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Industrial landlord JTC on Tuesday (20 February) announced that tenders for the industrial sites at Tuas South Link 3 (Plot 27) and Tampines North Drive 3 (Plot 2) will not awarded.
This comes as the sole bid received for each site offered prices that were below the reserve price.
Launched on 28 November 2017, the tenders for the sites closed on 23 January 2018.
“Both sites were on the Confirmed List under the second half 2017 IGLS Programme,” said JTC.
Analysts recently noted that industrial property prices are under pressure, reported Singapore Business Review.
In fact, prices of industrial sites dropped 5.7 percent year-on-year in Q4.
“Market sentiment remains muted due to falling rents and developers are generally holding back launches and choosing to lease the units out instead,” explained Cushman & Wakefield research director Christine Li.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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