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SINGAPORE: Development charges, which have to be paid when a property site is developed into more valuable project, have been raised for selected sectors.
The steepest increase is seen in the commercial sector.
In a statement on Friday, the Ministry of National Development said the development charge (DC) rates for commercial sector will climb by an average of 15 percent.
Having had its maiden collective sales attempt stymied by the introduction of the total debt servicing ratio (TDSR) framework, Eunosville is back on the market for a second run. Accompanying it is Jervois Gardens, which was also launched for collective sale by tender yesterday.
The 330-unit Eunosville, located opposite Eunos MRT Station, is being put on the market for a minimum price of $688 million, similar to its initial collective sale attempt in June.
Wave of projects can pave way for more tech, less labour: BCA chief
This was a point stressed by Building and Construction Authority (BCA) chief executive John Keung in a recent interview with The Straits Times, as he laid out the exciting challenges facing the construction industry in the next two decades.
[SINGAPORE] Reflecting the current tepid market for residential land, the government yesterday cut the average development charge (DC) rates for landed and non-landed residential land by one and 2 per cent respectively.
There is no change in DC rates for commercial, hotel and industrial land. The new rates, which take effect today, will apply for the next six months after which there will be another review.
The cut in residential DC rates - which are broken down according to location or "geographical sectors" - ranged from 1.6 to 9.4 per cent, but in most cases, there was no change. Potential home buyers hoping the dip in residential DC rates would translate into price cuts by developers will probably be disappointed as it is chiefly market conditions at the time of a property's launch that determine pricing levels, property agents noted.
THE new homes coming up in Holland Village, Kampong Bugis and Marina South under the Draft Master Plan 2013 make up only a tiny portion of the 500,000 new homes that could be rolled out after 2016.
The bulk of that total could come from the redevelopment of various tracts of land freed up by re-zoning or land use changes, consultants said.
However, they noted that builders started planning ahead when the Population White Paper and Land Use Paper were released in January.
After a long wait, the Singapore draft Master Plan 2013 has finally been released. The master plan is reviewed every 5 years and it is a guide of how the Singapore build environment will be like from now till 2018.
Through the change of zoning or land use intensity, a region that used to be undeveloped could be the next boomtown. Naturally, many property stakeholders (developers and property punters alike) are very eager to study the latest master plan, as it will give an indication of the upcoming plans that the government has.
Singapore going forward - What to expect
1. The Great South: An entirely new area called the Greater Southern Waterfront will be developed on 1,000 ha on the south coastline once the ports move from Pasir Panjang and Tanjong Pagar to Tuas by 2027.
2. More Marina action: A district called Marina South will take shape next to Marina Bay with eco-friendly features, including bike paths and a 800 metre-long car-free street.
Greater Southern Waterfront, Holland V & Kampong Bugis are set for transformation
In a nutshell, the URA Draft Master Plan 2013 revealed that a new waterfront city is to be developed on Singapore’s southern coastline, an eco-friendly district will take shape next to Marina Bay, and both Holland Village and Kampong Bugis will be extended to yield close to 5,000 homes. In total, enough land has been earmarked to yield 500,000 homes, mostly public housing.
A tract of waterfront land spanning 1,000 ha, referred to as the Greater Southern Waterfront in the Draft Master Plan 2013 of the Urban Redevelopment Authority (URA), will be the next major growth area in the city.
Specifically, the 21.5 ha of development area in Marina South will yield about 9,000 private homes. Development will start after 2017/2018, when the Thomson Line is nearer completion.
Residents and visitors to the area will be able to shop in an 800m long underground mall between the two Thomson Line stations serving the area, namely Marina South and Gardens by the Bay. This frees up the ground-level space above the mall for a pedestrian walkway.
