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THE LEVEL GROUND

Relax ABSD rules for developers to hold rental units; don’t mix serviced apartments with condo projects

It reduces risks of developers while meeting needs of homebuyers and renters

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Leslie Yee

Leslie Yee

Published Mon, Jul 1, 2024 · 03:47 PM
    • Easing ABSD rules to facilitate developers holding some rental homes can help meet rental needs.
    • Easing ABSD rules to facilitate developers holding some rental homes can help meet rental needs. PHOTO: YEN MENG JIIN, BT

    LAST month, a tender for a residential development site in the Upper Thomson area drew no bids – the first time in more than 20 years that a state land tender has closed with zero bids.

    The 99-year leasehold Upper Thomson Road (Parcel A) site was to have yielded around 540 homes, 100 long-stay serviced apartments and a childcare centre.

    Earlier this year, the first government land sale (GLS) site to pilot long-stay serviced apartments – in Zion Road – attracted a sole bid from a City Developments Limited -Mitsui Fudosan tie-up. This site will also yield conventional condominium homes.

    ABSDProperty developersGovernment Land SalesResidentialSingapore residential propertyServiced residencesThe Level Ground

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