Ura Continue Rejuvenation Efforts Extension Cbdi And Sdi Schemes
The government has announced that it will be extending the Central Business District Incentive (CBDI) and Strategic Development Incentive (SDI) schemes for another five years in order to continue promoting growth and rejuvenation in the city center. These schemes were initially introduced in November 2019 and the latest decision was announced by Desmond Lee, Minister of National Development (MND), at the Real Estate Developers’ Association of Singapore (Redas) annual Spring Festival lunch on Feb 7.
The CBDI scheme was created to encourage the conversion of older office buildings in certain areas of the Central Business District (CBD) into mixed-use developments. These areas include Tanjong Pagar, Robinson Road, and Shenton Way. The intention of this scheme is to increase the number of homes in the CBD, expand the resident population, and introduce a greater variety of uses in the traditionally commercial-centric district.
The SDI scheme was introduced to promote the redevelopment of older developments in strategic areas, in order to bring about transformative changes to the surrounding urban environment. These strategic areas include Orchard Road, the Central Business District, and Marina Centre.
According to the Urban Redevelopment Authority (URA), 14 out of the 17 CBDI proposals and seven out of the 12 SDI proposals submitted to the government have been granted in-principal approval. There are currently four CBDI projects under construction in the Anson-Tanjong Pagar area, including Newport Plaza, a mixed-use development on 80 Anson Road with 246 residential units and 198 serviced apartment units. Another project, Skywaters Residences, is a larger mixed-use development on 8 Shenton Way with 190 luxury residential units. There are also two commercial developments at 15 Hoe Chiang Road and 51 Anson Road that are part of the CBDI scheme.
However, the five-year extension of the CBDI and SDI schemes will come with some refinements, according to Minister Lee. The CBDI scheme will now include commercial developments in the Anson and Cecil areas, and developers and property owners who submit CBDI proposals for buildings in these areas will have the option to retain their commercial zoning (with 40% non-commercial use) if the redevelopment includes long-stay serviced apartment units.
Under the revised CBDI scheme, applicants looking to redevelop in Anson and Cecil will need to provide at least 200 residential units or set aside their entire non-commercial floor area for long-stay serviced apartment use, whichever is lower. Previously, office buildings redeveloped under the CBDI were allowed to retain their existing commercial zoning if 40% of the new floor area was set aside for non-commercial use.
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According to URA, the revamped CBDI and SDI schemes will also include new sustainability requirements, and all new applications going forward must include a sustainability statement that assesses the feasibility of retrofitting part or all of the existing building.
Minister Lee explains, “While we support revitalization and rejuvenation through redevelopment, what we do not want is wasteful demolition and excessive rebuilding, especially if the buildings are relatively young or still in good shape.” He adds that several projects being redeveloped under the CBDI or SDI schemes are already going beyond the required sustainability standards, such as Union Square, a mixed-use development at Havelock Road which will incorporate a district cooling system.