SEO Version
The government continues to be cautiously optimistic about the investment outlook for 2013. FAI is expected
to be lower in 2013, from S$11.0 billion to S$13.0 billion, in keeping with Singapore’s land and manpower
constraints. On a positive note, TBE is expected to rise to between S$6.5 billion and S$8.0 billion, while
19,000 to 22,000 skilled jobs will be generated in 2013.
1.4
Government Policies and Strategies in 2012
Table 1.3: Major Government Policies and Strategies (2012)
Policy
(Month of Announcement)
Description
Conditions for New
Developments Under
Industrial Government Land
Sales (IGLS) Programme
(January 2012)
• Development control-related measures were passed to ensure that
building specifcations of future industrial developments would better
meet industrialists’ needs.
• Apart from measures related to building specifcations, other key
measures include the disallowing of strata subdivision for selective
industrial GLS sites e.g., near Mass Rapid Transit (“MRT”) as well as a
cap on the minimum size for strata-titled industrial units.
Budget 2012
(February 2012)
• Key highlights include:
o
Restructuring to sustain growth
– to achieve productivity growth
of 2% to 3% per year (or total 30% growth over a decade). The
government had put in place measures (wef from 1 July 2012) to
manage Singapore’s dependence on foreign workers, which are:
• Reducing dependency ratio ceilings
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• Reducing man-year entitlement quota for Construction.
o
Helping SMEs make the transition
– Key measures include schemes
e.g., Special Employment Credit and Enhance Productivity and
Innovation Credit Scheme as well as one-off cash grants to help
SMEs enhance their operations; and
o
Building a fair and inclusive society
– This includes increasing
Central Provident Fund (CPF) contribution rates and providing
tax reliefs for older Singaporeans, scaling up care capacity and
enhancing the affordability of healthcare.
Shorter Tenure for Sites
in the Industrial GLS
Programme for H2 2012
(June 2012)
• Shorter tenure for all sites in the H2 2012 IGLS programme from 60
years to a maximum term of 30 years.
• Industrial sites released are also mostly smaller in size to increase
the government’s fexibility for land redevelopment and to improve
affordability for industrialists.
Guidelines on Non-
Exclusive and Limited
Use for Religious Activities
(June 2012)
• Religious groups are only allowed to make use of industrial premises
zoned Business 1 (B1) on a non-exclusive and limited basis.
• These industrial premises cannot be used exclusively for religious
purposes at the expense of industrial activities.
• Usage is limited to certain days in a week and will occupy only the
ancillary use quantum of the industrial premises zoned B1.
• Religious groups will be able to conduct some religious activities
in industrial space, without compromising the primary function and
character of industrial developments.
• Existing religious organisations that are using factory units for religious
uses on an exclusive basis will be granted a three-year grace period
with effect from 12 June 2012 to comply with the conditions.
INDEPENDENT MARKET STUDY:
By DTZ Debenham Tie Leung (SEA) Pte Ltd
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Existing foreign workers are not affected by the change until after June 2014.
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SABANA REIT
Annual Report 2012
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