Gourmet Xchange is held on a 33-year lease from JTC, with effect from 17 February 2025, so the lease runs to February 2058. Buyers acquire a strata title for the remaining term, which supports a full-length business loan and a long operating horizon for a food business. For the development itself, see the Gourmet Xchange home page.
Where the lease comes from
JTC Corporation is the government agency that develops and manages much of Singapore’s industrial land. Under its Industrial Government Land Sales programme it releases sites to private developers on fixed leases. The Kallang Way site was launched on 25 June 2024 and awarded on 20 November 2024 to CL Savour Property Pte Ltd, a CapitaLand Development subsidiary, on a 33-year lease. That lease began on 17 February 2025. When the development is completed and strata-subdivided, each unit owner holds a strata title for the balance of the 33 years.
Why industrial land is leasehold
Most of Singapore’s new industrial land is released on leases of around 20 to 60 years. Shorter tenures keep land available for renewal as industries change, and they keep entry prices for industrial property well below what a perpetual title would cost. For a food business, the relevant question is whether the lease covers the planned operating life of the business and the loan that funds it — at Gourmet Xchange, a purchase today leaves roughly three decades of tenure.
What the lease means for financing
Banks size industrial loans within the remaining lease, often with a buffer, so the length of the lease at purchase affects the tenure on offer. With the lease running to February 2058, a buyer in 2026 can typically look at a loan of up to 25 to 30 years, subject to the bank’s own assessment. The industrial loan page explains loan-to-value and borrower types, and the purchase calculator lets you test different tenures.
Use conditions
JTC leases carry conditions on how the land is used. At Gourmet Xchange the zoning is Business 2 (Food) in The Xchange and Business 1 (Food) in the Heritage Terrace, so units are for food industry and food service. Restaurant, café, showroom and retail uses on the plaza frontages are subject to change-of-use approval from the relevant authority(ies). The specific conditions that apply to each unit are set out in the sale documents, which the buyer’s lawyer reviews before the Sale and Purchase Agreement is exercised.
Key dates on the lease
| Event | Date |
|---|---|
| JTC launches the Kallang Way site | 25 June 2024 |
| Tender closes (4 bids) | 1 October 2024 |
| Site awarded to CL Savour Property Pte Ltd | 20 November 2024 |
| 33-year lease begins | 17 February 2025 |
| Expected TOP | 2028 |
| Expected vacant possession | 31 March 2029 |
| Lease ends | February 2058 |
Source: JTC and CapitaLand Development. From expected vacant possession in 2029, an owner-occupier would have close to three decades of operation in the building.
Follow-up questions
What happens at the end of the lease?
At expiry the land reverts to JTC under the lease terms. Any extension or renewal would be at JTC’s discretion and is a matter for the lease conditions, which the buyer’s lawyer reviews.
Does the lease affect Seller’s Stamp Duty?
No. Seller’s Stamp Duty depends on the holding period of the buyer, not on the remaining lease.
How the lease compares across the unit range
The lease is the same for every strata unit at Gourmet Xchange, from a 34 sqm food kiosk to a 758 sqm Deluxe unit and the roof-top heavy vehicle park. What differs is the scale of the commitment. As at October 2026, Standard B2 (Food) units start from $2,080,000, Heritage Terrace units from $6,107,000, Deluxe units from $6,220,000 and the riverfront restaurants from $8,811,000; kiosks, the industrial canteen and the heavy vehicle park are priced on request. A buyer comparing formats is comparing the same tenure, the same JTC conditions and the same completion programme — expected TOP in 2028 — so the choice comes down to space, specification and frontage.
Lease and the payment schedule
Because Gourmet Xchange is sold while under construction, the lease clock and the payment clock run differently. The lease began on 17 February 2025, before construction; payments follow construction milestones under the payment scheme, with 25% due at TOP and the final 10% on completion. An owner therefore starts operating some years into the 33-year term, which is why the remaining lease at vacant possession — close to three decades — is the more useful figure for planning a business and a loan.
Value over the life of the lease
The value of a leasehold property reflects, among other things, the remaining term. Owner-occupiers often weigh this against the cost of renting equivalent space over the same period; the buy or rent insight walks through that comparison. For the timeline of the land sale and lease, see latest updates, and for the full fact sheet, the project details.
