{"id":24611,"date":"2016-09-01T15:12:26","date_gmt":"2016-09-01T08:12:26","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-development-charges-on-sgs-non-landed-residential-sites\/"},"modified":"2016-09-01T15:26:12","modified_gmt":"2016-09-01T08:26:12","slug":"new-development-charges-on-sgs-non-landed-residential-sites","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-development-charges-on-sgs-non-landed-residential-sites\/","title":{"rendered":"New development charges on SG\u2019s non-landed residential sites"},"content":{"rendered":"


\nThanks in part to impressive bids for government land
\nDevelopment charges in private apartment sites have increased. Iakov Kalinin \/ Shutterstock
\nFor the first time in two years, the Singaporean government has raised development charges on sites meant for non-landed residential projects.
\nThe charges, levied by the Ministry of National Development on property developers and reassessed every six months, will increase by 2.7 percent on average throughout the country. Seventy-nine sectors in the city-state will have the same rate schedule as before, while 39 sectors will experience hikes anywhere between 5 and 12 percent.
\nSingapore\u2019s sector 48, an area that covers such locations as River Valley, Kim Yam Road, Martin Road, and Mohamed Sultan Road, bears the heftiest increases at 12.2 percent.
\nMore: Developers in Singapore are fighting over this plot of land
\nThe new taxes can be attributed to record bids for several sites in the city identified for Government Land Sales (GLS). In sector 48, a residential GLS site in Martin Place recently sold to GuocoLand for SGD595.1 million (USD436.5 million) or SGD1,239 (USD909) per square foot per plot ratio.
\n\u201cThese strong bids were a reflection of tightened land supply this year, which came as many developers are running out or have run out of inventory,\u201d Karamjit Singh, Jones Lang LaSalle Singapore\u2019s head of residential division, explained to the Straits Times.
\n\u201cWhile it would be safer to depend on the property price index to see if there is any bottoming in property prices, the propping up of implied land values now could signal that price corrections may not be so evident going forward,\u201d said Desmond Sim, CBRE research head for Singapore and South-east Asia.
\nRead next: Singapore condo prices inch up in July from central region gains
\n
\nSource : property-report.com
\nRead more…New development charges on SG\u2019s non-landed residential sites<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Thanks in part to impressive bids for government land Development charges in private apartment sites...<\/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-24611","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\/p75ss1-6oX","jetpack-related-posts":[{"id":81478,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/development-charge-rate-hike-wont-dampen-collective-sale-fever\/","url_meta":{"origin":24611,"position":0},"title":"Development charge rate hike won't dampen collective sale fever","date":"March 1, 2018","format":false,"excerpt":"\r The development charges for non-landed homes is up by 22.8 percent. The Ministry of National Development, in consultation with the Chief Valuer, has raised the development charge (DC) rates for non-landed residential use by an average of 22.8 percent, on the back of aggressive land bidding by developers at\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":65390,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/development-charges-for-non-landed-housing-up-13-8\/","url_meta":{"origin":24611,"position":1},"title":"Development charges for non-landed housing up 13.8%","date":"September 4, 2017","format":false,"excerpt":"\r There has been a spike in demand for residential development land in Singapore, contributing to the hike in development charges. In consultation with the chief valuer, the development charge (DC) rates for landed residential, non-landed housing and commercial space have been revised upwards for the period of 1 September\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24589,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/development-charges-for-non-landed-residential-sites-up-2-7\/","url_meta":{"origin":24611,"position":2},"title":"Development charges for non-landed residential sites up 2.7%","date":"September 1, 2016","format":false,"excerpt":"\r The upward revision in DC rates for non-landed residential sites may have been fuelled by the bullish bids for several GLS sites in the past six months, said analysts. The development charge (DC) rates for non-landed residential sites have been raised by an average of 2.7 percent for the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104527,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/development-charges-for-non-landed-homes-fell-5-5\/","url_meta":{"origin":24611,"position":3},"title":"Development charges for non-landed homes fell 5.5%","date":"March 1, 2019","format":false,"excerpt":"\r The decline in DC rates comes as no surprise following the implementation of new property curbs in July. The development charge (DC) rates for non-landed residential properties fell by 5.5 percent on average, following a slowdown in residential land activity. The drop in DC rates for non-landed homes was\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":66372,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-development-charges-to-affect-en-bloc-deals\/","url_meta":{"origin":24611,"position":4},"title":"New development charges to affect en bloc deals","date":"September 14, 2017","format":false,"excerpt":"\r The new DC rates are expected to lead to higher breakeven prices for developers. DBS expects the recent hike in development charge (DC) rates for condominiums to affect developers\u2019 profitability as breakeven prices may increase by up to four percent, reported Singapore Business Review. It noted that while most\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114644,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/development-charges-for-non-landed-homes-trimmed-0-2-on-average\/","url_meta":{"origin":24611,"position":5},"title":"Development charges for non-landed homes trimmed 0.2% on average","date":"March 2, 2020","format":false,"excerpt":"\r The cut follows a 0.3% and 5.5% decrease in DC rates during the September 2019 and March 2019 review.\u00a0 The development charge (DC) rates for non-landed residential use have been slashed by 0.2% on average, on the back of a muted Government Land Sales (GLS) bidding and slower economic\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\/24611"}],"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=24611"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/24611\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=24611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=24611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=24611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}