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JTC launches maiden iPark 21 project at Paya Lebar
It will be a test bed for subsequent industrial parks
By: Vince Chong
VIBRANT and imaginative. That is how JTC Corporation chief executive Ko Kheng Hwa described the future of the industrial landscape in Singapore. Mr Ko was speaking to reporters yesterday at the statutory board's new headquarters, the JTC Summit, on the launch of JTC's first iPark 21 development.
The maiden iPark 21 (Industrial Parks for the 21st century) project totalling 150,000 square metres will be situated at Paya Lebar and will be used as a test bed for subsequent iParks.
"Some radical ideas will be experimented here," said Mr Ko. "And we will learn from this what works and what doesn't in a New Economy industrial park.
"We are committed to a range of industrialists from new to old economies
According to a JTC spokesman, there will be two variations on the use of land at Paya Lebar iPark. One would be to lease out land to individual industrialists for them to build their own compounds, with each piece of land governed by a minimum plot size of 5,000 sq m. Land allocated for this purpose will be enough for 18 such units, with plot ratios set at a minimum of 2.0 and a maximum of 2.5, or 10 storeys high.
To enhance the attractiveness and value of the park, there will be a common design theme governing the appearance of the first three storeys. Individual creativity is allowed for subsequent floors as long as it falls under the tropical design theme.
Land rent has been set at $53.90 per sq m per annum, a rate similar to that of non iPark 21 industrial parks in the area. Lease tenures are set at 30 and 30 + 30 years.
The second land use variation would be for JTC to build individual industrial units for rent. Assuming that land for the first variation totals 90,000 sq m, there will be about 60,000 sq m allocated for this use, which measures out to 12 units of 5,000 sq m each. No rental details for this have been set.
A light industry mixed-use development integrating work-live-play activities, the Paya Lebar iPark is expected to be completed in two years.
Mr Ko also said that two JTC Corporation units will corporatise and become fully owned subsidiaries by the first half of next year. Jurong Port will be corporatised in January while the merged entity of JTC's Technical Services Group and JTC International's Consultancy Business will be corporatised in the second quarter.
Existing wholly-owned subsidiaries JTC International (JTCi) and Arcasia Land are also targeted to merge within the first two weeks of January, according to the latter's chairwoman, Chong Siak Chin. JTCi is the international arm of JTC with interests in India, the Philippines and China, while Arcasia Land concentrates on developing local industrial landscapes.
JTC Corporation as a whole will not be corporatised because as a statutory board, it has a social responsibility to govern and provide industrial land planning without interference from market forces, Mr Ko said.