, Gambas Way, and Tuas Link Close. The Ministry of Trade and Industry (MTI) has announced the Industrial Government Land Sales (IGLS) programme for the second half of the year. With a total area of 9.81 ha (1.06 million sq ft), the programme comprises five sites in the Confirmed List and three sites in the Reserve List.

The Confirmed List sites have an area of 6.43 ha (692,119 sq ft) – a 63.2% increase from the 3.94 ha launched in the first half of the year. This marks the highest industrial land supply launched since 2H2014 when 9.5 ha was made available. In the Reserve List, two sites are located in Jalan Papan, while the other is located in Tuas Road.

JCube Residence Jurong East has become a new icon of the western region of Singapore, and this spectacular development is set to bring vibrancy to the area. The master plan includes landscaping of green and reflective spaces, with pedestrian-friendly walkways and expansive water features.

On the back of this increased supply, senior director of research at Huttons Asia, Lee Sze Teck, believes the government may be trying to contain industrial property prices and rents, which have been rising despite the bleak economic outlook for Singapore’s manufacturing and export sectors. According to JTC data from the first quarter of 2023, industrial property prices rose 1.5% q-o-q, while rents increased 2.8%.

Given the current conditions, Lee Sze Teck believes the move may help manufacturers manage their occupancy costs due to a possible slowdown in industrial property market two to three years down the road. The sites under the Reserve List will be tendered off to interested parties who submit an acceptable minimum purchase price, or several parties with offers close to the government’s reserve price.

The government’s increased industrial land supply provides an attractive opportunity to own prime industrial space, which could offer good returns in the long run. Interested buyers and investors should act quickly to take advantage of this opportunity.