Residential

Development charge rates for private residential land lowered

The development charge rates for non-landed residential use fell by an average of 1.6 per cent from 25 August to 30 August. According to an analysis by JLL, this is the first time since March 2012, that there is a drop in the average development charge rates for non-landed residential use. According to Ministry of National Development, development charge rates for non-landed residential use have fallen between 2.8 per cent to 5 per cent in 55 sectors. On the other hand, development charges for industrial use rose by 1.9 per cent in the same period of time. Development charges which are imposed on sites that are undergoing enhancements have been revised on 1 March and 1 September across 118 sectors. The revision will be effective from 1 September this year to 28 February next year. Changes in the ...