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13-03-14, 13:34
http://www.straitstimes.com/archive/friday/premium/top-the-news/story/rental-data-be-more-transparent-20140307
Rental data to be more transparent
Published on Mar 07, 2014
By Chia Yan Min
BUSINESSES could soon have access to comprehensive shop rental data, in a bid to make rental pricing more transparent and help them make informed decisions.
This is in response to feedback from a national Small and Medium-sized Enterprise (SME) work group that looks into how the Government can better help such firms, said Mr Teo Ser Luck, Minister of State for Trade and Industry, in Parliament yesterday.
His ministry and the Urban Redevelopment Authority (URA) are looking into publishing the data, he added.
Responding to MPs' questions about helping businesses with rising land and space costs, Mr Teo said rents for space are likely to moderate in the medium term as the Government has released "a significant amount of land".
About 145,000 sq m of new shop space will be completed each year over the next three years.
Over the same period, 500,000 sq m of multiple-user factory space will also be made available each year.
The new supply is more than double the average annual demand for such spaces over the last three years.
On MPs' concerns about the impact of real estate investment trusts on rents, Mr Teo said Reits are not the leading players in the market.
Reits own about 13 per cent and 16 per cent of retail and industrial rental spaces respectively.
"Like any other landlord, they have to compete in the rental market to attract tenants and cannot charge excessive rents," he said.
The Government will continue to monitor the rental market and will intervene if there is evidence of collusion or abuse of market dominance by any player, including Reits, Mr Teo added.
[email protected]
Rental data to be more transparent
Published on Mar 07, 2014
By Chia Yan Min
BUSINESSES could soon have access to comprehensive shop rental data, in a bid to make rental pricing more transparent and help them make informed decisions.
This is in response to feedback from a national Small and Medium-sized Enterprise (SME) work group that looks into how the Government can better help such firms, said Mr Teo Ser Luck, Minister of State for Trade and Industry, in Parliament yesterday.
His ministry and the Urban Redevelopment Authority (URA) are looking into publishing the data, he added.
Responding to MPs' questions about helping businesses with rising land and space costs, Mr Teo said rents for space are likely to moderate in the medium term as the Government has released "a significant amount of land".
About 145,000 sq m of new shop space will be completed each year over the next three years.
Over the same period, 500,000 sq m of multiple-user factory space will also be made available each year.
The new supply is more than double the average annual demand for such spaces over the last three years.
On MPs' concerns about the impact of real estate investment trusts on rents, Mr Teo said Reits are not the leading players in the market.
Reits own about 13 per cent and 16 per cent of retail and industrial rental spaces respectively.
"Like any other landlord, they have to compete in the rental market to attract tenants and cannot charge excessive rents," he said.
The Government will continue to monitor the rental market and will intervene if there is evidence of collusion or abuse of market dominance by any player, including Reits, Mr Teo added.
[email protected]