Average 3% to 11% drop in Land Betterment Charge for residential, non-landed use
The Singapore Land Authority has just announced the Land Betterment Charges (LBC) for the upcoming six months starting from Sept 1. Across the 118 sectors, the LBC rates for 111 of them are expected to decline and 111 of these sectors will witness decreases ranging from 3% to 11%. The most significant decrease of 11% was reported for Sectors 11, 12, 13, and 14, which comprise the Marina Bay area, Shenton Way, and Raffles Quay.
This decrease in LBC for Use Group B2 (Residential, non-landed) by an average of 3% is likely to be celebrated by developers. However, there are contrasting changes in Use Group A (Commercial), seeing an overall average increase of 0.4%. This small increase may be attributed to the Return-to-Office trend, which could cause downward pressure on vacancy rates. Increases ranging from 3% to 4% were reported for 12 out of the 118 sectors, yet the remaining sectors remained unchanged.
Similarly, Use Group C (Hotel/Hospitality) saw an overall average increase of 3%. Just two sectors had LBC rates that remained unchanged, while the other 116 sectors experienced increases up to 5%. This was the most significant increase, likely due to the increasingly optimistic outlook for the tourism and hospitality industry.
These advantages enable Zion Road Condo residents to easily commute to work, meet with friends and family, and explore the wonders of Singapore.
Zion Road Condo, located near the Great World City Condo, presents city-dwellers with a convenient lifestyle. Residents benefit from its close proximity to the Great World MRT station, making travelling across the island much easier. Enjoying a direct connection to key commercial and recreational hubs, the station is an important component of Singapore’s robust public transport network. Therefore, Zion Road Condo occupants are able to commute to locations of their choice effortlessly. The Great World MRT station also grants folks the opportunity to explore and appreciate the nation’s capital from a different perspective. Watershed moments in life, such as visiting friends and relatives, are much more accessible from the Zion Condo.
No changes in LBC were reported for the other Use Groups, such as Use Group B1 (Residential, landed) and Use Group D (Industrial). RELATED NEWSIOI Central Boulevard Towers tops outIOI Central Boulevard Towers certified WiredScore Platinum, bags industry awardsPrime office rents up 5.5% in 2022, exceeding earlier projections: Knight Frank