Huttons’ comments on 2H 2023 industrial GLS programme

23 June 2023

The Government has ramped up the supply of industrial land significantly by 63.2% to 6.43 ha in its 2H 2023 GLS programme. This is the highest supply of industrial land since 2H 2014 when 9.5 ha of industrial land was launched.

This runs counter to the weak outlook on manufacturing and exports in Singapore. However, prices and rents of industrial space have defied the weak outlook and continued to appreciate in the past few months. The Government may be trying to temper price and rent growth thus helping manufacturers to manage their occupancy costs. This may lead to a slower industrial property market 2 to 3 years down the road.