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C A M B R I D G E I N D U S T R I A L T R U S T
A N N U A L R E P O R T 2 0 1 5
SINGAPORE INDUSTRIAL PROPERTY MARKET OVERVIEW
Mapletree Business City Phase II has attracted Google and Covidien to set up their new campus there. Meanwhile,
MediaHub at Ayer Rajah Crescent will be occupied by Starhub, while a business park at Vista Exchange Green
is being developed by BP-Vista, a joint venture between Boustead Singapore and a Middle-Eastern sovereign
wealth fund for lease (Table 6.1).
6.4
Rental Trends
On the back of strong demand, median monthly gross rent for business park increased in 2015, from $4.1 per sq
ft in Q4 2014 to $4.3 per sq ft in Q4 2015 (Figure 6.3). Despite declining office rental in 2015, well-located and
well-specified business park developments with lower rentals are compelling proposition for qualified companies
to establish their operations.
Figure 6.3: Median Monthly Gross Rents for Business Park
Source: JTC, DTZ Consulting & Research, February 2016.
Table 6.1: Business Parks Pipeline Supply (Islandwide)
9
Development/Developer
Location
Estimated NLA
(Sq ft)
Single-user/
Multiple-user
2016
Mapletree Business City Phase II
Alexandra Terrace/
Pasir Panjang Road
0.9m
Multiple-user
Ascent
Science Park Drive
418,000
Multiple-user
MediaHub
Ayer Rajah Crescent
189,000
Single-user
Business park development
Vista Exchange Green
127,000
Single-user
$ per sq ft
per month
5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
Q1 2005
Q1 2009
Q1 2007
Q1 2011
Q4 2013
Q1 2006
Q1 2010
Q1 2008
Q1 2012
Q4 2014
Q3 2005
Q3 2009
Q3 2007
Q3 2011
Q2 2014
Q3 2006
Q3 2010
Q2 2013
Q3 2008
Q3 2012
Q2 2015
Q2 2005
Q2 2009
Q2 2007
Q2 2011
Q1 2014
Q2 2006
Q2 2010
Q1 2013
Q2 2008
Q2 2012
Q1 2015
Q4 2005
Q4 2009
Q4 2007
Q4 2011
Q3 2014
Q4 2015
Q4 2006
Q4 2010
Q3 2013
Q4 2008
Q4 2012
Q3 2015
Source: URA, DTZ Consulting & Research, February 2016.
9 Figures have been rounded.
