Channel NewsAsia

3 more industrial sites released for sale

Two sites at Tuas and one site at Gambas have been launched under the Industrial Government Land Sales (IGLS) Programme for the first half of the year.

SINGAPORE: The Urban Redevelopment Authority (URA) and JTC have launched three sites under the Industrial Government Land Sales (IGLS) Programme, as part of the Government's efforts to offer more choices for industrial development.

In a joint statement on Tuesday (June 24), the agencies said two confirmed list sites at Gambas Crescent and off Tuas South Avenue 7, and a reserve list site off Tuas South Avenue 14 are now available for public tender.

Confirmed list sites go on sale regardless of interest from developers, while reserve list sites are triggered for a public tender only if a developer makes an acceptable opening offer.

The 1.57-ha site at Gambas Crescent released by the URA is zoned for Business-1 development and has a 30-year tenure and a maximum gross plot ratio of 2.5. The Tuas site on the confirmed list launched by JTC has a land area of 25,700 sqm, and is zoned for Business-2 development with a lease of 30 years and maximum gross plot ratio of 2. 

Mr Nicholas Mak, Executive Director at SLP International Property Consultants, said in a separate statement on Tuesday that the tender for the Gambas Crescent site is likely to attract "a more subdued interest" because the tender for another land parcel 1.2 kilometres away is due to close on July 1.

He expects Far East Organization to "bid aggressively" for this site though, since it had bought the other three sites along Gambas Crescent within the span of a year.

As for the reserve list site in Tuas, it is launched by JTC and zoned for Business-2 development. It has a 30-year tenure and maximum gross plot ratio of 2, according to the statement.

Mr Mak said given its proximity to the other plot of land in Tuas launched on Tuesday and the ample supply of Business-2 developments in the area, the tender for this reserve list site is "unlikely to be triggered any time soon".

The closing date for the tender of the Gambas Crescent site is Aug 26, 2014 at 12pm, while applications for the Tuas site will close on the same day at 11am, the statement said.

Deputy Prime Minister Teo Chee Hean said last Friday that the new supply of industrial and retail space coming up in the next three years is double the average demand over the past three years.

"This strong upcoming supply of industrial and retail space will give businesses more options and ample space to expand their operations in Singapore," he said. 

Tweet Photos, Videos and Update on this Story to  #cna