JTC changes industrial property rules

[SINGAPORE] Industrialists and third-party facility providers such as property funds/developers who own industrial properties on JTC-leased sites will now be required to hold these properties for a longer period before they may sell them.

JTC has also extended the minimum occupation period for anchor tenants of third-party facility providers. The changes took effect on Nov 15. The move is aimed at safeguarding Singapore's scarce industrial land resources for optimal use by genuine industrialists and dampening property speculation.

Contacted by BT, JTC said the changes aimed to "ensure the lessees allocated our limited industrial land in their lease contract based on their proposed business plans remain committed to them for a sustained and reasonable period of time". The changes also discourage speculation and promote price stability in the industrial property market, it added.