Press enter

New rules imposed to ‘curb property speculation’ in Singapore | 10 December 2013

Changes have been imposed by Singapore’s biggest commercial property developer which will force an extension on the lease of any of its buildings, reports.

JTC Corporation, which manages a raft of gardens and industrial parks, has made the amendment in order to ‘dampen property speculation’. It means that lessees will be obliged to hold on to a property for longer before they can sell it on. Similarly, tenants and third party facilities providers will be required to extend their occupation of a site.

Singapore’s ‘industrial land resources’ are becoming increasingly scarce and thus the move by JTC has been adopted as a safeguarding measure. It is hoped the change will ensure that the buildings are used by those that genuinely need them, rather than by those that view property purchases purely as an investment.

By discouraging speculation, says, the steps might improve price stability in the sector. It should also strike what it called a ‘reasonable balance’ in meeting the needs of lessees and making sure the building is used for the purpose that was originally indicated.

Commenting on the changes, JTC told the media that the lease extensions should “ensure the lessees allocated our limited industrial land in their lease contract based on their proposed business plans remain committed to them for a sustained and reasonable period of time”.

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.

Share this story
Posted by Andrew Smith
+44 (0) 20 7726 3200.
More News

Qube Global Software to exhibit and sponsor MIPIM | 1 March 2016

We are pleased to confirm that Qube Global Software will once again be sponsoring and exhibiting at MIPIM in Cannes, South of France.

Qube Global Software will attend and sponsor MIPIM Asia 2015

Staff from Qube Global Software will attend MIPIM Asia, the two day global leader summit, at the beginning of December 2015. Topics this year include Asia Pacific inbound and outbound investment flows, regional development opportunities and projects, and real estate trends.

Surprise strengthening for Singapore dollar | 30 March 2015

Anticipation surrounding upcoming policy moves is not negatively affecting the Singapore dollar as expected, amid reports that it’s actually strengthening rather than weakening. Although many analysts believe Singapore’s central bank meeting in April will result in easier monetary policy, the Singapore dollar is beating everyone’s expectations. Since the middle of March, the Singapore dollar has […]