Two schemes to rejuvenate Singapore city centre will be extended; plus further reports

For PropertyGuru’s real estate news roundup, two schemes aimed at rejuvenating Singapore’s city centre will be extended for five years. In other news, Riyadh and Jeddah are spearheading a transformative shift in Saudi Arabia’s lifestyle retail sector. Lastly, the first of two parts in Outlook 2025: APAC will see an AI-led data centre boom.

Two schemes to rejuvenate Singapore’s city centre, redevelop strategic areas extended for 5 years

Minister for National Development Desmond Lee said in CNA that two schemes aimed at rejuvenating Singapore’s city centre by bringing in more homes and redeveloping older commercial buildings in the central business district and other strategic areas will be extended for five years. The Urban Redevelopment Authority will also make some refinements and changes to the two schemes — the Central Business District Incentive (CBDI) and Strategic Development Incentive (SDI) schemes — to ensure that they “continue to support Singapore’s strategic objectives and remain relevant to our industry,” said Mr Lee on 7th February.

Riyadh and Jeddah to see 394,900 square meters of new lifestyle retail space by 2027: Report

Riyadh and Jeddah are spearheading a transformative shift in Saudi Arabia’s lifestyle retail sector, reshaping the retail landscape with 394,900 square metres of upcoming lifestyle retail developments that include food and beverage outlets, entertainment options, and vibrant public spaces, all scheduled for completion by 2027, according to Knight Frank’s Riyadh and Jeddah Lifestyle Retail Market Review. Faisal Durrani, partner – head of Research, MENA, states in Economy Middle East, “Fueled by the transformative ambitions of Vision 2030, Saudi Arabia’s lifestyle retail market has been undergoing a remarkable evolution since 2021, with Riyadh and Jeddah alone adding over 148,400 square metres of new retail space in the last two years.”

Outlook 2025: Asia Pacific to see AI-led data centre boom (part 1)

The rise of AI applications and their need for processing power has driven a huge increase in demand for data centres worldwide. Asia Pacific is no different; with developing real estate markets in particular set for growth. Savills Prospects takes a look at some of the major markets around the region with the hottest prospects for data centre development. Due to the lack of space and power, developed markets such as Singapore and Japan can be a difficult prospect for the sector. However, developing markets could take advantage, especially if they can also offer renewable energy. A growing need for digital infrastructure drives India’s data centre industry. The nation is witnessing a rise in AI applications across industries such as healthcare, fintech, real estate, manufacturing, and logistics fuelling demand for data centres.

The Property Report editors wrote this article. For more information, email: [email protected].