Freehold strata-industrial project Generations @ Tannery fully sold within two days

Freehold strata-industrial project Generations @ Tannery achieved a complete sellout on its public launch day (July 17), with all 54 production units and five canteen units taken up by 4pm.

Sales began on July 16 for multiple-unit buyers, who had to commit to a minimum of seven units, and for whole-floor buyers. About 90% of buyers were multiple-unit purchasers, says Daniel Long, managing partner of Providence Estates, the developer of Generations @ Tannery. They come from a diverse mix of industries, including marine solutions, media, production and imaging solutions, interior design, construction and high-tech manufacturing, he notes.

With the top four floors reserved ahead of the launch, only 50 of the 54 production units went on the market. After the multiple-unit buyers had taken their pick, five production units and the five canteen units were left for the public launch and made available to single-unit buyers.

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About 80% of buyers were end-users, adds Long — mainly small and medium-sized enterprises looking to base their operations or headquarters in the building.

The canteen units went to different buyers, one of whom took two units. "They have different F&B concepts, and were guided by the fact that there will be thousands of young people on the upper floors and hundreds of young families occupying the new residential housing units on the opposite side of Aljunied Road," says Long.

Generations @ Tannery is located in MacPherson and is a redevelopment of the former City Industrial Building. It is a four-minute walk from Mattar MRT Station (Downtown Line) and sits across the street from the upcoming Mattar residential precinct, where new HDB BTO projects are in the pipeline.

The 12-storey Business 1 (B1) light industrial development offers strata-titled production units of 1,658 to 2,695 sq ft from the second to 12th floors, with five canteen units on the ground floor from 463 sq ft.

Each floorplate spans 20,000 sq ft and accommodates up to 10 units. Standout features include double-volume ceiling heights of up to 6.125m and column-free layouts, giving owners the flexibility to combine or sublet units.

Prices ranged from $1,500 psf on the eighth floor to $2,000 psf on the second. For industrial developments, units on the first and second levels are the most premium, and the exclusive "Towkay units" on the second level commanded prices from $2.6 million. Canteen units were priced from $3,000 to $4,000 psf, with the smallest unit of 463 sq ft going for between $1.4 million and $1.85 million.

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Nearby, Chiu Teng Group's CT Gold, with 66 freehold strata-titled industrial units, sold out in two days at its launch on April 30 and May 1. Generations @ Tannery matched that pace just 2.5 months later. "The timeless value of a rare freehold B1 industrial asset was a major draw for discerning buyers," says Long.

Freehold industrial projects are increasingly sought after. "End-users and investors prefer freehold industrial projects for future capital appreciation and wealth preservation," says Lee Sze Teck, senior director of data analytics at Huttons Asia.

Data shows 999-year and freehold multi-user factory units account for 16.5% of sales so far in 2026, up 4.3 percentage points from 2022. The preference has widened the price gap between freehold and leasehold units to $488 psf in 2026, from $391 psf in 2020. Interest rates have fallen 2.6 percentage points since end-December 2023, while rents for multi-user factories have risen nearly 7% over the same period.

Most government land sales sites are zoned for heavy industrial (B2) use with 30-year leases, making freehold B1 light industrial parcels like Generations @ Tannery rare, Lee notes.