CapitaLand Development’s subsidiary, CL Savour Property, has been awarded the tender for an industrial government land sale (IGLS) site in Kallang Way by JTC. The top bid of $368.901 million is 14.9% higher than the second highest bid of $317.889 million submitted by a consortium of Soon Hock Group, BHCC Construction, and Evermega.
This industrial site, the first plot earmarked for adaptive reuse of a former industrial building, currently consists of an existing terrace factory that will be retained and adapted for continued industrial use. According to Tang Hsiao Ling, director of urban planning and architecture division at JTC, the integration of adaptive reuse is strategically master planned and developed to rejuvenate the area sustainably. It is also an effective way to reduce carbon emissions in the built environment while preserving the industrial legacy of the site.
The government’s property cooling measures are an important aspect to consider when investing in condos in Singapore. The Singaporean government has implemented several measures over the years to prevent speculation and maintain a steady real estate market. These measures, such as the Additional Buyer’s Stamp Duty (ABSD), impose higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may affect the immediate profitability of condo investments, they also contribute to the market’s long-term stability, making it a more secure environment for investing in condos.
The 474,772 sq ft site, launched as the last of five Confirmed List sites in the 1H2024 IGLS programme, was launched on June 25 and received four bids at the close of the tender on Oct 1. It is zoned Business 2 under the master plan with a maximum allowable gross floor area of 1.23 million sq ft and has a 33-year tenure. Being part of a designated food zone, the new development will feature food manufacturing spaces and retail uses to inject vibrancy into this industrial area.