JTC's Land Programme, Explained

Published 13 October 2026

Singapore's investment sales market is on pace for a new record, Knight Frank Singapore's third-quarter report shows. The quarter brought in $10.7 billion, below the $16.2 billion of the first quarter and the $15.5 billion of the second, but 2026's cumulative total up to the report already stands at $42.4 billion, ahead of the $40.7 billion recorded across the whole of 2025. Knight Frank's interim head of capital markets, Melvin Chay, expects the full year to land near $50 billion, and notes that the possibility of higher interest rates could prompt some sellers to close deals before the year is out rather than wait for a later window.

Industrial land sales explain much of the quarter's underlying policy story. JTC alone awarded five sites during the period: three Business 2 sites at Jalan Buroh ($214.4 million), Kaki Bukit ($52.8 million) and 5 Tuas Avenue ($43.4 million), and two worker-dormitory sites at Kranji Close ($343 million) and Lok Yang Way ($221.7 million). Together, industrial deals reached $2 billion in the third quarter, more than double the prior quarter, underlining how actively the government tender process is being used to add industrial capacity across both production and dormitory uses, two categories that policymakers appear to be expanding in parallel rather than favouring one over the other.

Five Takeaways From the Policy Signal for Gourmet Xchange Buyers

1. Government land tenders remain the main supply channel. JTC's tender process, rather than private resale, accounted for the bulk of the quarter's new industrial land, the same process through which Gourmet Xchange's own 33-year JTC lease from 17 February 2025 to February 2058 was secured.

2. Worker-dormitory sites are a growing category. Two dormitory awards in one quarter, together worth more than the three Business 2 awards combined, signal continued attention on worker housing capacity alongside production space.

3. Business 2 land remains in demand. Three separate Business 2 awards in a single quarter point to sustained appetite for that zoning class, the same class under which Gourmet Xchange's Xchange block operates as a food-specific ramp-up building.

4. Deal values vary widely by site. From $43.4 million at 5 Tuas Avenue to $343 million at Kranji Close, award sizes depend heavily on site area and location, a reminder that policy outcomes play out differently site by site rather than following one uniform price.

4a. The award sizes also reflect site area. A smaller parcel such as 5 Tuas Avenue naturally commands a smaller headline figure than a larger one like Kranji Close, so comparing dollar amounts alone across sites can understate or overstate relative demand without also weighing each site's land area.

5. The cycle still points to records. Even with a quieter third quarter, the cumulative figure and Chay's full-year call both point toward a fresh all-time high for the year as a whole, with roughly $7.6 billion still implied for the final quarter to reach that mark.

Gourmet Xchange at 1 Kallang Way combines The Xchange, a nine-storey Business 2 (Food) ramp-up block, with the restored Heritage Terrace and Central Plaza, developed by CapitaLand Development under the entity CL Savour Property Pte Ltd, across a 44,107.8 sqm site with 272 units in total. Sales booking opened on 13 March 2026, with prices from $2,080,000 as at October 2026, and an expected top-out in 2028, with vacant possession expected by 31 March 2029. The location page sets out the Kallang Way address and surrounding area, the Gourmet Xchange homepage carries the full overview, and the Sales Concierge can be reached through the contact page for unit and lease questions.

Source: EdgeProp.

General information only, not financial or legal advice.

Source: EdgeProp. This article is independent commentary; Gourmet Xchange is not affiliated with the parties mentioned.