IndustrialBUSINESS 1FreeholdDistrict 12 · Novena

Golden Wall Flatted Factory

Reviewed by Nathan TangUpdated 8 November 2026Data through Jun 2026

Quick Summary

Golden Wall Flatted Factory is a industrial building in District 12 · Novena, on land zoned BUSINESS 1 under the URA Master Plan with a gross plot ratio of 2.5. It is freehold. 65 transactions are on record since 1995, at a median S$649 psf, most recently in Jun 2026. 7 units are currently listed for sale or rent. ACRA records 144 live company registrations at this address.

The facts are here — now get the verdict on Golden Wall Flatted Factory.

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What are the key facts about Golden Wall Flatted Factory?

Key takeawayGolden Wall Flatted Factory is a industrial building in District 12 · Novena, zoned BUSINESS 1, held freehold.

Asset class: Industrial
Land-use zone: BUSINESS 1
Gross plot ratio: 2.5
Tenure: Freehold
District / Area: District 12 · Novena
Address: 2 Jalan Rajah
Land area: 5,173 sqm
Completed: Not on record
Storeys: 7 (© OpenStreetMap contributors)
Strata units (MCST): 98
Managing agent: CRANES REAL ESTATE PTE LTD
Strata formed: 1977 (MCST 0379)
Units with a recorded sale: At least 43
Listed as: Light Industrial (B1), Factory / Workshop (B2)
Transactions on record: 65 (records start 1995)
Live listings: 7
ACRA registrations: 144

About Golden Wall Flatted Factory

Golden Wall Flatted Factory is an industrial building in Novena (District 12). It is located along Jalan Rajah, Singapore 329134.

Under the URA Master Plan the site is zoned Business 1 with a gross plot ratio of 2.5. Business 1 zoning covers clean and light industry with a nuisance buffer of 50 m.

The site is freehold. It sits on about 5,173 sqm of land with roughly 12,933 sqm of gross floor area.

65 transactions have been recorded here, at a median of S$649 psf. The most recent was in June 2026.

Across JTC's rental returns for Jalan Rajah, the median rent for industrial space on this street works out to about S$1.85 psf per month over 18 observations. Observed medians on the street span S$1.34 to S$2.20 psf per month. These are street-level figures from undated JTC snapshots, not a rent quoted for this property.

The nearest port or airport land is about 6.4 km away. The closest business-park zone is about 4.4 km away. The nearest MRT is Toa Payoh MRT, 631 m away (about a 10-minute walk). The closest bus stop (Opp Public Mansion) is 108 m away (about a 2-minute walk).

188 businesses are currently registered at this address with ACRA.

What is Golden Wall Flatted Factory zoned as?

Key takeawayGolden Wall Flatted Factory sits on land zoned BUSINESS 1 with a gross plot ratio of 2.5.

Land-use zone: BUSINESS 1
Gross plot ratio: 2.5

Run the full zoning report for this building →

What has Golden Wall Flatted Factory sold for?

Key takeawayAcross 65 recorded transactions since 1995, the median price is about S$980k, most recently in Jun 2026.

Date	Use	Price	Area	PSF
Jun 2026	Multiple-user Factory	S$1.24M	1,216 sqft	$1,019
Apr 2026	Multiple-user Factory	S$1.64M	1,421 sqft	$1,151
Jan 2025	Multiple-user Factory	S$1.31M	1,421 sqft	$924
Oct 2024	Multiple-user Factory	S$1.35M	1,518 sqft	$889
Jan 2024	Multiple-user Factory	S$1.78M	1,518 sqft	$1,173
Aug 2023	Multiple-user Factory	S$1.35M	1,421 sqft	$950
Sept 2022	Multiple-user Factory	S$1.08M	1,216 sqft	$889
Apr 2022	Multiple-user Factory	S$1.24M	1,421 sqft	$873
Feb 2022	Multiple-user Factory	S$1.06M	1,216 sqft	$875
Nov 2021	Multiple-user Factory	S$1.19M	1,421 sqft	$837

URA/JTC records from 1995 — that is where the record starts, not when the building was built. Strata and land deals can mix in one building's history; compare like with like. sqm ↔ sq ft converter

What does space at Golden Wall Flatted Factory rent for?

Key takeawayJTC publishes leases at Golden Wall Flatted Factory itself: strata factory space leased at a median of $1.70 psf a month in 2026Q3, with the middle half of leases between $1.62 and $1.80. That is the building's figure across its leases, and never a quote for a particular unit.

Strata factory space in this building

This building · 2026Q3

25th pct

$1.62

$17.48 psm

Median

$1.70

$18.32 psm

75th pct

$1.80

$19.35 psm

S$ per sq ft per month

2023Q2 · $20.17 psm2026Q3 · $18.32 psm median

JTC's percentiles of the gross rent declared to IRAS for strata factory units leased in THIS building in the stated quarter (J-SPACE). It is the building's figure across its leases, not any one unit's rent; a unit's floor, size and fit-out move it. '*' quarters (too few leases) are absent, not zero.

Source: JTC J-SPACE, rentals of strata-titled multiple-user factories.

Strata factory space on Jalan Rajah

Street level · 2026Q3

25th pct

—

— psm

Median

$1.70

$18.32 psm

75th pct

—

— psm

S$ per sq ft per month (median only published)

2023Q2 · $20.17 psm2026Q3 · $18.32 psm median

This is the MEDIAN of JTC-published rents across leases on this street in the stated quarter, not the asking or contracted rent of any particular unit. Streets with too few leases are suppressed by JTC and appear as no value -- suppressed is not zero.

Source: JTC J-SPACE, rental of industrial space by street.

Market context around Golden Wall Flatted Factory

Key takeawayBrokers' industrial figures for Singapore as a whole — a broker's market figure, not this building's rent.

CBRE, 2Q 2026 (island-wide)

Factory (ground floor): Rent S$1.81 psf/mth
Factory (upper floor): Rent S$1.41 psf/mth
Prime logistics: Rent S$1.87 psf/mth · Capital value S$245 psf · Net yield 6.5%
Warehouse (ground floor): Rent S$1.91 psf/mth
Warehouse (upper floor): Rent S$1.39 psf/mth

Singapore Figures Q2 2026

Cushman & Wakefield, 2Q 2026 (island-wide)

Factory - Ground Floor: Rent S$1.79 psf/mth
Factory - Upper Floor: Rent S$1.57 psf/mth
High-Tech: Rent S$3.56 psf/mth
Prime Logistics - Ground Floor: Rent S$1.92 psf/mth
Prime Logistics - Upper Floor: Rent S$1.74 psf/mth
Warehouse - Ground Floor: Rent S$1.81 psf/mth
Warehouse - Upper Floor: Rent S$1.49 psf/mth

Singapore Industrial MarketBeat Q2 2026

Official series (JTC, 2026Q3): Multiple-User Factory occupancy (island-wide) 90.3% (-0.7 pp on the year) · Single-User Factory occupancy (island-wide) 89.1% (0 pp on the year) · Warehouse occupancy (island-wide) 89.7% (+0.1 pp on the year).

Brokers draw submarkets and grades differently; each figure is the broker's own, for its own area, cited to its report. Rents are per square foot per month.

How fast units move at Golden Wall Flatted Factory

Key takeawayBased on listings we track, as of our last check on 28 Aug 2026: 5 units for rent; 2 units for sale.

Rent: between 6 Aug 2026 and 28 Aug 2026, 1 new listing appeared and 0 came off (sold, let or withdrawn). Days on market: not enough history yet — we began tracking on 6 Aug 2026.

Sale: between 6 Aug 2026 and 28 Aug 2026, 0 new listings appeared and 0 came off (sold, let or withdrawn). Days on market: not enough history yet — we began tracking on 6 Aug 2026.

One count per unit, however many agents list it. Asking prices are not tracked over time, so price cuts are not shown.

What's been approved at Golden Wall Flatted Factory?

Key takeawayURA has approved 1 change of use at Golden Wall Flatted Factory since 2000, most recently in 2001, and refused 1. This is the building's planning history, not today's approved use of any unit: confirm a unit's approved use with URA before signing.

6 Dec 2001ApprovedFloor 7
Change of use to light industry for graphic design and printing
Proposed change of use of unit #07-XX of golden wall flatted factory building to light industry for graphic design and printing
28 Jul 2000RefusedFloor 2
Change of use to carpentry workshop
Retention of use of the light industrial factorial factory unit #02-XX as carpentry workshop

Source: URA planning decisions (URA Data Service), matched to this building by address or land lot. A past approval can lapse (a temporary permission) and belongs to the unit it names. The authoritative approved use of a unit comes from URA's Enquiry on Approved Use of Premises (S$54.50 per unit).

How does Jalan Rajah price?

Key takeawayJalan Rajah's current JTC street rent is S$18.32 psm/month (2026Q3), which against the street's strata sale median works out to an indicative gross yield of 2.3% (2.1% net of property tax).

Strata sales on the street (5y)

Street median PSF (strata)

$889

Indicative street yield

2.3% gross

2.1% net of property tax

An INDICATIVE street-level yield, not a yield for any particular unit: the current-quarter JTC street rent divided by the street's strata sale PSF median.

Net deducts the 10% non-residential property tax ONLY — not vacancy, maintenance, agent fees, financing, or the 9% GST on purchase.

Street figures cover strata deals only — land and strata PSF are not comparable.

What is available at Golden Wall Flatted Factory right now?

Key takeaway7 units are currently listed at Golden Wall Flatted Factory — 2 for sale and 5 for rent. One row per unit; several agents often market the same unit.

For sale (2)

Golden Wall Flatted Factory2 agentsS$2.08M · 1,572 sqft
Golden Wall Flatted FactoryS$1.42M · 1,420 sqft

For rent (5)

Golden Wall Flatted FactoryS$928/mo · 275 sqft
Golden Wall Flatted FactoryS$1k/mo · 200 sqft
Golden Wall Flatted FactoryS$618/mo · 95 sqft
Golden Wall Flatted Factory4 agentsS$6k/mo · 1,420 sqft

Browse every listing at this building →

What is near Golden Wall Flatted Factory?

Key takeawayThe nearest MRT/LRT is Toa Payoh MRT, about 631 m away.

Getting around

Toa Payoh MRT631 m · ~10 min

Amenities nearby

Opp Public Mansion · 108 mCarelink Family Clinic · 146 mEducational Institution · 337 mRen Ci Community Hospital · 524 mToa Payoh MRT Exit B · 596 mBlks 91/92 Whampoa Drive # · 757 m

Straight-line distances. Source: PropKaki amenities data.

Getting there and parking at Golden Wall Flatted Factory

Key takeawayThe nearest station is Toa Payoh (NS19), 596 m away — a busy station, with about 76,000 taps in and out on an average weekday. 15 public car parks are within 500 m; the cheapest URA season parking nearby is S$90 a month.

Foot traffic: busier than 96% of industrial buildings

nearest MRT/LRT Toa Payoh (NS19) 596 m, about 76,000 taps a weekday; 1 more station within 1 km; bus stops within 400 m: 9, about 15,000 taps a weekday; Novena: 42,829 resident workers (Census 2020, by workplace); about 58,000 residents within 1 km (June 2026). Ranked against 8,225 industrial buildings by PropKaki's model: a relative score, not a footfall count.

A relative score from PropKaki's model (station and bus taps nearby, workers and residents around), not a count of people.

Stations within 1 km

Toa Payoh (NS19)596 m · about 76,000 weekday taps
Novena (NS20)786 m · about 85,000 weekday taps

Taps are fare-card taps in and out at the station's gates on an average weekday (Jul 2026 to Sep 2026) — people passing through, not visitors to Golden Wall Flatted Factory. Transfers between lines don't tap, so interchanges read low.

Bus

9 bus stops within 400 m, with about 15,000 boardings and alightings on an average weekday.

Public car parks within 500 m

Jln Rama Rama (URA)78 m
S$0.60 per half-hour at midday on a weekday · 10 car lots
Boon Teck Rd (URA)164 m
S$0.60 per half-hour at midday on a weekday · 6 car lots
Minbu Rd Off St (URA)212 m
S$0.60 per half-hour at midday on a weekday · 111 car lots
Prome Rd (URA)228 m
S$0.60 per half-hour at midday on a weekday · 2 car lots
Shan Rd (URA)268 m
S$0.60 per half-hour at midday on a weekday · 11 car lots

Public car parks only, by straight-line distance, with the operator's published rates. Golden Wall Flatted Factory's own car park, if it has one, and its charges are not in the open data.

Who's registered at Golden Wall Flatted Factory?

Key takeaway144 live companies (and LLPs and branches; sole proprietors are not counted) list Golden Wall Flatted Factory as their registered address. These are registered businesses, not who occupies the space.

Wholesale and retail trade
37
Construction
33
Real estate
15
Professional, scientific and technical services
11
Information and communications
10
Manufacturing
9
Administrative and support services
8
Financial and insurance
7
Transportation and storage
4
Accommodation and food services
3

Registered businesses, not who occupies the space: companies, LLPs and branches whose REGISTERED address is this building (ACRA), by industry. Sole proprietors are not counted; no business is named. ACRA, as of 2026-09-16.

What does industrial space rent for on this street?

Key takeawayJTC's street-level record shows a median of S$19.91 psm/month — an all-time median from 2000 onwards, not a current rent.

Street rent, median: S$19.91 psm/mo
Observed range: S$14.47 – S$23.72

JTC street medians span 2000 to today and are an all-time level, not today's asking rent; the forward pipeline is a forecast, not committed completions.

Frequently asked questions about Golden Wall Flatted Factory

Where is Golden Wall Flatted Factory?⌄

Golden Wall Flatted Factory is at 2 Jalan Rajah, Singapore 329134, in the Novena planning area.

What is Golden Wall Flatted Factory zoned as?⌄

Golden Wall Flatted Factory is zoned Business 1 under the URA Master Plan, with a gross plot ratio of 2.5. Business 1 zoning covers clean and light industry with a nuisance buffer of 50 m.

What kind of business can operate at Golden Wall Flatted Factory?⌄

Business 1 zoning covers clean and light industry with a nuisance buffer of 50 m. The specific trade still has to be approved, so check the permissible-use list for your activity.

What is the tenure of Golden Wall Flatted Factory?⌄

Golden Wall Flatted Factory is freehold.

What have units at Golden Wall Flatted Factory sold for?⌄

Across 65 recorded transactions, the median is S$649 psf. The latest was in June 2026.

What does industrial space near Golden Wall Flatted Factory rent for?⌄

JTC's rental returns for Jalan Rajah put the median at about S$1.85 psf per month. That is a street-level figure from undated snapshots covering all industrial space on Jalan Rajah, not a rent quoted for Golden Wall Flatted Factory itself.

What is the nearest MRT station to Golden Wall Flatted Factory?⌄

Toa Payoh MRT is the closest, 631 m away (about a 10-minute walk).

How many businesses are registered at Golden Wall Flatted Factory?⌄

188 businesses are currently registered at this address with ACRA. That counts registered addresses, not physical occupiers.

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Read the figures right

Year of completion is not on record for this building. Building age cannot be stated.

Total units: the strata units in the building's MCST (BCA's register) — strata lots, not tenancies; a single-owner building can be one lot. Units with a recorded sale (URA caveats) are a separate figure.

Strata lots: the lot count in the development's MCST (BCA's register) — the whole development, homes included where it is mixed; a single-owner mall or tower can be one lot.

Strata formed: the year the MCST was set up (BCA's register). NOT the year the building was completed — an MCST forms after TOP, sometimes years later. Never state it as the building's age.

Managing agent: as BCA's MCST register names it; it can change between register updates.

Changes of use: URA planning approvals recorded at this building since 2000 (any unit; renewals of a temporary permission not counted). History only — Past approvals are not today's approved use; check with URA's approved-use enquiry before signing. Never say a use is allowed, permitted or approved for a unit, and never say a use would be approved.

Station taps: average weekday fare-card taps in and out at the nearest MRT/LRT station (LTA DataMall). People passing the station's gates, not people visiting this building.

Season parking: the cheapest URA car season rate (commercial ticket) at a public car park within 500 m, per month. HDB's season rates depend on a zone we don't have, so they are shown as HDB's tiers.

Foot-traffic score: PropKaki's relative score from nearby MRT and bus taps, workers and residents around (and, for retail, competing malls), ranked against buildings of the same kind. A percentile, not a count of people.

Company REGISTRATIONS at this address (ACRA), not a tenancy schedule. Registration does not mean the company physically occupies space here, and a low count does not mean the building is empty. Do not describe this as occupancy or vacancy.

Unbuilt GFA cannot be computed here — it needs BCA built-GFA, which covers about 5% of commercial buildings and no industrial ones. Zoning and plot ratio are on record; headroom is not.

Median across 2000Q1-2026Q2 — an all-time level, NOT a current rent. Quote the latest quarter for "what does it rent for now".

Storeys: from OpenStreetMap (© OpenStreetMap contributors), volunteer-mapped, not an official record. Shown only because no official or listed floor count is held for this building.

Reviewed by Nathan Tang

Nathan Tang has over 10 years of property experience across condominiums, HDB flats and commercial property, specialising in property research and finance.

Figures draw on URA and JTC records, URA Master Plan zoning, ACRA registrations and live commercial-portal listings; building facts from BCA's MCST register, URA planning decisions, URA car park data (URA Data Service), LTA DataMall passenger volumes, PropKaki's foot-traffic model, OpenStreetMap (© OpenStreetMap contributors) — see our methodology. Last updated 8 November 2026. For general information, not financial advice.

Getting there and parking: LTA DataMall passenger volumes and car parks, URA Data Service car park rates, HDB and JTC car park information (data.gov.sg) and HDB's published parking charges, Census of Population 2020 and the Singapore Department of Statistics' June 2026 resident population (Singapore Open Data Licence). The foot-traffic score is PropKaki's own relative model, not a count.

Market context: figures cited from CBRE Research (Singapore Figures) and Cushman & Wakefield (Singapore MarketBeat), each with its quarter and report; flexible-workspace centres from the operators' public location lists; collective sales from marketing agents' announcements and news reports, each linked.

Rents: URA rental statistics for office and retail space by street (IRAS-stamped contracts), JTC J-SPACE rentals by building and by street, JTC price tenders, and URA REALIS rental grids. SLA tender results and JTC posted land rents are held for state and JTC land.