These are the new property rate changes you need to know

Development charge rates for industrial sector surged 14.3%.

Colliers International reviewed the rate changes sector by sector.

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Industrial

The upward adjustment in DC rates in industrial sector, averaging at a significant 14.3% across almost all DC sectors (116 increases and 2 unchanged), was supported by brisk sales and unrelenting price increases of strata-titled industrial properties and continued demand for industrial lands by developers and industrialists. Generally, the most telling increases were in the mature locations in the central, east and northeast regions.

Significant rise of between 18.9% and 23.3% were in DC Sector 98 (Bedok/Tampines), 101-105 (Paya Lebar, Macpherson, Ang Mo Kio, etc), with the highest in DC Sector 105 (Ang Mo Kio/Yio Chu Kang Road area). This is on the back of keen competition and bullish tender bids. For instance, the tender prices of sites in Serangoon North Avenue 4, Aljunied Road/Sims Drive, Kaki Bukit Road 5/Kaki Bukit Avenue 6 and Tai Seng Link (DC sectors 105, 102, 98 &103) were all above the land values implied by the March 2012 DC rates for their respective sectors by some 55% to 94%.

Hotel

Given the lack of hotel GLS sites being sold, as well as hotel transactions, it is surprising that 116 DC sectors recorded increases, to average at 10.8% for this use group. However, the hotel sector is doing well with robust room occupancies and rates.

Non-landed Residential

As expected, the revision of DC rates for non-landed residential use remained largely untouched in 103 sectors. Supported by upward revisions in some suburban and city fringe locations from 15 sectors, there was an overall average increase of 1%. From March to August 2012, 19 predominant residential sites had been sold – out of which 11 were from the government land sales (GLS) programme, spreading from the city fringe to suburban areas.

A significant 11.9% rise was seen in DC Sector 98 (Bedok North/Simei/Tampines New Town), as supported by two GLS non-landed residential sites transactions (one in Tampines and one in Tanah Merah), where prices were in excess of the existing implied land value on the March 2012 DC rate list. For example, the Tanah Merah Kechil Road / Tanah Merah Kechil Link site was recently sold in August for $7,227 per sq m per plot ratio (psm ppr), some 79.2% over the implied land cost of $4,032 psm ppr (in DC sector 98 in March 2012).

As expected, DC Sector 100 (Sengkang and Punggol) witnessed an increase of 11.1%, mainly due to GLS sites sold in the last six months in the area. For example, the Sengkang Square/Compassvale Drive site sold for $5,680 psm ppr in June 2012, 64.4% higher than the implied land cost of $3,456 psm ppr in March 2012.

Landed Residential

As expected, there were no changes recorded in this round of DC revision for the landed residential use group. The landed residential price index increased a mere 0.43% in 2Q 2012 from 1Q 2012. As landed residential DC rates have increased by an average of 75.4% in the two years from September 2009 to September 2011, there was every likelihood that that these rates would remain flat in the current revision.

Commercial

The commercial sector saw an average increase of 9% with upward adjustments in 114 DC sectors, with four sectors remained unchanged. This is slightly above expectations, given that there has been a lack of pure commercial sites sold under the GLS programme in the last six months. However, the buoyant sales of strata office units could have provided the impetus for the rates to be adjusted upwards.

Significant upward adjustments of 20% were seen in DC Sector 53 (Jalan Besar, Serangoon Road, Kallang Road) and DC Sector 93 (Haig Rd, East Coast Rd, Changi Rd). Sales of strata retail units at Centropod@Changi and Millage were likely to have contributed to the increase in DC Sector 93.