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Budget 2016: Jurong Innovation District to transform how we live, work, play, learn and create

By Lin Zhiqin

/ The Edge Property |

March 24, 2016 6:00 PM SGT

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Finance Minister Heng Swee Keat announced the development of the Jurong Innovation District in his budget statement today. The District will be located close to Nanyang Technological University and house activities including learning, research, innovation and production. The first phase is slated for completion in 2022.

JTC is currently building Launchpad @ JID to serve as a space for entrepreneurs, researchers and students to design, prototype, and test-bed their new innovations. JTC has also launched an Open Innovation Call to invite private sector technology owners to testbed and develop innovative and sustainable infrastructure solutions within the district.

“Fifty years ago, we transformed Jurong from swampland into a thriving hub for the manufacturing industry that powered Singapore’s economic growth. Now we will make another leap to create the industrial park of the future”. Minister Heng said. “This has the potential to transform how we live, work, play, learn and create”.

During the budget statement, the Minister also stated that “It is premature to relax property cooling measures. We will continue to monitor developments in the property market closely."

The Minister also gave an update on the Fresh Start Housing Scheme, which was announced by Prime Minister Lee Hsien Loong at last year’s National Day Rally.

“There are some families who previously bought a flat, but sold it, and are now living in public rental flats. These families are not eligible for housing grants for first-timers, as they had received a housing subsidy before”, said the Minister.

The Scheme will provide a grant of up to S$35,000 to help such families with young children to own a 2-room flat, with a shorter lease, which will be more affordable for them. The Minister noted that these families will have to demonstrate effort by staying employed and ensuring that the children attend school.

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