The median rent of multiple-user mill distances in Singapore dropped by 1.4% q-o-q and 2.2% y-o-y to $1.75 psf per month at 3Q2020, notes Knight Frank in its own report on the industrial industry.
Clavon condo for sale site under the Government Land Sales (GLS) program has closed. UOL Venture Investment Private Ltd and UIC Homes Private Ltd were awarded the tender for the site by the Urban Redevelopment Authority (URA) after the two developers submitted the highest bid out of the five bidders.
In July and August, leasing trades struck 1,577, amounting to $5.7 million, representing a 34.4% y-o-y reduction.
Zoom Video Communications started a new data center in August, while Hyundai Motors has announced plans to occupy the industrial area formerly left empty by Dyson in Bulim Avenue.
As at end-June 2020, some 53.7 million sq feet of industrial area is anticipated to come on stream from 3Q2020 into 2024, says Knight Frank. Approximately 26.7% of the approaching developments taking the industrial area are estimated to be completed at the remaining portion of 2020, together with the bulk containing mill space.
In the production industry, Knight Frank is bullish on companies that create electronic equipment, in addition to those that manufacture medical or hygiene products.
In general, it doesn’t anticipate industrial rents and costs to decrease by over 5% to the entire of 2020.