Bookmark & Share
Experts shared that one of the reasons JTC was chosen as the first master developer for Punggol, where the authorities will pilot a new enterprise district concept (pictured), is that they want to oversee the development of an estate identified as a key area for Smart Nation initiatives, reported TODAYonline.
“The government would like to maintain an element of influence and control, and the selection of JTC is a logical choice, given that it is both a developer and a landlord for the government,” said Eugene Lim, Key Executive Officer of ERA Realty.
By appointing JTC to undertake this major task, the government might be setting an example of what is expected, he shared.
Another factor for choosing JTC is that the Punggol Enterprise District will house commercial developments and business parks, as well as the new Singapore Institute of Technology (SIT) campus.
“There needs to be an overall government agency to speed up things and be in charge,” as the district is designed to stimulate business growth and will comprise projects from different industries, noted Desmond Sim, CBRE’s Research Head for Singapore and Southeast Asia.
At a parliamentary session on Tuesday (7 March), JTC was designated the master developer for the Punggol Enterprise District by National Development Minister, Lawrence Wong.
He said the state-owned company will have the flexibility to develop the area, subject to land use and gross plot ratio guidelines. For instance, there could be better integration of facilities at the business parks and the SIT campus, which are adjacent to each other. Moreover, most of the projects there are being carried out by government agencies.
Meanwhile, Wong revealed that the master developer for the new Kampong Bugis residential precinct will be selected via public tender.
According to property developers like CapitaLand and Frasers Centrepoint Singapore, they are interested in participating in these projects in future, and experts predict that these companies will play larger roles in such developments as some of them have good track records in master planning in China and Vietnam.
Image source: JTC
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles:
GLP shortlists at least 3 bidders: sources
Lian Beng secures $435m contract to build industrial complex