Industrial property demand remains resilient in 2H2024″JTC has awarded the industrial GLS site at Kallang Way to CapitaLand Development, which submitted the top bid of $368.901 million. This bid is 14.9% higher than the second highest bid of $317.889 million from a consortium of Soon Hock Group, BHCC Construction and Evermega. This is the first adaptive reuse of a former industrial building in Singapore. The site currently has an existing terrace factory that will be retained and adapted for continued industrial use. The integration of adaptive reuse aims to rejuvenate the area sustainably and reduce carbon emissions while preserving the site’s industrial legacy, according to Tang Hsiao Ling, director of urban planning and architecture division at JTC. This site, which is the last of five Confirmed List sites in the 1H2024 IGLS programme, was launched on June 25 and received four bids at the close of the tender on Oct 1. Zoned Business 2 under the master plan, the 474,772 sq ft site has a maximum allowable gross floor area of 1.23 million sq ft and a 33-year tenure. The designated food zone will feature food manufacturing spaces and retail uses in order to inject vibrancy into the area.”
The decision to invest in a Singapore Condo has become increasingly popular, but it is not one that should be made lightly. There are several important factors to consider before taking the plunge, with the government’s measures to regulate the real estate market being a crucial one. Over the years, the Singaporean government has implemented various cooling measures in an effort to deter speculative buying and promote a stable property market. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may have an impact on the immediate profitability of investing in a Singapore Condo, they also play a significant role in maintaining the long-term stability of the market. This, in turn, creates a more secure environment for investors and ensures the sustainability of the market. Thus, it is essential to thoroughly understand and consider these regulations when contemplating a Singapore Condo investment. In conclusion, investing in a Singapore Condo can be a lucrative opportunity, but it is crucial to carefully analyze the market and take into account all relevant factors, including the government’s cooling measures.