The government has announced today a new calculation formula for land premiums to be implemented starting tomorrow.

The new formula was published in today’s official gazette.

According to a press release from the Land, Public Works and Transportation Bureau, land concessions for the construction of high-rise buildings for residential purposes will see their land premium increase by 93 percent.

For other purposes, land premiums will increase by up to 53 percent according to the new calculation formula.

This new formula will only be used for new projects.

The last land premium update took place in 2007.