Gambling tycoon Sheldon Adelson, whose Las Vegas Sands Corp. owns the landmark Marina Bay Sands, said he's considering selling the casino resort's retail assets after a government-imposed moratorium expires next year. The company has spoken with potential buyers, Chairman Mr Adelson said in a conference call after Las Vegas-based Sands announced first-quarter results Wednesday. "We have been...
Office / Retail Space
Real estate company CapitaLand is calling for ideas for Funan DigitaLife Mall, which is set to close its doors for three years for redevelopment works from Jul 1. About 388,000 sq ft will be added to the mall’s current Gross Floor Area of 482,000 sq ft when the redevelopment is completed, according to CapitaLand. In a media release on Friday (Apr 15), CapitaLand said the public can submit their...
SHOPS and shophouses overtook residential properties in total sales value in auctions in the first quarter of this year, a report by Knight Frank released on Wednesday shows. Some S$5.5 million worth of shops and shophouses were sold in auctions in Q1, more than double the residential sector's S$2.5 million. This marked the first time since the second quarter of 2014 that the residential sector was...
PERENNIAL Real Estate Holdings (PREHL) has filed applications for the Singapore High Court to wind up three associated companies related to its integrated development, Capitol Singapore at City Hall, due to a deadlock with its partner. The three firms are Capitol Investment Holdings, Capitol Retail Management and Capitol Hotel Management. The applications were made because "the shareholders and...
Heartland retailers will receive greater financial assistance for upgrading works under the enhanced Revitalisation of Shops (ROS) scheme, announced the Ministry of National Development (MND) on Monday (April 11). The upgraded ROS package, which will cost about S$15 million yearly, was first revealed by Finance Minister Heng Swee Keat in his Budget statement last month. Since 2007, about half of all...
Office rents in Singapore's CBD fell by 3.9 per cent in the first quarter of this year from the previous quarter - their third straight quarterly decline - as concerns over a global economic slowdown dampened demand for office space. according to DTZ Southeast Asia, office rents fell to S$9.90 per square foot (psf) per month in Q1 2016, which is expecting them to continue dropping due to weak demand and...
A PROPERTY fund managed by Alpha Investment Partners has taken full ownership of 78 Shenton Way after buying out partner Commerz Real's half stake in the asset. Alpha Investment Partners is part of Keppel Corporation. The transaction, said to have been done three weeks ago, was effected through the sale of shares in the special purpose vehicle that holds 78 Shenton Way. The deal priced the entire...
Anchor tenants – like major department stores and big name brands – have long been used to pull the crowds into shopping malls. But against a more challenging retail landscape, industry analysts told Channel NewsAsia that this strategy may no longer have the same draw. The landlord-anchor tenant relationship is also coming under the spotlight, amid an ongoing rental dispute between landlord Ngee...
Japanese cheap-chic fashion brand Uniqlo will open its first global flagship store in Singapore and in the South-east Asia region "this autumn", according to a press release on Tuesday (Mar 29). The new store, which will be the largest in Singapore and the region, will be located in Orchard Central, and will have a sales area of about 2,700 square metres across three levels in the mall, the company...
FACED with a challenging retail environment, the Al-Futtaim group will continue to close stores in Singapore, but expand its footprint elsewhere in promising Asian markets. The group, which owns Robinsons, will shutter at least ten stores this year as it restructures its bleeding Singapore operations. This comes after it announced a number of closures last year, including its Marks & Spencer (M&S)...