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COMMERCIAL PROPERTY | Staff Reporter, Singapore

JTC rejects bids for two industrial sites

The sites only had one bid each with lower-than-minimum prices.

According to a press release, the tenders for the industrial sites at Tampines North Drive 3 (Plot 2) and Tuas South Link 3 (Plot 27) will not be awarded. Only one bid was received for each site. The bids were not accepted as the prices offered were below the reserve price.

The tenders for the sites were launched on 28 November 2017 and closed on 23 January 2018. Both sites were on the Confirmed List under the second half 2017 IGLS Programme. The two are the sixth and seventh out of eight Confirmed List sites.

Recently, analysts observed that the prices of industrial sites are under pressure, which is highlighted by the fact that they fell 5.7% YoY in Q4. Cushman & Wakefield research director Christine Li said, "Market sentiment remains muted due to falling rents and developers are generally holding back launches and choosing to lease the units out instead."

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