Complete Property Market Updates of Singapore

June 16, 2008

4 firms snap up land at Seletar aerospace hub

Filed under: Commercial,General,Land Sale — Propertymarketupdates @ 4:31 am

PLANS for an aerospace hub at the former Seletar airbase are shaping up well, with land that was available under the first phase of development fully taken up by four companies.

The front runners are Singapore Technologies Aerospace and Jet Aviation, both existing tenants with plans to expand their current facilities at Seletar.The other two companies are new tenants – engine makers Rolls-Royce and Pratt & Whitney.

The new and extended facilities should be up and running by the end of next year.

With Phase One out of the way, JTC Corporation, which is overseeing the development of the 140ha park surrounding the existing Seletar Airport, has started talking to potential Phase Two customers, its spokesman told The Straits Times.

Part of the plans for the next phase includes a multi-storey commercial building to house aviation companies, such as those in the business of chartering and leasing aircraft as well as aviation insurance.

To promote private-sector participation in industrial development, JTC Corp will invite bids from private developers to build and manage the new building, said the spokesman.

Apart from aerospace companies, there are also plans to set up aviation training schools at the new park.

Neglected for years, Seletar will also have new roads and better infrastructure to support the operations of the companies based there.When fully completed by 2018, Seletar Aerospace Park will create 10,000 jobs and boost output in the aerospace sector, which hit a record $6.9 billion last year. This figure was a 10.4 per cent increase from a year earlier.

Source : Straits Times – 23 May 2008

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