Singapore launches new incentive scheme for property developers 

The scheme encourages developers to meet higher standards in productivity, digitalisation, and sustainability 

The incentive scheme will be extended to Government Land Sales sites for a limited period, added Lee. TheLightLab/Shutterstock

Singapore recently launched a new incentive scheme to encourage developers to digitalise and meet improved standards under the construction industry transformation map, reported The Straits Times 

If standards in productivity, digitalisation, and sustainability are achieved, private developers outside of the Government Land Sales programme can enjoy up to three percent bonus gross floor area (GFA) for a period of five years.  

Developers also gain greater flexibility to utilise this bonus area within the development. 

Desmond Lee, National Development minister, said at the Real Estate Developers’ Association of Singapore’s 62nd-anniversary dinner, “This (scheme) will support our progressive developers, who proactively push the boundaries.”  

The incentive scheme will be extended to Government Land Sales sites for a limited period, added Lee.  

“Thereafter, we plan to raise the minimum requirements for Government Land Sales sites in terms of the levels of productivity, digitalisation, sustainability, and quality,” said Lee. 

Residential developments eligible for the scheme include condominiums and flats, while eligible non-residential developments are commercial, industrial, and institutional developments like business parks, offices, and community buildings.  

Mixed-use developments could comprise any combination of the developments mentioned, and any other developments would be evaluated based on the merits of proposals.  

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Moreover, depending on building type, there are different industry transformation map outcome requirements on digitalisation, productivity, and sustainability.  

Technical details are available on the Building and Construction Authority’s (BCA) website. 

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