JTC Corporation will be spearheading a project that will cater tenants who are engaged into manufacturing related services. This new kind of development will meet the requirements between light industrial and office space. It is expected to rise within Woodlands.
This industrial development came out from the feedback generated by the trade associations in Singapore. It was observed that there has been a scarcity of affordable office space in the country. To meet the demand, JTC Corporation initiated this project to meet such insufficiency.
Additionally, there are a lot of businesses that are not qualified for cheaper space zoned for Business 1 use. Business 1 spaces are suitable only for warehouse and light businesses- not for manufacturing operations. This requirement leaves businesses or operators who deal with manufacturing empty handed.
On top of these, the Urban Redevelopment Authority or URA has implemented a rule that prohibits the use of industrial units or spaces as pure office. It has implemented legal actions so that operators or tenants would strictly follow this prohibition.
Because of the strict line existing between industrial and commercial use, some authorities or parties have requested URA to flex its terms over B1 zones. The parties requested that it (URA) would allow the use of B1 spaces for commercial use in order to keep up with the changing industrial landscape.
To be fair with other operators who have been following the strict regulations of URA and to keep in line with the established rules, authorities have come to a decision of creating an intermediate zone that could meet the requirements set for commercial and industrial use.
There have been rumors and hearsay that rental over this new zone is quite costly than a B1 zoned space.
JTC Corporation is planning to conduct a pilot study for this new type of space in order to acquire a sense of demand over it. If this study would end up finding out that there is a great demand for such space, the statutory board could start offering more of this space or maybe sell land for this purpose.