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GLS prompts availability of new commercial space in Singapore | 16 June 2014

More than 350,000 square metres of fresh commercial space will be made available as part of Singapore’s Government Land Sales (GLS) programme.

According to channelnewsasia.com, as many as 23 sites will become available in total; nine are confirmed and 14 are on a reserve list. The reserve sites will only hit the market if a developer makes a particularly strong first offer.

Of the confirmed sites, two will be mixed-use for both residential and commercial purposes and one will be purely commercial. The other six will be residential only, reports todayonline.com. However, these sites alone will offer 158,860 square metres of office and retail space.

Almost 80 per cent more commercial property will be released in the second half of this year compared to the first half. Donald Han, managing director of property consultancy Chesterton Singapore, believes this is because the government wants office space to remain affordable.

“They are also pre-empting the fact that they should come up with supply to pre-empt a scenario of what we have experienced in 2007, 2008 – where there was a shortage of office supply and we saw rents shooting up by as much as 40 to 50 per cent per annum,” he stated. “So I think it is prudent for the government to come up with more sites since rents have started to move upwards.”

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

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Posted by Matt Roobol

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