{"id":139046,"date":"2023-09-04T06:16:11","date_gmt":"2023-09-03T23:16:11","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/land-betterment-charge-for-non-landed-residential-use-slashed-orchard-retail-rent-to-rise-6-in-2023-and-more\/"},"modified":"2023-09-04T14:18:06","modified_gmt":"2023-09-04T07:18:06","slug":"land-betterment-charge-for-non-landed-residential-use-slashed-orchard-retail-rent-to-rise-6-in-2023-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/land-betterment-charge-for-non-landed-residential-use-slashed-orchard-retail-rent-to-rise-6-in-2023-and-more\/","title":{"rendered":"Land Betterment Charge for Non-landed Residential Use Slashed, Orchard Retail Rent to Rise 6% in 2023, and More"},"content":{"rendered":"


\nLand Betterment Charge for Non-landed Residential Use Slashed, Orchard Retail Rent to Rise 6% in 2023, and More\u00a0
\n29 August to 4 September 2023\u00a0
\nSLA has released the revised\u00a0Land Betterment Charge (LBC) for the next six months starting 1 September 2023, with the rates cut for non-landed residential use and increased for commercial and hotel use. Meanwhile, retail rents at Orchard Road are forecasted to increase by up to 6% year-on-year (YoY) in 2023.
\n\u00a0
\n1.\u00a0LBC for non-landed residential use\u00a0reduced
\nThe SLA\u00a0has released the revised LBC for the next six months starting 1 September 2023, with the rates cut for non-landed residential use and increased for commercial and hotel uses.
\nThe LBC rates for non-landed residential use reduced by an average of 3.2%, with 111 out of 118 sectors witnessing declines of between 3% and 11%.
\nEdmund Tie\u2019s Head of Research and Consulting Lam Chern Woon is cautiously optimistic that the reduction in LBC rates could \u201cprovide a shot in the arm for the collective sale market, which has seen only one transaction (Kew Lodge) since the April cooling measures\u201d.
\nOn the other hand, the LBC rates for commercial use increased by an average of 0.4%, with 12 out of 118 sectors posting increases of 3% to 4%.
\nUse group C (Hotel\/Hospital) also witnessed an average increase of 3% as LBC rates were raised at 116 out of 118 sectors.
\nThe LBC rates for the other use groups remain unchanged.
\n\u00a0
\n2. Singaporeans seek properties promoting \u201clive, work, and play\u201d
\nWith the rise of hybrid working, homebuyers in Singapore are no longer looking for just a place to rest, they also seek residences that could serve as \u201chubs of productivity and recreation\u201d, reported Singapore Business Review.
\n\u201cBuyers are increasingly drawn to properties that embody the \u2018live, work, play\u2019 ethos, where spaces seamlessly transform from workstations by day to leisure zones by night,\u201d said Wu Chin Whee, Savills\u2019 Senior Manager for Livethere Residential.
\nDevelopments with green spaces have also become well sought-after among Singaporean homebuyers, amid their increased awareness of overall well-being as well as the tangible benefits of having green spaces.
\nHomebuyers also prefer developments that are near urban amenities, such as MRT stations, shopping malls, F&B, bus interchanges, and parks. Proximity to good schools is another significant consideration for homebuyers, especially for young families.
\nSingaporean homebuyers also value privacy, preferring developments with spacious layouts such as LIV@MB, whose two residential blocks are quite far apart from each other.
\n\u00a0
\n3. Orchard retail rents to rise 6% YoY in 2023
\nRetail rents at Orchard Road are forecasted to increase by up to 6%\u00a0YoY in 2023, revealed Savills.
\nThe suburban area, on the other hand, is expected to see rental growth remain stable at 1% to 2% YoY.
\nBased on Savills\u2019 basket of prime malls, average rents have been on an upward trend in Q2 2023, with Orchard Road rents rising 1.4% quarter-on-quarter (QoQ) to $22.10 per sq ft (PSF). Average rent in the suburban area also increased by 0.7%\u00a0QoQ\u00a0to $14.50 PSF during the quarter.
\nSavills expects demand for retail space, particularly prime units with healthy footfall and good accessibility, to remain strong amid limited new supply in the future.
\nIt also anticipates retail spaces located at tourist spots and major shopping belts, like Marina Bay Sands and Orchard Road, to benefit from the rebound in tourism.
\nHowever, Alan Cheong, Savills Research & Consultancy\u2019s Executive Director, noted that recovery may face challenges, and overall growth may ease in 2024 due to the weak global economy.
\n\u201cChallenges such as rising operating costs and labour crunch will also put further pressure on retailers, hence reigning in their ability to accede to higher asking rents,\u201d he added.
\n\u00a0
\n4. Duxton Road shophouse on sale for $9.8 million
\nA two-storey conservation shophouse located at 45 Duxton Road has been put up for sale via\u00a0Expression of Interest\u00a0(EOI) carrying a guide price of $9.8 million, revealed Huttons Asia.
\nNestled on a 980 sq ft site within the Tanjong Pagar conservation area, the property has a built-up area of about 1,636 sq ft and URA approval for nightclub use on the first and second levels.
\nThis gives the owner \u201cthe ability to ask for higher rents and potentially achieve better returns\u201d, said Jennifer Tan, Huttons Asia\u2019s Associate District Director.
\nThe shophouse has a 99-year lease that started in 1988, with a balance lease of 64 years. It is zoned for commercial use under the URA Master Plan and is within walking distance of Maxwell MRT and Tanjong Pagar MRT stations.
\nGiven its commercial zoning, the property can be acquired by companies and foreigners with no Additional Buyer\u2019s Stamp Duty (ABSD) payable.
\nThe EOI exercise for the shophouse closes on 4 October 2023.
\n\u00a0
\n5. Portfolio of strata retail and office units at New World Centre up for sale
\nA portfolio of 20 strata-titled office and retail units at New World Centre has been put up for sale with an indicative price of $55 million, reported Singapore Business Review citing Delasa.
\nThe price translates to an average of $1,392 PSF based on the portfolio\u2019s total strata area of 39,504 sq ft.
\nNotably, the office units on the second and third levels carry an average price of $1,265 PSF, while the prices for ground floor shops stood at an average of $2,380 PSF.
\nThe strata-titled units can be sold as a whole portfolio to a single buyer or on an individual basis. They are offered for sale on a private treaty and first-come basis.
\nBuilt in the late 1990s, New World Centre is a three-storey development comprising around 35 strata-titled shops and offices. The development is located at the corner of Jalan Berseh and Besar and has around 70 years left on its lease.
\n\u00a0
\n6. JTC launches two sites in Tampines North Drive 4, 11 Tuas Avenue 18
\nJTC has launched two industrial sites at Plot 1 Tampines North Drive 4 and 11 Tuas Avenue 18 under the 2023 Industrial Government Land Sales (IGLS) Programme.
\nWith an area of 1.84ha, the site at Tampines North Drive 4 has a gross plot ratio of 2.5 and a 30-year leasehold tenure. It is zoned for B2 use and is the second of the five Confirmed List sites under the 2H 2023 IGLS Programme.
\nThe tender for the site closes on 24 October 2023.
\nMeanwhile, the site at 11 Tuas Avenue 18 spans 0.40ha and has a gross plot ratio of 1.4. It comes with a 20-year leasehold tenure and is zoned for B2 use. The property was made available for application via the Reserve List System under H1 2023 IGLS Programme.
\nThe tender for the site closes on 10 October 2023.
\nRelated article:\u00a0Government Land Sales (GLS) Programme Guide (Updated With GLS Sites for 2H2023 Singapore)
\n\u00a0
\n7. HPL gets provisional approval to redevelop HPL house, Forum, and voco Orchard
\nHotel Properties Limited (HPL) has secured provisional permission from URA to redevelop HPL House, the Forum, and voco Orchard Singapore into a mixed-use project, reported Singapore Business Review.
\nLocated along Cuscaden and Orchard Road, the properties have a combined land area of 14,027.12 sq m or 150,986.66 sq ft.
\n\u201cThe approval is for a comprehensive mixed redevelopment comprising hotel, retail, office, and residential components in two tower buildings of 64 storeys and 43 storeys on a six-storey podium with a rooftop garden, a performance theatre and a basement carpark,\u201d said HPL.
\nIt added that a separate 29-storey building will also be constructed over the contiguous basement carpark.
\nThe proposed mixed development has a total approved gross floor area of about 114,153.38 sq m (1,228.736.71 sq ft).
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nMarcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email: marcuslee@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Land Betterment Charge for Non-landed Residential Use Slashed, Orchard Retail Rent to Rise 6% in 2023, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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