{"id":26040,"date":"2021-11-30T06:48:46","date_gmt":"2021-11-29T23:48:46","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=26040"},"modified":"2021-11-29T15:52:12","modified_gmt":"2021-11-29T08:52:12","slug":"singapore-launches-new-incentive-scheme-for-property-developers","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/singapore-launches-new-incentive-scheme-for-property-developers\/","title":{"rendered":"Singapore launches new incentive scheme for property developers\u00a0"},"content":{"rendered":"

The scheme encourages developers to meet higher standards in productivity,\u00a0digitalisation, and sustainability<\/span>\u00a0<\/span><\/p>\n

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The incentive scheme will be extended to Government Land Sales sites for a limited period, added Lee. TheLightLab\/Shutterstock<\/figcaption><\/figure>\n

Singapore recently launched a new incentive scheme to encourage developers to\u00a0digitalise\u00a0and meet improved standards under the construction industry transformation map, reported The Straits Times<\/a>.\u00a0<\/span>\u00a0<\/span><\/p>\n

If standards in productivity,\u00a0digitalisation, and sustainability are achieved, private developers outside of the Government Land Sales\u00a0programme\u00a0can enjoy up to three percent\u00a0bonus gross\u00a0floor area (GFA) for a period of five years.\u00a0<\/span>\u00a0<\/span><\/p>\n

Developers also gain greater flexibility to\u00a0utilise\u00a0this bonus area within the development.<\/span>\u00a0<\/span><\/p>\n

Desmond Lee, National Development minister, said at the\u00a0<\/span>Real Estate Developers’ Association of Singapore’s 62nd-anniversary dinner<\/span>, \u201cThis (scheme) will support our progressive developers, who proactively push the boundaries.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

The incentive scheme will be extended to Government Land Sales sites for a limited period, added Lee.\u00a0<\/span>\u00a0<\/span><\/p>\n

“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.<\/span>\u00a0<\/span><\/p>\n

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. <\/span>\u00a0<\/span><\/p>\n

Mixed-use developments could comprise any combination of the developments mentioned, and any other developments would be evaluated based on the merits of proposals. <\/span>\u00a0<\/span><\/p>\n

More: Singapore\u2019s property serial number solution to ease process for home seekers<\/strong><\/a><\/p>\n

Moreover, depending on building type, there are different industry transformation map outcome requirements on\u00a0digitalisation, productivity, and sustainability.\u00a0<\/span>\u00a0<\/span><\/p>\n

Technical details are available on the Building and Construction Authority’s (BCA) website.<\/span>\u00a0<\/span><\/p>\n

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The Property Report editors wrote this article. For more information, email:\u00a0<\/span><\/i>propertyreport@propertyguru.com<\/span><\/i><\/a>.<\/span><\/i>\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The scheme encourages developers to meet higher standards in productivity,\u00a0digitalisation, and sustainability\u00a0<\/p>\n","protected":false},"author":12,"featured_media":26041,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[2404,2495,2494,110],"class_list":["post-26040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-digitalisation","tag-incentive-scheme","tag-industry-transformation","tag-singapore","news_country-singapore","news_author-property-report"],"acf":[],"yoast_head":"\nSingapore launches new incentive scheme for property developers\u00a0 | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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