Developers welcome incentive scheme to revamp CBD

Move spurs redevelopment of old buildings like AXA Tower, but hurdles like cost remain

The CBD Incentive Scheme, announced at the launch of the Draft Master Plan on Wednesday, applies to the Anson Road, Cecil Street, Shenton Way, Robinson Road and Tanjong Pagar areas. It is for predominantly office buildings that have been built or hav
The CBD Incentive Scheme, announced at the launch of the Draft Master Plan on Wednesday, applies to the Anson Road, Cecil Street, Shenton Way, Robinson Road and Tanjong Pagar areas. It is for predominantly office buildings that have been built or have had their last major refurbishment at least 20 years ago.ST PHOTO: LIM YAOHUI

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 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 feature residential and hotel spaces as well.

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A version of this article appeared in the print edition of The Straits Times on March 29, 2019, with the headline 'Developers welcome incentive scheme to revamp CBD'. Subscribe