JTC awards tender for Kallang Way to CapitaLand, first industrial GLS site with adaptive reuse
SINGAPORE (EDGEPROP) - JTC has awarded the tender for an industrial GLS (IGLS) site at Kallang Way to CL Savour Property, a subsidiary of CapitaLand Development, which put in the top bid price of $368.901 million.
The top bid of $368.901 million is 14.9% higher than the second highest bid of $317.889 million submitted by a consortium of Soon Hock Group, BHCC Construction and Evermega.
This industrial site is the first plot earmarked as an adaptive reuse of a former industrial building. The site currently consists of an existing terrace factory that will be retained and adapted for continued industrial use.
Read also: Industrial rents up 0.3% in 3Q2024 amid weaker demand; slowest growth since 4Q2021
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The integration of adaptive reuse is strategically master planned and developed to rejuvenate the area sustainably. It is also an effective way to reduce carbon emissions in the built environment while preserving the industrial legacy of the site, says Tang Hsiao Ling, director of urban planning and architecture division at JTC.
Launched as the last of five Confirmed List sites in the 1H2024 IGLS programme, the 474,772 sq ft site was launched on June 25. At the close of the tender on Oct 1 it received four bids.
The site is zoned Business 2 under the master plan with a maximum allowable gross floor area of 1.23 million sq ft. The site also has a 33-year tenure. The site is part of a designated food zone, and the new development will feature food manufacturing spaces and retail uses to inject vibrancy into this industrial area.
This industrial site is the first plot earmarked as an adaptive reuse of a former industrial building. The site currently consists of an existing terrace factory that will be retained and adapted for continued industrial use.
Read also: Industrial rents up 0.3% in 3Q2024 amid weaker demand; slowest growth since 4Q2021
Advertisement
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The integration of adaptive reuse is strategically master planned and developed to rejuvenate the area sustainably. It is also an effective way to reduce carbon emissions in the built environment while preserving the industrial legacy of the site, says Tang Hsiao Ling, director of urban planning and architecture division at JTC.
Launched as the last of five Confirmed List sites in the 1H2024 IGLS programme, the 474,772 sq ft site was launched on June 25. At the close of the tender on Oct 1 it received four bids.
The site is zoned Business 2 under the master plan with a maximum allowable gross floor area of 1.23 million sq ft. The site also has a 33-year tenure. The site is part of a designated food zone, and the new development will feature food manufacturing spaces and retail uses to inject vibrancy into this industrial area.