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SG JTC revises industrial property rules

Property Here - Monday, December 09, 2013

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Industrialists and third-party facility providers including property funds and developers that own industrial properties located on JTC-leased sites are now mandated to hold on to these properties for a longer period prior to selling them, media reports said.

With effect from 15 November, JTC also extended the minimum occupation period of anchor tenants of third-party facility providers.

The move aims to safeguard the country's limited industrial land resources for better use by genuine industrialists and to curb property speculation.

JTC noted that the changes will “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 will also promote price stability in the industrial property market and discourage speculation, JTC added.

It also said that the new policy strikes a “reasonable balance” in facilitating the need of the lessee to sell its industrial premises and ensure that the lessee deploys it towards the purpose that the board allocated it for.