Once a famed shopping haven for Singaporeans and tourists alike, Orchard Road is at risk of going out of fashion, never mind the opulence and grandeur of new and refurbished malls lining the 2.2km boulevard. Even on weekends, the crowds have visibly thinned and vacancy rates have risen — at some of the older malls, more than half the shops on entire floors are empty. Faced with the combined...
Office / Retail Space
CapitaLand Commercial Trust (CCT), Singapore’s largest office real estate investment trust, will acquire the remaining 60 per cent stake it does not own in the CapitaGreen office tower for S$393 million. CCT will buy a 50 per cent share from CapitaLand group and another 10 per cent share from Mitsubishi Estate Asia, the company said in a filing to the Singapore Exchange on Monday (May 23). The...
A GROUP of companies controlled by seasoned property investor Stanley Quek is selling seven shophouses for S$81.4 million to boutique real estate investment company 8M Real Estate. Five of the shophouses are adjoining properties at Nos 15, 17, 19, 21 and 23 Tanjong Pagar Road; they are changing hands for S$57.4 million. This works out to S$2,166 per square foot on the estimated gross floor area of...
There will be a bigger upgrading budget and shopowners will have to bear less of the cost to upgrade their shops as part of the enhanced Revitalisation of Shops (ROS) Scheme, the Housing and Development Board (HDB) said on Monday (May 9). The ROS upgrading budget for each HDB shop will be increased by 75 per cent from S$20,000 to S$35,000 per shop, according to the press release. To encourage more...
More than four months after it announced the proposed sale of The Verge mall in Little India, DRB-Hicom has officially called off the deal. The termination was due to the inability of the buyer, a Singapore-incorporated vehicle controlled by Keith Tang, to fulfil its contractual obligations on the agreed completion date, DRB-Hicom said in a regulatory filing with Bursa Malaysia on Thursday. The move...
Bonvests Holdings on Friday announced that its subsidiary, Essential Investments, has entered into an agreement to sell two retail shop units for a total consideration of approximately S$13.7 million. The two units located at 220 Orchard Road, Midpoint Orchard, #B1-10 and #B1-11 will be sold to Chu Chee Keong. Bonvests Holdings also announced earlier on Friday that its subsidiary, Bon-Food, has...
Bonvests Holdings on Friday announced that its subsidiary Bon-Food has entered an agreement to sell one of its leasehold shop units for a total consideration of S$14.55 million. The unit, which is located at Block 829 Tampines Street 81 #01-296, will be sold to Advance Facilities Pte Ltd. Proceeds from the sale will be used to fund Bonvests' current projects. The net asset value, aggregate value...
THE brother-and-sister pair that runs Swiss luxury watch and jewellery house Chopard has picked up an office floor at Tong Building in Orchard Road for S$25.5 million. The price works out to S$3,713 per square foot on freehold strata area for the 13th floor of the 19-level building located between Lucky Plaza and The Paragon. While the purchase from fashion retailing group Kwang Sia was made through...
SIM Lian Group on Tuesday announced it would release approximately 200,000 square feet of large office spaces for lease at Vision Exchange, at a rate of S$6.80 to S$7.20 per square foot per month. The spaces will be spread out across the top eight floors of the 25-storey mixed-use integrated development located in Jurong Lake District. Each level spans approximately 25,000 sq ft, with the minimum...
EVEN as tenant demand for commercial property has fallen at its fastest pace in Q1 this year since the depths of the financial crisis in 2009, the Royal Institution of Chartered Surveyors (RICS) is anticipating a further drop in capital values and rents over the coming year. On the occupier market front, demand fell last quarter across all sectors even as available space continued to rise. About 64 per...