- POSTED: 24 Jan 2014 17:31
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Singapore's industrial property market saw overall occupancy rates fall by 0.8 percentage points in the fourth quarter last year, compared to the third quarter.
SINGAPORE: Singapore's industrial property market saw overall occupancy rates fall by 0.8 percentage points in the fourth quarter last year, compared to the third quarter.
In a statement, JTC Corporation said a 1.5 per cent increase in supply outstripped a 0.6 per cent increase in demand for the quarter.
This decline in occupancy rates came after the government increased the supply of industrial land and space in recent years in response to escalating prices and rentals.
From 2010 to 2013, the government sold an average of 26 hectares (ha) of land per annum via the Industrial Government Land Sales (IGLS) programme.
This is significantly higher than the average of around 11 ha sold per year between 2005 and 2009.
Prices and rentals of industrial space also moderated in the fourth quarter of 2013.
Prices of industrial space fell by 3.3 per cent on-quarter, reversing the 2.8 per cent gain in the previous quarter.
Rentals also moderated significantly, rising marginally by only 0.2 per cent, compared to the 4.4 per cent rise in the previous quarter.
Over the next three years, JTC said an average of around 2 million square metres of industrial space is estimated to come on-stream every year.
The government will continue to monitor the industrial property market closely, and will continue to release an adequate amount of land.