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Rents, prices of Singapore industrial space stable in Q1: JTC
RENTALS and prices of industrial space in Singapore remained relatively stable in the first quarter of this year compared with the previous quarter, according to the latest data from industrial land and infrastructure agency JTC Corp.
The price index was down 0.1 per cent, while the rental index was flat. Compared with a year ago, the price index was unchanged while the rental index eased 0.2 per cent.
Meanwhile, the occupancy rate of the overall industrial property market for the first quarter was flat over the previous quarter, but rose 0.3 percentage point year on year to 89.3 per cent.
For industrialists looking to own production spaces, there were about 150 units in uncompleted developments available for sale at the end of March 2019. These units totalled about 69,000 square metres (sq m) of space and will provide options for industrialists to site or relocate their operations to these developments.
For the rest of 2019, another 1.2 million sq m of industrial space is estimated to come on-stream, of which 80 per cent is single-user factory space. In comparison, the average annual supply and demand of industrial space in the past three years was around 1.4 million and 1.1 million sq m respectively.
"The supply coming on-stream will continue to support the expansion plans of industrialists," JTC said.
JTC also said that based on the number of caveats lodged for industrial properties, there was an uptick in the transaction volume in the first quarter, with volume rising 7 per cent from a quarter ago and jumping 41 per cent from a year ago.