Core Central Region sites see largest development charge rate cuts

Due to subdued market sentiment.

Development charge (DC) rates declined significantly in most sites in the Core Central Region (CCR) on back of weak home-buying sentiment and persistent price declines in the high-end sector.

According to Colliers, 73 out of 118 DC Sectors registered falls. They are largely found in the Core Central Region (CCR) and the Punggol/Sengkang and Yishun/Woodlands areas.

In the CBD, geographical sectors 1 to 3 recorded decreases of 6.1% to 6.2%. These sectors are made up of Chulia Street, Collyer Quay, Battery Road, Church Street, North Canal Road, Coleman Street, High Street, St Andrew's Road, Connaught Drive, and Bras Basah Road.

DC rates in the prime residential districts 9, 10 and 11, sectors 37 and 38 made up of Clemenceau Ave, Scotts Road, Winstedt Road, Bt Timah Road, Sarkies Road, Balmoral Road fell by 7.1%. The DC rate in Sector 23--made up of Orchard Road--fell 5.9%.

“This is not surprising as URA’s non-landed residential price index indicated that prices for private non-landed residential properties in the region have declined by a total 6.6% in the past 7 quarters,” stated Colliers.