Against the backdrop of a challenging macroeconomic environment, the government has announced muted adjustments in development charges (DC). The Ministry of National Development on Friday evening announced that it is raising DC rates for commercial use by 1.7 per cent on average for the period Sept 1, 2019 to Feb 29, 2020. The increase is only a shade of the 9.8 per cent hike for the last revision that...
Property Development
The government has raised development charge (DC) rates for commercial use by 1.7 per cent on average for the period Sept 1, 2019 to Feb 29, 2020. This is a slower rate of increase than the 9.8 per cent hike for the last revision that took effect March 1 this year. DC rates for non-landed residential use have been trimmed by 0.3 per cent on average. This follows the 5.5 per cent cut in...
Development charge rates have been revised downwards following the regular half-yearly review by the Ministry of National Development. A development charge is levied on projects that increase the value of the land they sit on. This could involve rezoning of a site to allow higher value use, or when the plot ratio is increased to allow the building of a larger project. The industrial segment saw the...
Development charge (DC) rates for industrial properties will be reduced in most areas while rates for office, retail and residential will remain unchanged in the next six months. The Ministry of National Development said in a statement on Monday (Aug 31) that DC rates for industrial properties will be lowered by between 3 per cent and 4 per cent for 87 out of 118 sectors. This will be for the six months...
Singapore has lowered development charges (DC) for non-landed residential projects, with the biggest decrease seen in the north-eastern region. In a news release on Friday (Feb 27), the Ministry of National Development (MND) said that the DC rates have fallen on average by 3 per cent for land for non-landed residential property. Seventy-three out of 118 sectors saw decreases ranging from 2 per cent to...
Charges that developers have to pay to enhance the use of land will be lowered for almost half of the geographical sectors in the non-landed residential segment for the next six months — the first decline since March 2012 — amid a slowing property market as a result of repeated rounds of government curbs. Analysts said the downward revision in development charge (DC) rates for the segment in the...
The push to raise productivity in Singapore’s construction sector is taking on a new focus this year. New rules will soon take effect, pushing for greater use of productive technologies such as prefabricated components. From the second half of 2014, developers will be required to use prefabricated bathroom units (PBUs) for all residential projects on government land sales sites. Singapore...
The Building and Construction Authority (BCA) has said the output productivity for building projects in the construction industry has risen by 1 to 2 per cent in the last couple of years. But it believes more can be done and it hopes developers can adopt new technologies such as the Prefabricated, Pre-finished Volumetric Construction and Cross Laminated Timber (CLT) in their projects. Whether it is...
The commercial property sector has been hit by the largest hikes in development charges (DC) — taxes payable on the enhancement in land value — in the latest half-yearly review, with the increases spread across many parts of Singapore, the Ministry of National Development said yesterday. Commercial DC rates for March to August this year have been revised upwards by an average of 15 per cent in 89...
From June 1 this year, new party-wall residential developments will need to have a minimum plot size of 600 square metres. The Urban Redevelopment Authority said this is to ensure the quality of the living environment. Party-wall residential developments are built from wall to wall with no empty space in between. Currently, developers do not have to adhere to a minimum plot size. This has...