Fewer commercial strata units in city centre will benefit shoppers, tenants: consultants
They say URA's move to bar commercial properties in Central Area from subdividing ownership into individual units will improve tenant mix, mall upkeep
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IMPROVED tenant mixes, curated offerings for shoppers, well-maintained malls and fewer vacant units could be in store for the Orchard Road shopping belt and retailers in the Central Business District (CBD), as a result of a new restriction on strata properties.
Real estate consultants welcomed the Urban Redevelopment Authority's (URA) latest policy move prohibiting commercial properties in key parts of the Central Area to be strata subdivided into individual units, as it is expected to largely benefit the retail scene.
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