Average 3% to 11% drop in Land Betterment Charge for residential, non-landed use

The Singapore Land Authority recently unveiled the Land Betterment Charges (LBC) for the six months starting from September 1st. Generally, Use Group B2 (Residential, non-landed) saw the most significant decline with an average of 3%. Out of the 118 sectors, 111 sectors will experience decreases in LBC rates ranging from 3% to 11%, particularly for Sectors 11, 12, 13, and 14 – which comprise the Marina Bay area, Shenton Way, and Raffles Quay.

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On the contrary, Use Group A (Commercial) saw an overall average increase of 0.4%. Twelve out of 118 sectors reported increases ranging from 3% to 4%, while the other sectors remained unchanged. This might be attributed to the latest Return-to-Office trend driving down vacancy rates.

Similarly, Use Group C (Hotel/Hospitality) experienced an average increase of 3%, with 116 sectors showing increases of 3% to 5%. The remaining two sectors remained unchanged. This hike could be linked to the improving outlook for the tourism and hospitality industry.

Other Use Groups (e.g. Use Group B1 (Residential, landed) and Use Group D (Industrial)) saw no changes in their LBC rates.

The announcement of the Land Betterment Charges has been met with cheers by developers, particularly for the declines in rates for Use Group B2. With the Return-to-Office trend gaining traction, the outlook for the commercial sector is positive. Moreover, the surge in rates for Use Group C could be indicative of an optimistic rebound for the tourism and hospitality industry.