Singapore's latest underground retail space - Esplanade Xchange - was officially opened on Thursday. It is sited above the Esplanade MRT Station, and is the first Xchange along the new, partially-opened Circle Line. The Esplanade Xchange is also a short walk away from Marina Square and Suntec City. Fourteen of the 26 tenants at the Xchange operate F&B outlets. That's the highest proportion of...
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CapitaMalls Malaysia Trust, CMMT, a unit of Singapore-listed CapitaMalls Asia, is raising some 852 million ringgit (267 million US dollars) in its initial public offering, IPO. It has fixed its final price for institutional and cornerstone investors at one ringgit per share, while the final retail price is set at 98 sen per unit. The final price is lower than its previous indicative price of 1.08 ringgit...
AT least two new condos are expected to be released this week - 368 Thomson and The Terrene @ Bukit Timah. UOL Group and LaSalle Investment Management are jointly developing The Terrene on the former Rainbow Gardens site in the Toh Tuck/Jalan Jurong Kechil area. The 999-year leasehold, 5-storey project will have 172 units, ranging from one bedders (starting from 506 sq ft) to five-bedroom penthouses (of...
Analysts said more Singaporean investors are increasingly moving to conservative asset classes. Among them, properties Down Under. Westpac Private Bank has seen 18 per cent of its Australia and New Zealand multi-currency home loans coming from Singapore in the past nine months, up by six percentage points over the same period last year. They attribute the increase to poorer risk appetite after the recent...
Mainboard listed Overseas Union Enterprise or OUE says its subsidiary, Clifford Development, has obtained pre-committed leases totaling some 88,000 square feet for its latest development 50 Collyer Quay. This is equivalent to 22 per cent of the net lettable area of the project. The initial lineup of tenants include global business consulting firm Bain & Company and international law firm Allen &...
Two foreign banks, ANZ and BNP Paribas, have become the latest to sign up for space at Ocean Financial Centre at Raffles Place. This raises the pre-commitment levels at the building to over 60 per cent. Analysts said demand and rentals for prime office space is expected rise in the short term as companies in the region continue to expand their businesses. Putting the final touches at the topping-out...
CapitaLand's wholly-owned serviced residence business unit, The Ascott, has secured contracts to manage two more serviced residence properties in Xi'an and Shenzhen, China. This follows Ascott's recent expansion into Chengdu with the opening of Somerset Riverview, Chengdu in April. The latest additions - Somerset Gaoxin, Xi'an and Somerset Grandview, Shenzhen - are scheduled to open in 2012 and 2013...
Carrefour said it is not closing any of its stores in Singapore and Malaysia. In a statement, the company said it is "business as usual" for every store in the two countries. It also said it had recently opened four hypermarkets in Malaysia this year and plans another four by year end. Earlier this week, there was speculation that the French supermarket giant was in the early stages of selling its...
Orchard Road is about to see more retail competition. A new concept store ALT is aiming to target young female shoppers who love fashion from the current staple of malls on the prime shopping strip. ALT will be spread over three levels at the Heeren shopping mall on Orchard Road. It is hoping to attract shoppers with its slate of Asian brands. Its merchandise mix includes fashion, beauty and lifestyle...
Keppel Land says two foreign banks, Australia and New Zealand Banking Group, and BNP Paribas Singapore, plan to lease prime office space at its Ocean Financial Centre. Keppel Corporation Chairman Choo Chiau Beng announced this at the topping out of the Centre Wednesday. He says ANZ plans to lease about 209 thousand square feet of office space, while BNP Paribas Singapore plans to lease some 58 thousand...