JTC awards tender for first IGLS site with additional three years of lease tenure at Plot A Tukang Innovation Drive
30 May 2025
JTC has awarded the tender for the industrial site at Plot A Tukang Innovation Drive to the Joint Tenderers, Fusion Property Pte. Ltd. and BP-Innovue Pte. Ltd., at a tendered sum of $81,888,888. Launched on 31 December 2024, the tender closed on 8 April 2025, with five bids received.
This is the first Industrial Government Land Sales (IGLS) site to be awarded with the additional three years of lease, as part of recent enhancements to the industrial land lease framework.
“The additional three years of lease tenure for greenfield developments is timely as it gives developers greater flexibility in delivering full lease term industrial solutions. The extended tenure provides a longer runway in planning and execution and will better support the success of the investment product for end users,” said Mr Wong Yu Wei, Deputy Chairman of Boustead Projects Limited.
The particulars of the awarded land parcel are as follows:
| Location | Zoning | Site Area (sqm) | Tenure | Gross Plot Ratio | Project Completion Period |
|---|---|---|---|---|---|
|
Plot A Tukang Innovation Drive |
Business 2 |
18,687 sqm |
33 years |
2.5 |
60 months |