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As more industrial sites became available in the past few years, the occupancy level in that sector declined by 2 percentage points in 2014 from 93 percent two years ago, government data revealed.
In a report by Channel NewsAsia, Trade and Industry Minister Lim Hng Kiang said the occupancy rate at JTC’s and HDB’s industrial facilities also fell by 3 percentage points to 94 percent during the two-year period.
This was his reply to a recent parliamentary question fielded by MP Lee Bee Wah, who asked about the take-up rate at JTC and HDB industrial parks in the last 3 years and if demand exceeds the supply for such spaces.
In addition, Lim revealed the industrial property pipeline for 2016 and 2017. For each year, an average of around 1.8 million sq m of space are projected to enter the market.
“This is higher than the average annual supply and demand of around 1.5 million sq m and 1 million sq m in the past three years. Of the upcoming industrial space, new JTC developments will contribute about 340,000 sq m.”
Forthcoming JTC projects include JTC nanoSpace @ Tampines and JTC Chemicals Hub @ Tuas View, he added.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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