{"id":105505,"date":"2019-03-28T11:24:31","date_gmt":"2019-03-28T04:24:31","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/draft-master-plan-2019-cbd-to-see-more-homes\/"},"modified":"2019-03-28T12:03:38","modified_gmt":"2019-03-28T05:03:38","slug":"draft-master-plan-2019-cbd-to-see-more-homes","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/draft-master-plan-2019-cbd-to-see-more-homes\/","title":{"rendered":"Draft Master Plan 2019: CBD to see more homes"},"content":{"rendered":"


\nA variety of new homes and amenities will be built in areas like Downtown, Marina South and Rochor to inject more life after work hours.
\nThe government is looking to build more homes in the Central Business District so that more people can live closer to workplaces and amenities.
\nIn its Draft Master Plan 2019, the Urban Redevelopment Authority (URA) revealed that it will raise the live-in population within the central area by planning a variety of homes and amenities in areas like Downtown, Marina South and Rochor.
\n\u201cThere are opportunities to tap on the draw of Downtown living, amenities in the area, high transport connectivity, and the convenience that city living brings, to introduce more housing in the area,\u201d said URA.
\nLooking for a property in Downtown Singapore?\u00a0Find an agent\u00a0to take the hassle out of your home search.\u00a0
\n\u201cThe injection of new housing options in Downtown will bring more homes to where jobs are, and cut down on commuting times for workers to and fro work.\u201d
\nA larger live-in population will also inject more life after work hours, adding to the vibrancy and attractiveness of the city, it added.
\nWith this, the government will introduce a CBD incentive scheme that offers higher gross plot ratio to encourage developers to convert existing office developments to residential and hotel uses.
\nChristine Li, senior director and head of research at Cushman & Wakefield, noted that the scheme could be beneficial for many office developments facing challenges when it comes to land use zoning.
\n\u201cAs residential and hotel use typically have a lower capital value, it does not make sense for land owners to downgrade to those development options without the increase in the plot ratio. With the new CBD Incentive Scheme in place, it will make commercial sense to look at various development options.\u201d
\nFor the scheme to take off, Li believes that the government needs to make some tweaks.
\nFor instance, current hotel development charge (DC) rates as well as the Additional Buyer\u2019s Stamp Duty (ABSD) are considered to be too prohibitive for property developers to even consider these development options.
\nThis is especially true for residential properties within the CBD wherein a significant portion of demand comes from foreigners who face a 20 percent ABSD.
\nAnd while bringing residential developments back to the CBD is nothing new, earlier efforts by the government failed to yield the desired outcome.
\n\u201cHence I am of the view that co-living should be extensively adopted when the developers consider redevelopment options in the CBD in the future,\u201d said Li.
\n\u201cCurrently, only the affluent expatriates and rich locals are able to afford living in the CBD. However, in order to make the CBD truly work-live-play, we should also bring in people from all walks of life to the CBD.\u201d
\nLi is convinced that co-living may help achieve the intended consequence.
\nHowever, current rules such as the prohibition in having over six related people occupy a unit should be relaxed in order to increase city-living\u2019s attractiveness, she said.
\nCheck out PropertyGuru\u2019s\u00a0properties for sale in the CBD!\u00a0Alternately, refer to our\u00a0handy buying guides,\u00a0or read more about\u00a0the hottest areas to live in with PropertyGuru\u2019s AreaInsider
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Draft Master Plan 2019: CBD to see more homes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A variety of new homes and amenities will be built in areas like Downtown, Marina...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-105505","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-rrH","jetpack-related-posts":[{"id":117142,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-to-review-plans-for-urban-renewal-in-cbd\/","url_meta":{"origin":105505,"position":0},"title":"URA to review plans for urban renewal in CBD","date":"June 15, 2020","format":false,"excerpt":"\r COVID-19 has \u201csharpened the need\u201d to have more mixed-development projects, amenities and housing in the CBD.\u00a0 With more companies adopting flexible work arrangements in the wake of the COVID-19 outbreak, the Urban Redevelopment Authority (URA) is reviewing its urban development plans. 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