by BCAp3m ago
Singapore (EDGEPROP) – The government agency JTC has awarded the tender for an industrial GLS (IGLS) site at Kallang Way to CL Savour Property, a subsidiary of CapitaLand Development. The winning bid of $368.901 million was 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 site, which is the first of its kind to be earmarked for an 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 part of a strategic master plan to sustainably rejuvenate the area and reduce carbon emissions in the built environment, while still preserving the industrial legacy of the site.
One must familiarize themselves with the laws and limitations surrounding property ownership in Singapore when considering investing as a foreigner. While purchasing condominiums is relatively unrestricted for foreign buyers, there are stricter guidelines for purchasing landed properties. Additionally, foreign investors must be aware of the Additional Buyer’s Stamp Duty (ABSD) which currently stands at 20% for their first property purchase. Despite this added expense, the stability and potential for growth in the Singapore real estate market remains a strong draw for foreign investment. You can also explore new condo launches as an option for investment in Singapore.
Investing in a condo in Singapore presents numerous advantages, one of which is the potential for capital appreciation. This small but thriving country is a major global business hub, attracting a constant influx of professionals and entrepreneurs. As a result, there is a continuous demand for real estate, which in turn drives up property prices. In fact, Singapore’s strong economic fundamentals have contributed to a steady increase in real estate prices over the years, particularly for condos in prime locations. Savvy investors who enter the market at the right time and hold onto their properties for the long term can look forward to substantial capital gains.
The 474,772 sq ft site was launched on June 25 as the last of five Confirmed List sites in the 1H2024 IGLS programme. At the close of the tender on Oct 1, it received four bids. The site, which is zoned Business 2 under the master plan, has a maximum allowable gross floor area of 1.23 million sq ft and a 33-year tenure. It is also part of a designated food zone, and the new development will feature food manufacturing spaces and retail uses to add vibrancy to the industrial area.