Office / Retail Space

Office rents flat in Q2, but vacancy rises to 12.1%

Net absorption of office space in Singapore shrank by a record 55,000 square metres of net lettable area in the second quarter of this year. Meanwhile, the island-wide office vacancy rate climbed to 12.1 per cent from 11 per cent at the end of Q1 2020, according to data from the Urban Redevelopment Authority. There is no denying that office demand has weakened amid the recession triggered by...

Singapore retail rents down 3.5% q-o-q in Q2 2020, vacancy rises to 9.6%: URA

Rentals of retail space in Singapore's central region shrank 3.5 per cent in the second quarter of 2020 over the previous three months, after easing 2.3 per cent in the first quarter of 2020. Data released by the Urban Redevelopment Authority (URA) on Friday also showed that prices of retail space in the central region fell 1.5 per cent in Q2 2020, although this was a smaller drop than the 3.1 per cent...

Three conservation shophouses in Chinatown up for sale at S$30.5m total guide price

Three shophouses at Ann Siang Road and Keong Saik Road is up for sale by expression of interest at a total guide price of S$30.5 million. The properties can be bought individually or as a portfolio. A trust company has appointed property consultancy Knight Frank Singapore to offer the portfolio for sale, Knight Frank said on Wednesday. All three shophouses are zoned "Commercial" under Master Plan...

Hoe Chiang Road site in CBD up for sale with S$715m guide price

A prime development site at 15 Hoe Chiang Road will be put up for sale with a guide price of S$715 million via expression of interest on Wednesday, exclusive marketing agent JLL said on Tuesday. The freehold 39,337 square foot (sq ft) site has been approved for hospitality use with a gross floor area (GFA) of about 248,483 sq ft, or an equivalent gross plot ratio (GPR) of above 6.31 based on written...

Trio of Geylang shophouses put on market with S$12m guide price

Three adjoining conservation shophouses at 223, 225 and 227 Geylang Road are up for sale collectively by expression of interest with a guide price of S$12 million, exclusive marketing agent CBRE said on Monday. The freehold, two-storey shophouses sit on a combined site of about 4,318 square feet (sq ft), with a total built-up area of about 6,754 sq ft. After factoring in an estimated development...

Balestier Road mixed-use building up for sale with S$22m guide price

A freehold four-storey commercial and residential building at 320 Balestier Road has been launched for sale via expression of interest with a guide price of S$22 million, Showsuite Consultancy announced on Monday. The guide price translates to an estimated blended rate of S$1,200 per square feet (psf) based on the existing gross floor area (GFA), said Karamjit Singh, chief executive officer of...

Retail rents expected to drop by 4 to 14% in 2020, but new tenants not likely to rush in

With the retail sector one of the hardest hit by the Covid-19 pandemic, property analysts are expecting retail rents to decline by between 4 and 14 per cent for the whole of 2020. Despite the drop in rents, they do not expect retailers to take up vacant lots, especially in prime shopping malls in the central region. Analysts expect rents in prime malls in areas such as Orchard Road to drop by between...

Liang Court redevelopment project moves to next step

CDL Hospitality Trusts (CDLHT) has completed the sale of its entire stake in Novotel Singapore Clarke Quay, while Ascott Residence Trust (ART) has sold its interest in the land which includes Somerset Liang Court Singapore. These form part of the transaction for the Liang Court site’s redevelopment - by a consortium comprising real estate heavyweights CapitaLand Limited, City Developments Limited...

For sale: two strata office floors at GB Building with guide prices of S$11.9m and S$12.7m

Two strata office floors of the GB Building in the CBD will be put up for sale via expression of interest (EOI) on Tuesday, according to a press release from CBRE. Level 16 of the GB Building is expected to sell for an indicative price of S$11.9 million, or approximately S$2,200 per square foot (psf) on the strata area, while Level 23 is expected to sell for an indicative price of S$12.7 million, or...

High Street Centre up for en bloc with S$800m reserve price

Mixed-use tower High Street Centre at 1 North Bridge Road will be available from Tuesday for collective sale via public tender at a reserve price of S$800 million, with approval received for commercial and hotel use. Owners holding not less than 80 per cent of strata area and share value of the commercial and residential property have agreed to put it on the market with that price tag, the appointed...

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