Revision Of Development Charge Rates
The Ministry of National Development, in consultation with the Chief Valuer, has revised the rates of development charges for the period 1 Mar 2006 to 31 Aug 2006.
2. The Chief Valuer takes into account the current market values in the half-yearly review of the rates.
3. Development charge rates for Use Groups: Commercial/Shopping, Residential and Hotels have risen, while the other Use Groups remain unchanged. The rates for Commercial use group A have increased by an average of 6%, Residential (landed) use group B1 by 5%, while Residential (non-landed) use group B2 increased by 9%. Hotel and hospital use group C has increased slightly by 2% in rates. The rates for Industry/warehouse use group D and use groups E-H remain unchanged.
4. The revised rates will be effective from 1 Mar 2006.
5. If there is disagreement over the rate of development charge payable for any development proposal, developers and owners can opt for case-by-case valuation by the Chief Valuer as provided for in the Planning Act.
6. Based on the tables provided by URA, in terms of districts, the hike in residential development charges on Sentosa Island are the highest: landed sites will be up 30 percent, while condominium sites will rise 37.5 percent.
7. For prime retail land along Orchard Road, development charges will rise by about 25 percent. The development charges along Shenton Way rose by 8.8 percent.
8. Property analysts says the hikes are in line with expectations as they reflect recent transactions.
2. The Chief Valuer takes into account the current market values in the half-yearly review of the rates.
3. Development charge rates for Use Groups: Commercial/Shopping, Residential and Hotels have risen, while the other Use Groups remain unchanged. The rates for Commercial use group A have increased by an average of 6%, Residential (landed) use group B1 by 5%, while Residential (non-landed) use group B2 increased by 9%. Hotel and hospital use group C has increased slightly by 2% in rates. The rates for Industry/warehouse use group D and use groups E-H remain unchanged.
4. The revised rates will be effective from 1 Mar 2006.
5. If there is disagreement over the rate of development charge payable for any development proposal, developers and owners can opt for case-by-case valuation by the Chief Valuer as provided for in the Planning Act.
6. Based on the tables provided by URA, in terms of districts, the hike in residential development charges on Sentosa Island are the highest: landed sites will be up 30 percent, while condominium sites will rise 37.5 percent.
7. For prime retail land along Orchard Road, development charges will rise by about 25 percent. The development charges along Shenton Way rose by 8.8 percent.
8. Property analysts says the hikes are in line with expectations as they reflect recent transactions.
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