Singapore to see 1.35m sq ft of industrial land supply for H2

This is the largest bi-annual supply from the IGLS programme in two years.

The Singapore government’s Industrial Government Land Sales (IGLS) Programme for the second half of 2022 (2H2022) comprises four Confirmed List sites and three Reserve List sites with total site area of 6.36 ha.

Tan Boon Leong, Executive Director, Logistics and Industrial Leasing, JLL Singapore says altogether, these seven parcels could potentially generate around 1.35 million sq ft of potential gross floor area (GFA) for 2H2022, up 37% from the 0.99 million sq ft of potential GFA which could be generated from the seven parcels with total land area of 4.48 ha offered in the 1H2022 programme.

Here’s more from JLL:

This is the largest industrial land supply from the bi-annual IGLS programme since 1H2020 where eight plots with combined site area of 7.12 ha which could yield 1.41 million sq ft of potential GFA, were offered.

In calibrating its latest IGLS programme, the Government had likely taken into consideration Singapore’s industrial property market performance in 1Q22, which posted its best quarterly performance in eight years. JTC statistics showed the all-industrial rental index rose 1.0% q-o-q in 1Q22, the fastest since the 4.4% recorded in 3Q13, and the all-industrial property price index surged 2.1% q-o-q in 1Q22, the sharpest since the 3.8% posted in 1Q14. This had been underpinned by the robust manufacturing sector which recorded its seventh straight quarter of output expansion in 1Q22.

However, while striving to release sufficient land through the IGLS programme to ensure an adequate supply of industrial space to cater to varying business needs, the Government likely also considered the ongoing geopolitical tensions and macroeconomic uncertainties. This is reflected in the placement of a larger quantum of land (3.52 ha which could yield a potential GFA of 0.86 million sq ft) on the 2H2022 Reserve List for industrialists/developers to trigger for tender in response to market demand.

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