A TENDER for a master developer to redevelop Kampong Bugis near the Kallang River into a car-lite residential precinct will be called in the next one to two years, The Business Times understands. The land up for tender, likely to stand at about 13 ha, is expected to have a 99-year leasehold.
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The development also features two beautiful islands in the bay: one with a sundeck and lounge pavilions perfect for sunbathing and the other with a rope bridge for lots of balancing fun. Relaxing in one of the wet hammocks, grilling some steak on the rooftop BBQ area, getting fit in the indoor gym and/or hosting a party in the condo’s.
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However, he cautions, there will be a higher risk posed to developers, in light of the hefty taxes (non-remittable tax and additional buyer’s stamp duty or ABSD) and weakening market sentiment. Irwell Bank Road site
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Kampong Bugis risky in light of hefty taxes and weakening sentiment With a sizeable land area, the Kampong Bugis site is strategically located at the mouth of Kallang River with 1.1 km of water frontage.
Kampong Bugis risky for developers in light of hefty taxes and weakening sentiment . June 7, 2019 Land Sales 198 Kampong Bugis poses higher risk to developers in light of the hefty taxes (non-remittable tax and ABSD) and weakening market.
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