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JTC to roll out 6 more short-tenure sites
The six land sites cover a total of 7.6 ha, range from 10 to 23 years
By: Lorna Tan
JTC CORPORATION yesterday announced it is releasing another six short-tenure industrial land sites following the success of the pilot Short-Tenure Land Launch (Stell) last November.
Singapore's largest industrial landlord said it 'will be rolling out Stell on a regular basis'.
The move to introduce short-tenure land was aimed at helping smaller companies obtain land for supporting manufacturing activities without having to commit themselves to the normal lease tenure of 30 years.
The lease terms for the newly rolled out six land sites, which cover a total of 7.6 ha, range from 10 to 23 years.
Of the six plots, all zoned for general industry, three are located in Kranji Industrial Estate and the rest in Jurong Industrial Estate.
The tender starts today and closes on March 12. The pilot launch last November saw a total of 19 applications for five out of six sites.
While three of these applications were for sites in Kranji Industrial Estate, the rest were for sites in Jurong Industrial Estate.
JTC said the average proposed posted rent of the successful applicants during the pilot launch was $19.86 per sq m per annum for the two Jurong sites and $20.20 per sq m per annum for the three Kranji sites. The average proposed plot ratio is 0.54 for the Jurong sites and 0.95 for the Kranji sites.
All five sites are currently being allocated to the successful applicants.
Property consultants have applauded JTC's move, saying it will give companies more choices in making real estate decisions in uncertain market conditions and could also help boost demand for JTC industrial land.