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Enough retail, industrial space for businesses to grow: DPM Teo

Mr Teo says the Government hopes to see more companies use Singapore as a base to seize growth opportunities in Asia.

SINGAPORE: The Republic has taken significant steps to remain competitive and companies that want to expand here will have sufficient space to grow, Deputy Prime Minister Teo Chee Hean said on Friday (June 20).

Speaking at a luncheon that followed the annual general meeting of the Singapore International Chamber of Commerce, Mr Teo said the Government hopes to see more companies use Singapore as a base to seize growth opportunities in Asia.

"The new industrial and retail space coming on-stream in the next three years provides new supply that 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.

Mr Teo also said that by end-2016, prime office space in core business areas should have increased by about 13 per cent from current levels. Price and rentals of private residential properties have levelled off since the last quarter of 2013, he added.

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