Thursday, December 31, 2009

2010 industrial land sales plan launched

THE Government launched its industrial land sales programme for the first half of 2010 yesterday with clear signs that it feels the market has turned.

The Ministry of Trade and Industry has reinstated two sites on the confirmed list and placed eight on the reserve list.
It had suspended the confirmed list earlier this year in the light of the downturn but yesterday's announcement reflects the recent turnaround in the property sector.

The total land area on the sales list is 21.85ha.

DTZ's head of South-east Asian research Chua Chor Hoon added: 'The Government's release of the two confirmed sites reflects that the property market is past the worst stage and is getting back on its feet.'

Confirmed sites are put up for tender regardless of a developer's prior expression of interest.

The confirmed sites are a 5ha lot at Tampines Industrial Avenue 4 and 3.39ha at Ubi Road 1.

Tender details for the Tampines site will be released in March while the Ubi Road details will be out in June.

The eight sites on the reserved list are in Pioneer Road North/Soon Lee Road, Woodlands Avenue 2, Kaki Bukit Avenue 4, Ubi Road 1/Ubi Avenue 4, Serangoon North Avenue 4, Toh Tuck Avenue and two parcels in Yishun Avenue 6.

Sale conditions for Pioneer Road North/Soon Lee Road will be out around May while details for the other sites are already available and applications can be submitted.

Sites on the reserve list will be triggered for tender only when an initial offer that meets the minimum purchase price is made.

Knight Frank's business space industrial director Lim Kien Kim said the launch is in line with growing expectations as the economy is improving.

Source, Straits Times 31 December 2009

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