The charges for commercial and residential (non-landed) properties will shoot up by 1.3 percent and 4 percent respectively.
Today onwards, developers will face higher development charges (DC) for commercial and residential properties.
DC rates for industry have been reduced by about 3.7 per cent on average. Land slated for hotel and hospital use will see a 2.6 per cent increase on average.
The DC rate is a tax levied when planning permission is granted to carry out development projects that increase the value of the land, such as increasing the plot ratio and rezoning to a higher value use, according to the Urban Redevelopment Authority.
With the largest increase in the commercial sector of 29 per cent for sector 11 including Shenton Way and Raffles Quay as well as Marina Bay Financial Centre, the increase in the commercial DC rates is largely centred on areas in the Central Business District.
The largest increase of 17 per cent applies to sector 53 including Syed Alwi Road, Jalan Besar, Lavender Street and, Serangoon Road, and sector 57 including CTE/PIE, Balestier Road, Bendemeer Road and Serangoon Road.
Rates for Group D (industry) decreased by 3.7 per cent on average, with declines across all 118 sectors, ranging from 2 to 14 per cent.
The new rates will apply to cases that are granted provisional permission or extensions on or after the effective date.
