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Good news for SMEs: Rents likely to drop

More factory and shop space available in next few years

Published on Apr 15, 2014 8:38 AM
Books Actually store in Yong Siak Street. Rental along that short stretch which is at the fringe of the Tiong Bahru conservation estate had shot up in the last few years, according to some tenants in a newspaper report in November last year. -- ST FILE PHOTO

Retailers and industrialists can expect rents to decline in the coming years, said Minister of State for Trade and Industry Teo Ser Luck yesterday.

In the next three years, about 500,000 sq m of multiple- user factory space will become available each year.

In the same period, 145,000 sq m of new shop space will be completed yearly as well. This is double the average annual demand for such spaces in the last three years, he said.

Mr Teo was replying to Ms Lee Bee Wah (Nee Soon GRC) who had asked if the Government was taking steps to help small and medium-sized enterprises (SMEs) cope with rising costs, especially rents.

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