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NEW and existing tenants of HDB industrial properties will not be allowed to sublet their industrial properties from June 1, 2015, the Housing and Development Board said on Monday.
Tenants with existing approved subletting arrangements will be allowed to renew their subletting agreements up to Dec 31, 2017, to give them time to make business adjustments.
"The revised subletting policy will better support industrialists in operating their core businesses, and enable more productive use of scarce industrial land in Singapore," HDB said.
It said its industrial space is to support industrialists in operating their core businesses: "This revision also seeks to promote more responsible and productive use of scarce industrial land, by encouraging tenants to rent only the amount of space that they need. This change will also align HDB's subletting policy for industrial properties with that of other government agencies such as JTC Corporation.''
HDB manages close to 12,000 industrial properties island-wide, including workshops, warehouses and factories. About 98 per cent are rented out on one-, two- or three-year term tenancies.
Currently, tenants of HDB industrial properties are allowed to sublet up to 50 per cent of their factory floor space. About 380 tenants, or about 3 per cent, of the total number of tenants, are currently subletting space in their industrial properties.