City Developments Limited and Hong Leong Holdings are among the property players that could benefit from the government's push to inject greater vibrancy into the central business district .CITY Developments Limited and Hong Leong Holdings are among the property players that could benefit from the government's push to inject greater vibrancy into the central business district .
Buildings under 20 years old or which have gone through significant asset enhancements from the last TOP date are excluded from the scheme. Site area is also a qualifying criterion. Ms Li noted, however, that last year's hike in additional buyer's stamp duty, as well as the high development charge rates for conversion to hotels may make developers more cautious about going for residential and hotel developments in the current environment.
"Hotels' rates and occupancies, on the other hand, change on a daily basis and tend to be seasonal and volatile. The owner may also prefer to have a higher amount of recurring income, instead of a substantial one-off income from trading residential properties." Meanwhile, OCBC Investment Research analysts, who singled out CDL and the UOL Group as potential beneficiaries, suggested that while conversions may not happen in the near-term amid headwinds in the residential sector, the scheme still offers developers flexibility in the medium-to-long run.
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