Sky Everton pSF is just minutes away from this prime area of district 02. An incentive scheme will be rolled out to encourage building owners to convert existing office developments in the Central Business District to mixed-use developments, as part of plans to rejuvenate the city centre.
The CBD Incentive Scheme was announced on Wednesday (Mar 27) at the launch of the URA Draft Master Plan 2019 exhibition. It applies to areas around Anson Road, Cecil Street, Shenton Way, Robinson Road and Tanjong Pagar.
National Development Minister Lawrence Wong said he wants to introduce a broader mix of uses so that the CBD is “not only a place to work, but also a vibrant place to live and play”.
Sky Everton PSF is the latest residential development which is nearby to Shenton Way.
The scheme will offer an increase in gross plot ratio, which indicates to developers how much gross floor area they are allowed to build in that site. With a higher number, more units can be built.
Buildings in Anson Road and Cecil Street that qualify should be at least 20 years old from the date of last Temporary Occupation Permit (TOP), and be predominantly used for offices.
For Anson Road, Tanjong Pagar Road, Robinson Road and Sky Everton Shenton Way, the qualifying minimum site area is 1,000sqm. For Cecil Street, the scheme will require 1,000sqm for all Corner Sites and 2,000sqm for all other sites.
If developers want to use the land for residential with commercial use on the ground floor, the ratio can be increased by up to 30%.
The CBD scheme will take effect from the date of gazette for Master Plan 2019.
Beyond the CBD, we also want to encourage private developers and building owners to consider rejuvenating their existing buildings especially if they are old,” Mr Wong added.
This will be done through another new scheme – the Strategic Development Incentive (SDI) Scheme. While this is applicable islandwide, strategic areas such as Orchard and Downtown are encouraged.
The intent is to encourage commercial building owners to collaborate and comprehensively redevelop adjacent properties through bold, innovative proposals that will transform the street or precinct, said Mr Wong.
To encourage such proposals, the Government will offer a mix of incentives, including an increase in gross plot ratio and flexibility on other development controls, he added.
To qualify for the SDI scheme, developments will have to be at least 20 years old from the date of last TOP. Its current land use should be for commercial or mixed-use developments with predominantly commercial uses.
Proposals should include a minimum of two adjacent sites unless it is large enough on its own to achieve a transformational impact on the precinct.
The SDI scheme takes effect from Wednesday.