Source: Business Times, 08 May 2022
THE take-up of two government schemes that incentivise the redevelopment of ageing buildings in certain areas has picked up, and will inject buzz in those precincts as new mixed-use developments emerge, analysts said.
As at Apr 5, the Urban Redevelopment Authority (URA) has received 12 outline applications under the CBD Incentive Scheme (CBDI), of which 8 have been given in-principle approval. Meanwhile, URA has received and given in-principle approval for 4 outline applications under the Strategic Development Incentive (SDI) Scheme. The names of the buildings have not been disclosed due to confidentiality reasons.
According to consultants The Business Times spoke to, buildings that have received in-principle approval under the CBDI include 80 Anson Road (formerly Fuji Xerox Towers), 8 Shenton Way (formerly AXA Tower), Realty Centre, ABI Plaza, 78 Shenton Way and Maxwell House. Tower Fifteen is also seen as a likely candidate.
In response to a query from BT, CapitaLand said ABI Plaza is “eligible for the CBD Incentive Scheme.”
Meanwhile, buildings with in-principle approval under the SDI include Central Mall and Central Square, and Faber House.
The redevelopment of some older buildings has been a plus for the Grade A CBD market during the pandemic, supporting rents as some office stock was taken off the market.