S'pore To Raise Land Development Charges In March

Source : The Business Times, February 29, 2008

Singapore said on Friday it will increase land development charges for most categories of real estate from March 1, with the biggest rise affecting developers who wish to build factories and warehouses.

The Ministry of National Development said in a statement that the rates for industrial properties will rise by an average of 16.8 per cent from September.

The development charge for malls and offices will go up by an average of 1.5 per cent, the charge for residential (apartments) development will gain an average 2.6 per cent, while the rate for hotels and hospitals will increase by an average of 3.3 per cent.

Singapore revises development charges twice a year to reflect changes in land values. -- REUTERS