Question
Mr Zaqy Mohamad: To ask the Minister for Trade and Industry what are the terms and rates being offered to tenants of the Launchpad @ one-north and how do these differ from rates for tenants of Block 71 Ayer Rajah Crescent.
Written Reply by Mr Lim Hng Kiang, Minister for Trade and Industry
The JTC LaunchPad @ one-north is a 5-hectare industrial site at Ayer Rajah Crescent that is envisaged to be a vibrant community for start-ups and incubators in the biomedical sciences, infocomm, media, electronics and engineering industries. It comprises three blocks – the current block 71 and two new blocks, block 73 and block 79. Blocks 73 and 79 will be completed by the end of this year.
Since 1 Apr 2014, JTC’s rentals have been applied uniformly across all the units of block 71. They range from $20.00 per square metre per month, for non-air-conditioned units, to $27.00 per square metre per month, for units with air-conditioning and power provision. These rates will also apply to blocks 73 and 79 when they are completed. The anchor tenant, NUS Enterprise, will pay the same rates. JTC will periodically review these rates.
Tenants who entered into tenancy agreements before 1 Apr 2014 were paying rentals that range from $15.07 to $18.80 per square metre per month, depending on when they started the tenancy and which floor their units are located. When these tenants renew their tenancy agreements, the new rates will apply. However, for tenants who face significant rent increases, JTC will phase in the rental increase to help them adjust.
The LaunchPad is dedicated to growing start-ups. Companies that have been incorporated for less than five years can apply for space at the LaunchPad. Existing tenants which were incorporated less than five years old ago can apply to renew their leases for one more term. Each term of tenancy is three years.