22 Jan '15, 1pm

Singapore Property News This Week #191

Lorong 4 to Lorong 22 at Geylang will undergo a rezoning exercise, according to the Urban Redevelopment Authority (URA). The rezoning exercise will stretch across 14 ha of land. Under this exercise, residential projects will no longer be approved for development within the 14 ha stretch. Instead, the rezoned section may only be developed for commercial or institutional use. Nonetheless, the maximum plot ratio remains at 2.8. Also, existing residential projects will be allowed to remain as they are. The rezoning is expected to boost land values in the locale and increase collective sales, said market experts. URA believes that the rezoning exercise will decrease friction on the ground between residents and other users of the area. Mary Sai from Knight Frank believes that in the short run, residential value in Geylang will not improve due to the rezoning. However, when the c...

Full article: http://www.propwise.sg/singapore-property-news-this-week-...

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