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Warehousing, too, may go underground

Posted on 3 Nov 2009 | Comments Off

Study to examine feasibility of centre at Tanjong Kling

The push for underground is gathering momentum.

A feasibility study will be carried out into an underground warehousing, logistics and data centre at Tanjong Kling in Jurong. This comes soon after the government disclosed plans to build an underground science city (USC) at Kent Ridge.

‘Both projects could be undertaken concurrently if the studies prove feasible,’ a Jurong Town Corporation (JTC) spokeswoman said yesterday.

On Friday, the government called for a consultant to carry out ‘geological investigation and ground characterisation’ studies at Tanjong Kling. This is expected to take up to five months.

The move comes after a July tender was closed for a consultant to carry out feasibility studies into the Kent Ridge project. JTC is still evaluating the tender bids.

The appointed USC consultant – working to a 14-month deadline – will assess the maximum-size cavern complex that can be built there, as well as its impact on the environment and working population at Kent Ridge. It will also have to provide ballpark cost estimates for the project.

The studies on the two underground projects follow the recent start of construction work on the $1 billion first phase of the Jurong Rock Cavern (JRC) to store oil and petrochemicals on Jurong Island. Continue reading →

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Posted in Office / Retail / Industrial

Tagged Singapore Industrial, Tanjong Kling, Underground Warehousing

Govt could release office sites again next year

Posted on 31 Oct 2009 | Comments Off

Wheelock Properties boss cites firming in office rents, and suggests govt will act fast to keep rents reasonable.

THE government could release two or three large office sites for sale fairly soon – as early as first half next year – as office rents are starting to firm, says Wheelock Properties (Singapore) CEO David Lawrence, based on his experience with the group’s Wheelock Place office tower.

MR LAWRENCE
‘Look at the Marina area. They have so many sites with the infrastructure ready to go.’

The sites could be in the Marina area and part of the confirmed list, he said in a recent interview with BT.

A potential tenant was recently in discussions with the property group to lease a 4,000 sq ft office unit at Wheelock Place in Orchard Road. But when it was a day late reverting and the offer deadline lapsed, Wheelock immediately signed a deal with another party at a rental rate $1 per sq ft more than that discussed with the earlier party, Mr Lawrence disclosed. He declined to give further details, citing confidentiality reasons.

According to him, the slight pick-up in rents probably has to do with Singapore raising its profile again lately – the way the government has come through the global financial crisis, good corporate governance, the integrity and pragmatism of the government. It is becoming attractive for firms – particularly in commodities, fund management and wealth management – in Europe and the US, who want to tap the Asia growth story, to operate in Singapore.

The same phenomenon is taking place in Hong Kong, he observes.

Hence, notwithstanding the substantial supply pipeline, of about 7.7 million sq ft of offices slated for completion from Q4 this year to end-2012, according to CB Richard Ellis figures, Mr Lawrence believes the government will release office sites quite soon.

‘I don’t know this for a fact, but I think it is part of government policy or should be part of government policy to keep releasing sufficient land so that office rents are kept reasonable in Singapore, because there are a lot of spin-offs into the economy from having these companies and people in Singapore,’ he said. Continue reading →