SCCCI shares former JTC tenants’ fears

Source : Straits Times - 5 Mar 2009

THE Singapore Chinese Chamber of Commerce and Industry (SCCCI) shares the fears of former JTC tenants that the corporation’s huge property sell-off has sent rents up.

The SCCCI has backed the tenants’ view that the sell-off is diverting the JTC from its essential purpose of providing affordable industrial land.

Some former JTC tenants have been affected after the corporation sold some of its assets to Mapletree Investments last July. These tenants had petitioned Mapletree last December to cut rents, but have yet to see any success.

The SCCCI said yesterday: ‘These former JTC tenants are justifiably frustrated because if JTC had not sold their properties to Mapletree last year, they could now be benefiting from the much-needed 15 per cent rental rebate the JTC has kindly offered to its tenants. Their predicament reflects one major concern of many SMEs (small and medium-sized enterprises) under the current extremely difficult economic environment.’

According to SCCCI’s survey in 2006, some respondents did not want large real estate firms gaining monopoly rights on industrial property. They felt such firms would not be able to perform ‘JTC’s unique role in rendering suitable aid to tenants during recessions and economic downturns’.

SCCCI lauded the timely rental rebates given by JTC, the Housing and Development Board, the National Environment Agency and the Singapore Land Authority.

It also appealed to Mapletree to extend some assistance to those affected by JTC’s divestment plan.

ANANYA ROY