SINGAPORE: 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.
Announcing the CBD Incentive Scheme at the URA Draft Master Plan 2019 exhibition launch on Wednesday, 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".The scheme will offer an increase in gross plot ratio to encourage the conversion of existing office developments.
"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.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.
This is done through three economic clusters in the north, east and west called"gateways". Each gateway is anchored around a few key growth sectors. They will also serve as major employment hubs. URA’s Master Plan is reviewed every five years and charts out the Government’s plans for land use over the next 10 to 15 years.
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