Development charge hikes set to ease collective sale fervour

Development charges for non-landed residential use are now set for a 9.8 per cent increase on average from today and will be applicable until Feb 28 next year. Yesterday's announcement was expected given bullish bids by developers for residential sit
Development charges for non-landed residential use are now set for a 9.8 per cent increase on average from today and will be applicable until Feb 28 next year. Yesterday's announcement was expected given bullish bids by developers for residential sites in state tenders and private sector collective sales.ST PHOTO: LIM YAOHUI

Higher charges for non-landed residential use may impact some prime areas: Experts

The collective sales market in some prime areas will likely be further dampened by the higher development charges (DC) for non-landed residential use announced yesterday, said property consultants.

The rates, which are assessed every six months, are payable by developers seeking to enhance the use of a site or build a bigger project on it.

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A version of this article appeared in the print edition of The Straits Times on September 01, 2018, with the headline 'Development charge hikes set to ease collective sale fervour'. Print Edition | Subscribe