CapitaLand has acquired the remaining 50 percent stake in Eureka Office Fund for S$590.6 million. The fund owns the commercial building known as 1 George Street and 163 strata-titled units in The Adelphi. It also owns a 20 percent interest in Temasek Tower. CapitaLand says the transaction is not expected to have any material impact on its net tangible assets or earnings per share for this financial...
Office / Retail Space
The short supply of available office space in the central business district is driving financial institutions to be more flexible when planning their real estate needs. “Currently, banking and finance tenants occupy 36 per cent of all Grade A stock in Singapore, or close to 500,000 sq m,” said Justin Kean, associate director of Asia Pacific occupier research at consultancy Jones Lang LaSalle...
Captive shoppers in heartlands - like Jurong, Woodlands, and Tampines - are catching the eye of retailers. And analysts say that is why some suburban malls can even command rentals similar to some prime downtown locations. Some of Singapore’s heartland malls have been as big a hit with shoppers as their more upscale cousins in Orchard or the Raffles City area. AMK Hub in Ang Mo Kio is the latest...
The notice to vacate is legitimate, but several tenants at The Concourse Shopping Mall are up in arms over the notice that was served on them ordering them to move out of their shops within six months to make way apartments. Several of the shop owners are seeking legal advice to support their demands for compensation from mall operator, Hong Fok Land, over what they claim was a misrepresentation of the...
Hong Kong billionaire Li Ka-shing’s Cheung Kong Holdings may sell its one third stake in Singapore’s Marina Bay Financial Centre to Suntec Real Estate Investment Trust (Reit) when the complex is completed in 2010. The stake is likely to be worth “more than US$1 billion ($1.5 billion)”, Mr Justin Chiu, executive director of Cheung Kong said. The company is building the 24-hectare office and...
Keck Seng Pte Ltd, the owner of Keck Seng Tower, has decided to put its leasehold 18-storey office building at Cecil Street up for sale. No reserve price is set, but Colliers International, the property consultant responsible for the tender exercise that starts today, said there’s an indicative price of about $2,000psf — which could bring the price tag to above $240 million based on its 116,586sqf of...
The landlords are laughing but their tenants in Orchard most likely are not. Rents in the shopping belt are inches away from the peaks of 1996, the year before a financial crisis shocked the region. According to a report issued yesterday by CB Richard Ellis (CBRE), this year’s second quarter saw prime Orchard Road rents average $34.40 per square foot (psf) per month, veering close to the levels of...
More American companies are feeling the heat from rising rentals for homes and offices here. About 61 per cent say their housing expenses have swelled over the past six to 12 months, according to a survey by the American Chamber of Commerce (AmCham) in Singapore, which polled 95 senior managers from US firms. The proportion is up significantly from the 42 per cent that felt so in the same poll last year,...
The former River Valley Primary School looks set to be transformed into a hub for temporary offices, providing much-needed relief in the face of the office space crunch in the Central Business District (CBD). Tenancy for the site, a stone’s throw from Great World City, was awarded to ERC Holdings by the Singapore Land Authority (SLA). ERC, a local company that trains and funds business start-ups, beat...
The venerable Tanglin Mall is next in line for a facelift. Come October, the shopping centre, which is more than a decade old, will get 20,000 square feet added to its four-storey complex. The mall is getting 20 lifestyle and F&B shops, which will be spread over two storeys. Gone will be the pedestrian walkway between the mall and Traders Hotel, the mall’s taxi stand and a section between Regent...