PROPERTY: Muted updates to development charges rates amid challenging macro scene
The geographical sector where Chevron House is located saw an increase of about 3 per cent in DC rate for commercial use.AGAINST the backdrop of a challenging macroeconomic environment, the government has announced muted adjustments in development charges .
MND revises the rates on March 1 and Sept 1 each year, in consultation with the taxman's chief valuer . Also noteworthy is a string of office buildings being sold in the financial district and city areas in recent months, which may have supported increases in DC rates in their respective geographical sectors.These three sectors saw modest increases of about 3 per cent each in their respective DC rates for commercial use,
Mr Mak noted that both the number of geographical sectors and rate of decline in DC rates for non-landed residential use this time round was smaller than in the previous revision.
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