Keystone @ Mandai: Freehold B2 Industrial New Launch 2026 — Prices, Specs & Honest Investment Guide
By James Goh (R002565A) · 2026-10-14 · 1672 words
Keystone @ Mandai — A Rare Freehold B2 Industrial New Launch
Keystone @ Mandai at 2C Mandai Estate is one of the only freehold B2 industrial new launches currently on sale in Singapore. Start with the numbers, because they decide whether this project is in your range at all: indicative pricing begins at S$2,219,000 — roughly S$1,330 per square foot for a 1,668 sq ft unit — with most available units asking between S$1,330 and S$1,500 psf. For that, you get a brand-new 10-storey, 69-unit B2 factory on freehold land, with vacant possession expected by 31 December 2028.
Those numbers also frame the trade. A comparable brand-new leasehold B2 project — Gate+ at Tukang — launched in May 2026 with a guide price from about S$490 psf and an average launch price near S$660 psf. Keystone asks roughly two to two-and-a-half times that on a per-square-foot basis. The difference is not just specification. It is the tenure. This guide walks through the project, the pricing, and how to think about the freehold premium honestly — downsides first.
Keystone @ Mandai at a Glance
- Project: Keystone @ Mandai (2C Mandai Estate, Singapore 729900, District 25)
- Developer: Bayswood Pte Ltd
- Type: B2 heavy industrial, 10 storeys
- Tenure: Freehold (Estate in Fee Simple)
- Units: 69 strata units including 1 canteen
- Unit sizes: 1,647 – 2,045 sq ft (typical factory units, column-free)
- Indicative pricing: from S$2,219,000 (~S$1,330 psf); developer range ~S$1,129 – S$1,730 psf
- Vacant possession: 31 December 2028 | Legal completion: 31 December 2031
- ABSD: None. Foreign buyers and companies eligible.
Location: Next Door to JTC's Sungei Kadut Eco-District
Mandai Estate sits in the north of Singapore's industrial belt, and Keystone's location card is stronger than the address suggests. The project is about 5 minutes from the upcoming JTC Sungei Kadut Eco-District and the Gali Batu Industrial Estate — the growth corridor JTC is positioning for agri-food, timber, furnishing and related industries. It is 8 minutes from Woodlands Checkpoint, 11 minutes from Woodlands Regional Centre, and 12 minutes from Woodlands North MRT, the future terminus of the JB-Singapore RTS Link. Kranji MRT is about 7 minutes away, and the site connects directly to the BKE, SLE and KJE expressways.
For operators, two practical points matter more than the map. First, workforce: Westlite Mandai and Westlite Juniper dormitories are minutes away, alongside established neighbours like Lineage Logistics and Sheng Shiong's Mandai facilities. Second, trajectory: the wider Mandai area is being repositioned through the Mandai rejuvenation plans and the Mandai Nature Precinct, which supports long-run amenity and land values. None of this guarantees returns — but industrial locations earn their premium from exactly this kind of anchored, government-led district growth.
Specifications Built for Real Operations
On paper, Keystone is specified heavier than most new B2 launches:
- Floor loading: 15 kN/m² on every level, including production areas and the driveway/ramp — versus 10 kN/m² typical of recent launches
- Ceiling height: 5.6m on Levels 1–9; 6.975m on Level 10
- Electrical power: 150A three-phase on Levels 1–2; 100A three-phase on Levels 3–10
- Ramp-up access: 14ft rigid vehicles can drive up to every level from 2 to 10, on a driveway 12m wide at Level 1 and 7.4m above, with height limits of 4.5m and 3.5m respectively
- Container handling: a dedicated 20ft container loading and unloading bay at Level 1, with a forklift provided by the developer
- Units: column-free layouts, roller shutters of 3.5m height (4.0–4.5m width), an individual toilet per unit, floor trap and a 50mm floor drop, with waste collected daily from designated bin points
- Lifts: 2 passenger lifts (825kg) and 2 goods lifts (2,500kg, 2.2m x 2.5m)
- Parking: 32 car lots, 2 motorcycle and 40 bicycle lots on an ERP hourly system; 24-hour accessibility with a security system
- Sustainability: rooftop solar panels to be installed after TOP, and every unit is EV-charger ready with wiring provisioned from the distribution box
Two details are worth pausing on. The 15 kN/m² floor loading and 150A power on the lower levels suit genuinely heavy processes — production studios, automotive and carpentry workshops, heavy warehousing — rather than just light assembly. And the canteen unit (#01-06) comes with a grease trap and a dedicated kitchen exhaust duct running to the roof, so food operators have a realistic path to compliance. Unit amalgamation is possible, subject to authority approval, for buyers who need larger contiguous floor plates.
Unit Sizes and Pricing
Typical factory units range from 1,647 to 2,045 sq ft. Based on asking prices listed across major portals in October 2026 — all indicative and subject to change:
| Unit | Size | Indicative Price | PSF |
|---|
| #09-04 | 1,668 sq ft | S$2,219,000 | ~S$1,330 |
| #09-01 | 1,938 sq ft | S$2,646,000 | ~S$1,365 |
| #10-01 | 1,927 sq ft | S$2,742,000 | ~S$1,423 |
Entry pricing starts around S$1,330 psf, the developer's indicative range runs from roughly S$1,129 to S$1,730 psf depending on level and stack, and listing portals show around a quarter of the 69 units taken up as of October 2026 — steady absorption, not a sell-out. For buyers, that means no scarcity pressure and genuine room to negotiate on stack and pricing. Confirm the latest balance chart before committing; availability moves week to week.
The Freehold Premium, in Numbers
Keystone only makes sense against the right comparables. Here is the current new-launch landscape:
| Project | Tenure / Type | Location | PSF |
|---|
| Gate+ | 33-year leasehold, B2 | Tukang, Jurong | ~S$490–660 |
| Keystone @ Mandai | Freehold, B2 | Mandai, D25 | ~S$1,330–1,730 |
| Space Nova | Freehold, B1 | New Industrial Road | ~S$1,525–2,050 |
| SPACE@18 | Freehold, B1 | Lorong Ampas | S$1,437–2,041 transacted |
Read the table in both directions. Against leasehold B2, Keystone asks about 2 to 2.7 times the psf — that is the market price of never facing a lease countdown. Against other freehold new launches, Keystone actually sits at the lower end of the freehold psf band, helped by its northern location. And note that broad resale averages you may see quoted (Savills' Q2 2026 strata basket put 30-year leasehold at S$346 psf, 60-year at S$571 psf and freehold at S$890 psf) blend older stock across the island; brand-new freehold projects with modern specifications ask well above those averages. Compare like with like.
What the premium buys you: zero lease consumption (a 30-year asset burns roughly 3.3% of its lease value a year; a 60-year asset about 1.7%), no financing cliff as an exit approaches, and a buyer pool that never shrinks. Over a 20-year hold, that difference compounds.
Who Keystone Suits — and Who It Doesn't
The honest version, downsides first. The S$2.2 million entry quantum prices out many smaller buyers. The yield on cost will look thinner than a leasehold unit's headline yield — the same rent divided by a higher price. B2 zoning means the majority of each unit must be used for genuine industrial activity; if you mostly need office space, this is the wrong product. You are waiting until end-2028 for keys. And with most units still available, there is no urgency — which is an argument for negotiating rather than rushing.
It suits owner-operators with a 15-year-plus horizon who want to own their production base outright — workshops, studios, warehousing and production users who will actually consume the 15 kN/m² floor loading and 150A power. It suits investors who prioritise capital preservation and long-hold income over maximum current yield, and buyers who have watched 60-year leasehold alternatives climb past S$571 psf on resale and want out of the countdown entirely. It does not suit yield-chasers, short-hold buyers, or predominantly office-based users.
Keystone @ Mandai FAQ
Is Keystone @ Mandai really freehold?
Yes. The tenure is freehold — Estate in Fee Simple — stated on the developer's fact sheet, not a 999-year or long lease marketed as freehold. The land is privately held, and there is no JTC lease countdown behind it.
What is the asking price at Keystone @ Mandai?
Indicative pricing starts from S$2,219,000, about S$1,330 psf for a 1,668 sq ft unit. Across the development, indicative asking prices run from roughly S$1,129 to S$1,730 psf. All figures are indicative and subject to change — request the current price list before booking.
When is Keystone @ Mandai expected to TOP?
Expected vacant possession is 31 December 2028, with legal completion expected 31 December 2031. Purchases follow the progressive payment schedule typical of industrial builds under construction.
What can I use a B2 unit at Keystone for?
B2 heavy industrial uses: production, warehousing, workshops, studios and logistics, with ancillary office use only. At least half of the unit's use should be industrial in character, and heavier processes should respect B2 buffer rules. The 20ft container bay, 15 kN/m² floor loading and 150A power on lower levels are built for genuine operations.
Can foreigners buy Keystone @ Mandai? Is there ABSD?
Yes — foreigners and companies can buy industrial property in Singapore, and there is no ABSD on industrial purchases. Buyer's Stamp Duty applies at non-residential rates, and GST treatment follows the developer's standard terms for new sales. Confirm the full cost stack with your banker before committing.
How does Keystone compare with Gate+ or other leasehold B2 options?
Gate+ (33-year leasehold, Jurong) launched around S$490–660 psf against Keystone's ~S$1,330 psf — but Keystone carries no lease decay, heavier specifications (15 vs 10 kN/m² floor loading; up to 150A vs 60A power) and freehold tenure. If your horizon is under 10 years, the leasehold quantum may serve you better. If you are holding 15 years or more, the freehold math usually wins.
Register Your Interest at Keystone @ Mandai
Keystone @ Mandai offers a rare combination: freehold land, heavy-duty specifications, and a Mandai location riding the Sungei Kadut growth corridor. Whether you are an owner-operator or a long-hold investor, ask us for the full fact sheet and unit mix, or view Keystone alongside every other industrial new launch in Singapore.
For the latest price list, balance units and a showflat viewing, contact SG Property Group at +65 9768 7722 or email sgindustrialspaces@gmail.com for a free consultation. We will run the numbers for your holding period and budget — we would tell our own family the same thing.