Schemes to Liven Up City Centre, Redevelop Core Areas Extended for Five Years

The two initiatives have been well received, will be fine-tuned further: Desmond Lee

- Grace Leong

Two urban rejuvenation schemes that aim to liven up the city centre by bringing more apartments into core areas and redeveloping existing commercial buildings will be extended for five years, Minister for National Development Desmond Lee said.

But the two initiatives – the Central Business District Incentive (CBDI) and Strategic Development Incentive (SDI) schemes – which give developers incentives to undertake these projects, will be fine-tuned further, said Mr Lee on Feb 7.

Speaking to more than 500 attendees at the Real Estate Developers' Association of Singapore's (Redas) Spring Festival luncheon, he added that the authorities have completed a review of both initiatives after they hit their five-year mark in November 2024.

The CBDI scheme aims to encourage the conversion of older and predominantly office developments in the CBD into mixed-use buildings. It offers developers an increase in the maximum allowable gross floor area in exchange for a change in land use from offices to homes or hotels.

The SDI scheme encourages owners of existing commercial buildings to come up with a joint redevelopment proposal with their neighbours that would transform the street or precinct.

Both schemes have been well received so far and would be fine-tuned in two ways, Mr Lee said.