Land Betterment Charges for residential and non-landed use are reduced by 3% to 11% on average

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Novo Place launch

The Singapore Land Authority has just revealed its Land betterment Charges (LBC) to be paid for the next six months, which will start on September 1.

Novo Place launch is easily accessible through the established transport system.

The reduction of LBC in the Use Group B2 (Residential Non-Landed) in the range of an average% is likely to be greeted by cheers from developers. In the 118 sector, 112 will see reductions in LBC rates that range between three% up to 11%. LBC rate for the other seven sectors will remain the same. The largest drop by 11% was noted for the sectors 11, 12 13 14 and 11, which are The Marina Bay area, Shenton Way as well as Raffles Quay.

On the other hand, LBC for Use Group A (Commercial) experienced an average in the range of 0.4%. The increase ranged from 3% up to% were reported for 12 of 118 sectors however, no changes were recorded for the other sectors. This slight rise could be due to the Return-to-Office trend which may put pressure downwards on the vacancy rate.

In the same way, Use Group C (Hotel/Hospitality) was averaging rise by 3%. The LBC for only two industries was unchanged, while an increase in the range of three% up to% were recorded for the other 116 sectors. The growth for the Use Group C was the highest likely due to the positive prospects for the hospitality and tourism sector.

There are no changes to LBC for the other Use Groups which includes Utilization Group B1 (Residential and landed) as well as the Use Group D (Industrial).