$351m warehouse deal crowns SG industrial market as factory demand slides

The massive sale dominated H2 2025 as multi-user factories occupancy drops.

The $351m sale of a warehouse at 680 Upper Thomson Road was the largest industrial transaction in Singapore in the second half of 2025, according to a market report by Huttons Asia.

The deal stood out in a period marked by weakening demand for multi-user factories, which fell for a second consecutive quarter and pulled overall industrial occupancy down by about 1.1%, the report showed.

Demand for industrial space overall remained stable, supported by limited new supply and continued manufacturing growth.

Total take-up reached about 705,000 square metres (sqm) in 2H 2025, including 199,000 sqm of warehouse space. Business park demand rose by 3,000 sqm.

New supply amounted to 310,000 sqm, keeping occupancy generally steady at around 88% to 90%, based on Huttons’ estimates.

Transaction volume was flat at about 798 deals, similar to the first half of the year. Lower interest rates helped support buying activity.

Industrial rents rose 1.1% in 2H 2025, slowing from 1.3% in the previous half. Prices increased 2.7%, down from 2.9% earlier in the year, according to Huttons’ price and rental index.

Singapore’s economy grew 4.8% in 2025, with manufacturing output expanding 7.9%, driven mainly by electronics and biomedical production, based on government data.

For 2026, economic growth is expected at 1% to 3%, with risks from tariffs and geopolitical tensions.

Huttons said more industrial land launches and lower borrowing costs could support demand, with prices and rents projected to rise by up to 3%.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia