Enterprise One, Kaki Bukit: Why This Mature Ramp-Up Development Is One of Singapore's Best Industrial Investments
- Marc Singh
- May 28
- 6 min read
Updated: Jun 5
Not every great investment is a new launch. Sometimes, the smartest buy in the market is a mature, proven development that ticks every box - and then some.
Enterprise One, located at 2 Ubi View in the Kaki Bukit/Ubi industrial belt, is exactly that. This well-established ramp-up development by Far East Organisation has quietly become one of the most sought-after industrial properties in Singapore's east, and for good reason. For new investors, it still represents an accessible, high-yielding entry into the market at a price point that makes real sense.
Here is a comprehensive look at why Enterprise One deserves to be at the top of your shortlist.
1. Direct Sale From the Developer: Far East Organisation
One of the most compelling aspects of Enterprise One is that units are available direct from the developer, Far East Organisation - one of Singapore's most reputable real estate groups with a decades-long track record spanning residential, commercial, and industrial developments across the island.
Buying direct from a developer of this calibre brings meaningful advantages: professional management, consistent maintenance standards, transparent leasing practices, and the confidence that comes with dealing through an established corporate entity rather than navigating secondary market transactions with individual sellers.
2. Well-Maintained Units With Strong Tenant Profiles
Enterprise One is a mature development that has stood the test of time. Units are in excellent condition, and the tenant profile reflects the quality and reputation of the building.
What makes this particularly attractive for investors is the security structure in place: all tenants are required to provide a three-month security deposit held by Far East Organisation, even for standard two-year leases. This is above-market security for landlords, and a clear signal of the developer's commitment to protecting owner-investors.
With well-established tenants and a professional developer managing the leases, Enterprise One operates more like a hands-off income asset than a typical industrial unit - exactly what new investors are looking for.
3. Ramp-Up Access: The Reason Tenants Stay
Enterprise One is a ramp-up development, meaning vehicles can drive directly up ramps to upper-floor units for loading and unloading. This is a rare and highly prized feature in Singapore's industrial landscape - one that is in genuinely limited supply.
Coupled with its relatively central location in the Kaki Bukit, Ubi, and Eunos cluster - with easy access from both the Ayer Rajah Expressway (AYE) and Pan Island Expressway (PIE) - the development enjoys excellent connectivity. Tenants value ramp-up access enormously, which keeps vacancy risk low and tenant retention high.
For a deeper look at why ramp-up access is such a critical feature in industrial property: Why Ramp-Up Access Can Matter More Than a Fancy Lobby.
4. Kallang's Rejuvenation Plans: A Rising Tide for the Whole Area
The Singapore government has outlined ambitious plans to rejuvenate the entire Kallang area, including mixed-use developments, new infrastructure, improved connectivity, and the transformation of formerly industrial land into vibrant urban nodes.
Existing developments in and around Kallang benefit directly from this: as the area improves, properties appreciate, tenants upgrade, and the investment case strengthens over time. The Kallang transformation is a long-term tailwind that existing owners can ride without lifting a finger.
For more on Kallang's strategic positioning: Why Kallang Is a Strategic Location for Food Production and Distribution in Singapore.
5. Paya Lebar Airbase Redevelopment: A Long-Term Bonus Few Are Talking About
The Paya Lebar Airbase is set to be relocated and redeveloped in the coming years - and this has significant implications for the entire eastern industrial belt, including Kaki Bukit and Ubi.
First, airspace restrictions that currently limit building heights in the area will be lifted once the airbase moves. This opens the door to higher plot ratios and more intensive development in future planning cycles across the surrounding zones - which means redevelopment potential for existing sites increases meaningfully.
Second, the redevelopment of the airbase site itself will bring new mixed-use development, residential population growth, and increased demand for goods and services - all of which benefit industrial operators and investors in the surrounding area.
For owners of Enterprise One, the Paya Lebar redevelopment is a long-term tailwind with real implications for land values and planning intentions in the years ahead.
6. Thirty Years Remaining: The Mature Leasehold Sweet Spot
Enterprise One has approximately 30 years of lease remaining. For many investors, this immediately draws a comparison to new launch leasehold projects - which also come with 60-year tenures that halve to around 30 years at the midpoint of their life.
The key difference is that Enterprise One is already a proven, operating asset. It has an established track record, existing tenants, proven rental demand, and a functioning management structure. You are not placing a bet on how a new project will perform: you are buying into a known commodity.
Enterprise One being 30 years old and very well known in the market also means strong brand recognition among industrial tenants - a subtle but real advantage when attracting and retaining occupiers versus an unproven new launch.
For a broader view of building an industrial property portfolio: Why Industrial Properties Deserve a Place in Your Singapore Real Estate Portfolio.
7. Freehold Is Getting Out of Reach - Leasehold Makes More Sense Than Ever
Freehold industrial developments in Singapore are increasingly unaffordable for most individual investors, with new freehold launches approaching $2,000 psf. That puts many of the most high-profile projects firmly out of reach for first-time and small-portfolio investors.
Leasehold properties with strong fundamentals have become the practical, yield-focused choice for the majority of market participants. At $626 psf with a gross yield of 5.85% and a cash-on-cash return of 7.41% on the down payment, Enterprise One makes a compelling case for what intelligent leasehold investing looks like.
For more on Singapore's industrial market dynamics: Singapore's Industrial Property: A Long-Term Growth Story That Is Just Getting Started.
8. Rents Will Keep Rising: The Supply Constraint Story
Ramp-up industrial units are genuinely scarce in Singapore. The limited supply of this specific building typology means that as demand grows from both operators and investors, rents in this area are likely to continue rising.
With the current lease running at $3.05 psf until March 2027, an investor can look forward to lease renewal at potentially higher rates - pushing the gross yield beyond 5.85% and well above 6%. This rental uplift is not speculative: it is already playing out across Singapore's industrial market, and the Kaki Bukit/Ubi corridor is no exception.
For context on how mature industrial assets perform in the Singapore market: The Strange Reason Some 'Boring' Industrial Properties Become Excellent Investments.
9. Palatable Quantum: An Entry Point That Makes Sense
At approximately $1.3 million to $1.6 million for a ground floor unit, Enterprise One sits in a highly accessible price range for new investors. The third-floor unit in this analysis is priced at $1,341,112 - just $626 per square foot.
In a Singapore market where freehold new launch industrial developments are pressing towards $2,000 psf and becoming unreachable for many investors, this figure stands out. You are getting meaningful exposure to Singapore's proven industrial market at a fraction of new launch pricing.
10. The Full Financial Breakdown
Below is a complete breakdown of the investment case for a third-floor unit at Enterprise One, based on the current tenancy running at $3.05 psf until March 2027. No property tax is included in these calculations.
Property Details
Unit Size 2,142 sqft
Purchase Price $1,341,112
Price Per Square Foot $626 psf
Rental Income
Monthly Rent ($3.05 psf) $6,533
Annual Gross Rental Income $78,397
Gross Rental Yield 5.85%
Financing
Up to 80% loan over 25 years at 1.6% per annum.
Down Payment (20%) $268,222
Loan Amount (80%) $1,072,890
Monthly Mortgage Payment $4,341
Monthly and Annual Cash Flow
Item Monthly / Annual
Gross Rental Income $6,533 / $78,397
Less: Mortgage Payment ($4,341) / ($52,098)
Less: Maintenance Fee ($0.25 psf) ($536) / ($6,426)
Net Cash Flow $1,656 / $19,874
Investment Returns
Gross Rental Yield 5.85%
Cash-on-Cash Return on Down Payment 7.41%
Potential Yield at Renewal (Assuming 10% increment) 6.43%
Why Enterprise One Is One of Singapore's Best Industrial Investments Right Now
Enterprise One ticks every box a thoughtful investor would look for: developer credibility and direct sale availability, strong and secure tenants with above-market deposit protection, a yield of 5.85% gross with upside at renewal, accessible quantum at $626 psf, proven ramp-up access that keeps vacancy low, and multiple long-term catalysts ranging from Kallang's rejuvenation to the Paya Lebar Airbase redevelopment.
Whether you are a first-time investor seeking a tangible, income-generating asset, or a seasoned portfolio builder looking to add a high-yielding industrial unit, Enterprise One deserves serious consideration.
For more on Singapore's industrial investment story, these articles are worth your time: Why Investors Are Flocking to Singapore's Industrial Properties | Singapore's Government Role in Attracting Industrial Investment | Singapore's Industrial Property Market Continues to Thrive.
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