JTC has awarded the tender for the industrial site at Plot A Tukang Innovation Drive to Fusion Property Pte. Ltd. and BP-Innovue Pte. Ltd. The tender, which closed on 8 April 2025, attracted five bids and was awarded for a sum of $81,888,888. This site marks the first Industrial Government Land Sales (IGLS) site to benefit from an additional three years of lease tenure, a recent enhancement to the industrial land lease framework.
The site, zoned for Business 2 use, spans 18,687 square metres and comes with a gross plot ratio of 2.5. The project is expected to be completed within 60 months. The extended 33-year lease tenure is designed to offer developers more flexibility in planning and executing industrial solutions, as highlighted by Wong Yu Wei, Deputy Chairman of Boustead Projects Limited. He stated, “The additional three years of lease tenure for greenfield developments is timely as it gives developers greater flexibility in delivering full lease term industrial solutions.”
This development is part of JTC’s ongoing efforts to enhance the industrial land lease framework, providing a longer runway for developers and supporting the success of investment products for end users. The extended lease is expected to facilitate better planning and execution, ultimately benefiting the industrial sector.
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