Budget 2020: Industrial property segment gets long-term boost

The Research, Innovation and Enterprise 2020 Plan, which outlines the government’s investment into artificial intelligence, industrial robotics, urban sustainability and biomedical sciences should benefit the industrial property sector, said Tricia Song, Head of Research for Singapore, Colliers International.

“With these initiatives providing fiscal support to expand the capabilities of budding start-ups, we expect to start seeing their impact in the next few years following the completion of JTC’s upcoming districts.” “The 15 per cent property tax rebate for qualifying commercial properties should alleviate some concerns among retail mall operators arising from the COVID-19 outbreak, such as declining tenant sales and footfall,” said Colliers’ Ms Song.

Frasers Centrepoint Trust’s portfolio comprises six suburban malls including Causeway Point, Northpoint City North Wing and Changi City Point. Meanwhile, the delay in GST hike should encourage more domestic spending at least into 2021, and support retail sales, Ms Song said.Hotels, serviced apartments and Meetings, Incentives, Conferences and Exhibitions venues, which have also been hard hit, have been granted a rebate of 30 per cent for their accommodation and function room components.

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