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...
Office / Retail Space
DESPITE a generally quiet leasing market, there has been buzz about two big transactions involving major players. BT understands that The Bank of Tokyo-Mitsubishi UFJ (BTMU) is in advanced discussions to lease about 140,000 square feet of office space at Marina One. It will be moving out of Republic Plaza, where it is the anchor tenant and also one of the oldest in the building, occupying about 150,000...
Construction group Lian Beng has inked a deal to buy Broadway Plaza in Ang Mo Kio for S$51.5 million. Broadway Plaza is a leasehold 5-storey commercial property in Ang Mo Kio Central facing Ang Mo Kio Avenue 6. It sits on a land area of 18,450 sq ft and has a gross floor area of approximately 55,351 sq ft. The property has about 61 years left on its lease. It bought this as a "strategic investment"...
Singapore's first co-working space equipped with child-minding facilities officially opened on Wednesday (Feb 17). Trehaus, which is located on Orchard Road, aims to give working parents a chance to meet like-minded people and grow their business network, while staying close to their children. Here, parents conduct their business at the Workspace and have the option of dropping their kids off at the...
Some changes could be afoot at Capitol Singapore after it has been hit with a depressed retail environment. Landlord Perennial Real Estate on Friday (Feb 5) said it is looking at ways to help tenants. CEO of Perennial Real Estate Holdings Pua Seck Guan, said: "The retail sector is not easy now, because a lot of retailers are faced with the problem of labour shortage and also in this volatile...
Less than two years after it was launched to provide more recreational options at the popular East Coast Park, some of Parkland Green’s tenants are seeing business take a hit after the authorities imposed parking charges at the cluster last year, with the situation compounded by factors such as the haze and a lack of publicity. Parking at the area’s nearest carpark was free when the development...
Businesses at the sports and recreational development Raintree Cove — home to the popular Long Beach Main Seafood Restaurant, a fixture at East Coast Park — will be putting up their shutters by next February. TODAY has learnt that the lease for the space lapses on Feb 28 next year, and tenants are expected to make way for the land’s development. Master tenant Raintree Cove was granted a final...
Office buildings in the city fringes may be increasingly left vacant as tenants seek the opportunity to move into Grade A premises in the Central Business District (CBD) with rents weakening amid an onslaught of incoming supply. Pundits, such as Bloomberg columnist Andy Mukherjee, have blamed the weak office market here on a “fundamental miscalculation” on the part of some Singapore developers that...
An S$85.46 million transaction of office space at SBF Center, which is coming up near Tanjong Pagar MRT Station, has taken place, according to caveats information. The deal reflects a price of S$3,125 per square foot. The space transacted adds up to about 27,350 sq ft, covering all of levels 29 and 30 and eight smaller units on levels 27 and 28 of the 31-storey building. A breakdown of information...
Prices of office space in the Republic remained flat for the whole of 2015, dropping just 0.1 per cent from the year before, while rentals declined by 6.5 per cent. For the fourth quarter, prices of office space also decreased 0.1 per cent from the previous quarter. Rentals, however, fell 1.8 per cent in the fourth quarter, compared to the 2.9 per cent drop in the third quarter of 2015. As of the...