IndustrialBUSINESS 1FreeholdDistrict 20 · Bishan

M38

Reviewed by Nathan TangUpdated 8 November 2026Data through Jul 2026

Quick Summary

M38 is a industrial building in District 20 · Bishan, on land zoned BUSINESS 1 under the URA Master Plan with a gross plot ratio of 2.5. It is freehold. 102 transactions are on record since 1995, at a median S$853 psf, most recently in Jul 2026. 14 units are currently listed for sale or rent. ACRA records 189 live company registrations at this address.

The facts are here — now get the verdict on M38.

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What are the key facts about M38?

Key takeawayM38 is a industrial building in District 20 · Bishan, zoned BUSINESS 1, held freehold.

Asset class: Industrial
Land-use zone: BUSINESS 1
Gross plot ratio: 2.5
Tenure: Freehold
District / Area: District 20 · Bishan
Address: 38 Jalan Pemimpin
Land area: 4,103 sqm
Completed: 2015 (JTC industrial completions)
Storeys: 10 (© OpenStreetMap contributors)
Developer: Mavern Pte Ltd (JTC industrial completions)
Strata units (MCST): 72
Managing agent: OCEAN IFM PTE. LTD.
Strata formed: 2016 (MCST 4390)
Units with a recorded sale: At least 67
Listed as: Light Industrial (B1)
Transactions on record: 102 (records start 1995)
Live listings: 14
ACRA registrations: 189

What are the specs at M38?

Key takeawayThe building's specs as its sources state them — the listing agent or the management can confirm a unit's own.

Facilities: canteen / food outlets, car park; Source: CommercialGuru

About M38

M38 is an industrial building in Bishan (District 20). It is located along Jalan Pemimpin, Singapore 577178.

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 4,103 sqm of land with roughly 10,341 sqm of gross floor area.

102 transactions have been recorded here, at a median of S$853 psf. The most recent was in July 2026.

Across JTC's rental returns for Jalan Pemimpin, the median rent for industrial space on this street works out to about S$1.80 psf per month over 106 observations. Observed medians on the street span S$0.88 to S$2.67 psf per month. These are street-level figures from undated JTC snapshots, not a rent quoted for this property.

1 industrial project is still uncompleted on this street, adding about 9,880 sqm of gross floor area, the earliest due around 2027.

The nearest port or airport land is about 6.6 km away. The closest business-park zone is about 5.0 km away. The nearest MRT is Marymount MRT, 248 m away (about a 4-minute walk). The closest bus stop (Bosch) is 134 m away (about a 2-minute walk).

200 businesses are currently registered at this address with ACRA.

What is M38 zoned as?

Key takeawayM38 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 M38 sold for?

Key takeawayAcross 102 recorded transactions since 1995, the median price is about S$1.86M, most recently in Jul 2026.

Date	Use	Price	Area	PSF
Jul 2026	Multiple-user Factory	S$2.43M	2,228 sqft	$1,091
May 2026	Multiple-user Factory	S$2.40M	2,228 sqft	$1,077
May 2026	Multiple-user Factory	S$3.55M	2,906 sqft	$1,221
May 2026	Multiple-user Factory	S$3.45M	2,820 sqft	$1,223
Jan 2026	Multiple-user Factory	S$4.10M	2,842 sqft	$1,443
Apr 2025	Multiple-user Factory	S$2.70M	2,433 sqft	$1,110
Apr 2025	Multiple-user Factory	S$1.80M	1,830 sqft	$984
Feb 2025	Multiple-user Factory	S$2.03M	1,830 sqft	$1,109
Jul 2024	Multiple-user Factory	S$1.80M	1,658 sqft	$1,086
May 2024	Multiple-user Factory	S$1.85M	1,668 sqft	$1,109

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 M38 rent for?

Key takeawayJTC publishes leases at M38 itself: strata factory space leased at a median of $3.90 psf a month in 2026Q3, with the middle half of leases between $3.79 and $4.13. 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

$3.79

$40.78 psm

Median

$3.90

$41.95 psm

75th pct

$4.13

$44.42 psm

S$ per sq ft per month

2022Q3 · $36.21 psm2026Q3 · $41.95 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 Pemimpin

Street level · 2026Q3

25th pct

—

— psm

Median

$2.65

$28.52 psm

75th pct

—

— psm

S$ per sq ft per month (median only published) · median +6% on a year earlier

2023Q4 · $25.91 psm2026Q3 · $28.52 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 M38

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 M38

Key takeawayBased on listings we track, as of our last check on 28 Aug 2026: 9 units for rent; 5 units for sale.

Rent: between 6 Aug 2026 and 28 Aug 2026, 0 new listings appeared and 1 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 M38?

Key takeawayURA has approved 1 change of use at M38 since 2000, most recently in 2017, 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.

9 Mar 2026RenewedFloor 1
Continued use as industrial canteen
Continued use of unit #01-XX as industrial canteen
13 Jun 2022RenewedFloor 1
Continued use as industrial canteen
Continued use of unit #01-XX as industrial canteen
6 Jan 2021RenewedFloor 1
Continued use as industrial canteen
Continued use of unit #01-XX as industrial canteen
27 Feb 2019RenewedFloor 1
Continued use as industrial canteen
Continued use of unit #01-XX as industrial canteen at m38
27 Mar 2018RenewedFloor 1
Continued use as industrial canteen
Continued use of unit #01-XX as industrial canteen
19 May 2017RenewedFloor 1
Continued use as industrial canteen
Continued use of unit #01-XX as industrial canteen at m38
19 Apr 2017ApprovedFloor 1
Change of use to childcare centre
Proposed change of use of units #01-XX and #01-XX to childcare centre at m38
8 Nov 2016RefusedFloor 1
Change of use to meditation centre
Proposed change of use of unit #01-XX to meditation centre
6 Apr 2016RenewedFloor 1
Continued use as industrial canteen
Continued use of unit #01-XX as industrial canteen at 38 jalan pemimpin - m38
5 May 2004Approved
Additions & alterations
Proposed addtions & alterations to the 2-storey factory of the existing part 2-storey / part 8-storey multiple-user industrial building

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 Pemimpin price?

Key takeawayJalan Pemimpin's current JTC street rent is S$28.52 psm/month (2026Q3), which against the street's strata sale median works out to an indicative gross yield of 2.9% (2.6% net of property tax).

Strata sales on the street (5y)

Street median PSF (strata)

$1,091

Indicative street yield

2.9% gross

2.6% 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 M38 right now?

Key takeaway14 units are currently listed at M38 — 5 for sale and 9 for rent. One row per unit; several agents often market the same unit.

For sale (5)

M382 agentsS$3.20M · 2,498 sqft
M382 agentsS$1.95M · 1,722 sqft
M382 agentsS$2.20M · 1,722 sqft
M382 agentsS$4.60M · 3,229 sqft

For rent (9)

M382 agentsS$5k/mo · 2,044 sqft
M382 agentsS$12k/mo · 2,174 sqft
M384 agentsS$5k/mo · 1,722 sqft
M382 agentsS$5k/mo · 1,722 sqft

Browse every listing at this building →

What is near M38?

Key takeawayThe nearest MRT/LRT is Marymount MRT, about 248 m away.

Getting around

Marymount MRT248 m · ~4 min

Amenities nearby

Bosch · 134 mEducational Institution · 139 mMarymount MRT Exit B · 183 mDA Clinic @ Bishan · 587 mBlk 320 Shunfu Road · 659 mMount Alvernia Hospital · 855 m

Straight-line distances. Source: PropKaki amenities data.

Getting there and parking at M38

Key takeawayThe nearest station is Marymount (CC16), 183 m away — a moderately busy station, with about 17,000 taps in and out on an average weekday. One public car park is within 500 m.

Foot traffic: busier than 88% of industrial buildings

nearest MRT/LRT Marymount (CC16) 183 m, about 17,000 taps a weekday; 2 more stations within 1 km; bus stops within 400 m: 6, about 4,658 taps a weekday; Bishan: 28,932 resident workers (Census 2020, by workplace); about 38,000 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

Marymount (CC16)183 m · about 17,000 weekday taps
Bishan (NS17 / CC15)773 m · about 60,000 weekday taps
Braddell (NS18)972 m · about 31,000 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 M38. Transfers between lines don't tap, so interchanges read low.

Bus

6 bus stops within 400 m, with 4,658 boardings and alightings on an average weekday.

Public car parks within 500 m

Blk 301-313 Shunfu Road (HDB)455 m
S$0.60 per half-hour at midday on a weekday · gantry 4.5 m · 607 car lots

HDB season (car): Tier 1 $80/month (a resident's or registered HDB shop/industrial tenant's first car); Tier 2 (other cars, non-residents) $90 Rest of Island, $150 Designated Area, $165 Restricted Zone (surface). Which zone this car park is in is not published as data.

Nearest URA season parking: Toa Payoh West, 1.5 km away, S$90/month.

Public car parks only, by straight-line distance, with the operator's published rates. M38's own car park, if it has one, and its charges are not in the open data.

Who's registered at M38?

Key takeaway189 live companies (and LLPs and branches; sole proprietors are not counted) list M38 as their registered address. These are registered businesses, not who occupies the space.

Wholesale and retail trade
39
Professional, scientific and technical services
38
Financial and insurance
32
Information and communications
19
Construction
12
Administrative and support services
11
Education
10
Real estate
9
Health and social services
6
Manufacturing
4

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$19.34 psm/month — an all-time median from 2000 onwards, not a current rent.

Street rent, median: S$19.34 psm/mo
Observed range: S$9.46 – S$28.70
Pipeline on this street: 1 project · earliest TOP 2027

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 M38

Where is M38?⌄

M38 is at 38 Jalan Pemimpin, Singapore 577178, in the Bishan planning area.

What is M38 zoned as?⌄

M38 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 M38?⌄

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 M38?⌄

M38 is freehold.

What have units at M38 sold for?⌄

Across 102 recorded transactions, the median is S$853 psf. The latest was in July 2026.

What does industrial space near M38 rent for?⌄

JTC's rental returns for Jalan Pemimpin put the median at about S$1.80 psf per month. That is a street-level figure from undated snapshots covering all industrial space on Jalan Pemimpin, not a rent quoted for M38 itself.

What is the nearest MRT station to M38?⌄

Marymount MRT is the closest, 248 m away (about a 4-minute walk).

How many businesses are registered at M38?⌄

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

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Read the figures right

Completion year: the first quarter JTC records a TOP (Temporary Occupation Permit) at this address. JTC lists major industrial projects (7,000 sqm and up) from 2013; where an older building stood on the site, this is the current building's year.

Developer: as named on JTC's completion record, often the project company rather than the listed group.

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.

Approved for a new building: the year URA approved the latest new erection or redevelopment here. An APPROVAL year, not a completion year — never state it as the building's age.

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.

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 JTC industrial completions, BCA's MCST register, URA planning decisions, HDB car park information (data.gov.sg), LTA DataMall passenger volumes, PropKaki's foot-traffic model, CommercialGuru, 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.