When it comes to real estate investments, location is a crucial aspect to consider, and this holds particularly true for Singapore. Condos that are strategically placed in central areas or near essential amenities such as schools, shopping centers, and public transportation hubs tend to experience a significant increase in value. Prime locations, like Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently demonstrated a growth in property values. Additionally, the proximity to excellent schools and educational institutions makes condos in these areas highly sought-after by families, further enhancing their investment potential. With the addition of Singapore Projects, the real estate market in Singapore offers even more opportunities for investors to capitalize on desirable locations and potential for growth.
Singapore (Edgeprop) – JTC has recently announced the winner of the tender for an industrial GLS (IGLS) site in Kallang Way to be CL Savour Property, a subsidiary of CapitaLand Development. They have outbid four other bidders with a top price of $368.901 million, which is 14.9% higher than the second highest bid of $317.889 million from Soon Hock Group, BHCC Construction, and Evermega. This is the first industrial site to be transformed from a former industrial building, with the existing terrace factory being retained and adapted for continued industrial use.
According to Tang Hsiao Ling, the director of urban planning and architecture division at JTC, the integration of adaptive reuse in the master plan for this site aims to rejuvenate the area sustainably and reduce carbon emissions in the built environment. It also serves to preserve the industrial legacy of the site.
This site, which is part of the 1H2024 IGLS programme, was launched on June 25 and was the last of five Confirmed List sites. At the close of the tender on October 1, four bids were received for the 474,772 sq ft site. It is zoned as Business 2 under the master plan, with a maximum allowable gross floor area of 1.23 million sq ft and a 33-year tenure. The site is designated as a food zone, and the new development will feature food manufacturing spaces and retail uses to add vibrancy to the industrial area.
Other related news include a new 223-key hotel to be built in Punggol Digital District and the continuous rise of industrial rents and prices for the 13th consecutive quarter in the 4Q2023, as two industrial projects undergo virtual TOP inspections.