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What’s deterring developers from tapping perks to juice up Singapore’s urban centre?

Industry watchers say the incentives offered under the two schemes launched five years ago may not be attractive enough for developers to bite

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Kalpana Rashiwala

Published Fri, Sep 20, 2024 · 03:00 PM

UOL Group tapped the Strategic Development Incentive Scheme to redevelop the former Faber House site in Orchard Road into a hotel that will have sky gardens and a waterfall. ILLUSTRATION: UOL
An artist's impression of The Skywaters being developed under the CBD Incentive Scheme on the site of the former AXA Tower opposite Tanjong Pagar MRT station. ILLUSTRATION: SOM/BEZIER
URA’s group director of conservation and urban design, Chou Mei, says the results of the two schemes have been encouraging, and that the authority is reviewing the schemes. PHOTO: URA
UOL's group chief executive Liam Wee Sin says the added gross floor area is an incentive, but developers still have to bear business disruption, market fluctuations and uncertainties in construction cost. PHOTO: UOL

WHEN Nov 26 rolls around, two urban-rejuvenation schemes of the Urban Redevelopment Authority (URA) will complete the five-year terms earmarked for them, so it may be time for a review of the Central Business District Incentive (CBDI) Scheme and the Strategic Development Incentive (SDI) Scheme.

One seeks to liven up the CBD with a broader mix of uses, including residential.

The other aims to encourage owners of existing commercial buildings in strategic areas such as Orchard Road, the CBD and Marina Centre, to team up with their neighbours to undertake a comprehensive redevelopment that would transform the street or precinct.

Brunch Singapore property Commercial & Industrial URA Singapore commercial property

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