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INDEPEnDENT MARKET STUDY
By Colliers international consultancy & valuation (singapore) pte ltd
year at S$3.33 per sq ft per month,
some 25.3% below its recent peak
of S$4.46 per sq ft per month as of
2Q 2008.
By locality, except for Changi
Business Park where monthly median
rents posted a 9.1% YoY increase to
S$3.60 per sq ft per month as of 4Q
2009, all other localities registered
annual rental declines.
hi-tech industrial
Existing and Future Supply
Official statistics on the hi-tech 3
or the independent highspecifications
(high-specs)
industrial market are not available.
According to Colliers International’s
estimates, the existing stock of
independent multi-user high-specs
industrial space stood at 638,000
sqm, as of 4Q 2009. The majority
78.4% of the existing stock were
completed prior to 2000. Net new
supply after 2000 totalled some
138,000 sqm, of which, some 52,000
sqm were completed in 2009,
compared to 44, 000 sqm in 2008.
Major completions of independent
multi-user high-specs
developments in 2008 include
MONTHLY MEDIAN GROSS RENTS OF BUSINESS AND SCIENCE PARK
SPACE (BY LOCATION)
S$ per sq ft per mth
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
Net new and potential supply of independent multi-user
high specs industrial space (as of 4Q 2009)
Net Floor Area (‘000 sqm)
60
50
40
30
20
10
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Note: In years where there were no rental transactions, the median rents were obtained via extrapolation
Source: URA/ Colliers International Singapore Research
Overall Business & Science Parks
International Business Park
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010F 2011F 2012F 2013F 2014F
F: Denotes Forecast
Source: URA/Colliers International Singapore Research
Platinum 28 and Starhub Green. In
2009, two multi-user developments
– Forte on New Industrial Road and
Admirax on Admiralty Street –
were added to the stock.
Science Park
CBP Changi Business Park
Based on URA’s potential supply
project list as of 4Q 2009, another
estimated 6,200 sqm of net floor
space from the project located on
55 Jalan Peminpin is expected to be
added to the independent multi-
3
Colliers International Singapore Research defines this as “Independent Multi-User High-Specifications or High-specs” industrial space. More than just conventional factories
dressed up with cosmetic exteriror such as aluminium and glass claddings, high-specs industrial space are fitted with higher than normal specifications and offering hybrid officeindustrial
characteristics and are suitable for high value-added, technology-based manufacturing, information technology, product development, and research and development.
76 Ascendas real estate investment trust