Definition:
Gross Floor Area (GFA) is a pivotal metric in the realm of real estate, representing the total floor space within a building. This includes all covered areas of a building, encompassing spaces occupied by walls and columns. However, it typically excludes areas designated for parking, refuse storage, and certain voids. In Singapore, the Urban Redevelopment Authority (URA) provides specific guidelines on calculating GFA, which plays a crucial role in development control and planning.
Calculation of GFA:
Calculating GFA involves measuring the interior length and width of a building’s walls, multiplying these dimensions to obtain the square footage, and then adjusting for the number of floors within the building. The process includes:
- Measuring the inside dimensions of the building’s walls.
- Multiplying length by width to find the square footage.
- Multiplying the square footage by the number of floors.
- Subtracting the square footage of exempt areas like elevator shafts and equipment rooms.
In Singapore, the calculation encompasses all covered floor spaces and certain uncovered areas used for commercial purposes, with specific exclusions as defined by the URA.
Importance in Real Estate:
GFA is a critical factor in determining a property’s value, planning for development, and understanding the potential usage of a building. It influences:
- Development Control: GFA is used to ensure developments comply with zoning and planning regulations.
- Property Valuation: A building’s GFA can significantly impact its market value and investment potential.
- Design and Layout: Architects and developers use GFA to plan the layout and design of buildings, optimizing space usage.
While GFA measures the total floor area within the building envelope, including external walls, GLA focuses on the area available for leasing, excluding common areas like corridors. Both metrics include spaces occupied by structural elements.
GFA Incentive Schemes:
Singapore’s URA offers incentive schemes allowing for a Bonus GFA over the Master Plan Gross Plot Ratio (GPR), subject to conditions. These schemes encourage specific types of development, such as green buildings or heritage conservation, by permitting additional floor area beyond the standard GPR limits.