Selling a B2 industrial warehouse

Researched and written 2026-09-29 13:44 SGT · 43 sources listed at the end · draft 1 · figures verified against the named sources on the date shown; where a source has since moved, the element carries a marker.

The short list, before the detail: zoning decides what your buyer can even do with the unit, not who they are. There is no ABSD anywhere in this transaction, for any buyer. Seller's Stamp Duty runs its own three-year clock, sharper than the residential four-year taper. If your title is a JTC lease, the seller — you — applies for JTC's consent to assign it, and that step sits inside your conveyancing timeline whether your lawyer has done one before or not. And your buyer pool is overwhelmingly companies, because banks are reported reluctant to lend to an individual buying industrial property at all. Everything below works from those five facts.

What you're actually selling

URA's own framing, read directly: industrial developments comprise factories, warehouses, and telecommunication and utility buildings, and the split between Business 1 and Business 2 is a split of nuisance profile, not of building type. B1 is for clean and light industries, sited with a nuisance buffer the authority need not set beyond 50 metres; B2 is for general and special industries, where NEA mandates at least 100 metres. A warehouse is not, on its own, a separate zoning category — whether the specific building you're selling is B1 or B2 turns on what it's actually used to store or handle, assessed against NEA's Code of Practice for Pollution Control, not on the word 'warehouse' printed on the listing.

Both B1 and B2 developments carry the same 60:40 rule: at least 60% of gross floor area on core industrial activity — manufacturing, production, warehousing and distribution all count — with the remaining 40% ceiling covering ancillary office, showroom and similar space. JTC treats this as non-negotiable; a buyer's lawyer will check it, and if a previous tenant quietly exceeded the ancillary cap, that is now your problem to disclose, not theirs to discover after completion.

Most B2 land sits on a JTC lease of 20 or 30 years rather than freehold, which means what you're selling is a decaying asset, not a renewing one — every year that passes is a year gone from both your own hold and your buyer's future one. A private, developer-built strata unit is a different animal entirely: no JTC lease to manage, but its own head lease still runs down on the same clock, just one JTC isn't a party to assigning.

JTC's own Quarterly Market Report for the second quarter of 2026 put the island-wide industrial price index at 113.8, up 0.6% quarter on quarter and 3.8% year on year, with occupancy at 89.1% — built from actual stamped tenancy agreements, not asking rents. Warehouse space made up about 47% of the supply due to complete in the second half of 2026, against roughly 53% single-user factory space. That supply wave is worth knowing before you set an asking price: more warehouse stock arriving into the same buyer pool you're selling into.

• Ceiling height, floor loading and dock-leveler sizing are what a serious buyer actually diligences, not the psf headline.
• Ramp-up warehouse listings commonly run 6-12 metres clear height, with floor loading of roughly 20-50 kN per sqm, higher on the ground floor than the upper ones.
• A multi-user ramp-up building generally needs JTC anchor-tenant approval before a new occupier can move in, reported at about three months to process — a fact your buyer's own timeline has to absorb, and one worth flagging upfront rather than letting it surface as a surprise mid-deal.
• These are commercial listing-guide figures, not a JTC or URA rule; confirm the actual numbers for your specific unit against its structural certification before you quote them to a buyer.

Who can actually buy it

An individual can legally hold a warehouse in their own name, but a commercial guide's own reading is blunt: most banks are reluctant to lend to an individual buyer of industrial property at all, which pushes real buyers toward a Singapore-registered company with an ACRA business profile matching the unit's approved use. That single fact shapes your whole buyer pool — expect to be selling to a company far more often than to a person, and expect that company's own paid-up capital and trading history to matter to a bank more than your asking price does.

If your unit sits on JTC land, the buyer's eligibility runs through JTC's own consent-to-assign process, which assesses the incoming lessee's business plan — fixed-asset investment, job creation, value-add to the Singapore economy — not their nationality. A private, developer-built strata unit skips that gate entirely; the constraint there is URA's own zoning and the 60:40 rule, enforced through Change of Use applications rather than a lease-assignment approval. Know which situation you're actually in before you list — it changes who can move on your unit and how fast.

On price: B2 warehouse listings this run spanned a wide range driven almost entirely by size and remaining lease term, not a single market rate — small strata units running S$315-S$609 psf against a 245,956 sq ft whole-building warehouse on a 30-year leasehold listing at S$101.64 psf. A single psf figure is close to meaningless on a warehouse until it's matched to comparable size and remaining lease; don't let a headline comparable from a different-sized building anchor your own asking price.

Citizenship, residency and the FTA question

This section is short on every industrial page on this site, and it's short here for the same reason: Additional Buyer's Stamp Duty does not apply to industrial property for any buyer type — Singapore Citizen, PR, foreigner, company or trust. It is a residential-property duty, and a warehouse sale never triggers it, however many other properties the buyer already owns. SLA's own foreign-ownership list, read directly, places 'industrial and commercial properties' on the no-approval side — the same list carrying a condominium unit and a commercial-use shophouse — with approval needed instead only for vacant residential land and landed housing, none of which describe a warehouse.

On a residential sale, this site's other pages spend real space on the FTA parity table — US, Switzerland, Liechtenstein, Norway and Iceland nationals taxed as citizens for ABSD purposes. There's nothing to close here, because there was never a gap to begin with: your buyer pool for a warehouse is as wide as Singapore law allows, nationality-blind by construction, not by a special carve-out written for industrial property.

What tax actually hits the sale

Seller's Stamp Duty is where industrial property is taxed harder on the way out than a home is, not softer: 15% in year one, 10% in year two, 5% in year three, nil after a three-year hold, computed on the higher of the selling price and market value — for industrial property acquired on or after 12 January 2013. That's a materially sharper schedule than the residential four-year taper (16/12/8/4%) this site's other sell pages describe, and it applies regardless of your profile or how the unit was actually used.

Buyer's Stamp Duty is your buyer's cost, not yours directly, but it shapes what they can actually offer: a market guide reports non-residential BSD scaling to a 5% top marginal rate above S$1.5 million — no 6% top band the way residential BSD now carries above S$3 million. That difference is real room in your buyer's budget compared to a residential purchaser at the same price point, worth knowing when you're negotiating who absorbs which cost.

Property tax on a warehouse runs at a flat 10% of Annual Value — the same non-residential rate this site's office and shophouse pages describe, with no owner-occupier concession at any point in the holding period. You're liable for it prorated to the date of sale; make sure your conveyancing lawyer apportions it correctly at completion rather than leaving it for the buyer to chase.

GST at 9% applies to the sale where you, the seller, are GST-registered. If you're winding down a whole operating business and the buyer is continuing it as a going concern, IRAS's transfer-of-business relief can exclude the sale from GST — but a seller who simply owns and lets a single warehouse usually isn't running a 'going concern' in the sense that relief needs. Don't assume it applies without checking; a wrongly assumed GST exemption is a cost that lands on you after completion, not on the buyer.

On the gain itself: IRAS treats gains from selling property as generally not taxable unless the pattern of your dealings looks like trading — frequency, holding period, the reasons for the sale, not any single transaction viewed alone. A one-off sale of a warehouse you've held and let for years reads as capital; a company that's bought and sold several industrial units in quick succession is a different question, and one worth raising with your own tax adviser before you assume the gain is clean.

One mechanic that simply doesn't apply here, unlike almost every residential sale on this site: CPF Ordinary Account savings cannot fund any part of buying industrial property, so if you bought this warehouse with cash and bank borrowing, there's no CPF refund step sitting inside your completion — one less clock your lawyer has to manage, and one less line item in your proceeds waterfall.

Financing your buyer

There's no MAS-mandated LTV ceiling on industrial property the way there is on a home; banks set their own limit, commonly reported at 60-80% depending on the borrower's profile and the unit's remaining lease — tighter again once a JTC lease falls under about 30 years remaining. Your buyer's financing is therefore a genuine variable in whether your sale actually completes, not a formality the way it often is on a residential deal. [⚠ industrial.finance.ltv_2026: sources differ; awaiting a ruling]

An individual buyer is assessed on the same 55% TDSR ceiling as any other property loan — MAS still reaches an individual here even though ABSD and the residential LTV tiers don't. A company buyer is assessed instead on Debt Service Coverage Ratio, commonly a 1.2-1.4x minimum, crediting up to 70% of your own unit's gross rent toward serviceable income if it's tenanted — which means your existing tenancy, if you have one, is doing real work in your buyer's own financing case, not just your asking price.

Where a company buys through a thinly capitalised holding vehicle built around one or two directors, MAS is reported to look through it and test the director's personal TDSR anyway, aggregated with the company's own financials. A buyer who looks fine on paper as a company can still fail this test personally — one more reason a signed Option to Purchase isn't the same thing as a completed sale on this asset class.

If your own lease has decayed past about 25-30 years remaining, expect your buyer's financing to shrink sharply, not gradually: banks cap loan tenure at the remaining lease less a 5-10 year buffer, and applying Bala's Table to leasehold decay, a unit is reported to hold roughly 60% of freehold-equivalent value at 30 years remaining, about 48% at 20 years, and about 35% at 10 — with lending reported minimal to unavailable below roughly 25 years, making the unit effectively cash-only. Know where your own lease sits on that curve before you price against a comparable sold when it had more years left than yours does now.

Commercial property loans generally run at 80-90% LTV with no MAS ceiling, at the bank's own discretion — the range you'll hear quoted by a buyer's broker sits somewhere inside that band, and it moves with the buyer's profile, not with a fixed rule you can point to in the negotiation.

Reno, A&A, and whether it's worth doing before you sell

A mezzanine floor is the most common addition a warehouse carries, and it's priced by contractors at roughly S$800-S$1,500 per square metre of new floor area depending on the structural system. A worked case from a contractor's own guide: a 120 sqm mezzanine office floor with a fire-rated staircase and emergency exit, at a Tuas South industrial property, ran S$87,500 total — about S$729 per sqm — clearing BCA approval in 31 working days and full completion, staircase and SCDF-certified fire exit included, in 18 weeks.

Beyond a mezzanine, industrial fit-out generally runs roughly S$90-S$200-plus per sq ft depending on power loading, the office-to-warehouse ratio and the extent of mechanical and electrical works — a basic tidy-up sits at the low end, and anything touching structure or heavier M&E reaches or exceeds the top. Before you spend any of it, be honest about the question: are you fixing something a buyer's lawyer or lender would otherwise flag as a defect, or are you decorating an asset whose value is set by zoning, lease and location, none of which a fresh coat of paint changes.

If you're considering changing racking, compartmentation or sprinkler coverage before a sale, know that it can trigger a fresh Fire Safety Certificate submission — a Qualified Person submits plans for SCDF approval, works proceed, and only once a Registered Inspector certifies the finished work matches the approved plans does the certificate issue. A store room without sprinkler protection is capped at 4 metres storage-unit height under SCDF's Fire Code; racking that pushes stored-goods height past that line without addressing sprinklering is exactly the kind of gap a buyer's own due diligence finds, and it's cheaper to fix before you list than to negotiate off the price after.

The same caution reported for a rebuilt landed house holds here: a buyer generally prices a renovated warehouse against comparable sales and location, not against what you actually spent fixing it up, so a reno premium is commonly reported as partially or fully unrecoverable on exit. Spend to remove an objection a lender or a lawyer would raise; don't expect to spend your way to a higher price a comparable-driven market won't pay.

Conveyancing: the JTC step your lawyer may not have done before

If your title is a JTC lease, you — the seller, the existing lessee — apply for JTC's consent to assign, through JTC's own Customer Service Portal, and JTC assesses your buyer's business plan against its value-add to the Singapore economy and job creation before granting it. Assignment is barred outright during the lease's own Assignment Prohibition Period, and once fewer than five years remain on the term — a hard floor that can kill a deal on an already-short lease no matter how motivated your buyer is.

A qualifying sale — site 1.5 hectares or less, 15 years or less remaining, a manufacturing-supporting use, adequate infrastructure — gets a one-month decision from JTC; anything else can take up to two months. That processing time runs in parallel with your ordinary conveyancing, not after it, so brief your lawyer to start the JTC application the moment the Option is exercised, not once the Sale and Purchase Agreement is signed.

A private, developer-built strata warehouse skips JTC entirely — there's no assignment-consent process because there's no JTC lease to assign. The gate there is URA's own zoning and the 60:40 rule, enforced through a Change of Use application if your buyer's intended activity differs from what's currently approved, which is a question for your buyer's own due diligence more than for your conveyancing, but worth flagging upfront if you know the incoming use will differ from yours.

If you bought under an owner-occupier condition — obliged to occupy at least 70% of the floor yourself, subletting capped at 30% from the outset — and you've since let out more than that cap allows without notifying JTC, you have a problem to solve before you can market the unit cleanly: operating as a landlord beyond an owner-occupier condition without JTC's consent is reported as a breach of the lease, and non-compliance can affect your ability to sell or renew at all. Get this regularised, or at minimum disclosed and priced, before you sign an exclusive mandate with an agent who may not think to ask.

Ordinary private conveyancing with a mortgage in the picture runs roughly 10-12 weeks from signing to completion. Add JTC's own one-to-two-month consent process on top if this is leasehold, and budget the longer end of your marketing timeline accordingly — a buyer who's ready to sign is not the same as a sale that's ready to complete.

If you hold it through a company, or you're selling out of an estate

Because banks push real buyers toward company structures, the warehouse you're selling was very possibly bought the same way, which matters the day the controlling shareholder or director dies: what passes under the will or intestacy is shares in the company, a personal estate asset, while the warehouse itself sits inside the company unaffected. Any adult of sound mind who isn't disqualified can serve as executor, including a professional firm, but an executor now has to be someone capable of actually running or deciding on a company's asset, not just distributing a personal one — worth naming a co-executor with the relevant business judgment if that's not the natural next-of-kin's strength, and worth remembering the executor's duty of care runs to acting impartially between beneficiaries, not to maximising the sale price for one side of the family over another. [⚠ estate.exec.duty_of_care_s3a: sources differ; awaiting a ruling]

If the warehouse is held directly in an individual's own name rather than through a company, ordinary probate applies: the unit can't be sold or transferred until a grant of probate or letters of administration issues, and the executor files Form T for the estate's own income tax by 15 April the year after. Some assets can move without a grant at all — CPF savings, jointly held property free of a mortgage — but a solely owned warehouse with an outstanding loan isn't one of them.

CPF savings are never part of any estate regardless of how the property was held — they pass by nomination or, absent one, via the Public Trustee under intestacy, entirely separate from the property. That's largely moot for this specific asset, since CPF couldn't have funded the purchase in the first place, but it matters for whatever else sits in the same estate alongside the warehouse.

Where beneficiaries disagree — some want to keep the warehouse as an income asset, others want it sold and the estate wound up — a Deed of Family Arrangement lets the estate be divided differently from the will or intestacy, protecting the executor from a later claim by the side that wanted it kept. No settled rule exists for what happens if the beneficiaries simply can't agree at all; that's a dispute for the courts, not a form to sign.

THE VOICE — twelve questions before you sign anything

Two questions sort you before any of the twelve do, and they are not whether you were investing or planning to occupy the warehouse yourself — nobody buys or holds an asset believing it will fall, so that question sorts nobody. Q1: were you borrowing to buy this warehouse? Q2: once you held it, did you let it out to a tenant, or run your own operation from it? Four positions follow. Cash and own-use is pure appreciation, no carry at all. Cash and let-out is yield, positive carry by construction. Borrow and own-use is negative carry by construction — you've been paying financing cost on an asset that produces no rent, which is where most owner-occupiers who bought their own warehouse actually sit, whether they've ever put it in those words. Borrow and let-out is the spread play, and the gap between your rent and your financing cost has been the whole game. Selling doesn't erase which quadrant you were in — it decides how much room you have to wait for a better price versus how fast you actually need this done.

C0 — The play: balance sheet or cash flow?

A warehouse sale is a balance-sheet event first: you're converting a decaying JTC lease or a strata title into cash, or into a different asset entirely. If you've been letting it out, selling also stops a cash-flow stream at the same moment — you're trading a rent cheque for a lump sum, not just moving one number on a spreadsheet. Decide which one you're actually optimising for before you set a price: a fast balance-sheet exit at a discount, or holding out through a slower market to protect the cash flow a little longer.

C1 — Balance sheet: what you own and what you owe

What you own drops by the warehouse's value the moment the sale completes; what you owe drops by whatever's left on the loan, repaid out of the proceeds at completion. If the price clears the loan with room to spare, your net worth moves up by the surplus. If your lease has decayed into the range where lending shrinks sharply — under roughly 25-30 years remaining — you could clear the loan and walk away with materially less than you put in, because the asset itself, not just the market, has been quietly shrinking under you.

C2 — Cash flow: what actually moves, and when

What moves: the deposit at Option exercise, then JTC's own processing time — or your buyer's financing approval on a private strata unit — sitting in the middle doing nothing for either side, then the balance at completion, out of which the bank is repaid first. If you were letting the unit out, the funding gap is the stretch between your last rent cheque and completion; if you're still carrying financing cost with no tenant paying against it in that window, that's cash going out with nothing coming back until the sale actually closes.

C3 — P&L: what it does to profit, which is not the same as cash

Profit is your sale price minus your original cost, minus SSD if you're inside the three-year window, minus commission and legal fees — not the same figure as the cash landing in your account, because financing cost and any capital allowances you've already claimed against rental income over the holding period don't reappear here. IRAS treats a straightforward gain as capital, not taxable, unless the pattern of your dealings looks like trading rather than a one-off sale.

C4 — Carry: income minus financing cost

If you were letting the unit out, carry was your rent minus your loan interest and any JTC lease fees; if you were running your own operation from it, carry was negative by construction — financing cost went out with nothing scored back as rent, because you can't invoice yourself. The moment the sale completes, that carry stops either way. If it was negative, you've been paying for the privilege of a business address; if it was positive, you're about to lose an income stream, not just an asset, and the sale price needs to be large enough to make up for that loss on its own terms.

C5 — Give and get: the trade, stated plainly

You give up a decaying, illiquid, single-tenant-risk asset and whatever rent or operating base it was providing. You get cash, a deleveraged balance sheet, or the freedom to redeploy into something with a longer lease or a better zoning fit for what you actually need. Put it in those terms to yourself before you negotiate — it's what actually sets your floor price, not the last comparable an agent shows you.

C6 — Exposed to: what can move against you

Between now and completion you're exposed to JTC's own processing time if this is leasehold — up to two months, sometimes one — to your buyer's financing falling through, since banks are reported reluctant to lend to an individual buyer of industrial property at all, and to the market's own cycle: JTC's index and reported occupancy move by single-digit percentages a quarter, enough to change what a comparable psf figure means between your first listing and your actual sale.

C7 — For how long: the horizon you're committing to

The horizon here is the marketing-to-completion window, not the lease term you're walking away from: a private strata sale runs roughly the 10-12 weeks a comparable private conveyancing does; a JTC-leasehold assignment adds JTC's own consent process on top, one month for a qualifying sale, up to two otherwise, run in parallel with your lawyer's conveyancing rather than after it.

C8 — Failure cascade: how it goes wrong, in order

If your buyer's financing falls through or JTC declines consent to assign, the sale simply doesn't complete — no new negative carry accrues to you, because you weren't carrying a new position, but the unit has now been off a thin market for the length of the failed attempt, a real cost in a segment where buyers are already scarce. If you're the one who bought near the top and the market or the lease decay has moved against you since, the ordinary cascade runs: a low sale price fails to clear the loan → the shortfall has to come from your own cash → if you don't have it, the sale is illiquid until you find it → you're holding an asset you can't actually sell without a personal cash injection you don't have.

C9 — Liquidity: how fast this becomes money, at what haircut

A B2 warehouse is a thinner, slower market than a home, and thinner than B1 too: a commercial guide attributes B2's own higher reported yield partly to a thinner secondary resale market and a more specialised tenant base. Listings this run spanned roughly S$101 to S$729 psf, driven overwhelmingly by size and remaining lease rather than a single clearing price — expect a longer marketing period and a wider negotiating band than a residential sale, and price your own timeline expectations accordingly rather than against a residential agent's usual pitch.

C10 — Control: can you move the outcome, or are you a price-taker?

This is where reno, A&A and even a mezzanine addition are this page's own version of control: you can't move the zoning or the remaining lease, but you can add usable floor area, fix a racking or fire-compliance gap that would otherwise surface in a buyer's due diligence, or simply present a unit that already clears its Fire Certificate and floor-loading questions before someone else finds them. Control here means removing objections a buyer's lawyer or lender would otherwise raise, not moving the underlying market.

C11 — The exit: how you get out, and what it costs

Getting out costs SSD if you're inside the three-year window — 15%, 10% or 5% by year, on the higher of price and market value — commission, which is negotiable and not fixed by CEA rule, legal fees, and, if this is a JTC lease, the time cost of JTC's own consent process sitting inside your completion timeline whether you priced for it or not.

Selling to a company, not a person

Your realistic buyer pool is a company, not an individual — most banks are reported reluctant to lend to an individual buying industrial property at all, which pushes genuine buyers toward a Singapore-incorporated vehicle with a paid-up capital position and an ACRA business profile matching the unit's approved use. Price and negotiate expecting a corporate buyer's own board or director-level approval process, not a household's, and expect their lawyer to diligence the company's own future flexibility on the unit as much as the unit itself.

There are two structurally different ways this sale can actually happen, and they carry very different tax consequences. The ordinary route is an asset sale: the warehouse itself changes hands, triggering SSD if you're inside the three-year window, BSD to your buyer, and JTC's consent-to-assign if it's leasehold. The other route is a share sale: instead of the property, you sell the company that owns it. Additional Conveyance Duty only reaches a property-holding entity where at least 50% of its tangible assets are Singapore residential property — a company whose sole asset is a commercial or industrial warehouse falls outside that threshold on the same reasoning already established for a fully commercial shophouse SPV, so the share transfer is stamped at an ordinary share-duty rate rather than at ACD's rates, which run up to 71% for the buyer's side and up to 16% for the seller's. This is a structuring question for your own lawyer and accountant on the specific asset mix inside the company, not a rule to apply mechanically — confirm it before you price a share sale as the tax-lighter route.

If your buyer is trying to acquire the site directly from JTC rather than through your assignment — relevant if JTC has a right of first refusal or if the deal structure is being scrutinised as a fresh allocation rather than a resale — JTC's own eligibility criteria generally require a Singapore-incorporated business entity that will itself occupy the site for a qualifying industrial activity; a pure investor with no operating business is generally not eligible under that route. Know which lane your actual transaction sits in before you assume JTC's process will run the same way for your buyer as it did for you when you bought.

If your own lease carries an owner-occupier condition, your buyer inherits that same condition on assignment, not a clean slate — they must occupy and use at least 70% of the floor for their own qualifying activity, with subletting capped at 30% from the outset, unless JTC separately consents to a different arrangement. A buyer who plans to run the unit as a pure investment property rather than occupy it needs to know this before they sign an Option, not after JTC's consent process surfaces it.

And the point that matters most to you as seller: MAS is reported to look through a thinly capitalised buying company to the director's own personal TDSR, aggregated with the company's financials. A buyer entity that looks clean on paper can still fail financing on the director's personal position — which is exactly the kind of failure that shows up late, after you've taken the unit off the market for weeks, not at Option stage when you could still walk away cleanly.

What the realtor actually earns on this deal

CEA sets no fixed commission on any transaction, residential or industrial: the rate is negotiable, and must be agreed and documented before the agent starts work. An exclusive agreement can run up to three months, and commission is owed even if you end up selling it yourself, or through a different agency, inside that window — read the exclusivity clause before you sign it, not after you've already found your own buyer through a JTC or CommercialGuru listing.

The arithmetic on a large-ticket, thin-volume asset class works differently from a residential sale. At a market-norm-adjacent 2% on a S$3,000,000 warehouse, that's S$60,000 — a single commission that can exceed a residential agent's entire reported median annual income of roughly S$72,000. That's exactly why an agent who rarely closes an industrial deal has every incentive to take this listing even without deep B2 experience: the payoff on one warehouse mandate can outweigh a year of ordinary residential work.

State plainly where that incentive points, including against you as the seller: in a market this thin — listings spanning S$101 to S$729 psf with genuinely few comparable transactions to anchor a price — an agent chasing a rare, large commission has more reason to push you toward accepting a workable offer sooner than to hold out through a longer marketing period for a better one. An exclusive mandate compounds this, since the agent earns whether or not they actually improve on what you'd have gotten from a direct buyer approaching you off a public listing your own lawyer could have handled just as well. The one structural protection you do have is CEA's rule against an agent representing and collecting commission from both sides of the same deal — an offence, not just bad practice — so at minimum confirm your agent isn't also acting for your buyer.

What is uncertain

• IRAS's own Seller's Stamp Duty for Industrial Property page rendered navigation only on direct fetch this run and on a fresh attempt; the 15/10/5% schedule above rests on secondary legal and market guides, not a page read directly today.
• Whether Seller's Stamp Duty reaches a workers' dormitory carved out of industrial space, if that describes part of your building, is unresolved — no primary or secondary source found stated it either way.
• Whether JTC's own 30% subletting cap for a direct lessee reaches a subsidiary proprietor who bought a strata unit from a private developer rather than leasing land from JTC directly; JTC's own page does not say.
• The B2 gross-yield premium over B1 (5-7% against B1's 5.5-6.8%) comes from a search-result synthesis, not a page opened directly, and the two ranges overlap enough that the gap between B1 and B2 specifically is indicative, not settled.
• Whether ACD's property-holding-entity threshold, written and confirmed for residential assets, applies exactly the same way to a company holding a purely commercial or industrial warehouse — the reasoning here follows the shophouse/commercial-SPV precedent already on this site, not a fresh IRAS statement for industrial property specifically. Confirm with your own tax adviser before pricing a share sale on this basis.

Related pages

Sources

• URA — Business 2 (Industrial) | Urban Redevelopment Authority (URA) (2026-09-29) · https://www.ura.gov.sg/guidelines/development-control/development-control-handbooks/non-residential/b2/
• URA — Business 2 (Industrial) — Introduction (2026-06-06) · https://www.ura.gov.sg/Corporate/Guidelines/Development-Control/Non-Residential/B2/Introduction
• URA — Business 2 (B2) Zoning: Allowable Uses (2026-06-06) · https://www.ura.gov.sg/Corporate/Guidelines/Development-Control/Non-Residential/B2/Allowable-Uses
• JTC — Industrial Land Lease Framework (2025-03-06) · https://www.jtc.gov.sg/news/industrial-land-lease-framework-2025
• JTC — Quarterly Market Report: Industrial Properties, Second Quarter 2026 (2026-07-23) · https://stats.jtc.gov.sg/content/static/Documents/JTC%20Quarterly%20Market%20Report%202026Q2.pdf
• JTC — Transferring your tenancy or lease (2026-05-01) · https://www.jtc.gov.sg/get-help/managing-your-tenancy-or-lease/transferring-your-tenancy-or-lease
• JTC — Subletting your premises (2025-05-13) · https://www.jtc.gov.sg/get-help/managing-your-tenancy-or-lease/subletting-your-premises
• SLA — Foreign Ownership of Property (2025-08-20) · https://www.sla.gov.sg/regulatory/foreign-ownership-of-property/
• IRAS — Foreigners Eligible for ABSD Remission under Free Trade Agreements (FTAs) (2026-09-29) · https://www.iras.gov.sg/taxes/stamp-duty/for-property/appeals-refunds-reliefs-and-remissions/common-stamp-duty-remissions-and-reliefs-for-property/foreigners-eligible-for-absd-remission-under-free-trade-agreements-(ftas)
• IRAS — Additional Buyer's Stamp Duty (ABSD) (2026-09-29) · https://www.iras.gov.sg/taxes/stamp-duty/for-property/buying-or-acquiring-property/additional-buyer's-stamp-duty-(absd)
• IRAS — Property Tax Rates and Sample Calculations (2026-09-29) · https://www.iras.gov.sg/taxes/property-tax/property-owners/property-tax-rates
• IRAS — Real Estate (GST for specific business sectors) (2026-09-29) · https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/specific-business-sectors/real-estate
• IRAS — Gains from Sale of Property, Shares and Financial Instruments (2026-09-29) · https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/what-is-taxable-what-is-not/gains-from-sale-of-property-shares-and-financial-instruments
• IRAS — Stamp Duty: Additional Conveyance Duties on Property-Holding Entities (e-Tax Guide, Ninth Edition) (2026-01-30) · https://www.iras.gov.sg/docs/default-source/e-tax/additional-conveyance-duties-(acd)-on-residential-property-holding-entities.pdf
• CEA — What to take note of when engaging a property agent (2026-05-13) · https://www.cea.gov.sg/consumers/engaging-a-property-agent/what-to-take-note-of-when-engaging-a-property-agent/
• CEA — Types of Estate Agency Agreements (2026-05-13) · https://www.cea.gov.sg/consumers/types-of-estate-agency-agreements
• Family Justice Courts — Probate and administration (2026-06-15) · https://www.judiciary.gov.sg/family/probate-and-administration
• CPF Board / MoneySense — CPF nominations: What happens to your CPF when you pass away? (2026-09-28) · https://www.moneysense.gov.sg/cpf-nominations-what-happens-to-your-cpf-when-you-pass-away/
• omniindustrial.sg — Buying a JTC Factory: The Approvals to Check First (2026-09-29) · https://omniindustrial.sg/buying-jtc-factory
• propertybro.sg — A Complete Guide to Buying a JTC Industrial Property in Singapore (2026-09-29) · https://propertybro.sg/guide-to-buying-jtc-industrial-property-singapore/
• propertybro.sg — Industrial Property in Singapore: The Complete 2026 Guide (2026-09-29) · https://propertybro.sg/industrial-property-in-singapore-complete-2026-guide/
• CommercialGuru — Commercial Properties for Sale — Warehouse, September 2026 (2026-09-29) · https://www.commercialguru.com.sg/property-for-sale/p/warehouse-sale
• ZeroABSD.com — Commercial Property Financing Singapore (2026-09-29) · https://www.zeroabsd.com/guides/commercial-property-financing-singapore.html
• ZeroABSD.com — Short-Lease B1/B2 Industrial in Singapore: Still Worth Buying? (2026-09-29) · https://www.zeroabsd.com/guides/short-lease-b1-b2-industrial-singapore.html
• ZeroABSD.com — JTC vs Private Industrial Property in Singapore: Key Differences for Investors (2026-09-29) · https://www.zeroabsd.com/guides/jtc-vs-private-industrial-singapore.html
• Proptiply — Understanding B1 Industrial Property in Singapore: The 2026 Investor's Comparison Guide (2026-05-02) · https://www.proptiply.com.sg/understanding-b1-industrial-property-in-singapore-the-2026-investors-comparison-guide/
• PropertyGuru — Seller Stamp Duty Singapore 2026: Updated SSD Rules Every Property Seller Should Know (2026-09-29) · https://www.propertyguru.com.sg/property-guides/seller-stamp-duty-guide-12621
• mortgagelogic.sg — Commercial Property Loan Singapore: LTV and TDSR (2026-09-29) · https://mortgagelogic.sg/commercial-industrial-property-financing-singapore-2026.html
• MAS (as summarised by mortgagewise.sg) — Total Debt Servicing Ratio for Property Loans - Who TDSR Applies To (2026-09-29) · https://www.mas.gov.sg/regulation/explainers/tdsr-for-property-loans/who-tdsr-applies-to
• EdgeProp — Commercial Property Financing Guide (2026-09-29) · https://www.edgeprop.sg/property-news/commercial-property-financing-guide
• acemortgage.sg — Can You Use CPF To Buy Commercial Property In Singapore? (2026-09-29) · https://acemortgage.sg/can-you-use-cpf-to-buy-commercial-property-in-singapore/
• Sinhao E&C — Addition and Alteration Works: Complete Singapore Guide 2026 (2026-09-29) · https://sinhaocontractor.sg/addition-alteration-works-singapore-guide/
• Sinhao E&C — How Much Does A&A Cost in Singapore? 2026 Guide (2026-08-26) · https://sinhaocontractor.sg/aa-works-cost-singapore/
• homlux.com.sg — How Much Does Industrial Interior Design Cost in Singapore in 2026? (2026-09-29) · https://homlux.com.sg/blogs/how-much-does-industrial-interior-design-cost-in-singapore/
• Rackfirst.sg — SCDF fire safety requirements for storage (2026-09-29) · https://rackfirst.sg/general-knowledge/scdf-fire-safety-requirements-for-storage/
• Vincent Lim and related redevelopment guides — Maximizing Landed Property Redevelopment Potential in Singapore: The 2026 Strategic Guide (2026-09-29) · https://vincentlim.sg/maximizing-landed-property-redevelopment-potential-in-singapore-the-2026-strategic-guide/
• spacelookup.com.sg — Ramp-up warehouse listings (2026-09-29) · https://spacelookup.com.sg/property-type/ramp-up-warehouse/
• Yuen Law LLC — A Conveyancing Lawyer's Singapore Property Guide (2026-07-01) · https://yuenlaw.com.sg/singapore-law/conveyancing-process-singapore/
• globallawexperts.com — Executor Of A Will Singapore: Key Rules 2026 (2026-08-26) · https://globallawexperts.com/executor-of-a-will-singapore/
• Populus Law Corporation — Duties of Executor of Will in Singapore (2026-09-28) · https://singaporeprobatelawyer.sg/duties-of-executor-of-will-in-singapore/
• SingaporeLegalAdvice.com — Deed of Family Arrangement (2024-11-29) · https://singaporelegaladvice.com
• LovelyHomes — Buying Singapore Property Through a Company or SPV 2026 (2026-09-29) · https://lovelyhomes.com.sg/singapore-company-spv-property-purchase-guide-2026/
• SkillUp — Property Agent Earnings in Singapore (2026-09-29) · https://www.skillsfuture.gov.sg/skillup/property-agent-earnings