JTC's Plans to Reduce High Vacancy Rate of Its Business Parks

Ms Hazel Poa asked the Deputy Prime Minister and Minister for Trade and Industry in view of the vacancy rate for business parks reaching the highest level in 14 years (a) whether there are any plans by JTC to reduce the vacancy rate of its business parks; (b) whether the Government has any plans to relax the business park zoning rules to reduce the vacancy rate for business parks and encourage better utilisation of land zoned for business parks; and (c) if not, why not.

Mr Gan Kim Yong: The occupancy rate for business parks remains healthy at 77.9% in Q4 2024. Occupancy rates have hovered at around 75% to 85% in the past 15 years. There has been an increase in supply with the development of Punggol Digital District and tenants will begin moving in this year.

The JTC Corporation and Urban Redevelopment Authority regularly engage businesses and update our industrial land-use policies and guidelines to meet evolving business needs.