AREAS DESIGNATED FOR URBAN RE-DEVELOPMENT (Proposed reduction in property tax)

Mr Teong Eng Siong asked the Minister for Finance what is the response from private developers to the proposed reduction in the rate of property tax on properties erected in areas designated for urban re-development.

Mr Ramaswamy (for the Minister for Finance): Development of property on a large scale takes considerable planning and preparation, and it will take time before the full effect of the new tax concessions could be known. It is, therefore, premature at the moment to gauge from the response from private developers, although a number of inquiries have been received from them following the announcement of the concessions at the last sitting.