{"id":34826,"date":"2016-11-18T11:44:25","date_gmt":"2016-11-18T04:44:25","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-sector-to-be-more-involved-in-govt-development-plans\/"},"modified":"2016-11-18T11:50:52","modified_gmt":"2016-11-18T04:50:52","slug":"private-sector-to-be-more-involved-in-govt-development-plans","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-sector-to-be-more-involved-in-govt-development-plans\/","title":{"rendered":"Private sector to be more involved in govt development plans"},"content":{"rendered":"


\nSelling larger land parcels, such as the government did at Marina Bay, will be one of the methods used in future development plans.
\nThe government aims to increase the involvement of the private sector in its development plans, as part of its strategies to boost the economy, reported Today.
\nDuring the Real Estate Developers\u2019 Association of Singapore\u2019s (Redas) 57th anniversary dinner, National Development Minister Lawrence Wong \u2014 who used the development plans at Marina Bay as an example \u2014 said one of the possible partnership models is the \u201cmaster developer approach\u201d.
\nAt Marina Bay, the government had put out significantly larger land parcels instead of following the previous practice of tendering smaller plots of land for sale.
\n\u201cPrior to Marina Bay, the way in which we sold land in Singapore was to sell land on a plot-by-plot basis. For Marina Bay, we did something different. We put out much larger land plots for the first time. It allowed the developer to optimise different uses and build in a more integrated manner,\u201d said Wong.
\n\u201cBecause it was a much larger plot of land, we also helped to mitigate the risk by giving the developer options to phase out the project. So you don\u2019t have to pay everything upfront in one cash outlay.\u201d
\nNotably, London has used a similar approach in areas such as King\u2019s Cross Central and Canary Wharf.
\nAnother partnership model being considered by the government is the setting up of Business Improvement Districts (BIDs), where businesses spearhead improvements in a defined commercial area.
\n\u201cUnder a BID, the property owners and retailers will be represented and they will have a say in what they want for the BID area,\u201d Wong explained.
\n\u201cTogether, the members of the BID will contribute funds, which would then be ring-fenced for use in the BID area, and they will come up with their own solutions to make the BID area more attractive and (to) increase footfall. It allows stakeholders to have direct ownership and responsibility in implementing plans for the area.\u201d
\nOther ideas being considered by the Committee on the Future Economy are the expansion of space options and the development of infrastructure to support a digital economy.
\nCurrently, Singapore is looking at ways to create more underground space and embarking on new reclamation methods to reduce its reliance on imported sand.
\nWith the growth of the digital economy, the country is also exploring ways to strengthen its digital network infrastructure, including creating a \u201cplug-and-play\u201d environment for Internet of Things applications and connected devices, said Wong.
\n\u00a0
\nCheryl Marie Tay, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories, email cheryl@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
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Selling larger land parcels, such as the government did at Marina Bay, will be one...<\/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-34826","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\/p75ss1-93I","jetpack-related-posts":[{"id":57632,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ioi-properties-and-hongkong-land-to-jointly-develop-marina-bay-site\/","url_meta":{"origin":34826,"position":0},"title":"IOI Properties and Hongkong Land to jointly develop Marina Bay site","date":"June 12, 2017","format":false,"excerpt":"\r Map showing the location of the white site. 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