Developers welcome incentive scheme to rejuvenate CBD, but hurdles remain

Most developers and building owners welcome the move to encourage more mixed-use projects in the Central Business District, but there remain deterrents to redevelopment, such as cost.
Most developers and building owners welcome the move to encourage more mixed-use projects in the Central Business District, but there remain deterrents to redevelopment, such as cost.ST PHOTO: LIM YAOHUI

SINGAPORE - AXA Tower, a landmark cylindrical-shaped building in Shenton Way, may well usher in a wave of redevelopment in the Central Business District (CBD) under an incentive scheme announced at Wednesday's (March 27) launch of the Draft Master Plan.

The 50-storey AXA Tower is currently an office development with some retail space, but is primed for a $3 billion makeover to have residential and hotel spaces as well.

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