Rentals for retail properties in Singapore are poised to increase by between 5 and 9 percent this year. A report by property consultant Knight Frank says supply of new retail space in the prime shopping areas remains scarce despite the opening of mega malls such as VivoCity at the HarbourFront area. For the third quarter, Knight Frank says shop space rental in the Marina Centre area moved up 2.5 percent...
Office / Retail Space
The Marina Bay Financial Centre (MBFC) will be a vibrant "live-work-play" focal point for the new downtown when it is completed in 2010, akin to the Rockefeller Centre in New York and Canary Wharf in London, said its development consortium at the unveiling ceremony yesterday. BFC Development — a joint venture by Hong Kong tycoon Li Ka-Shing's Cheung Kong Holdings, Hong Kong Land and Keppel Land —...
Minister for National Development Mah Bow Tan has described the Marina Bay Financial Centre as a strategic step in efforts to maintain Singapore's position as a major player in the global banking and financial arena. He said: "The development of the MBFC serves to further entrench and strengthen Singapore's status as a financial hub. The first phase of the MBFC will comprise about 244,000 square metres of...
The first phase of Singapore's new downturn business hub will cost S$2 billion to develop.This is according to Keppel Land, which is one of the developers for the massive project.When it is completed in 2010, the newly-named Marina Bay Financial Centre will double Singapore's premium office space supply and add even more high-end residential units to the area. Singapore's downtown skyline is set for a...
Singaporeans have been buying more goods and services in July.The Retail Sales Index gained 2.7 percent in July from a year ago to S$2.4b. Excluding big ticket motor vehicles, retail sales increased by 4.6 percent. Adjusted for inflation, the increase is a bigger 7.6 percent.According to the Department of Statistics, most retail sectors registered higher sales. These included provision and sundry shops...
Facing. Facing the most important within the location factors. "Location Within A Location". This means that even in the same shopping complex, shop units with a better facing generally command higher rentals after considering their unit size. A ground floor shop facing the road or the main concourse commands a higher rental than a shop facing a secondary corridor. Escalators and lifts. The most...
More hotel land sites will be put up for sale over the next few years, according to Minister for National Development Mah Bow Tan.He was speaking to reporters at the launch of the Gardens by the Bay Masterplan Exhibition on Wednesday.The move is in line with the government's drive to attract 17 million visitors to Singapore by 2015. National Development Minister Mah Bow Tan said: "We are ramping up sites...
Lack of new office supply in Singapore will likely push prime office rents up by 69 percent for the next five years.This was the forecast made C Y Leung, Chairman of real estate consultancy DTZ Debenham Tie Leung, during a panel discussion during the Forbes Global CEO conference on Monday.And he predicted that Asia will attract many more foreign names which have absent from the region so far. Prime office...
Real estate consultancy DTZ Debenham Tie Leung said Singapore and Hong Kong are expected to record the highest growth in prime office rents in Asia over the next five years due to a lack of supply of new office space.C Y Leung, chairman of DTZ Debenham Tie Leung, the Asian arm of the global real estate consultancy DTZ, said Hong Kong grade A office rents will likely rise 70 percent between now and 2010,...
It will cost more to rent a shop space at the Marina Bay Sands integrated resort than it currently does at Orchard Road, said a Sands senior executive yesterday.Prime rental along Singapore's main shopping belt can fetch around $50 to 55 per sq ft a month, analysts said. "Rents are going to be higher than Orchard Road," Mr Stephen Weaver, senior vice president of Asian Developments for Las Vegas Sands,...