SINGAPORE: Singapore will reduce the tenure of industrial land sold by the state to help lower the upfront cost of building factories and warehouses, the government said on Monday.
Under the industrial government land sales programme for the second half of 2012, the tenure for all recommended sites will be cut to a maximum of 30 years, down from 60 years, said the Ministry of Trade and Industry.
The tenure for sites that have not been sold will also be capped at 30 years, the ministry added.
"The tenure reduction increases the government's flexibility for land redevelopment and would help to make industrial property more affordable for industrialists," it said in a statement.
Singapore's industrial land sales program for July-December will total 23.72 hectares, similar to what was released in the first half. For all of 2012, the amount of industrial land made available will total 47.69 hectares, about 1.4 times more than in 2011.
Prices of multiple-user factories rose by 7.2 percent in the first quarter from the previous three months, while that of multiple-user warehouses grew 8.8 percent, according to data from the Urban Redevelopment Authority.
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