SINGAPORE: JTC Corporation will lower its posted industrial land rents and prices by up to 38 percent from January.
Those in the urban and suburban areas such as Jurong East will be reduced by up to 17 percent while those in outlying estates such as Woodlands East will be cut by up to 38 percent.
Contracted rents will be adjusted downwards accordingly, by an average of 20 percent.
The Housing and Development Board will also adjust its rents for the industrial land leases under its management.
Explaining the move, JTC Corp says that with the increasingly competitive environment for global investments, it recognises that its industrial land rents and prices have to be even more internationally attractive.
This latest round of rate cuts will signal to investors that Singapore is working to lower business costs.
The move will ensure that Singapore remains an attractive manufacturing location for global investments.
JTC Corp and HDB also announced on Wednesday that they will be withdrawing the rebates for their lessees when they expire at the end of year.
These measures were introduced in 1998 to help businesses tide over the economic slowdown.
They have been extended many times with the last extension due to expire on 31 December.
JTC Corp says the reduction in rents will help to lessen the impact of the withdrawal of rebates for lessees. - CNA
Isn't it overdued?
Now then cut land cost...
I think got to do with regional threat - Esp Malaysia