SINGAPORE — JTC has come a long way since it was first founded, and its success has benefited many Singaporeans along the way, said Prime Minister Lee Hsien Loong at the industrial property developer's 50th anniversary dinner on Friday (May 25).

"You help bring in investments, create jobs (and) you enhance Singapore's international reputation for quality and excellence," he added.

Crediting JTC for constantly pushing boundaries, breaking new ground and building new partnerships as it followed lockstep with Singapore's progress, Mr Lee noted that the developer played an important role as well in the Republic's transition from Third World to First.

JTC, formerly known as the Jurong Town Corporation, was established in 1968 by then-finance minister Goh Keng Swee to develop Singapore's first industrial township in Jurong.

Many sceptics questioned if the 1,800 acres township would ever succeed, with just two companies – NatSteel and Pelican Textiles – having set up production plants there.

But Dr Goh, along with teams from the Economic Development Board and JTC, pressed on, Mr Lee recounted in his speech.

Their hard work paid off and within the same year of JTC's launch, almost 300 factories had been built, providing jobs for 21,000 people.

As Singapore's industrialisation plans took off, JTC's portfolio expanded to include building and managing industrial estates and flatted factories all over Singapore.

The developer also played an important role in efforts to turn the Republic into a petrochemical hub, by building up Jurong Island and convincing petrochemical companies to shift their operations there — before reclamation work was even completed.

JTC's success over the years serves as a reminder to Singaporeans that "we are only limited by our imagination" said Mr Lee.

He added: "We must think out of the box, be bold in tackling our challenges (and) be tenacious in execution.

"My wish for JTC's 50th birthday is therefore that at your 100th birthday, Singapore's leaders will say similar things of JTC — that you played a key role in our economic development and the livelihoods of our people."

Prime Minister Lee Hsien Loong views items to be placed into a time capsule at the JTC 50th anniversary dinner. Photo: Jason Quah/TODAY

Mr Lee noted that JTC is already looking to the future, by applying new concepts and introducing new partnerships in projects such as the Jurong Innovation District (JID) and the Punggol Digital District (PDD).

At the JID, for instance, JTC is collaborating with transport operator SMRT, the Land Transport Authority, and Nanyang Technology University to support the development of autonomous vehicle technology.

Mr Lee said JTC is also working with the Infocomm Media Development Authority, Singapore Institute of Technology and Urban Renewal Authority to develop PDD into the Republic's first district that has a business park, university and community facilities.

"JTC has come a long way, growing in step with Singapore's progress, constantly pushing boundaries, breaking new ground, building new partnerships," said Mr Lee.

"I hope you will continue to build on your legacy of high standards and bold ambitions."