Leasing of prepared industrial land falls by over 50% in Q1

[SINGAPORE] JTC Corporation yesterday reported that gross allocation - the leasing or rental - of prepared industrial land (PIL) to companies fell by more than half in the first quarter of 2014, but net allocation remained in the positive.

Gross allocation declined from 118.1 hectares in the fourth quarter of 2013 to 48 ha in Q1, on the back of lower gross allocation in the generic land and Jurong Island segments, and a higher take-up rate in the chemicals and logistics sectors in the two segments in the preceding quarter, said JTC.

While the quarterly drop in gross allocation seems steep, JTC said the Q1 figure of 48 ha was comparable to that of the earlier quarters of 2013, which averaged 50 ha per quarter.