As one of the smaller retail management companies in Singapore, AsiaMalls faces a challenge in keeping up with market leaders such as CapitaLand and Fraser. AsiaMalls manages six malls locally, including Tiong Bahru Plaza, White Sands and Liang Court. To grow traffic at its malls, the retail developer plans to roll out a slew of initiatives. These include introducing a loyalty programme, leveraging...
Office / Retail Space
The landmark CPF Building at 79 Robinson Road has been sold for a higher-than-expected S$550 million, the CPF Board announced on Thursday (Nov 26). The public tender for the sale of the building attracted three bids, the highest of which was by Southernwood Property, a company wholly owned by Ascendas Land. Analysts had expected the building to fetch about S$450 million. The CPF Board said the bid...
Instead of being tied down to a rental agreement, a growing number of firms and individuals are looking to pay for office facilities as and when they need the space. An office format called co-working, is trying to fill the gap. It has been gaining popularity in the past two years, with more than 20 such providers popping up around Singapore. WorkCentral is the newest kid on the block, joining the...
The corporate operations of the Central Provident Fund (CPF) Board at the CPF Building at 79 Robinson Road will relocate to Novena Square Towers A and B from Nov 23. In a news release on Monday (Nov 16), CPF said the relocation will free up prime office space in the Central Business District for higher-value uses. The CPF Building at 79 Robinson Road has been put up for sale through a tender and bids...
CapitaLand, South-east Asia’s biggest developer, says it has withdrawn from negotiations to buy Asia Square Tower 1. The company will continue to explore opportunities that allow it to generate required returns, it said in a statement today (Nov 4). CapitaLand didn’t give a reason for its decision. A consortium of Norway’s sovereign wealth fund and CapitaLand was chosen as the preferred bidder...
Insurance giant Lloyd's on Wednesday (Nov 4) opened its new, bigger office in CapitaGreen, as it looks to expand its presence and tap regional growth. Lloyd’s has been operating in Singapore since 1999. It has grown to 20 service companies with 24 syndicates and more than 380 employees, making it Lloyd's largest hub outside London. Lloyd's chief executive officer Inga Beale, who was in Singapore to...
Hersing Centre, formerly Toa Payoh Entertainment Centre, is being offered for sale, with an indicative price around S$78 million, exclusive marketing agent JLL said on Monday. This translates to about S$1,750 psf on the total gross floor area of about 44,411 square foot, JLL added. The 3-storey commercial building with a mezzanine level, is strategically located in the heart of Toa Payoh Central,...
Singapore Post (SingPost) announced on Wednesday (Oct 28) that it would develop Singapore's first shopping mall offering a suite of eCommerce logistics solutions, combining both online and offline shopping. In their media release, SingPost said the mall will offer 25,000 square metres of retail space. Consumers will be able to shop online at the mall through e-merchants and choose delivery and pickup...
The prices of office space and retail space in the Republic both dipped slightly in the third quarter of 2015, the Urban Redevelopment Authority (URA) announced in a release on Friday (Oct 23). The prices of office space fell by 0.1 per cent in the third quarter, reversing the increase of 0.3 per cent in the previous quarter. Rentals of office space also fell by 2.9 per cent, following on from a fall of...
Suntec City officially reopened on Thursday (Oct 22) following a S$410 million enhancement. In a press release, ARA Trust Management (Suntec) Limited, the manager of Suntec REIT, said enhancement works began in June 2012 and were completed in June this year. The works involved decanting low-yielding spaces and converting levels one and two of the Suntec Singapore Convention & Exhibition Centre for...