A guide, not a valuation

What this is

Industrial Atlas is an analytics service operated by NAVARO Pte Ltd. Every figure on this site and in every free or paid report, including indicative estimates and ranges, price indices and the lease clock, is computed from recorded transactions by automated statistical methods and our own methodology, and is labelled as an estimate wherever it is not a recorded figure.

NAVARO Pte Ltd is not a licensed appraiser under the Appraisers Act 1906, is not a valuer accredited by the Singapore Institute of Surveyors and Valuers, and is not a licensed estate agent under the Estate Agents Act 2010. We do no estate agency work: we do not represent buyers or sellers, and we do not introduce, broker, market or negotiate any transaction.

Not a valuation, and not a bank valuation

Nothing on this site, and nothing in a free or paid report, is a formal valuation. It is not a bank valuation, not an appraisal, and not a valuation for any lending, tax, stamp duty, probate, matrimonial, insurance, court or other legal or statutory purpose. It is not prepared by a licensed appraiser or a registered valuer, and it follows no professional valuation standard.

We promise no price, no loan amount, no rent and no return. Formal valuations are issued by licensed appraisers and by valuers accredited by the Singapore Institute of Surveyors and Valuers, instructed by you or by your bank.

A bank deciding a loan will instruct its own panel valuer. That valuation decides how much the bank will lend, and it may differ from our figure, sometimes by a wide margin. Never plan a purchase, a loan amount or a cash shortfall on our number alone.

Use it as a guide, then check it

Everything we publish, free or paid, is a guide to help you ask better questions. Do not rely on it as the sole or principal basis for any decision or transaction.

Before you commit to a purchase, a sale price, a lease or a loan, obtain a formal valuation from a licensed appraiser, speak to the bank you are borrowing from about its own valuation and what it will lend, and have a lawyer check the title, the lease, any tenancy, the approved use and whether JTC's consent is needed for what you plan to do.

Not advice

This is analytical output, not financial advice, investment advice, tax advice, legal advice, valuation advice or advice of any other kind. It is prepared without regard to the financial situation, needs or objectives of any person, and nothing here is an offer, a recommendation or an inducement to buy, sell, hold, lease or finance any property.

Nothing we publish relates to real estate investment trusts, securities or any other capital markets product.

What the numbers can and cannot see

Our figures are only as good as the records behind them. Transaction records are caveats lodged with the authorities: they lag, they are sometimes revised or restated, and they can be incomplete. Every page and report carries the date of the data it was computed from.

No computed figure can see a particular unit: its condition, fit-out, floor loading, ceiling height, loading bay access, power supply, defects, arrears or legal status. Industrial values also depend on the lease, the approved use and the tenancy, which no computed figure can see. A figure marked estimated is modelled, not recorded. Property prices can fall as well as rise, and what happened before does not have to happen again.

Leases, use and the lease clock

Many industrial properties in Singapore stand on leases of limited length, and the years left on a lease affect what a unit sells for. The lease clock on this site estimates how prices of similar units have moved as their leases ran down, from recorded sales. It is an estimate of past market behaviour, not a forecast of any particular unit's price.

The lease clock is not a promise that a lease will be renewed or extended. JTC states that lease renewal is not guaranteed and is subject to its assessment, and that a renewed lease term, where granted, would be up to 20 years.

How a unit may be used is set by its lease and by planning rules. JTC applies URA's 60:40 rule to industrial leases, including warehousing leases: at least 60% of the total gross floor area is to be used for industrial activities, and the remaining 40% may be used for ancillary offices, showrooms, neutral areas, communal facilities and other approved uses.

Whether you may sublet, or change how a unit is used, can need the lessor's consent, which for JTC land is JTC's.

Check these rules with JTC and your lawyer for your unit: they change, and your own lease may differ.

Where the data comes from

Sales transactions are URA data.

URA provides its data as is, and makes no warranty as to its accuracy, completeness or fitness for any purpose. Everything computed from it is ours, not URA’s. NAVARO Pte Ltd has no official status, and nothing here is endorsed by or associated with URA or any other government agency.

Your use, and our liability

Any use you make of this site or a report is at your own risk, and you are responsible for the decisions you take. We make reasonable efforts to compute from reliable and complete information, but we do not warrant that any figure is accurate, complete, current or fit for a particular purpose.

To the fullest extent permitted by law, we are not liable for any indirect or consequential loss, or for any loss of profit, opportunity, goodwill or anticipated saving, however it arises. Where we are liable to you for any other loss and that liability cannot lawfully be excluded, it is limited to the amount you paid us for the report in question, which is nothing for the free site.

Nothing in these terms excludes or limits our liability for fraud or fraudulent misrepresentation, for death or personal injury caused by our negligence, or for any other liability that cannot lawfully be excluded or limited under Singapore law. If any part of this section is held to be unenforceable, the rest of it continues to apply.