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3. Parliamentary replies

Minister Lim Hng Kiang’s Oral Reply to Parliament Question on Price of Industrial Land for SMEs

16 November 2012

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Question


Mr Inderjit Singh: To ask the Minister for Trade and Industry what are the Ministry's plans to keep industrial land affordable for SMEs in Singapore.


Oral Reply by Mr Lim Hng Kiang, Minister for Trade and Industry


1. URA’s rental index for industrial property rose by 1.2% in the third quarter of 2012, moderating from the 2.8% increase in the previous quarter. This likely reflects a moderation in underlying demand for industrial space relative to supply, which has increased in recent quarters.


2. However, industrial property prices continued their upward trend in the third quarter of 2012. We will release sufficient land through the IGLS programme to meet the needs of industrialists and moderate prices and rentals. We have also started to release smaller IGLS land parcels with shorter tenure, targeted at SMEs that require customised land-based facilities at more affordable prices. In addition, we will continue with our enforcement efforts to ensure that industrial space is not misused by non-industrial users, which may also have contributed to the increase in industrial prices and rentals.

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