reporter2
25-03-22, 11:54
Ban on strata subdivision to boost investment appeal of Orchard Road, CBD corridor
EdgeProp Singapore
March 25, 2022
SINGAPORE (EDGEPROP) - Singapore’s CBD Corridor, Historic Zone and the Orchard Road shopping belt have received a land and asset value booster shot. It came in the form of a ban on strata subdivision of commercial spaces (offices, shops or restaurants) in standalone or mixed-use developments situated within these three designated zones. The ban took effect from March 15.
These restrictions are not new, having been included in various permutations as part of the sales conditions for several government land sales (GLS) sites. These include Paya Lebar Quarter, the upcoming IOI Central Boulevard Towers and Guoco Midtown.
Guarantee of quality
Buildings with fragmented ownership face maintenance issues and redevelopment challenges. When existing deteriorating strata subdivided commercial assets are gradually redeveloped, the designated districts can look forward to an uplift in image.
Under a single owner, the future developments are likely to be professionally managed and more regularly updated to stay relevant. This will enhance the value of both the property and the land in these designated zones. It will in turn serve as a guarantee of quality for these prime districts.
Read more at: https://www.edgeprop.sg/property-news/ban-strata-subdivision-boost-investment-appeal-orchard-road-cbd-corridor
EdgeProp Singapore
March 25, 2022
SINGAPORE (EDGEPROP) - Singapore’s CBD Corridor, Historic Zone and the Orchard Road shopping belt have received a land and asset value booster shot. It came in the form of a ban on strata subdivision of commercial spaces (offices, shops or restaurants) in standalone or mixed-use developments situated within these three designated zones. The ban took effect from March 15.
These restrictions are not new, having been included in various permutations as part of the sales conditions for several government land sales (GLS) sites. These include Paya Lebar Quarter, the upcoming IOI Central Boulevard Towers and Guoco Midtown.
Guarantee of quality
Buildings with fragmented ownership face maintenance issues and redevelopment challenges. When existing deteriorating strata subdivided commercial assets are gradually redeveloped, the designated districts can look forward to an uplift in image.
Under a single owner, the future developments are likely to be professionally managed and more regularly updated to stay relevant. This will enhance the value of both the property and the land in these designated zones. It will in turn serve as a guarantee of quality for these prime districts.
Read more at: https://www.edgeprop.sg/property-news/ban-strata-subdivision-boost-investment-appeal-orchard-road-cbd-corridor