They will get a plot ratio increase of between 25 per cent and 30 per cent, depending on their location and land use, which could range from a hotel to a condominium with some shops on the ground floor.
The CBD Incentive Scheme, as well as another to rejuvenate ageing commercial buildings islandwide, will replace the Bonus Plot Ratio Scheme introduced in 1989. The plan would"bring more homes to where jobs are and cut down on commuting times for workers to and from work", in a statement the URA said earlier.
Outside of the Central Area, there will be 42,000 new homes in Tengah, 4,000 in Kampong Bugis and 10,000 in Bayshore near the East Coast in the near term, said the URA spokesman.
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