IGLS tenure halved to 30 years for cheaper, more flexible sites

Shorter tenures should make Industrial Government Land Sales sites extra affordable and adaptable, claims the government.

Also, cutting down the IGLS tenure from the previous 60 years to 30 years will increase government flexibility for land redevelopment, the Ministry of Trade and Industry said in a release.

The shortened tenure will be implemented for all recommended sites in the IGLS programme for the 2H12, and all unsold sites in the previous 1H12 programme, added MTI.

"Similar to the first half of 2012, more sites of smaller size and shorter tenure will be released. This will help to meet the demand of industrialists who prefer to build their own customised facilities. With shorter tenure, the sites are expected to be more affordable to industrialists," said MTI.

For the 2H12 programme, there are 16 sites in the Confirmed List and 3 sites in the Reserve List, with a total site area of 23.72 ha, according to MTI data. The proposed land quantum for the second half of 2012 is comparable to that of the first half of 2012. Altogether, 47.69 ha of land will be issued in 2012, which is 1.4 times more than that in 2011.