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Newsletter | February 2014, Issue 1
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REAL ESTATE |
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Amendments to City and Residential Environment Maintenance Act |
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Certain amendments to the City and Residential Environment Maintenance Act (the “Amendments”) became effective as of December 24, 2013. The Amendments are designed to vitalize the stagnant development business by increasing the scope of floor area ratio incentives available to re-development projects and streamlining the procedures for cash settlement. |
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Under the Amendments, floor area ratio incentives which are granted to re-development projects can be applied to areas other than Metropolitan Overpopulation Restriction Districts, thereby promoting re-development projects in areas which would otherwise have low project feasibility. The Amendments also enable partnership entities engaged in any development projects to reduce their financial costs by permitting such partnership entities to complete cash settlements with its partners within 90 days from the day after the local government approves the partnership entity’s development management and disposition plan. |
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