3 surprising upcoming changes that may affect property prices in 2023

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3 surprising upcoming changes that may affect property prices in 2023
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Back in 2022, we were told that URA, BCA, SLA, and even the SCDF were going to acknowledge a new and shared definition of the term Gross Floor Area (GFA). That’s about to come into effect as of June this year, and realtors say it may already be affecting developer decisions – especially with regard to en-bloc efforts. Here’s what...

Back in 2022, we were told that URA, BCA, SLA, and even the SCDF were going to acknowledgeThat’s about to come into effect as of June this year, and realtors say it may already be affecting developer decisions – especially with regard to en-bloc efforts. Here’s what you need to know about GFA:One of the reasons cited by the government is the way various agencies have differing definitions.

URA did already issue some clarifications over this exploit – but with the new definition, this trick is well and truly done for. The total strata area is now part of the GFA, so there’s no motive for oversized air-con ledges anymore.Second, there’s no more strata void space Say a property has a literal ground area of 1,000 sq ft, but has an unusually high floor-to-ceiling height that adds 200 sq ft “strata void space”. The quantum is $2 million.

There’s less need for Qualified Persons , such as licensed engineers and contractors, to prepare separate documentation to meet each different governing body’s standards.

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