More than 20 ageing office buildings in Singapore's CBD, currently housing some 6 to 6.5 million sq ft of office space, could be redeveloped to make way for state-of-the-art buildings under the CBD Incentive Scheme as part of the recently released draft Master Plan 2019. This is the number of buildings JLL Research estimates could satisfy the criteria set under the scheme, which offers higher plot ratios for owners who convert older office buildings to other complementary uses.
In their place, we can expect brand new buildings potentially yielding some four to five million sq ft net floor area of office space and injecting over 3,000 new homes and over 3,000 hotel rooms in the heart of CBD.
To read more: https://www.businesstimes.com.sg/real-estate/rejuvenating-cbd-with-new-integrated-buildings-visionary-jll
Adapted from The Business Times 13 April 2019