SINGAPORE—As part of Singapore’s ongoing initiative to increase aid to their flourishing arts industry, the government is opening up state-owned properties at reduced rent to encourage art collectors to open private museums, reports Bloomberg.

Last month, the National Heritage Board, which runs the state’s museums, pledged $5.6 million to fund commercial cultural projects over the next five years. Now, the board and the Singapore Land Authority have launched preliminary discussions with collectors in Southeast Asia and are calling for applications for three vacant buildings at lowered rents, said Michael Koh, NHB’s chief executive officer, at a media briefing.

The three sites include a former Catholic school with four floors and 5,200 square meters of space, located close to the Singapore Art Museum, as well as two smaller buildings in the Tanglin Village area, a former army campus that has transformed into an active restaurant and bar district.

These properties have fixed rents about 20 to 30 percent below commercial rates, Koh explained. The application process will close on Nov. 15. Although Koh declined to name any of the collectors, he described them as uninfluenced by the current financial downturn. “Everybody is worried about that, but we should still go ahead,” he said. “For the people we’ve spoken to, it’s not a commercial proposition. It’s more the passion.”