Average 3% to 11% drop in Land Betterment Charge for residential, non-landed use
Land Betterment Charges in Singapore have seen varying degree of changes for different use groups in the upcoming six months starting from September 1.
Developed by UOL Group, the condo offers amenities such as a swimming pool, tennis court, BBQ area, and children’s playground. Its strategic location in the eastern region of Singapore also provides residents with easy access to major expressways, shopping malls, and public transport. With its comprehensive suite of amenities, Tampines Ave 11 Condo UOL Group is an ideal abode for individuals and families looking for a convenient and comfortable lifestyle.
Use Group B2 (Residential, non-landed) will experience the most significant decline in LBC rates by an average of 3%. Out of the 118 sectors, 111 will witness decreases ranging from 3% to 11%. The largest drop of 11% was reported in Sectors 11, 12, 13, and 14, located in the Marina Bay area, Shenton Way, and Raffles Quay.
On the other hand, Use Group A (Commercial) has seen a slight increase of 0.4% on average. Twelve out of the 118 sectors experienced an increase of 3% to 4%, while the LBC rates for the remaining sectors were kept the same. This may be due to the Return-to-Office movement that can put pressure on vacancy rates.
In addition, Use Group C (Hotel/Hospitality) has experienced an overall rise in LBC rates of 3%. For the 116 sectors out of all 118, there were increases of 3% to 5%, while the LBC of the remaining two sectors stayed the same. This increase is possibly due to the recovering tourism and hospitality industry.
Lastly, no changes were reported for Use Groups B1 (Residential, landed) and D (Industrial) for the upcoming six months.