The Ministry of National Development has revised the development charges (DC) for the period 1 March 2010 to 31 August 2010. The review is carried out on a half-yearly basis, in consultation with the Chief Valuer.
On average, the DC rates for Group A (Commercial) have decreased by 2%, with the largest decrease of 13% in Sectors 1, 2, 7 and 11 (Raffles Quay and Shenton Way). However, one sector (Sector 117, Sentosa) has its DC rates increased by 13%.
For Group B1 (Residential (landed)), the DC rates have on average increased by 12%, with the largest increase of 17% in Sectors 68, 69 and 108 (Tanglin / Holland / Sixth Avenue / Bukit Timah / Cluny Road areas), Sectors 103 and 104 (Hougang / Toa Payoh / Ang Mo Kio areas) and Sector 117 (Sentosa).
Group B2 (Residential (non-landed) rates have increased by 8%, with the largest increase of 15% in Sector 91 (Mountbatten / Katong area), Sectors 98 and 101 (Paya Lebar / Eunos / Bedok North / Simei / Tampines areas), and Sector 76 (Spottiswoode Park / Cantonment areas).
For Group C (Hotel/Hospital), there is an increase by 12% in one sector - Sector 117 (Sentosa). As for Group I (Business zone commercial use), the DC rates have decreased by 2%.
Dr Chua Yang Liang, Head of Research South East Asia, Jones Lang Lasalle commented “The only sector that recorded an uptick in Commercial DC rate is in sector 117 (Sentosa) - a positive growth of 12.5%. We believe the opening of the Integrated Resort and its retail spaces has put an upward pressure to close the gap between sector 117 (Sentosa) and sector 88 (World Trade Center) where Vivocity is located. With this revision, the gap has narrowed from a $1,750 to $1,400.”
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Tags: development charges, Sentosa, URA