Thursday, March 1, 2012

Development charges dip for non-landed residential use

Straits Times: Thu, Mar 01
THE charges that developers pay to enhance the use of a plot of land have finally been reduced or left flat for some sectors, as the slowing property market takes its toll.


The new development charges, which are reviewed every six months, were released yesterday and reflect recent land and property values for the varying market segments.


They take effect today and are applied when the value of a site is increased because of re-zoning or when a taller building can be erected following a change in the plot ratio.


Development charges for the residential non-landed sector have been cut by 3 per cent on average on the back of cautious land bids by developers in the past six months...

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