Re-development charges reduced as market cools
The Government has lowered redevelopment taxes for non-landed residential properties by an average of 6 per cent, in a move that analysts say reflects the falling value of apartments here. The reduction in so-called development charges will take effect from Monday and last until February 28 next year.
Such charges are levied when a property is redeveloped, for example, after an en bloc sale. The Government adjusts its rates every six months to reflect the value of land.
Mr Li Hiaw Ho, executive director at CBRE Research, said: “This was expected as the pace of acquisition of both public and private land sites has slowed in 2008. The Government has recognised that the prevailing cautious sentiment and news of financial troubles in other global markets have slowed new acquisition of land.”
Property prices have been creeping up since 2006, but have slipped recently on the back of the global credit crunch.
Source : Weekend Today - 30 Aug 2008
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