{"id":106089,"date":"2019-04-15T12:29:01","date_gmt":"2019-04-15T05:29:01","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/cbd-incentive-scheme-offers-multi-fold-benefits-jll\/"},"modified":"2019-04-15T13:04:48","modified_gmt":"2019-04-15T06:04:48","slug":"cbd-incentive-scheme-offers-multi-fold-benefits-jll","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cbd-incentive-scheme-offers-multi-fold-benefits-jll\/","title":{"rendered":"CBD incentive scheme offers multi-fold benefits: JLL"},"content":{"rendered":"


\nAs part of the recently released Draft Master Plan 2019, the scheme offers higher plot ratios for property owners who convert older office buildings to other complementary uses.
\nThe government\u2019s CBD Incentive Scheme is a visionary initiative that could bring about multi-fold benefits, revealed property consultancy JLL.
\nAs part of its recently released Draft Master Plan 2019, the scheme offers higher plot ratios for property owners who convert older office buildings to other complementary uses.
\nLooking for a property in Downtown Singapore?\u00a0Find an agent\u00a0to take the hassle out of your home search.\u00a0
\n\u201cFirstly, we believe the scheme will transform Singapore\u2019s downtown CBD to meet modern demands,\u201d said Regina Lim, JLL\u2019s head of South-east Asia capital markets research, and Michelle Tee, director of JLL Singapore Research.
\n\u201cFrom our work with global corporate clients, we know that employees of today prioritise hospitality, health and lifestyle amenities in their choice of office locations. The scheme can reinvigorate the CBD to meet these needs by encouraging new mixed developments, bringing together new residents, tourists and digital nomads of all ages into the district, and allow for more 24\/7 social activities and events.\u201d
\nIn fact, JLL believes that over 20 ageing office buildings within Singapore\u2019s CBD could yield some four to five million sq ft of office space as well as more than 3,000 new homes and 3,000 hotel rooms.
\nThe scheme could also accelerate the government\u2019s \u201cdecentralisation strategy to enhance sustainability and reduce commuting\u201d.
\nThis comes as office occupiers displaced by the withdrawal of older stock will be on the lookout for new premises, providing the government scope to release more sites in decentralised gateways like Woodlands, Tampines and Jurong East.
\nThe hike in CBD office rents is also expected to continue, given the limited new supply of office space within the CBD and potential initiation of redevelopment projects in the next five years.
\nThis would eventually lead to wider rental gap between suburban and CBD hubs \u2013 encouraging more businesses to move out of the CBD.
\nHowever, JLL acknowledges that not all owners who qualify for the scheme will immediately take up the incentives and redevelop their buildings.
\n\u201cAfter all, we recognise that time is needed to evaluate the financial feasibility of the conversion, especially at a time when the office market is enjoying an upcycle amid healthy demand and tight supply, while the residential market is facing a challenging environment weighed down by July\u2019s cooling measures, as well as a long pipeline supply,\u201d said Lim and Tee.
\n\u201cBesides, hotel and residential properties do not fit the investment profile of some of the existing landlords, and redevelopment could likely take place only when the assets change hands.\u201d
\nBut with the scheme expected to kick-start urban renewal momentum, it could be extended beyond the initial five-year implementation period \u2013 providing investors and owners more time to take advantage of it.
\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…CBD incentive scheme offers multi-fold benefits: JLL<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

As part of the recently released Draft Master Plan 2019, the scheme offers higher plot...<\/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-106089","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-rB7","jetpack-related-posts":[{"id":105505,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/draft-master-plan-2019-cbd-to-see-more-homes\/","url_meta":{"origin":106089,"position":0},"title":"Draft Master Plan 2019: CBD to see more homes","date":"March 28, 2019","format":false,"excerpt":"\r A variety of new homes and amenities will be built in areas like Downtown, Marina South and Rochor to inject more life after work hours. The government is looking to build more homes in the Central Business District so that more people can live closer to workplaces and amenities.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":105791,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-wants-people-to-live-work-and-play-in-one-place\/","url_meta":{"origin":106089,"position":1},"title":"Singapore wants people to live, work and play in one place","date":"April 5, 2019","format":false,"excerpt":"\r This comes as the financial district is bustling by day, but is close to deserted by night and over weekends. The Singapore government hopes to transform the central business district into a place where people can live, work and play. This comes as the financial district is bustling by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":117142,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-to-review-plans-for-urban-renewal-in-cbd\/","url_meta":{"origin":106089,"position":2},"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. This comes as the COVID-19 pandemic has \u201csharpened\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110537,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/one-north-gateway-site-attracts-9-bids-2-other-sites-receive-poor-response\/","url_meta":{"origin":106089,"position":3},"title":"One-north Gateway site attracts 9 bids, 2 other sites receive poor response","date":"September 6, 2019","format":false,"excerpt":"\r Head of research for Singapore at Colliers International attributed the poor response to concerns of increased competition that may arise from the CBD Incentive Scheme unveiled in the URA Draft Master Plan 2019. The tender results for three sites at Tan Quee Lan Street, Bernam Street and one-north Gateway\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":89856,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/vacancy-looms-on-auckland-cbd-horizon\/","url_meta":{"origin":106089,"position":4},"title":"Vacancy looms on Auckland CBD horizon","date":"May 30, 2018","format":false,"excerpt":"\r A vertical review of prime office space indicates that Auckland's core CBD vacancy levels are up marginally, right across the city skyline.The survey \u2014 the 10th of its type conducted by JLL \u2014 assessed 70 of the best buildings in...\r \r Source : nzherald.co.nz\/Property\r Read more...Vacancy looms on Auckland\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111271,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cascadale-at-upper-changi-road-east-attempts-second-collective-sale\/","url_meta":{"origin":106089,"position":5},"title":"Cascadale at Upper Changi Road East attempts second collective sale","date":"October 2, 2019","format":false,"excerpt":"\r It has an owners\u2019 reserve price of $270 million that works out to around $1,065 per square foot (psf) per plot ratio (ppr). The 134-unit freehold residential development Cascadale, located near the Singapore Expo and the Singapore University of Technology & Design (SUTD), is attempting a collective sale for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/106089"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=106089"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/106089\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=106089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=106089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=106089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}