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National Development Minister Lawrence Wong said in Parliament on Tuesday (1 March) that shops that were sold on a 30-year-old lease by the Housing and Development Board (HDB) will be returned to the housing board upon the expiry of the lease.
Where possible, and if in line with future planning intentions, HDB can consider allowing the shopowners to rent the shops after the lease expires, National Development Minister Lawrence Wong said.
The minister said 50 percent of HDB town and neighbourhood centres have benefited from the Revitalisation of Shops (ROS) scheme since its introduction in November 2007.
Through the ROS scheme, local Merchants’ Associations can carry out upgrades and revitalisation of their respective shop clusters with funding support from HDB and the town council.
According to Mr Wong, the MND is reviewing the ROS Scheme with the aim of encouraging more retailers to upgrade their shops and business operations, and the outcome of the review “will be announced in due course.”
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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