A New party has emerged in the race for Jurong Point mall. The Business Times has learnt that Mercatus Co-operative - an NTUC social enterprise that owns and manages suburban malls - is now the front runner for Jurong Point. Its bid is understood to be about S$2.2 billion, which would translate to S$3,343 per square foot based on the 658,000 square feet of commercial net lettable area owned by an...
Office / Retail Space
THE Prospex, a nine-storey retail and office building next to Bugis+, is back on the market, this time with an indicative guide price "in excess of S$70 million". This appears to be lower than the S$80 million asking price when the building was previously put up for sale on an en bloc basis through an expression of interest (EOI) exercise that closed in October 2015. The big difference this time...
GSH Corporation stands to make a net profit of nearly S$80 million from disposing of its 51 per cent stake in the consortium that holds GSH Plaza. This figure is based on information released in the regulatory filing by GSH Corporation, which is controlled by "Popiah King" Sam Goi, to the Singapore Exchange on Monday evening. The GSH-led consortium has entered into a binding term sheet with Hong...
A CONSORTIUM led by Sam Goi's GSH Corporation has entered into a binding term sheet with Hong Kong-listed Fullshare Holdings for the proposed sale of the consortium's investment vehicle, Plaza Ventures, at S$725.2 million. Plaza Ventures is the vehicle the consortium used for the purchase of the former Equity Plaza in 2014. The consortium then renamed the building GSH Plaza and embarked on a major...
WHEN the redeveloped Robinson Towers opens in end-2018, it will be equipped with a new automatic carpark system that uses battery-powered automated guided vehicles (AGVs) instead of conveyor belts or lifts. MHE-Demag, the material-handling arm of industrial group Jebsen & Jessen (SEA) which is bringing the technology into Singapore, said that the automated carpark system using AGVs is the first of its...
THE Ministry of Law (MinLaw) yesterday unveiled a S$25 million refurbishment plan that will restore the heritage of the Red Dot Traffic building at 28 Maxwell Road. Last month, MinLaw announced that it would be taking over the conserved building for the expansion of Maxwell Chambers, one of the top five international arbitration centres in the world. The building will add 120,000 square feet of space to...
Rents and prices of commercial space in Singapore fell at a faster clip last year compared to 2015, with office vacancies rising to a near five-year high since Q1 2012 after some large projects were completed. Latest data from the Urban Redevelopment Authority (URA) released on Thursday showed that rents of office and retail space have fallen more than 8 per cent in 2016, steeper than the 6.5 per cent drop...
PERENNIAL Real Estate Holdings has led a consortium of vendors to sell a 70 per cent stake in TripleOne Somerset to Hong Kong-listed Shun Tak Holdings for S$350 million. Perennial, which will receive about S$101 million for the 20.2 per cent interest that it is selling, will retain a 30 per cent share in the office and retail development. The real estate developer said it will use its share of the...
RENTS and prices of commercial space in Singapore fell by a faster clip in 2016 compared to 2015, with office vacancies shooting up to a four-year high since Q1 2012. Latest data from the Urban Redevelopment Authority (URA) released on Thursday showed that rents of office and retail space slipped over 8 per cent in 2016. Office rents slipped for the seventh straight quarter by 1.8 per cent in the...
The five-storey Serangoon Plaza will soon be torn down to make way for a new commercial development, said property group Tong Eng on Tuesday (Jan 10). Tenants have been told to move out by the end of this month, Tong Eng said, adding that all tenants have said they will be able to meet the deadline. Mustafa, Singapore’s biggest 24-hour mall, has a branch at Serangoon Plaza and is the largest tenant...