New incentive schemes welcome boosts for CBD; will developers bite?

THE two incentive schemes unveiled last week to help rejuvenate strategic areas of Singapore are welcome moves to spur redevelopment of the Central Business District and city centre.

Part of the Urban Redevelopment Authority's Draft Master Plan 2019, one scheme aims at livening up the CBD with a broader mix of uses including residential. A wider diversity of uses - including more residences, hotels and creative lifestyle possibilities - will encourage a much desired greater flow of human traffic into the CBD in the evenings and on weekends.

The other scheme seeks to encourage owners of existing commercial buildings in strategic areas to team up with neighbours for comprehensive redevelopment with bold proposals to transform the street or precinct. Under the Strategic Development Incentive (SDI) Scheme, owners of adjacent commercial or mixed-use developments in "strategic" areas (especially Orchard, CBD and Marina Centre) may join forces and come up with redevelopments that transform the locale.