Developing and Managing Industrial Land and Space. Hafiz Sayuti General Counsel
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1 Developing and Managing Industrial Land and Space Hafiz Sayuti General Counsel 6 November 2015
2 Outline 1. Mission and Role 2. Key Development Initiatives Developing innovative, next generation facilities & infrastructure Improving land productivity Creating new land and space Driving innovation, construction productivity & sustainability Ensuring Stable & Sustainable Industrial Property Market 3. Real Estate Policies Key Principles and Recent Revisions 4. Q&A 2
3 Introduction
4 MISSION To strengthen competitiveness and catalyse the transformation of industries and enterprises ROLE To provide industrial land, space and information to support industries and enterprises
5 Today s Challenges Economic growth Increasing global competition Land resource constraints Rising business costs
6 Coverage Planning No. of estates : > 43 Ready-built space : > 3.3 million sqm Development Marketing Lease & Estate Management Rejuvenation 6
7 Key Initiatives Developing Innovative, Next Generation Facilities & Infrastructure
8 Specialised Parks for Industry Clusters Seletar Aerospace Park Offshore Marine Centre Wafer Fab Parks Jurong Island Tuas Biomedical Park Paya Lebar ipark
9 Business Parks CleanTech Park International Business Park one-north Changi Business Park
10 Next Generation Facilities Developments with Shared Facilities JTC Surface Engineering Hub Developments for Key Clusters JTC Food Senoko Future Ready Developments for Manufacturing JTC CleanTech CleanTech Park JTC Tuas 10
11 Key Initiatives Improving Land Productivity
12 Improving Land Productivity Estate level Redevelopment and rejuvenation of older industrial estates Rehabilitation of Old Lorong Halus Landfill Enterprise level Help industrialists transit from land-based facilities to high-rise space Explore ways with industrialists to redesign buildings to optimise land and space usage.
13 Land-to-Space Framework Since 2013, introduced to encourage industrialists to move from land-based to highrise facilities Focus on 7 selected industries:- Food (excl. food intermediates) Electronics (excl. vibration sensitive activities and wafer fabrication) Car distributors and motor workshops Furniture Printing Media (excl. soundstages and land-based satellite facilities) Logistics (excl. inland container depots and chemical logistics) 13
14 Key Initiatives Creating New Land & Space
15 Reclamation Jurong Island
16 Utilising Underground Space Jurong Rock Caverns
17 NDR Punggol Creative Cluster
18 Key Initiatives Driving innovation, construction productivity and sustainability
19 Driving Innovation Test-bedding of new and innovative urban solutions at JTC buildings and estates. Test-bedding at CleanTech Park
20 Driving Construction Productivity and Sustainability JTC will continue efforts in raising construction productivity and sustainability through: Increasing the buildability and constructability scores of our new developments. Continuously stepping up on efforts to address environmental challenges in a pragmatic manner.
21 Key Initiatives Ensuring Stable & Sustainable Industrial Property Market
22 Ensuring Stable and Sustainable Industrial Property Market Increasing supply of land launched through igls Ramping up development of innovative space Introducing and reviewing industrial land policies to discourage speculation Lengthen assignment prohibition and minimum occupation periods Providing comprehensive and timely quarterly statistics to improve transparency in the industrial property market.
23 Future Supply of Industrial Space In 2015 and 2016, an additional of 2.6 million sqm and 2.2 million sqm of industrial space is estimated to come on-stream respectively. About 5% of current available stock. Significantly higher than the average annual supply and demand in the past 3 years. 3,000 New Supply (Historical and Upcoming) ('000 sqm) 2,000 Historical Upcoming 1,000 0 Source: JTC
24 Providing Statistics on Industrial Property Market Statistics
25 Real Estate Policies Key Principles
26 Policy Principles Policies are crucial levers in maintaining balance between:- Needs of industrialists; Upgrading of industries; Enable an ecosystem of industries to exist; and Ensure stable and sustainable availability of industrial land and space. Ensure optimal and productive economic use of scarce land resources: Generate sustainable economic growth Anchor high value-added investments Create good jobs Intensify land use Regular policy reviews to address changing business needs and to ensure scarce land resources are productively used.
27 Lease / Tenancy Term Intent is to optimise land resource throughout the tenure of the lease / tenancy Typical lease term of 30 years for land / land based facilities (such as standard factories). Ready-built facilities allocated on tenancy term of years. To balance the scarce land resource with competing wants, industrialists applying for land or land based facilities such as standard factories will have to clear allocation criteria on:- Business plan Economic contribution (Value-add) Synergistic linkages to other sectors of our economy Creation of good jobs Proposed investments
28 Lease Term - Renewal Renewal of lease term is neither automatic nor an entitlement. Industries are constantly evolving and business cycles are getting shorter. Facilitate the rejuvenation of industrial sites for new industries. Subject to quality of investment and planning considerations. Option term granted only if investment commitment fulfilled.
29 JTC s Customers End-Users Lessees who use space for own operations. i.e. Industrialists. 3 rd Party Facility Provider (3PFP) Lessees who don t use space for own operations. Facilitate industrialists to be asset light, or free up their capital to be reinvested into their business. Sublet space to End-Users (at least 70% to quality end-users). i.e. Developers, Industry Associations, REITs, Investment Funds, etc.
30 Key Terms and Conditions For leases of land based facilities, lessees have the option to pay land rent / upfront land premium:- Intent of land rental scheme is to assist end-user industrialists in their cash flow and help lower business costs. Since 2013, upon assignment, Third-Party Facility Providers (3PFPs) need to pay upfront premium. They have financial resources or accessibility to market funding. To ensure allocated land are productively used by quality lessees and not as an investment tool, restrictions have to be imposed on assignment, sublet and type of use:- To promote a stable and sustainable industrial property market, policy is an essential lever to influence the market.
31 Real Estate Policies Recent Revisions
32 Lease Renewal Retain good quality companies and promote new investment by existing lessee. Lease renewal is granted to the lessee before the expiry of the existing lease. Revision - Renewed tenure of 20 years will commence from expiry of current lease term, instead of from point of renewal approval. Business Plans New Investments To encourage industrialists to reinvest early to adopt new technologies and improve productivity. Allow longer period to amortise investments. Improved Productivity Renewal of Lease
33 Assignment Avenue for current lessees to exit. Also, alternative access to land for companies that are unable to get land directly from JTC. JTC imposes Assignment Prohibition Period (PP), where lessees have to occupy the premises for a minimum period of time (5 year or 10 years depending on remaining tenure) before they are allowed to sell the premises in the open market. Revision - Since Nov 2013, Assignment PP has been lengthened from 3 to 5 years. Industrialists should remain committed to the land over a sustained period of time since land was allocated for productive economic activities. To discourage speculation and promote price stability in the industrial property market.
34 Subletting Facilitate co-location of related companies or activities to foster synergy Allow temporarily vacant industrial space be put to productive use Unintended effect: Lessees reliance on subletting income Revision - Since Oct 2014, the maximum allowable sublet quantum have been lowered from 50% to 30% of the total GFA of the building Increase Space for industrialists / Anchor Tenants Own Usage 30% is adequate buffer space for industrialists to meet the volatile business conditions Decrease Allowable buffer space to be sublet
35 Anchor Subtenants (3PFPs) Effective 1 Oct 2015, GFA requirement by anchor subtenant has been reduced from 1,500 sqm to 1,000 sqm Re-assessment for anchor subtenants renewing their sublet arrangement will no longer be required Redevelopment to be considered on a case-by-case basis
36 Moving Forward Increasingly sophisticated infrastructural solutions amidst a more challenging economic landscape Continue to ensure Stable and sustainable industrial property market Scarce industrial land is put to the best use by industrialists Policies and products remain relevant to the economy and industry through regular policy reviews
37 Q & A
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