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More industrial and commercial sites will be released so that medium term demand can be met, said Mr Khaw Boon Wan, Minister of National Development.
Mr Gan Thiam Poh, MP for Pasir Ris-Punggol GRC had asked Mr Khaw about the prospects of cooling measures in steadying the prices of these properties.
Mr Khaw replied that although prices for industrial and commercial sites rose during the economic recovery period after the global financial crisis, the price increases for these sites have been moderate.
Industrial and commercial property prices as of Q3 2011 were only slightly higher than their last peak during Q2 2008. Industrial site prices have increased at a faster rate, with prices in the same period reaching 21 percent above its last peak in Q3 2008.
“To ensure that prices are not out of line with economic fundamentals, the government has and will continue to release sites via the Government Land Sales Programme to ensure that there is sufficient commercial and industrial space to meet demand over the medium term,” Mr Khaw said.
Around 90,000 sq m of new shop space and 200,000 sq m of new office space per annum are in the pipeline over the next five years, while new growth areas such as Paya Lebar Central (pictured) and Jurong Gateway will continue to be developed.
For the first half of 2012, 24 ha of industrial sites will be released, including properties that are more affordable but are smaller and have shorter tenures.
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