Key Road AccessMacPherson Road, linking to PIE and KPE
Transacted PSF Range≈S$650 – S$900 psf
Sale Price Range≈S$450,000 – S$1.8 million
Asking Rent RangeS$2,700 – S$12,000 per unit per month
Occupier BaseLight manufacturing, electronics, workshop and warehousing SMEs, including established distributors such as OSI Electronics

Location & Connectivity

Pines Industrial Building sits along MacPherson Road, within the Macpherson / Potong Pasir precinct that straddles District 13’s boundary with Toa Payoh and Geylang. This stretch of MacPherson Road has long functioned as a light industrial corridor, hemmed in by HDB estates to the north and the Kallang River industrial belt to the south, giving the building a genuinely city-fringe address rather than a fringe-of-fringe one.

Public transport access is workable rather than exceptional. Potong Pasir MRT station (NE10) on the North East Line is roughly 800 metres away on foot, while Mattar (DT25) and Geylang Bahru (DT24) on the Downtown Line sit a short bus or drive further out, giving staff and visitors two line options. For vehicle-based logistics, MacPherson Road connects directly into the Pan Island Expressway (PIE) and the Kallang-Paya Lebar Expressway (KPE), both within a few minutes’ drive, which matters more for this asset class than MRT proximity alone.

Amenities in the immediate vicinity lean residential-support rather than corporate: The Poiz Centre, Macpherson Mall and Bendemeer Shopping Mall provide F&B, banking and retail options within a short walk or drive, while surrounding HDB clusters supply a ready pool of blue-collar and admin staff for tenants running light manufacturing or warehousing operations.

Location of Pines Industrial Building. Map data: Google Maps, accessed August 2026.

Building & Facilities

The development is a single mid-rise light industrial block of an estimated eight storeys, a plot ratio consistent with the ≈4,154 sqm land parcel against ≈10,386 sqm of gross floor area. Vertical circulation follows the standard older-generation B1 format: a bank of passenger lifts alongside dedicated cargo lifts sized for pallet and equipment movement, with ground-floor loading bays serving the full block.

Common facilities are functional rather than amenity-rich, in keeping with a building of this vintage — shared loading and unloading areas, basic common corridors, and on-site or contracted security coverage. Units are generally handed over in bare or shell condition, meaning incoming occupiers typically budget for their own electrical upgrades, partitioning, flooring and mezzanine works before operations can begin.

Given the building’s age, prospective buyers and tenants should independently verify current fire safety certification, individual unit power loading capacity, and any subdivision or strata restrictions with JTC and URA, since B1 zoning caps the scope of permissible activity and older stock can carry deferred maintenance that isn’t always visible on a walk-through.

Unit Types & Floor Plan Notes

Unit sizes at Pines Industrial Building span a fairly wide range, typical of an older strata-titled B1 block where original lots have since been combined or subdivided by successive owners. The four broad categories below reflect the mix most commonly seen in listings for this building and similar-vintage neighbours along MacPherson Road.

Compact Workshop

≈600 – 700 sq ft

Entry-level lot suited to a single small operation — storage, light assembly or a trade workshop with minimal office component.

Mid-Tier Unit

≈1,000 – 1,200 sq ft

The most commonly transacted size band, typically split between a small front office and a rear production or storage floor.

Factory-cum-Office

≈1,800 – 2,200 sq ft

Larger floorplate suited to combined manufacturing and back-office use, with room for a mezzanine level in some layouts.

Combined / Whole-Lot

≈3,000 sq ft and above

Merged adjoining units, generally held by owner-occupiers running a full production line or a regional distribution base.

Ceiling Height: ≈4.5 – 5.0 m clear, typical of period B1 stock
Floor Loading: ≈7.5 – 10 kN/sqm, to be verified per unit
Lift Provision: Passenger and dedicated cargo lifts serving all floors
Handover Condition: Bare shell, no partitions or fit-out
Parking Provision: On-site surface/covered lots, subject to allocation by management

Investment Case

As an older-generation, city-fringe B1 asset, Pines Industrial Building competes on price and location rather than on building specification. The case for and against ownership here hinges largely on time horizon and how much weight a buyer places on the building’s remaining lease.

What Works

  • Entry price points remain accessible relative to newer B1 developments in the eastern and central regions
  • Dual MRT line access via Potong Pasir and the Downtown Line stations broadens the tenant catchment
  • Direct PIE and KPE access supports logistics-heavy and delivery-dependent occupiers
  • Established occupier base, including long-standing industrial tenants, points to steady demand for smaller lots
  • City-fringe HDB surroundings provide a deep, low-cost labour pool for tenants

What to Weigh Carefully

  • Remaining lease is a meaningful constraint on financing tenure and long-term capital appreciation
  • Building age likely means higher near-term costs for M&E upgrades and unit fit-out
  • Bare-shell handover adds to an incoming occupier’s or buyer’s capital outlay
  • B1 zoning restricts use to permitted light industrial activities, narrowing the eventual buyer or tenant pool
  • Resale liquidity for older strata industrial stock is generally thinner than for newer, larger-floorplate developments

Who This Suits

Pines Industrial Building is best suited to owner-occupiers running small to mid-sized light manufacturing, electronics, or trading operations who prioritise a low entry cost and workable connectivity over building specification or a long remaining lease. It also fits investors comfortable with the yield-versus-lease trade-off typical of older B1 stock, particularly those targeting smaller units where rental demand from SME tenants tends to be steadiest. It is a less natural fit for buyers who need a long financing runway, purpose-built cold-chain or heavy-industry specifications, or a fitted-out unit ready for immediate occupation.

Frequently Asked Questions

What is the permitted use for units at Pines Industrial Building?
The building is zoned B1 Light Industrial under the Master Plan, meaning permitted uses are generally limited to light manufacturing, assembly, storage, workshop and ancillary office activities that do not generate significant noise, odour, vibration or pollution affecting neighbouring users. Heavier industrial processes typically require B2 zoning elsewhere. Buyers or tenants planning showroom, retail, or purely office use should check with URA or JTC before committing, as such uses generally fall outside standard B1 permitted activities unless specific approval or a change-of-use application is obtained. Ancillary office space is usually capped at a percentage of total floor area within each unit.
Can foreigners purchase industrial units at this building?
Unlike residential property, industrial units such as those at Pines Industrial Building are not subject to the Residential Property Act, so foreign individuals and foreign-owned companies can generally purchase them without the approvals required for landed or certain residential property. Financing terms for foreign buyers may differ from those available to Singapore citizens or permanent residents, often with lower loan-to-value ratios from local banks. Buyers should still confirm eligibility and any entity-level requirements with their bank and conveyancing lawyer, and factor in that industrial purchases carry their own stamp duty and tax treatment distinct from residential transactions.
Does Additional Buyer’s Stamp Duty (ABSD) apply?
ABSD is a residential property measure and does not apply to industrial purchases like units at Pines Industrial Building, regardless of the buyer’s residency status or number of existing properties owned. This is one of the structural attractions of industrial property for investors who have already used up their residential purchase quota or wish to avoid ABSD exposure. Buyer’s Stamp Duty (BSD) still applies on industrial transactions, calculated on the higher of purchase price or market value using the standard tiered rates. Buyers should not assume industrial and residential stamp duty treatment are interchangeable and should confirm the applicable rates with their lawyer before exercising an option.
What about Seller’s Stamp Duty (SSD) on a future sale?
Industrial properties purchased in Singapore are subject to Seller’s Stamp Duty if sold within the holding period stipulated at the time of purchase, which has historically been up to three years for industrial property, with rates scaling down the longer the property is held. This is separate from, and generally shorter than, the SSD holding periods applied to residential property. Investors planning a short-term flip strategy at Pines Industrial Building should factor SSD into their exit math, since it can materially erode gross gains on a quick resale. Current rates and holding periods should be confirmed with IRAS or a conveyancing lawyer, as policy settings are periodically revised.
How is Buyer’s Stamp Duty (BSD) calculated on a purchase here?
BSD on industrial property is computed on a tiered percentage basis applied to the purchase price or market valuation, whichever is higher, using the same progressive schedule applied to non-residential property generally. For a unit at Pines Industrial Building priced in the estimated S$450,000 to S$1.8 million range, BSD would typically fall in the low single-digit percentage of transaction value once blended across the tiers. Buyers should build BSD into their total acquisition cost alongside legal fees, valuation charges and any renovation budget, and should obtain an exact figure from their conveyancing lawyer once the purchase price is finalised.
Is GST payable when buying or renting a unit?
Whether GST applies depends on the seller’s or landlord’s GST-registration status rather than the property type itself. If the vendor is a GST-registered entity, GST is generally chargeable on the sale price or rental in addition to the agreed consideration, whereas a sale by a non-GST-registered individual owner typically does not attract GST. Corporate buyers who are themselves GST-registered may be able to claim input tax on a GST-inclusive purchase, subject to normal IRAS rules. Given the mixed ownership typical of an older strata block like Pines Industrial Building, buyers and tenants should always confirm the counterparty’s GST status before finalising pricing.
How does the remaining lease affect financing?
With an estimated ≈60-year lease from ≈1981, the remaining tenure on Pines Industrial Building is a material underwriting factor for banks financing industrial purchases here. Loan tenures for leasehold industrial property are typically capped so that the loan is fully repaid before the lease runs out or reaches a bank-specific residual threshold, which can shorten the maximum loan period compared with a freehold or newer-leasehold asset. This generally translates into higher monthly instalments relative to a longer-lease comparable at the same price. Buyers should obtain an in-principle approval early to understand their actual financeable quantum before making an offer.
What rental yield can an investor reasonably expect?
Based on the asking rent range of roughly S$2,700 to S$12,000 per month observed across current listings and the estimated sale price band for comparable unit sizes, gross rental yields for smaller units at Pines Industrial Building have tended to sit in a mid-single-digit percentage range, broadly consistent with older B1 stock in this part of District 13. Actual achievable yield varies considerably by unit size, floor level, and fit-out condition, and investors should stress-test their numbers against realistic vacancy periods between tenancies, since older industrial buildings can see longer void periods than newer, better-specified developments in the same precinct.
How does the building’s age affect ongoing costs?
At an estimated 45 years old, Pines Industrial Building sits well into the older tier of Singapore’s B1 stock, which typically means higher near-term exposure to lift, roofing, plumbing and electrical maintenance costs relative to a newer building. Individual unit owners should budget for their own internal M&E refresh regardless of common property condition, since bare-shell handovers mean each unit’s fit-out age varies independently. Buyers should request the management corporation’s recent maintenance records and sinking fund position during due diligence, as a building of this vintage approaching major component replacement cycles can see step-changes in the quarterly maintenance charge.
What are the odds of en-bloc sale or redevelopment?
Older, lower-plot-ratio industrial buildings like Pines Industrial Building are periodically discussed as collective sale candidates given potential redevelopment upside if zoning or plot ratio headroom exists, but any en-bloc outcome depends on securing the required majority consent among often-fragmented strata owners, an outcome that is inherently uncertain and can take years even where headroom is clearly present. Buyers should treat redevelopment potential as a long-dated, low-probability upside rather than a base-case investment thesis, and should not overpay on the assumption of an imminent collective sale. Confirming current plot ratio utilisation against Master Plan allowances with URA is a useful starting point for anyone weighing this angle seriously.
What parking and loading provisions does the building offer?
Pines Industrial Building provides on-site parking, generally allocated on a lots-per-unit-size basis common to older B1 developments, alongside ground-floor loading and unloading bays shared across the block for goods vehicles. Provision is typically more modest than newer purpose-built industrial parks, so tenants running frequent freight movements should confirm loading bay access hours and any booking system with the management corporation before committing to a lease. Visitor parking can be limited during peak hours given the building’s age and surrounding street parking constraints, which is worth factoring in for businesses expecting regular client or supplier visits to the premises.
What are the typical maintenance or MCST fees?
As a strata-titled development, Pines Industrial Building is run by a management corporation strata title (MCST) that levies quarterly maintenance fees to cover common area upkeep, security, lift servicing and sinking fund contributions. Fees for older B1 buildings of this size are typically charged on a per-share-value basis and can vary meaningfully between unit sizes and stacks. Prospective buyers should request the latest MCST accounts, budget and any known upcoming capital works during due diligence, since older buildings occasionally require special levies for major repairs such as roof, lift or facade works that fall outside routine maintenance budgets.
How liquid is the resale market for units here?
Resale liquidity for smaller, older B1 strata units such as those at Pines Industrial Building is generally thinner than for newer, larger-floorplate industrial developments, with transaction volumes driven mainly by owner-occupier demand rather than active investor trading. Holding periods for this type of asset tend to be longer, and sellers should expect a marketing period that can extend beyond what is typical for residential property. Larger combined units and units on higher, better-lit floors have tended to command more buyer interest than the smallest ground- or low-floor lots. Engaging an agent experienced specifically in industrial resale within this precinct can meaningfully shorten time to sale.
What business types are best suited to units here?
Given the B1 zoning and the building’s bare-shell, older-generation specification, the best-suited occupiers are light manufacturing, electronics assembly, general trading, warehousing and workshop-based businesses that need functional space rather than a showcase headquarters — a profile reflected in the building’s existing tenant base. Businesses requiring heavy machinery, significant power loads, cold-chain storage or public-facing retail frontage should verify technical suitability and zoning compliance before committing, as the building’s age and B1 classification place practical limits on what can be accommodated. Smaller professional or trading firms seeking low-cost operational space close to the city centre tend to find the size range and location a workable fit.

This article is for general informational purposes only and does not constitute financial, legal or investment advice. Figures marked with the ≈ symbol are reasoned estimates based on publicly available data at the time of writing and should be independently verified before any purchase, lease or investment decision. Property values, rental rates, stamp duty rates and regulatory requirements are subject to change; readers should consult a licensed property agent, lawyer and financial advisor for advice specific to their circumstances.

© 2026 SG Commercial Property Insights. All rights reserved.

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