Singapore trims industrial land supply as manufacturing activity slows

Five sites under the Confirmed List of 2H 2024 IGLS programme.

Singapore's weak manufacturing activity has dampened the demand for industrial sites across the city-state, prompting the government to reduce the volume of its state land tenders for the latter half of 2024.

Huttons Asia’s senior director for data analytics Lee Sze Teck said weak factory output and declining exports have dampened the demand for industrial land, prompting JTC to cut its land sale programme by nearly a third.

“The reduction in land supply will shift demand to the resale market and help the industrial property market to stabilize,” Lee said.

JTC is set to auction off five sites under the Confirmed List of the Industrial Government Land Sales (IGLS) programme for the second half of 2024, with a total site area of 5.77 ha, the Ministry of Trade and Industry announced on Thursday.

Lee said this is 30% lower than the 1H 2024 programme.

There are also five sites under the Reserve List of 2H 2024 programme with a combined area of 7.23 ha, which could be triggered for sale when there is enough demand.

Also last week, JTC launched the tender for the 4.41ha Kallang Way site as the fifth and last offering under the confirmed list of its 1H 2024 IGLS programme.

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Huttons Asia

JTC Corporation

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