Higher plot rate from CBD to convert office into hotel, housing

The Urban Redevelopment Authority (URA) will offer an increase in gross plot ratio for areas within Singapore's central business district (CBD) to encourage the conversion of existing office developments to the hotel and residential uses, Minister for National Development Lawrence Wong said on Wednesday.

That change will fall under a new CBD Incentive Scheme that is part of a broader plan to boost the live-in population within the city's central area with a variety of homes and amenities in places such as downtown, Marina South and Rochor to enable more people to live near workplaces and amenities.

The CBD Incentive Scheme will apply to the Anson Road, Cecil Street, Shenton Way, Robinson Road, and Tanjong Pagar areas.

In addition, the great potential from Marina View project is located on Shenton Way, District 1, Singapore. It is expected to be developed into high-end commercial retail, office, hotel, serviced apartments and high-end residential areas. Includes TBA units with family options from 1 spacious bedroom to 5 luxurious bedrooms and exclusive penthouses.

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The Urban Redevelopment Authority (URA) will offer an increase in gross plot ratio for areas within Singapore's central business district (CBD) to encourage the conversion of existing office developments to the hotel and residential uses, Minister for National Development Lawrence Wong said on Wednesday

As part of its Draft Master Plan 2019, URA also envisages opportunities to inject unique, short-term uses for vacant state properties and land to bring about greater vibrancy and create public spaces for more to enjoy.

“For the CBD, the vision is to continue to transform it into a well-connected and vibrant mixed-use district offering a dynamic and innovative business environment,” URA said on Wednesday morning.

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“Agencies are also studying the possibility of transforming Robinson Road into a transit-priority corridor for public transport and active mobility.” For instance, more space can be given to buses, cycling paths and pedestrian walkways.

Furthermore, active and convenient commuting within the city will become a reality by 2021, with the addition of more than five kilometers of cycling paths to the existing 22-km network in the Central Area. “Building owners are being encouraged to provide facilities such as bicycle parking, showers, and lockers to make traveling to work – via active mobility – more conducive,” URA added.

Adapted from businesstimes.com.sg

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