Includes all activities to obtain or change building or land use permissions and the financing and construction works for the project(s) with the intention of enhancing the value of the property. This also includes improvements to enhance the utility or energy conservation of a property.
The threshold for the (re)development is that if ≥15% of GAV of an individual asset is spent on (re)development, the whole GAV of that particular asset will be regarded as (re)development. If <15% of GAV of an individual asset is spent on (re)development, the whole GAV of that particular asset will be regarded as refurbishment.
Global Definitions Database
Redevelopment
Source: INREV | Date: 23 March 2020 | ID: D0312 | Version: 2