Changes in Development Charge (DC) Rates!!!

The Ministry of National Development (MND) has announced that development charge rates will be revised from the current 50 per cent of the appreciation in land value to 70 per cent. The revised rates take effect immediately and apply to development applications where provisional permission is issued on or after 18 July. For land with title restrictions on the use and intensity, which are subjected to a levy of differential premium by the Singapore Land Authority, the differential premium will be similarly adjusted to the 70 per cent rate based on the published table of development charge rates.

Comments:

This essentially increases developers' cost of paying DC by 40%!!! Is this a one off measure? Or is this going to be one of the many policies that the government is going to implement to cool the current buoyant property market. Are we going to witness a fall in the number of enbloc /collective sales? I hope not! :-)

See

http://www.ura.gov.sg/pr/text/2007/pr07-73.html

East The Best - 1st Posting!!!

Hi, I resided in the Central area (Telok Blangah) of Singapore in the first 20 years of my life till my family shifted to the Eastern part of Singapore. Since then, I've fell in love with many of the wonderful things that the 东方 of Singapore can offer.

While on my way to work this morning (18 July 2007), I suddenly thought of writing a blog about the latest property related issues/news in the East area. Initially I hesitated but eventually I told myself that since my passion has always been in REAL ESTATE......why not!......go ahead and write/post something!

That's how I ended up with my very first posting, which YOU have just finished reading :-)

Cheers