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Govt to co-fund projects to spruce up precincts

SINGAPORE — Businesses and other stakeholders with ideas to spruce up a precinct may get up to S$500,000 annually in co-funding from the Government under a new pilot programme, Minister for National Development Lawrence Wong announced yesterday.

Mr Lawrence Wong, Minister for National Development. TODAY file photo

Mr Lawrence Wong, Minister for National Development. TODAY file photo

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SINGAPORE — Businesses and other stakeholders with ideas to spruce up a precinct may get up to S$500,000 annually in co-funding from the Government under a new pilot programme, Minister for National Development Lawrence Wong announced yesterday.

The Business Improvement District (BID) framework — implemented in other countries such as Australia and the United Kingdom — aims to have stakeholders take on greater ownership in enhancing the attractiveness of their precincts.

To help BIDs kick-start their place management efforts, the Government will provide dollar-for-dollar matching for the total membership fees at a cap of S$500,000 a year for the first four years of the pilot BID programme.

“Ultimately, it is our people who help make our places distinctive and vibrant. We want more people to be involved in placemaking and enlivening our public spaces,” said Mr Wong at the launch of the Making Place Great exhibition and seminar organised by the Urban Redevelopment Authority (URA).

The exhibition focuses on local precinct associations’ place management efforts, among other things.

Currently, place management in Singapore is undertaken by precinct associations in commercial areas to inject vibrancy and generate more business revenue.

These precinct associations include the Singapore River One (SRO) and Orchard Road Business Association (Orba), which are formed by precinct stakeholders that voluntarily contribute membership fees.

The associations will run events and marketing activities to make the precincts more attractive and enhance the visitor experience.

However, Mr Wong said the current efforts “are not sufficient” and highlighted the “need to step these up considerably”.

In February this year, the Committee on the Future Economy recommended that the Government study the feasibility of enacting legislation for a BID framework to get stakeholders to take on greater ownership of their precincts.

The SRO officially formed its pilot BID in April.

Ms Michelle Koh, executive director of the SRO, said that the association is continuing efforts in place management such as the weekend car-free zone initiative at Circular Road and the upcoming Singapore River Festival in November.

“Over the next four years, the SRO is projected to raise over S$5 million on events such as the Singapore River Festival, marketing and improving the physical environment … We aim to draw on the support of the BID, government grants, and also external sponsors to make these plans come to fruition,” she said.

Property analysts told TODAY that some precincts, such as Chinatown, could potentially tap on the Government co-funding.

Mr Chris Koh, director of property firm Chris International, said businesses in Chinatown can rejuvenate the area and make it more “hip” to attract the younger crowd.

Mr Colin Tan, director of research and consultancy at Suntec Real Estate Consultants, said the Jurong Lake District — where the future Singapore-Kuala Lumpur High-Speed Rail terminus will be located — also stands to benefit.

“The businesses in Jurong Lake District can all apply for (the co-funding) in a sense that they can improve the environment because there will be a lot of tourists (from Malaysia),” said Mr Tan. “So instead of going into the malls, people can just spread out (beyond the shopping malls)”.

Interested precincts can submit a formal Expression of Interest (EOI) to the URA with a proposal outlining broad ideas to bring vibrancy to the precinct over a period of four years, preliminary support from key stakeholders, estimated membership fees to be collected and other funding sources to sustain the business model.

To form the pilot BIDs, precincts will have to develop a detailed business plan in consultation with their stakeholders and get at least 51 per cent support from the stakeholders, the URA said.

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