Office / Retail Space

Expect more mega stores under Warehouse Retail Scheme

Residents living in Jurong, Woodlands and Sembawang may get mega stores like the ones in Tampines.National Development Minister Mah Bow Tan says a few parties have expressed interest in developing similar projects under the Warehouse Retail Scheme. They are in talks with the authorities. The just-opened $125m Ikea mega store in Tampines is one of three giant stores in the warehouse cluster. Under the...

Mapletree Investments secures Merrill Lynch as anchor tenant for new office complex

Mapletree Investments has secured Merrill Lynch as the anchor tenant for its new office development, Mapletree Lighthouse, in HarbourFront.The entire building will house Merrill Lynch's third global IT and operations hub, after Dublin and Jacksonville, USA.Mapletree is also considering listing a mixed REIT towards the end of next year. Mapletree's latest addition to its HarbourFront complex is a 6-storey,...

Prime office rental rates set to keep rising

Rents in the prime office area of City Hall, Marina Centre and Bugis have climbed by 6.6 per cent since last month, say property consultants Cushman & Wakefield.   The second-highest rise recorded in the same period was in the Orchard Road and Scotts Road area, with rents climbing by 4.7 per cent.   But the highest rentals in dollar terms are to be found in Raffles Place, where they have climbed...

Singapore sees third highest rise in Q3 office rents in Asia

Prime office rents in Singapore rose 15 percent on year in the third quarter. This was the third highest increase among Asia's business capitals. According to consultants CB Richard Ellis, only New Delhi and Mumbai saw rents that were greater than those in Singapore. Manila was the only other city that witnessed double digit improvement in office rents in the last quarter. The remaining cities saw...

Malls to put up more signages on escalator safety

Some shopping malls are putting up more warning signs to remind shoppers of escalator safety. This follows the recent spate of incidents, including one where a girl got her toe ripped off by an escalator at Admiralty Place. The warning signs are on every escalator to remind shoppers to hold onto the handrails. It also says that children should stay clear of the sides of the escalator. After the recent...

AMK Hub to be completed early next year

AMK Hub, a seven-storey retail mall at Ang Mo Kio Central, will be ready early next year, complete with an air-conditioned bus interchange and an underground pass to the nearby MRT station. Labour chief Lim Boon Heng was at the topping out ceremony, which is to symbolically give the finishing touches to a building. The new hub will house NTUC's various cooperatives like supermarket chain NTUC Fairprice,...

Courts unveils new retail ideas for megastore in Tampines

Large format retail stores are the way forward, especially in a climate of rising rentals.This is according to retailer Courts, at the sneak preview of its new megastore which is set to launch as early as mid-December.Courts is investing a total of S$80 million into creating the store and it expects to breakeven by the second year. Spend a certain sum of money on your furniture and furnishings, and you'll...

CapitaCommercial reports 19.2% rise in Q3 distributable income

CapitaCommercial Trust said Wednesday its distributable income for the third quarter rose 19.2 percent from a year earlier. The commercial property investor reported that distributable income for the three months ended September 30 was S$19.4 million, or 1.80 Singapore cents a unit, compared with S$16.3 million a year earlier. For the month of September, which follows the joint acquisition of the...

Ascendas REIT books 20% improvement in H1 distributable income to S$80m

Ascendas REIT says its distributable income for the first half of the year improved by 20 percent on year.This amounts to over S$80 million. This will give a distribution of 6.25 cents per unit for the six months to September. For the second quarter alone, its distributable income was up 19 percent to S$40 million. In line with the growing economy in Singapore, the property trust expects demand for...

Retail and F&B sectors set for higher growth even as rental goes up

Retailers bagged good sales in the first half of this year and the trend is set to continue. However, analysts say strong demand for prime retail space is likely to push rentals up by some five percent over the next 12 months. Consumers spent some $24b on shopping, and food and beverage last year. Retail sales was up by nearly 8 percent compared to 2004, while F&B spending rose by 2.8 percent. This...

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