JTC to conduct strategic review exercise

Source : Channel NewsAsia - 6 Jun 2008

JTC will conduct a strategic review exercise in light of challenges from an increasingly globalised economic environment.

According to JTC’s Chairman, Cedric Foo, this involves looking into maximising Singapore’s land use and boosting the industrial property market. JTC will also continue to undertake large-scale projects essential to Singapore’s growth.

The theme at JTC’s 40th anniversary celebration at the Shangri-La hotel on Friday is on the challenges of today’s market conditions and how to tackle them.

Prime Minister Lee Hsien Loong said: “I am glad that JTC is evolving its mission in response to these new challenges and demands. In particular, JTC will be sharpening its focus to fill market gaps and maximise its effectiveness. The private sector is now more capable of developing industrial projects.”

JTC is already taking steps to divest its industrial facilities to the private sector, allowing the agency to focus more on its core functions such as master planning industrial estates.

“We must be a strategic infrastructure provider, undertaking large-scale specialised projects which Singapore requires for future economic growth and which the private sector lacks the capability or confidence to take on,” Mr Foo said.

This makes up one of the three objectives that JTC will focus on in its strategic review. The other objective is to look into cost- and space-saving real estate solutions.

Lastly, JTC will further promote an active industrial property market. Mr Foo said: “Our divestment exercise will foster competitiveness and vibrancy in the private sector.”

Ong Geok Soo, Assistant CEO, JTC Corporation, said: “We are divesting our flatted factory. It’s only a small component of the overall assets that we have.

“We are still retaining all those landed properties because these are, by and large, a big chunk of the industrial support that we have to give. At the present moment, we are not looking at anymore divestment. We will see how it goes along. The decision will be made later as we go along.”

JTC’s ready-built industrial facilities will be divested to Mapletree at the end of June. - CNA/so