THE concept of co-working space is gaining traction with office landlords here, with CapitaLand being the latest to introduce this in its headquarters building. CapitaLand is partnering co-working space operator Collective Works under a 50-50 joint venture to turn the entire 12th floor at Capital Tower into co-working space. Spanning some 22,000 square feet, this can potentially house up to 250...
Office / Retail Space
Japanese lifestyle brand Muji is planning a new flagship store in Singapore. Masaaki Kanai, chairman of Muji's parent company Ryohin Keikaku, said on Tuesday (Mar 15) that the new flagship store is estimated to be around 3,300 square metres and will feature more lifestyle concepts. "Apart from the usual Muji products, the store will have an 'Open Muji' concept where community creators are invited to...
CapitaLand has partnered with Singapore's coworking space pioneer Collective Works to transform the 12th storey of Capital Tower - its headquarters - into a premium coworking space, as part of its pilot initiatives to test-bed alternative workspaces. In what is a first for a Grade A office building and a landmark deal in the coworking sector, the joint initiative aims to shape the future of office...
Co-working spaces, a concept which made its way here six years ago, can be a hedge for office landlords against a wave of new office completions. Rather than engage in an intense price war on rental incentives and subsidies, developers can take a dip in this "blue ocean" to gain a competitive advantage over their peers, Cushman & Wakefield says in a new report. One way is to carve out undesirable or...
As Singapore retailers face pressure from the slowing economy, Orchard Road malls are looking for new ways to draw the crowds. Besides renovating the mall and changing the tenant mix, landlords are also throwing in free performances in a bid to attract the crowds. For example, over the weekend, shoppers at ION Orchard witnessed a series of aerial circus acts. The performances marked the completion of...
BLACKROCK'S exclusive negotiation period on the sale of Asia Square Tower 1 to a consortium led by ARA Asset Management has ended without a deal being concluded. The asset management giant, however, is said to be still in discussions with ARA but may also reach out to other parties, including CapitaLand, which was the original preferred bidder when an expression of interest exercise for the 43-storey...
Subletting of excess space seems to be emerging as a viable option for tenants to ease their rental burden, as they look to navigate a slowing economy. With the latest spate of corporate downsizing by financial institutions, some companies may be giving up office space before their leases have expired. For these firms, they may - with the landlord's approval - look to sublet the space to another...
Home furnishing and accessories shop iwannagohome will close its outlets in Singapore, its parent company confirmed on Friday (Feb 26). Both its branches at Tanglin Mall and Great World City will be closed, said a spokesperson for the brand, which debuted in Singapore in 2007. Clearance sales have begun at both outlets. A retail employee told Channel NewsAsia that he was told the shop would close...
Shops sold by the Housing and Development Board on a 30-year-old lease will be returned to the lessor - the HDB - upon the expiry of the lease, National Development Minister Lawrence Wong reiterated in Parliament on Tuesday (Mar 1). Where possible, and if in line with future planning intentions, HDB can consider allowing these shopowners to rent the shops after the lease expires, he added. In...
Vacancies at Singapore's gleaming office towers are nearing their highest level in almost a decade, with construction of the city-state's tallest building - GuocoLand Ltd's 64-floor block in the financial district - wrapping up just as the economy slows. Singapore's export-oriented economy has been hit by the slowdown in China and beyond, which has also put pressure on key sectors such as marine oil and...