SINGAPORE - Development charges, which are the rates that developers pay to enhance the use of land, have fallen for the first time in almost 18 months for residential non-landed sites.
However, they shot up for parcels earmarked for commercial use, places of worship, civic institutions, as well as hotels and hospitals.
These charges, which reflect recent property values for the different segments and are closely watched by developers, fell by 2 per cent for non-landed homes, on the back of falling residential property prices since the start of the year.
The fees are reviewed every six months and were released by the Urban Redevelopment Authority (URA) on Friday.
Land set aside for hotels, hospitals, places of worship and civic institutions registered the steepest hikes at an average of 9 per cent island wide, said URA.
For the commercial sector, development charge rates rose by an average of 2 per cent, with the steepest increases in places such as Balestier Road, Thomson Road and the Novena area.
The rates were unchanged for landed residential and industrial properties.
The new development charges take effect on Monday.