Ura Continue Rejuvenation Efforts Extension Cbdi And Sdi Schemes
The government has recently announced that they will be extending the Central Business District Incentive (CBDI) and Strategic Development Incentive (SDI) schemes for an additional five years. These schemes were initially introduced back in November 2019. The decision was made public by the Minister of National Development, Desmond Lee, during the Real Estate Developers’ Association of Singapore’s (Redas) annual Spring Festival lunch on Feb 7.
The CBDI scheme was launched to encourage the transformation of older office buildings in specific areas of the Central Business District (CBD) into mixed-use developments. These areas include Tanjong Pagar, Robinson Road, and Shenton Way. The primary objective of this scheme is to provide more housing options, increase the residential population in the CBD, and diversify the types of developments in this traditionally commercial-focused district.
On the other hand, the SDI was introduced to promote the redevelopment of older buildings in strategic locations, in order to drive transformative changes in the surrounding urban environment. The strategic zones identified for this scheme are Orchard Road, the CBD, and Marina Centre. Interested parties may search for the latest New Launches to learn about transaction prices and available units.
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According to the Urban Redevelopment Authority (URA), 14 out of 17 CBDI proposals and 7 out of 12 SDI proposals submitted to the government have received in-principal approval. Additionally, there are currently four CBDI projects underway in the Anson-Tanjong Pagar area, such as Newport Plaza which is a mixed-use development on 80 Anson Road. This project comprises the 246-unit Newport Residences and 198 serviced apartment units. Another project, Skywaters Residences, consists of 190 luxury residential units as part of a larger mixed-use development located at 8 Shenton Way. There are also two other ongoing projects for commercial developments at 15 Hoe Chiang Road and 51 Anson Road.
However, Minister Lee has stated that the five-year extension of the CBDI and SDI schemes will come with some adjustments. The CBDI scheme will now include commercial developments in Anson and Cecil, and developers or property owners submitting CBDI proposals for buildings in these areas will have the choice to retain their commercial zoning (with 40% non-commercial use) if the redevelopment incorporates long-stay serviced apartment units.
The URA has stated that developers seeking to redevelop in Anson and Cecil will be required to provide at least 200 residential units or dedicate their entire non-commercial floor area for long-stay serviced apartments, whichever is lower. Initially, office buildings being redeveloped under the CBDI were allowed to retain their existing commercial zoning as long as 40% of the new floor area was reserved for non-commercial use.
Marcus Chu, the CEO of ERA Singapore, says, “By renewing the many aging buildings in the city center and introducing more residential units, these incentives aim to make the CBD a vibrant place for living, working, and playing.”
Minister Lee also announced that the revamped CBDI and SDI schemes will now include new sustainability requirements. As part of the new guidelines, all new CBDI and SDI applications must now include a sustainability statement that evaluates the feasibility of retrofitting part, or all, of the existing building. He added that while the government supports redevelopment and revitalization, they do not want to see excessive demolition and rebuilding, especially for relatively young buildings or those still in good condition.
In addition, Minister Lee mentioned that several projects currently undergoing redevelopment under the CBDI or SDI schemes are already going above and beyond the mandated sustainability requirements. For example, Union Square, a mixed-use development at Havelock Road, is incorporating a district cooling system. Interested buyers can also check out the latest listings for Skywaters Residences properties and ask for a project summary or condo sale transactions in District 1. They can also browse other upcoming new launch projects and properties that have recently obtained TOP.