CapitaLand to boost presence in Vietnam
Developer CapitaLand intends to expand its presence in Vietnam, with plans to set up a new commercial fund and to acquire more residential development sites.
JTC has awarded the tenders for two industrial sites, in Tampines and Tuas, to the highest bidders - Kok Tong Transport & Engineering Works and Wellbuilt respectively.
Kok Tong, part of the infrastructure company KTC Group, beat two other bidders to clinch the Tampines site (Plot 3) for about S$3.1 million.
Wellbuilt, a construction firm that specialises in structural steel work, beat five others to clinch the Tuas South Link 2 (Plot 6) site for about S$2.8 million. When contacted, a spokesman said that the company plans to build an office-cum-factory on the site.
Both sites are zoned Business-2, for heavier, more pollutive industrial use. They have 20-year tenures and gross plot ratios of 1.4. Both their tenders closed in October.
JTC, as the state industrial landlord, has been launching more smallish sites with 20-year tenures that cater to end-user industrialists and keep speculators and investors at bay. This is to rein in industrial property prices.
Knight Frank executive director and head of industrial Tan Boon Leong expects this trend to continue. "This is JTC's intention to roll out land allocation to smaller industrialists on very short leases. It will help in lowering their business costs, so aspiring SMEs who want to own their own buildings can do so on these smallish plots that serve their functional needs."
He added that JTC also interviews the highest bidders in these tender exercises to ensure that they are using them for industrial activities and not investment purposes, before awarding the sites to them.
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The Business Times