Singapore Launches First Half 2019 Industrial Government Land Sales Program
The Ministry of Trade and Industry (MTI) of Singapore has launched its Industrial Government Land Sales (IGLS) programme for the first half of 2019 (1H 2019). There will be 5 sites in the Confirmed List and 7 sites in the Reserve List, with a total site area of 11.86 ha (118,600 sq m). This is slightly lower than the total site area of 12.59 ha for the previous launch in the second half of 2018. Under the Reserve List, the Government puts up a site for tender if an interested party submits an application with an offer of a minimum purchase price that is acceptable to the Government; or if there is sufficient market interest in the form of more than one unrelated party submitting minimum purchase prices that are close to the Government’s Reserve Price for the site within a reasonable period.
These plots are zoned as B2, which means that these areas can be used for clean industry, light industry, general industry, warehouse, public utilities and telecommunication uses and other public installations.
Previously, in December 2018, logistics group Logos signed a long-term sale-and-leaseback agreement with solar panel company REC for an undisclosed amount in Singapore’s largest single-asset industrial transaction of 2018. The deal involves 150,000 sq m of space, on a 25-hectare site in Tuas South. The property is located next to the future Tuas Mega Port which when completed by 20203, will handle all of Singapore’s container activities and handle up to 65 million standard-sized containers.
(Sources: Ministry of Trade and Industry, Singapore; Straits Times; Singapore Business Review)