Business Improvement District
The Business Improvement District (BID) is a process whereby stakeholders in a defined geographical area collectively decide what improvements are needed in their business environment and agree to a set of projects which will deliver those improvements.
The agreed projects go into a detailed business plan which is supported by all eligible stakeholders who would benefit from and fund the implementation of the BID business plan. The services and projects are always in addition to those provided by the government agencies.
Building on the feedback from our stakeholders, SRO have identified the four key pillars of approach in delivering the 4-year business plan:
- Promote the full breadth of offerings and activities on Singapore River
- Enhance visitors’ experience
- Support and create value for property
- To make ‘everyday spaces’ attractive to enhance social connection amongst visitors and larger public
Packaging the precinct into a cohesive, well-branded destination, SRO aims to deliver a range of services and projects that are driven to:
- Increase property values
- Boost the economy vitality of Singapore River through increasing footfall and spend
- Create a more attractive environment for those who invest, work, live or visit the Singapore River
- Strengthen the relationship between the business community and various government agencies
As of 31st March 2017, through a petition process, SRO has successfully passed the Pilot BID and has entered into the first year of the business plan. Throughout the pilot BID term, SRO will demonstrate to the contributors how the pilot BID is benefitting the precinct and its stakeholders. Progress of the pilot BID will be monitored and measured to demonstrate the achievements of the projects.
If you are for the Singapore River Pilot BID Business Plan, you can expect to see a better promoted, maintained and managed precinct with more support, including reduced costs, for your business and the benefit of collective marketing and promotion to increase footfall and vibrancy to the precinct.