Prices of retail space declined 0.8 per cent and rentals by 4.1 per cent for the whole of 2015, according to data released by the Urban Redevelopment Authority (URA) on Friday (Jan 22). The islandwide vacancy rate of retail space rose to 7.2 per cent at the end of the fourth quarter, compared to 7 per cent at the end of the third quarter. This was a result of a 22,000sqm increase in the stock of retail...
Office / Retail Space
Commercial property prices and rentals fell further in the fourth quarter of last year, as supply outpaced demand. According to figures released by the Urban Redevelopment Authority (URA), office rents fell by 1.8 per cent in Q4, albeit at a slower pace of decline than the 2.9 per cent decrease in Q3. This led to a full-year drop of 6.5 per cent, which eroded most of the gains achieved in 2014 when...
Keppel Land has acquired a 22.4 per cent stake in 112 Katong mall from BHG, Imagine Properties and Perennial Singapore Investment for S$51.4 million, Keppel Corp announced in a press release on Sunday (Jan 17). The remaining 77.6 per cent stake is held by Alpha Asia Macro Trends Fund, which is managed by Alpha Investment Partners, a property fund management vehicle of Keppel Land. Keppel Corp said...
About 10 per cent of the office space at Guoco Tower in the integrated Tanjong Pagar Centre project, and 60 per cent of retail space, have been committed some 6 months ahead of the project’s completion. Guocoland shared these figures on Wednesday at a topping-out ceremony, graced by Minister for National Development Lawrence Wong, for the S$3.2 billion flagship project. Guoco Tower has a total net...
AVERAGE island-wide first-storey retail rentals have fallen by 1.2 per cent in Q4 2015, compared to the last quarter, to about S$30.50 per square foot (psf), DTZ data showed on Wednesday. This is the third consecutive decline since Q2 2015. For the whole of 2015, average first-storey rents fell at a faster pace of 5.9 per cent, compared to the slower decline of 0.3 per cent in 2014. "Much of the...
CapitaLand Commercial Trust, Singapore's largest office real estate investment trust by value, is selling an office tower in the city-state's central business district, according to a person familiar with the transaction. CapitaLand Commercial is seeking to sell the 23-story One George Street building in the Raffles Place office district, the person said, asking not to be named as the information is...
Hit by a spate of problems in recent years — with major tenants leaving, rats scampering around its premises and slow footfall — Marina Square has now found itself embroiled in a new battle, as a legal tussle brews between the mall and a former tenant. Court papers obtained by TODAY showed that the mall’s operator, Marina Centre Holdings, has launched legal proceedings against Caerus Holding,...
Keppel Corporation Limited (Keppel Corporation) and Keppel Land Limited (Keppel Land) have today, through a subsidiary, entered into and completed a share purchase agreement with Mapletree Investments Pte Ltd (Mapletree) to acquire the remaining 30% interest in Harbourfront One Pte Ltd, which holds Keppel Bay Tower, for a consideration of approximately $180.9 million. This is part of a share swap...
Waterway Point in Punggol will open on Jan 18, the mall confirmed on Facebook. Frasers Centrepoint Malls had announced in August that 90 per cent of the retail space in the mall has been tenanted. Waterway Point will have four levels of indoor shopping, leisure and alfresco dining spaces, with a view of Punggol Waterway. Among its key tenants are a 24-hour FairPrice Finest supermarket that will take...
Compass Point will have a new name when it re-opens with a new look next year. The shopping centre said on its Facebook page on Tuesday (Dec 22) that the name 1 Sengkang Mall has been approved by Government authorities. In the Facebook post, Compass Point said the mall was renamed to Sengkang Mall before updating the post and changing it to "1 Sengkang Mall" at about 10am on Wednesday. It also...