Singapore landlords are paying the penalty for a slowing economy. Alone among the world's major cities, the cost of renting an office with panoramic views is falling as supply outstrips demand. Annual rents on the upper floors of Singapore's skyscrapers fell 7 per cent to about US$775 a square metre in the first six months, according to a 23-city index compiled by Knight Frank LLP. The biggest...
Office / Retail Space
The court fight between Takashimaya and its landlord Ngee Ann Development (NAD) over calculation of rent has concluded in favour of the department store. The High Court, in a written judgment on Wednesday (Sept 14), agreed with Takashimaya's contention that rental rate for the next five years should be valued based on the existing space configuration. NAD had sued Takashimaya last year after both...
THE new Funan mall, when ready in the fourth quarter of 2019, will be a platform that "inspires retail innovation" and offers a "new paradigm" for living, work and play, said CapitaLand Mall Trust. The developer will unveil at the groundbreaking ceremony on Wednesday that the new mall will simply be called "Funan" - it was originally Funan DigitaLife Mall - as a tribute to the site's legacy and an...
THE top two strata floors of medical suites, comprising six units in the Farrer Square development in Little India, are being offered for sale through an expression-of-interest (EOI) exercise that will close on Oct 6. The six units are the remaining medical suites in the 99-year leasehold project, which also houses ground-floor retail units and the 300-room Park Hotel Farrer Park. The project, slated...
PRE-COMMITMENT leases and rents for upcoming prime offices are picking up as occupiers are warming to these upcoming swanky buildings with large floor plates in a "flight to efficiency". Swiss private bank Julius Baer has signed a lease at close to double-digit rent for a "high density floor" spanning 100,000 square feet at Marina One. Julius Baer is slated to give up its 72,000 sq ft of space spread...
With its lavish interior designs and custom-made furnishings - including Italian hand-dyed rugs and handmade lamps sourced from New Zealand - The Great Room could be mistaken for the lobby of a brand new boutique hotel, instead of a co-working space. And that is what the founders set out to achieve. “This luxurious design concept came from observing how people like to meet in hotel lobbies....
AFRO Asia Building - one of the oldest office blocks along Robinson Road - may finally be redeveloped. The seven-storey building, said to have been completed in the 1960s and which now houses MPH Bookstores and Uncle Sam's Claypots among its ground-floor tenants, is owned by Afro-Asia Shipping Company (AAS), which is owned by the Tan family. AAS recently roped in Shimizu Corporation as a...
RIDING on a government-led initiative to transform Woodlands into a commercial hub, Far East Organization has sold half of the released 124 strata office units in Woods Square, an integrated development it is jointly developing with Sekisui House and Far East Orchard. Prices ranged from S$1,700 to S$2,230 per square foot (psf). For the first time, it will also be consolidating its satellite operations...
TWO strata office floors located at AXA Tower at 8 Shenton Way is up for sale from S$2,550 per square foot. The office space belongs to Perennial Real Estate Holdings, while JLL is the marketing agent for the expression of interest exercise. With a total strata area of about 25,500 square feet, the offering spans two office floors at the development and comprises eight strata office units on the 21st...
The Compass One mall in Sengkang will reopen in September after being closed for nearly a year for renovation works, owner M&G Real Estate said in a press release on Thursday (Jul 28). The revamped mall will have a larger library spanning two floors, more educational facilities, larger common areas, and improved amenities including a children’s wet and dry playground. New tenants include...