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...
Office / Retail Space
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, 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,...
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 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 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...
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...
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...
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...