CS-499 Land charge revisions reveal property market weaknesses, expert says

The government revised the LBC rates for four use groups.

The recent revisions in the land betterment charges (LBC) reflect the “underlying weaknesses” in the Singapore property market, according to JLL.

JLL’s view is supported by Huttons which said that “the land sales market was relatively subdued in the past six months due to the high interest rate, high construction costs and modest take-up at launches.”

Under the revised charges, rates for Group B2 or non-landed declined by 5.4% on average, which Huttons said was due to subdued land bids.

Meanwhile, JLL does not expect the changes to adversely impact the overall market activities.

Time published: 2:38PM PHT

EXPERT OPINION

Kim Ang

Marketing & Digital Manager - Charlton Media Group

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Kim Ang

Marketing & Digital Manager - Charlton Media Group

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Brih Aguilar

Associate, Charlton Media Group

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