Higher supply of industrial sites available under 2H2023 GLS programme

, Gambas Way and Jalan Papan. The Ministry of Trade and Industry (MTI) recently announced the Industrial Government Land Sales (IGLS) programme for the second half of the year, with the launch of five sites on the Confirmed List with a total site area of 6.43 ha (692,119 sq ft) and three sites on the Reserve List with an area of 3.38 ha (363,820 sq ft). This marks the highest supply of industrial land since 2H2014 at 9.5 ha.

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Lee Sze Teck, senior director of research at Huttons Asia, remarks that this uplift in industrial land supply comes as prices and rents have continued to appreciate, despite a weaker outlook for Singapore’s manufacturing and export sectors.

The two sites on the Reserve List located along Jalan Papan and Tuas Road are both part of the 1H2023 Reserve List, and will be put up for tender if an interested party submits an application with an acceptable offer of the minimum purchase price, or if more than one party submits prices close to the government’s reserve price after a reasonable period has elapsed.

Lee believes that the government may be increasing industrial land supply in a bid to temper the rapid rise of prices and rental growth, aiding manufacturers in managing their occupancy costs. He adds that this could lead to a slower industrial property market in two to three years’ time.