at Changi Business Park
Singapore’s economic development board, JTC, has awarded the tender for a new industrial site at Kallang Way to CapitaLand Development’s subsidiary, CL Savour Property. The top bid of $368.901 million submitted by CL Savour Property was 14.9% higher than the second highest bid of $317.889 million from a consortium of Soon Hock Group, BHCC Construction and Evermega. The 474,772 sq ft site is the first plot identified for an adaptive reuse of a former industrial building and will comprise a mix of industrial and retail spaces. JTC’s director of urban planning and architecture division, Tang Hsiao Ling, believes that this strategic integration of adaptive reuse will help rejuvenate the area sustainably while reducing carbon emissions and preserving the industrial legacy of the site. The site, which is part of a designated food zone, will have a 33-year tenure and is expected to feature food manufacturing spaces and retail outlets. It was launched as the last of five Confirmed List sites in the 1H2024 Industrial Government Land Sales (IGLS) programme on June 25 and attracted four bids when the tender closed on Oct 1. This marks the 13th straight quarter of rising industrial rents and prices in Singapore. In addition, two industrial projects recently underwent virtual TOP inspections at Changi Business Park.
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