Macquarie, Blackstone and Frasers Centrepoint have been shortlisted for the purchase of Guthrie and Lee Kim Tah's space in Jurong Point mall. The Business Times understands that Macquarie and Blackstone have each offered about S$2.2 billion - crossing S$3,350 per square foot (psf) on the 658,000 square foot commercial net lettable area owned by the equal joint-venture between Lee Kim Tah Holdings and...
Office / Retail Space
It's been a banner year for big-ticket property transactions of at least S$10 million each. As at Dec 23, the tally stood at S$22.5 billion - up 31 per cent from 2015's S$17.2 billion, going by Savills Singapore's figures. CBRE and Cushman & Wakefield have similar numbers. This year's tally of property investment sales, as these transactions are also known, is the highest in three years and has...
AS YET another sign of tough times facing businesses, new office leases this year - by companies that previously did not have a presence here or were not in the building where the new lease is inked - made up only 10 per cent of all office leases inked this year, down from 20 per cent in 2015. Relocation leases accounted for a significant 63 per cent of the leases, while the balance 27 per cent are...
The "flight-to-new projects" - a term used by the office leasing sector to describe the trend of tenants swarming into swanky new office projects - is set to continue next year as companies capitalise on softening rents to upgrade their working spaces. This merry-go-round, however, is causing pain to landlords of older buildings in the Central Business District (CBD). Based on analysts' projections,...
Ride-hailing giant Uber Technologies Inc is expanding its footprint in a big way in Singapore. BT understands that it has leased about 55,000 sq ft on Levels 35 and 36 of Guoco Tower. This is more than double the 20,000 sq ft that Uber is currently leasing at the nearby Mapletree Anson, where Uber's Asia-Pacific regional office is based. Sources say that for the past month or so, Uber has been...
FIVE office floors in Suntec Tower One are changing hands for a total sum of S$129.3 million, which works out to S$2,400 per square foot on strata area of 53,863 sq ft, based on caveats data. The five floors - Levels 24, 25, 34, 35 and 36 - are being sold by BASF South East Asia, a part of German chemicals giant BASF, which currently occupies the space. The floors are being bought by companies which...
The total value of big-ticket retail properties that have changed hands so far this quarter has surged to S$731.3 million, up 22.4 per cent from S$597.4 million in the preceding quarter and more than double the S$320.3 million in Q4 last year. This tally as at Dec 8, compiled by Savills Singapore, was based on deals of at least S$10 million originating from the private sector. Perennial Real Estate...
THE Work Project - a Hong Kong-based co-working space operator - is the official co-working space partner of Downtown Gallery in OUE Downtown, OUE's upcoming mall located at 6 Shenton Way, The Business Times has learnt. It will fill the entire fourth floor of Downtown Gallery - that is, 20,000 square feet of space - and is set to deliver a new concept here of workspaces designed for the future...
Homegrown space provider JustGroup is rapidly scaling up its presence in the segment of co-working spaces, with plans to open two new shared offices in the heart of Singapore's Central Business District (CBD) next April. Its co-working brand JustCo currently offers 50,000 square feet of space at two locations - 120 Robinson Road and 6 Raffles Quay. With a combined floor area of more than 100,000 square...
PWC Building at 8 Cross Street could be in the early stages of a potential sale. BT understands that insurer Manulife has been selected to do exclusive due diligence for the purchase of the 28-storey building, which has a net lettable area (NLA) of 355,704 sq ft. PWC Building, which is owned by DBS, is on a site with a balance lease term of 78.5 years. The price is expected to be more than S$700...