Office / Retail Space

Upcoming Serangoon Central mall 90% leased out ahead of Nov opening

An upcoming mall in Serangoon Central, called nex, has leased out about 90 per cent of its space some nine months ahead of its official opening in November. The mall's developer, Gold Ridge, said it has signed on the Serangoon Public Library as the newest anchor tenant at the complex. The new public library will occupy about 17,000 square feet of space and is scheduled to open to the public in March...

NLB to open new library in Serangoon in Mar 2011

Serangoon residents will have a new public library in March next year. The National Library Board (NLB) announced on Wednesday that the new Serangoon Public Library will be located at "nex". "nex" is a mega eco-friendly mall linked to the new 16-bay Serangoon Bus Interchange and the stations of the new Circle line and existing North East line. The Serangoon Public Library will cater to some 122,000...

Office site at Mohamed Sultan Road put up for sale by public tender

An office site at Mohamed Sultan Road has been put up for sale by public tender. The Urban Redevelopment Authority said it has accepted an application from a developer to put up the site for sale. Since October 2008, the land parcel was made available for sale through the Reserve List System. Under the system, a site would be released for sale only if a bid with an acceptable minimum price is...

First retail space at Resorts World Sentosa to open on Jan 20

Visitors to Resorts World Sentosa will be able to shop there when the first of its retail belt opens in time, for its soft launch on Wednesday. The shopping strip makes up about 20 per cent of the entire retail space at the integrated resort. As for its casino and the Universal Studio theme park, the company is hoping to open both in time for the Lunar New Year. Last minute touches are being made to...

More businesses may consider expanding in Singapore

More businesses may consider expanding in Singapore, thanks to the supply of office space entering the market. With office rentals in Hong Kong expected to rise sharply, analysts said that is another reason why companies may find it more cost effective to hire in Singapore. The office property sector within Asia is expected to see considerable growth in supply over the next three years, according to...

VivoCity retailers upbeat about spillover business from Sentosa IR

It is just some two weeks to go before Resorts World Sentosa opens it doors, and retailers at neighbouring shopping mall VivoCity are expecting better business from spillover human traffic. Some estimate that business may go up about 20 per cent. About 6,000 visitors take the monorail from VivoCity to Sentosa everyday. Many hang around in the mall even after returning to the mainland. One tourist said:...

Frasers Centrepoint Trust to buy 2 malls in S’pore for over S$290m

Mainboard-listed Frasers Centrepoint Trust (FCT) plans to acquire two shopping malls in Singapore for S$290.2 million. It will buy Northpoint 2 and YewTee Point from Yishun Development, a wholly-owned subsidiary of its parent, Fraser and Neave. FCT is proposing an equity fund raising of up to 152 million new units to partly finance the acquisitions, with the balance to be funded by borrowings. The...

Impact of Orchard Road’s new malls on older malls appears mixed

There is much to attract shoppers to Orchard Road this year-end shopping season. With three new malls open this year in the prime shopping district, retailers have pulled out all the stops to attract customers. And while the new malls enjoy the novelty factor, the more established ones appear to be holding their own. For instance, Palais Renaissance said it saw an initial drop in traffic of between 10...

Office rents down in 2009 and likely to keep falling in 2010, say analysts

Office rents in Singapore are down almost 50 per cent for the entire 2009 and observers said this is mainly due to the global economic crisis. But the fall is not cause for undue concern as it follows a 90 per cent spike in rents in 2008. However, analysts said there's room for rents to fall further in 2010. Singapore's office rentals have suffered amid the global downturn as many companies with offices...

Prime retail rents pick up in Q4, says DTZ Research

Prime retail rents have picked up in the current fourth quarter as leasing activity gather steam on the back of improved confidence and economic recovery, according to DTZ Research. Its estimates showed that gross rents of prime first-storey retail space in Orchard and Scotts Road increased marginally by one per cent to S$39.10 per square foot per month, after falling 7.3 per cent in the last four...

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