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M-SPACE

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Project Information

Plot Ratio

5.1

Project Name

M-SPACE

Street Name

MANDAI ESTATE

Property Type

Factory (All Types)

Tenure

Unknown

District / Planning Area

D25 / Sungei Kadut

Completion

2014

Indicative price range / Average*

Factory (All Types): S$ 635 - S$ 666 psf / S$ 651 psf

Indicative rental range / Average#

Factory (All Types): S$ 1.15 - S$ 1.70 psf pm / S$ 1.62 psf pm

Implied rental yield

Factory (All Types): 2.99%

Historical high

Factory (All Types): S$ 1,430 psf in Apr 2015 for a 1,259-sqft unit

Indicative average price from historical high

Factory (All Types): -54.5%

Historical low

Factory (All Types): S$ 584 psf in Dec 2011 for a 1,152-sqft unit

Note: *Based on transactions in the last 6 months. #Based on the street rental data in the last 6 months, may not be representative.

Location

Sales

Transactions in the past 6 months (up to 15 most recent)
See Appendix for the full history

Source: URA, https://www.squarefoot.com.sg
Contract
date
Address Type of
sale
Property type Unit area
(sqft)
Type of
area
Price
(S$ psf)
Price
(S$)
17 Jun 2019 6D Mandai Estate #02-13 Resale Factory (All Types) 1,216 Strata 658 800,000
17 Jun 2019 6D Mandai Estate #02-12 Resale Factory (All Types) 1,259 Strata 643 810,000
12 Apr 2019 6D Mandi Estate #04-10 Resale Factory (All Types) 1,216 Strata 666 810,000
29 Mar 2019 6D Mandai Estate #09-09 Resale Factory (All Types) 1,259 Strata 635 800,000

Asking Prices

Note: Ranked by days in market.
Source: Public listings
  Listed Days in
market
Property
Type
Unit area
(sqft)
Asking Price
(S$)
Asking Price
(S$ psf)
Agent
Name
Agent
Mobile
  28 Apr 2019 112 Factory 1,259 1,180,000 937 Charylene Yeo 88667993
  23 Apr 2019 117 Factory 1,163 1,400,000 1,204 Zane Toh 91087464
  22 Apr 2019 118 Factory 2,326 2,990,000 1,285 Liong Phang Fei 97490297
  5 Apr 2019 135 Factory 1,486 1,188,800 800 May Choo M W 96780270
  5 Apr 2019 135 Factory 2,326 3,000,000 1,290 Zane Toh 91087464
  4 Apr 2019 136 Factory 1,163 1,400,000 1,204 Robin Koh 90022238
  1 Apr 2019 139 Factory 1,205 935,000 776 Terry Tan 83661666
  31 Mar 2019 140 Factory 1,152 980,000 851 Charlene Ong 90238892
  26 Mar 2019 145 Factory 1,076 830,000 771 Justin Lee 96330412
  16 Mar 2019 155 Factory 1,216 870,000 715 Tricia Tan 93879668
  11 Mar 2019 160 Factory 1,100 950,000 864 Alwin Goh 91177760
  11 Mar 2019 160 Factory 1,259 1,180,000 937 Alwin Goh 91177760
  5 Mar 2019 166 Factory 1,100 950,000 864 Doreen Tan 91177317
  5 Mar 2019 166 Factory 1,259 1,180,000 937 Doreen Tan 91177317
  2 Mar 2019 169 Factory 1,216 900,000 740 Sherin Loh ??? 83281025
  7 Jan 2019 223 Factory 1,483 1,150,000 775 Esther Yeo 96317794
  5 Dec 2018 256 Factory 1,216 900,000 740 Sean Lee 91767270
  6 Oct 2018 316 Factory 1,291 1,100,000 852 TAN CHEE KEONG 97776733
  24 Aug 2018 359 Factory 1,259 908,888 722 Cadence Yu 90992828
  18 Apr 2018 487 Factory 2,326 3,400,000 1,462 Lex Lim 97960999
  4 Apr 2018 501 Factory 1,485 1,338,000 901 Simon Tong 90261123
  7 Feb 2018 557 Factory 1,205 1,000,000 830 Yvonne Chan 91010570
  1 Nov 2017 655 Factory 1,259 1,199,999 953 DEEK ANN (ANN) LEE 96851352
  21 Oct 2017 666 Factory 1,293 1,050,000 812 Jo Lim 98277671
  10 Oct 2017 677 Factory 1,259 988,000 785 Lee Ann 96851352

Historical Transaction Prices (See in Tower View)

Source: URA, https://www.squarefoot.com.sg

Historical Monthly Price Range

Source: URA, https://www.squarefoot.com.sg

Profitable Transactions
Total 1

Note: Transactions with the same address are matched. Profitability of each round-trip transaction is based only on the change in asset price and does not take into account transaction costs and the effect of financing.
Source: URA, https://www.squarefoot.com.sg
Sold
on
Address Unit area
(sqft)
Sale price
(S$ psf)
Bought
on
Purchase price
(S$ psf)
Profit
(S$)
Holding period
(days)
Annualised
(%)
3 Feb 2015 6D MANDAI ESTATE #02-03 1,485 1,279 8 Nov 2011 664 913,840 1,183 22.4

Unprofitable Transactions
Total 6

Note: Transactions with the same address are matched. Profitability of each round-trip transaction is based only on the change in asset price and does not take into account transaction costs and the effect of financing.
Source: URA, https://www.squarefoot.com.sg
Sold
on
Address Unit area
(sqft)
Sale price
(S$ psf)
Bought
on
Purchase price
(S$ psf)
Profit
(S$)
Holding period
(days)
Annualised
(%)
17 Jun 2019 6D Mandai Estate #02-13 1,216 658 20 Apr 2015 1,398 -900,000 1,519 -16.6
17 Jun 2019 6D Mandai Estate #02-12 1,259 643 20 Apr 2015 1,430 -990,000 1,519 -17.5
1 Aug 2017 6D Mandai Estate #08-03 1,313 676 24 Jan 2014 820 -188,660 1,285 -5.3
29 Dec 2014 6D Mandai Estate #02-02 1,485 664 3 Nov 2014 842 -263,840 56 -78.7
24 Jan 2014 6D Mandai Estate #08-03 1,313 820 13 Jan 2014 820 0 11 0.0
30 Dec 2013 6D MANDAI ESTATE #08-14 0 0 27 Sep 2013 0 -118,300 94 -42.9

Rental

Asking Rents

Note: Ranked by days in market.
Source: Public listings
  Listed Days in
market
Property
Type
Unit area
(sqft)
Asking Price
(S$)
Asking Price
(S$ psf pm)
Agent
Name
Agent
Mobile
  24 Apr 2019 116 Factory 1,450 2,800 1.9 Katherine Ong 97425116
  23 Apr 2019 117 Factory 1,152 2,500 2.2 Terry Tan 83661666
  11 Apr 2019 129 Factory 1,485 3,100 2.1 Jen Chung 90291662
  4 Apr 2019 136 Factory 1,485 3,000 2.0 James Lee 91813341
  8 Mar 2019 163 Factory 1,647 2,600 1.6 Lina Chang Chu Hoon 86868776
  21 Feb 2019 178 Factory 1,485 2,500 1.7 Chen Ting 93372103
  17 Jan 2019 213 Factory 1,485 2,800 1.9 Katherine Chia 97355259
  7 Jan 2019 223 Factory 1,483 2,450 1.7 Esther Yeo 96317794
  19 Dec 2018 242 Factory 1,237 2,600 2.1 Katherine Ong 97425116
  8 Dec 2018 253 Factory 1,215 2,800 2.3 Angela Tay 97963882
  6 Dec 2018 255 Factory 1,485 3,000 2.0 Cadence Yu 90992828
  18 Jan 2018 577 Factory 1,529 3,200 2.1 Coco Wee 94233181
  11 Nov 2017 645 Factory 1,200 2,600 2.2 Davis Tan 92397298

Historical rental along MANDAI ESTATE

Source: URA, https://www.squarefoot.com.sg

Month Type Lowest Rental
(S$ psf pm)
Rental 25th
(S$ psf pm)
Median Rental
(S$ psf pm)
Rental 75th
(S$ psf pm)
Highest Rental
(S$ psf pm)
Contracts
Jul 2019 Factory (All Types) 0.00 1.15 1.62 1.70 0.00 13
Jun 2019 Factory (All Types) 0.00 1.10 1.37 1.75 0.00 14
May 2019 Factory (All Types) 0.00 1.54 1.78 1.94 0.00 7
Apr 2019 Factory (All Types) 0.00 1.26 1.39 1.50 0.00 17
Jan 2019 Factory (All Types) 0.00 0.95 1.27 1.63 0.00 10
Dec 2018 Factory (All Types) 0.00 0.92 1.25 1.50 0.00 14
Nov 2018 Factory (All Types) 0.00 1.31 1.40 1.50 0.00 15
Jun 2018 Factory (All Types) 0.90 1.10 1.31 1.87 2.00 18
May 2018 Factory (All Types) 0.90 1.08 1.28 1.55 2.00 14
Apr 2018 Factory (All Types) 0.90 1.21 1.35 1.80 2.17 12
Mar 2018 Factory (All Types) 0.99 1.12 1.26 1.54 1.67 9
Feb 2018 Factory (All Types) 1.00 1.37 1.44 1.54 1.86 6
Jan 2018 Factory (All Types) 0.92 1.20 1.38 1.57 2.31 22
Dec 2017 Factory (All Types) 1.09 1.17 1.28 1.75 1.99 11
Nov 2017 Factory (All Types) 1.03 1.20 1.59 1.69 1.97 11
Oct 2017 Factory (All Types) 0.97 1.25 1.45 1.71 2.06 17
Sep 2017 Factory (All Types) 0.99 1.01 1.30 1.37 2.02 12
Aug 2017 Factory (All Types) 1.22 1.27 1.36 1.73 2.10 7
Jul 2017 Factory (All Types) 1.01 1.21 1.57 1.61 1.89 12
Jun 2017 Factory (All Types) 1.00 1.11 1.51 1.98 2.39 10
May 2017 Factory (All Types) 1.02 1.26 1.65 1.97 2.27 10
Apr 2017 Factory (All Types) 1.11 1.33 1.51 1.98 2.34 15
Mar 2017 Factory (All Types) 1.01 1.10 1.34 1.41 2.14 10
Feb 2017 Factory (All Types) 1.05 1.14 1.25 1.50 1.79 8

Nearby properties

Price and rental comparisons (Up to 50)

Note: Excludes properties with no transactions in the past 6 months. *Prices and rents are based on data in the past 6 months. Rents are based on street names and may not be representative of the subject property.
Source: https://www.squarefoot.com.sg
Marker Project Type Tenure Distance
(m)
Lowest
price*
(S$ psf)
Average
price*
(S$ psf)
Highest
price*
(S$ psf)
Rental
25th*
(S$ psf pm)
Median
Rental*
(S$ psf pm)
Rental
75th*
(S$ psf pm)
Rental yield
(%)
M-SPACE Factory Unknown - 635 651 666 1.15 1.62 1.70 3.0
MULTI-WIDE INDUSTRIAL BUILDING Factory Freehold 228 609 611 612 1.15 1.62 1.70 3.2
INNOVATION PLACE Factory Freehold 190 457 489 536 1.15 1.62 1.70 4.0
MANDAI INDUSTRIAL BUILDING Factory Freehold 98 388 404 420 1.15 1.62 1.70 4.8
BHL FACTORIES Factory Freehold 92 527 527 527 1.15 1.62 1.70 3.7
ELDIX Factory Freehold 323 496 592 714 1.15 1.62 1.70 3.3
MANDAI CONNECTION Factory Unknown 241 251 269 280 1.35 1.52 1.81 6.8

Location of nearby properties

Note: Excludes properties with no transactions in the past 6 months.
Source: https://www.squarefoot.com.sg

Nearby land sales / new launches

Status Street Name Location Land attributes Estimated Breakeven

Sold on 27 Aug 2012

Mandai Link (Now known as Mandai Connection)

Site use Industrial B2
Tenure 30
Site area (sqm) 22,366.0
Site GFA (sqm) 55,915.0
Highest bid ($m) 45.3
Highest bid ($psf) 75.2
Number of bids 2
Land ($m) 45.3
Construction ($m) 90.3
Land Financing ($m) 3.2
Professional / Legal / Taxes ($m) 13.6
Marketing / Others ($m) 1.8
Est. Total Cost ($m) 154.1
Est. Breakeven ($psf ppr) 256

Sold on 31 Jul 2013

Mandai Link

Site use Industrial B2
Tenure 30
Site area (sqm) 6,891.2
Site GFA (sqm) 17,228.0
Highest bid ($m) 21.3
Highest bid ($psf) 114.9
Number of bids 5
Land ($m) 21.3
Construction ($m) 27.8
Land Financing ($m) 1.5
Professional / Legal / Taxes ($m) 4.6
Marketing / Others ($m) 0.7
Est. Total Cost ($m) 55.9
Est. Breakeven ($psf ppr) 301

Appendix: All past transactions

Historical Transactions

Source: URA, https://www.squarefoot.com.sg

Contract
Date
Address Property
Type
Type of
sale
Unit area
(sqft)
Type of
area
Price
(S$ psf)
Price
(S$)
17 Jun 2019 6D Mandai Estate #02-13 Factory (All Types) Resale 1,216 Strata 658 800,000
17 Jun 2019 6D Mandai Estate #02-12 Factory (All Types) Resale 1,259 Strata 643 810,000
12 Apr 2019 6D Mandi Estate #04-10 Factory (All Types) Resale 1,216 Strata 666 810,000
29 Mar 2019 6D Mandai Estate #09-09 Factory (All Types) Resale 1,259 Strata 635 800,000
9 Jan 2019 6D Mandai Estate #03-10 Factory (All Types) Resale 1,216 Strata 707 860,000
3 Oct 2018 6D Mandai Estate #08-05 Factory (All Types) Resale 1,184 Strata 697 825,000
6 Sep 2018 6D Mandai Estate #04-01 Factory (All Types) Resale 1,744 Strata 700 1,220,000
6 Sep 2018 6D Mandai Estate #08-14 Factory (All Types) Resale 1,259 Strata 675 850,000
3 Jul 2018 6D MANDAI ESTATE #07-02 Factory (All Types) Resale 1,485 Strata - 1,080,000
8 Jun 2018 6D MANDAI ESTATE #08-04 Factory (All Types) Resale 1,378 Strata - 895,000
17 May 2018 6D MANDAI ESTATE #07-06 Factory (All Types) Resale 1,238 Strata - 850,000
11 Apr 2018 6D Mandai Estate #09-12 Factory (All Types) Resale 1,206 Strata 688 830,000
1 Aug 2017 6D Mandai Estate #08-03 Factory (All Types) Resale 1,313 Strata 676 888,000
2 May 2017 6D Mandai Estate #02-05 Factory (All Types) Resale 1,485 Strata 724 1,075,000
13 Jun 2016 6D Mandai Estate #10-05 Factory (All Types) Resale 1,206 Strata 680 820,000
25 Jun 2015 6D Mandai Estate #05-11 Factory (All Types) Resale 1,206 Strata 664 800,000
16 Jun 2015 6D Mandai Estate #06-04 Factory (All Types) Resale 1,485 Strata 780 1,158,300
20 Apr 2015 6D MANDAI ESTATE #02-13 Factory (All Types) Resale 1,216 Strata 1,398 1,700,000
20 Apr 2015 6D MANDAI ESTATE #02-12 Factory (All Types) Resale 1,259 Strata 1,430 1,800,000
3 Feb 2015 6D MANDAI ESTATE #02-03 Factory (All Types) Resale 1,485 Strata 1,279 1,900,000
2 Feb 2015 6D Mandai Estate #01-06 Factory (All Types) Resale 1,163 Strata 1,160 1,349,080
29 Dec 2014 6D Mandai Estate #02-02 Factory (All Types) Resale 1,485 Strata 664 986,160
23 Dec 2014 6D Mandai Estate #04-10 Factory (All Types) Resale 1,216 Strata 814 990,000
3 Nov 2014 6D MANDAI ESTATE #02-02 Factory (All Types) New Sale 1,485 Strata 842 1,250,000
24 Jan 2014 6D Mandai Estate #08-03 Factory (All Types) Resale 1,313 Strata 820 1,076,660
13 Jan 2014 6D MANDAI ESTATE #08-03 Factory (All Types) Sub Sale 1,313 Strata 820 1,076,660
30 Dec 2013 6D MANDAI ESTATE #08-14 Factory (All Types) Sub Sale - Strata - 763,000
27 Sep 2013 6D MANDAI ESTATE #08-14 Factory (All Types) New Sale - Strata - 881,300
9 Jul 2012 6D MANDAI ESTATE #01-06 Factory (All Types) New Sale - Strata - 998,760
26 Apr 2012 6D MANDAI ESTATE #09-12 Factory (All Types) New Sale - Strata - 740,673
19 Mar 2012 6D MANDAI ESTATE #06-04 Factory (All Types) New Sale - Strata - 979,159
15 Dec 2011 6D MANDAI ESTATE #08-04 Factory (All Types) New Sale - Strata - 834,000
15 Dec 2011 6D Mandai Estate #09-13 Factory (All Types) Resale 1,152 Strata 584 673,000
14 Dec 2011 6D MANDAI ESTATE #10-05 Factory (All Types) New Sale - Strata - 729,000
29 Nov 2011 6D MANDAI ESTATE #05-11 Factory (All Types) New Sale - Strata - 754,000
18 Nov 2011 6D MANDAI ESTATE #02-05 Factory (All Types) New Sale - Strata - 992,880
8 Nov 2011 6D Mandai Estate #02-03 Factory (All Types) New Sale 1,485 Strata 664 986,160
3 Nov 2011 6D MANDAI ESTATE #07-02 Factory (All Types) New Sale - Strata - 875,650
21 Oct 2011 6D MANDAI ESTATE #07-06 Factory (All Types) New Sale - Strata - 720,780
12 Oct 2011 6D MANDAI ESTATE #02-12 Factory (All Types) New Sale - Strata - 826,680
12 Oct 2011 6D MANDAI ESTATE #02-13 Factory (All Types) New Sale - Strata - 796,800

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This report provides information as reference resource for your personal consumption only. It is not intended to be and does not constitute financial advice, investment advice or any other advice. This report has been generated without regard to the individual financial circumstances, needs or objectives of persons who view it. Users should not rely on any of the information herein as authoritative or substitute for the exercise of their own skill and judgment in making any investment or other decision. By the use of our services, you agree that any and all use of this report which you make, is solely at your own risk and without any recourse whatsoever to Square Foot Research Pte. Ltd., its related and affiliate companies and/or their employees. Square Foot Research Pte. Ltd. makes reasonable effort to use reliable and comprehensive information to generate this report, but we make no representation that it is accurate or complete.

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