Developers seeking to raise the plot ratios of properties will be subject to a new definition of the development baseline, used in the computation of the property development charge, from Jan 1. The amendment, announced in 2003, had been deferred to allow the industry to adjust to the change, the Urban Redevelopment Authority said yesterday. “Basically we want to have a more equitable tax system,”...
Property Development
The government is raising property development charges with effect from Saturday. This follows the regular six-monthly review on development charge rates. For non-landed residential use, the charge was raised by an average of 58 percent with prime areas like Cantonment Road seeing the biggest jump of 112 percent. For commercial use, the hike is an average of 42 percent. Market watchers say an increase...