Companies looking for more affordable office rental may just see their wish come true. The Singapore Land Authority (SLA) has released three more state properties into the market for dedicated office use. These include a former Government building, a former tertiary institution and a community centre. All three properties will come with a tenancy for an initial term of three years and are renewable for...
Office / Retail Space
With the current trend of old office buildings being sold for redevelopment, an estimated 1.73 million square feet of space might be taken out of the Central Business District (CBD) supply by the end of this year. This will likely drive up office rentals and the capital values of those buildings, analysts said. At the 33-year-old Ocean Building owned by Keppel Land, about half of the tenants have already...
More companies are taking up Grade A office space in Singapore.The vacancy of such office space dropped further to 0.4 percent the first quarter from 0.8 percent in the previous quarter. A report by CB Richard Ellis (CBRE) showed supply remaining extremely tight in the core central business district as well as in the fringe and decentralised areas. These areas saw vacancies of under five percent. The...
The government is set to release more sites for office use through its land sales programme to meet increasing demand. Besides land sales, National Development Minister Mah Bow Tan said the government would also consider releasing existing sites. And this includes freeing up vacated government office sites in the city area. In land-scarce Singapore, releasing space for office use requires careful...
The tender process for two new office sites kicked into gear on Tuesday. Together, the sites at Anson Road and Tampines will add about 70,000 square metres worth of office space to the market. Both sites are on a 99-year lease. The CBD site is on the reserve list of the Government Land Sales programme while the Tampines site, which is within walking distance from the Tampines MRT station, is on the...
Location: One North, Buona Vista (District 5) Tenure: 99 years leasehold Year of Completion: 2009 Development: 2 blocks of residential cum SOHO layout apartment with retails shops on ground floor Total Units: 405 Unit Types (approx size): 1 bedroom ~ 560 sqft 2 bedroom ~ 980 - 1,250 sqft 2 + 1 ~ 1,100 - 1,450 sqft 3 bedroom ~ 1,300 - 1,700 sqft 3 + 1 study ~ 1,400 sqft 4 bedroom ~ 1,600 sqft Penthouse ~...
Credit Suisse Group borrowed $226.5 million to buy Lippo Centre, an office building in the central business district, according to two people with direct knowledge of the deal. Arranger Calyon is inviting other banks to join the three-year loan, said the people, who declined to be identified before a public announcement. A Credit Suisse spokesman declined to comment. Credit Suisse bought the building...
SuperBowl is planning to sell the 35 units it owns in Parklane Shopping Mall in a collective sale. The units represent a 20 percent of the development on Selegie Road. SuperBowl, which provides entertainment and leisure services, is trying to persuade other unit owners to join in the exercise. So far, it says half the owners, including its 20 percent, have agreed to the sale. It has 12 months to get a...
With a whopping 30.3 per cent rise in rentals for the whole of 2006, the office property sector last year came close to the pre-1996 highs when the property market was at its peak. Latest statistics from the Urban Redevelopment Authority (URA) show prices of office space soared 7.7 per cent quarter-on-quarter and 17 per cent year-on-year while rents rose 11.6 per cent quarter-on-quarter and 30.3 per cent...
Two owners holding a combined 23 percent stake in Orchard Shopping Centre are seeking investors for their retail shops. The 18 units for consideration make up part of the ground floor and the entire second floor of the building, all facing Orchard Road. The move comes after Australia's Lend Lease bought the Somerset Central site next door for a record land price of S$1,455 per square foot, or a total of...