POSTED: 27 Sep 2013 16:11 | UPDATED: 27 Sep 2013 19:15 | CNA

SINGAPORE

JTC Corporation (JTC) launched three sites for sale by public tender on Friday under the industrial government land sales programme.

The plots are located at Tai Seng Street and Tuas South Street 6 and 7.

When developed, JTC said the 11,780 square metre site at Tai Seng Street will be part of the Paya Lebar iPark.

The new industrial park is a pilot project by JTC for small and medium-sized enterprises from selected sectors such food and beverage, retail and light manufacturing sectors.

The plot has a lease of 30 years and a maximum permissible gross plot ratio of 3.5.

JTC said it is zoned for Business 2-White development, which allows for a mixed-use business community offering retail, food and beverage and office uses.

The site is planned with a direct basement connection to the Tai Seng MRT station, with 217 square metres of subterranean space.

Developers will be able to tap its location to draw commuter crowd and inject vibrancy to the new industrial park.

Tan Boon Leong, executive director of industrial services and project sales at Colliers International, said the plot is expected to attract six to eight bidders, given its prominent location next to Tai Seng MRT station.

This is despite the additional cost required to build the underground link.

Mr Tan expects bids for the site to range between S$280 to S$300 per square foot.

Meanwhile, JTC has also released two sites at Tuas South Street 6 and 7 for public tender.

They are zoned for Business 2 development.

Each has a lease term of 21 years 8 months and a maximum permissible gross plot ratio of 1.0.

JTC said these smaller plots with shorter tenure are targeted at industrialists who need to custom-build their own facilities.

This is also in line with the government’s efforts to make industrial property more affordable.

Business 2 zones are areas intended for industry, warehouse, utilities and telecommunication uses, with imposed nuisance buffer of more than 50 metres and within health and safety buffers.

– CNA/gn

http://www.channelnewsasia.com/news/business/singapore/jtc-launches-3-sites-for/828622.html