01-03-2014, 10:50 AM
DC raised for commercial, hotel sites - ST by Cheryl Ong
"The chief valuer looks at the land prices and transactions in the market to revise the development charges," said Century 21 chief executive Mr Ku Swee Yong.
Ms Chia Siew Chuin, research and advisory director at Colliers International, said the revision could have been driven by the sale of a plot on East Coast Road for $1,326 psf - 128.8% above land value imputed by the development charge for that area.
The East Coast and Marine Parade areas have also seen many boutique hotels springing up, underpinning the increase in charges, Mr Ku added.
The revised charges take effect today.
Love Compassion
A Life not Reflected is a Life not Worth Living.
"The chief valuer looks at the land prices and transactions in the market to revise the development charges," said Century 21 chief executive Mr Ku Swee Yong.
Ms Chia Siew Chuin, research and advisory director at Colliers International, said the revision could have been driven by the sale of a plot on East Coast Road for $1,326 psf - 128.8% above land value imputed by the development charge for that area.
The East Coast and Marine Parade areas have also seen many boutique hotels springing up, underpinning the increase in charges, Mr Ku added.
The revised charges take effect today.
Love CompassionA Life not Reflected is a Life not Worth Living.