FOUR property firms and an architect have joined hands to buy a prime office building in the Central Business District (CBD) and convert it into apartments. They paid $148 million for Marina House at 70 Shenton Way, according to a press release from one of the companies yesterday. Roxy-Pacific Holdings said it has formed a consortium with Macly Capital, Pinnacle Assets, Fission Holdings and architect...
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UNITED Engineers (UE) has acquired an industrial property that it will use as its headquarters in Ang Mo Kio Street 64 for $25.18 million. It will be centralising most of its business operations - including its headquarters currently located in UE Square in the River Valley area - at the new property by the end of the year. The group will then rent out its prime headquarters space at UE Square, which...
>MY MOTHER and I live opposite a construction site in Kampong Java Road where work to build a new condominium started over a year ago. My mother suffered a stroke about six weeks ago and needs to rest in order to recuperate. However, an incident has left me concerned about the ability of certain government agencies to act against errant contractors. On March 24, I came home around 8pm to see a number...
But it continues to improve on competitiveness SINGAPORE has risen two notches on the latest bi-annual list of the world's most expensive office locations. But Singapore's competitiveness - in terms of office occupancy costs - continued to improve, as the gap between rents here and in other major financial centres widened, the report by Colliers International found. Colliers' second-half 2009 global...
Perennial Real Estate, a firm set up by the former head of CapitaLand's shopping mall business, plans to launch property funds that will buy malls in China and Singapore to tap the region's growing consumer demand. Pua Seck Guan, who left CapitaLand in 2008, is making a comeback in the property fund management scene, drawing on his experience in helping build the Singapore developer's regional shopping...
ROXY-PACIFIC Holdings has taken a 20 per cent stake in the consortium started by Melvin Poh of Fission Group which recently signed a deal to buy Marina House at Shenton Way for $148 million. BT reported the sale of Marina House late last month. Besides Roxy-Pacific and Fission Holdings, the other three shareholders in the consortium are Macly Capital, Pinnacle Assets and Chee Hsian Sing. Mr Chee, an...
UNITED Engineers (UE) has bought two industrial buildings at Ang Mo Kio for about $25 million, as part of plans to grow its portfolio in build-to-suit properties. Motorola owned the two buildings - Motorola Innovation Centre and Motorola Excellence Centre. They will collectively be known as UE BizHub Central after the ownership change. The two complexes have a total gross floor area (GFA) of 378,426 sq...
Singapore's cheaper office rents compared to those in other key financial centres are making the city-state the choice location for business start-ups. Consultants Colliers International found that in the second half of last year, the annual average gross rent of an office in Singapore was about US$53.71 or S$76 per square foot. Singapore's closest competitor, Hong Kong, was priced at US$161.14 or S$225...
Construction firm United Engineers has acquired an industrial property in Ang Mo Kio for about S$25 million. The property to be renamed UE BizHub Central comprises two buildings. It has a seven-storey and a four-storey building linked by a skybridge with a total gross floor area of about 378,000 square feet. United Engineers plans to further modernise and expand the property's gross floor area to up to...
Main-board listed Roxy-Pacific Holdings and its partners have acquired the Marina House at Shenton Way for S$148 million. The deal was done through its wholly-owned subsidiary RL Properties, which has formed a consortium with four other companies, with an equal shareholdings of 20 per cent each. They include Macly Capital, Pinnacle Assets, Fission Holdings and Mr Chee Hsian Sing. Marina House, owned by...