Incentive scheme launched to encourage mixed-use developments in CBD

An incentive scheme will be rolled out to encourage building owners to convert existing office developments in the Central Business District (CBD) to mixed-use developments as part of plans to rejuvenate the city centre.

Announcing the CBD Incentive Scheme at the URA Draft Master Plan 2019 exhibition launch on Wednesday, National Development Minister Lawrence Wong said he wants to introduce a broader mix of uses so that the CBD is “not only a place to work, but also a vibrant place to live and play”.

The scheme will offer an increase in gross plot ratio to encourage the conversion of existing office developments. It will apply to the Anson Road, Cecil Street, Shenton Way, Robinson Road and Tanjong Pagar areas within the CBD, Mr Wong said.

“Beyond the CBD, we also want to encourage private developers and building owners to consider rejuvenating their existing buildings especially if they are old,” Mr Wong added.

This will be done through another new scheme — the Strategic Development Incentive Scheme.

The intent is to encourage commercial building owners to collaborate and comprehensively redevelop adjacent properties through bold, innovative proposals that will transform the street or precinct, said Mr Wong.

To encourage such proposals, the Government will offer a mix of incentives, including an increase in gross plot ratio and flexibility on other development controls, he added.

The schemes are part of a larger push to juvenate Singapore’s city centre and familiar places, as well as to provide more jobs closer to homes for Singaporeans.

This is done through three economic clusters in the north, east and west called “gateways”. Each gateway is anchored around a few key growth sectors. They will also serve as major employment hubs.

URA’s Master Plan is reviewed every five years and charts out the Government’s plans for land use over the next 10 to 15 years.

Source: Channel NewsAsia – 27 Mar 2019

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