The Housing and Development Board (HDB) yesterday unveiled details of its enhanced Revitalisation of Shops (ROS) scheme.
To allow HDB shops to enjoy a wider scope of upgrading works, the upgrading budget for each shop will be increased by 75 per cent - from $20,000 to $35,000.
To encourage more HDB shops to participate and benefit from the scheme, shop owners' share of the upgrading cost will be reduced from 50 per cent to 20 per cent, and capped at $5,000.
HDB and the town councils will co-fund the balance 80 per cent, capped at $30,000 per sold shop.
For rental shops, HDB and the town councils will continue to bear 100 per cent of the upgrading cost.
To further support HDB shops to kick-start their revitalisation efforts, HDB will provide new funding of up to $10,000 for merchant associations (MAs) to appoint a consultant to help them in their upgrading.
To drive the formation of an MA, HDB will introduce a new start-up fund of $10,000 to encourage HDB shops without an MA to form one.
To support the associations' efforts in organising promotional events to attract shoppers, HDB will continue to co-fund up to 50 per cent of the expenditure, subject to an annual cap of $500 per sold shop and $1,000 per rental shop.
Tenants will also continue to enjoy up to one month of free rent when they renovate their shops in conjunction with the upgrading scheme.
The Government will also provide annual funding of about $15 million under the enhanced ROS scheme to help heartland shops enhance their vibrancy and competitiveness, HDB said.
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