Singapore raises land development tax effective Sept 1

Singapore on Wednesday raised land development charges for the the six months starting Sept 1 to reflect higher property values.

 

The biggest percentage increase is for land used for industrial and warehousing purposes, which will go up by 31% on average, the Ministry of National Development said in a statement.

 

For commerical land, development charges will rise by 22% on average, while the charge on land for condominiums and other non-landed residential property will increase by 12%.

 

A development charge is imposed on developers when there is an increase in the value of land due to re-zoning, or when the government allows a higher plot ratio, which can mean taller buildings.