The Draft Masterplan 2019 reflects the Government’s effort to bring in revenue through the collection of development charge or differential premium.
The Draft Masterplan 2019 reflects Singapore planners’ people-centric approach to achieving sustainable growth through continuous innovation to enhance the attractiveness of the city, said a Policy Watch report by prominent real estate services agency Cushman & Wakefield . The key strategies highlighted in the Draft Masterplan 2019 will move Singapore in the right direction towards a sustainable and livable city of the future, the report added.
She added: “A wider implication could also be on the office sector. Given that there could be a wave of redevelopments into residential and hotel segments to tap onto the CBD Incentive Scheme, office supply in the medium term could be even tighter if there are more conversions of office developments into residential and hotels. This could potentially cause Grade A CBD office rents to rise further as supply is taken off the market.
The C&W report noted that Plot ratios for numerous CBD land parcels saw significant increases. C&W said that this is fantastic news for private owners who have been sitting on historical land sites but have held back redevelopment plans due to the lack of incentives. It cited the base plot ratios for land parcels in the heart of Raffles Place, in the vicinity of Raffles Place MRT station, which rose from 12.6 to 15.0, as an example.
The withdrawal of office stock from the potential wave of redevelopments and AEIs will lead to lower vacancy rates and lend further support to rents, benefiting landlords. The state’s coffers will also be buoyed due to the collection of development charge or differential premium.” “The increase in plot ratios could mainly benefit developments which are located along the main Orchard stretch . Ageing retail shopping centres along Orchard Road are expected to see some interest from developers given the increase in development potential. This is especially so for the smaller developments which will not benefit as much from the bonus plus plot ratio due to their smaller size.
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