Rivervale Mall at Sengkang will soon have new owners, following CapitaLand Mall Trust's (CMT) decision to sell the property to a private equity fund managed by AEW Asia for S$190.5 million. CMT, which announced the sale on Thursday (Oct 15), said it will realise a gain of about S$72 million, after taking into account the divestment fee and other expenses. The property had been valued at S$116 million in...
Office / Retail Space
Southeast Asia's biggest property developer, CapitaLand, on Wednesday (14 Oct) confirmed news reports that it was involved in talks to buy the Asia Square Tower 1 office building. Its statement to the stock exchange came a day after Bloomberg News said a consortium of Norway's sovereign wealth fund and CapitaLand has been chosen as the preferred bidder for the 43-storey office building in Singapore's...
Average monthly gross rents in the CBD (central business district) declined by 4.1 per cent quarter on quarter (q-o-q) to S$10.40 per square foot in Q3, the first decline from an uptrend since 2013, said DTZ Southeast Asia. This comes on the back of headwinds in the external economic environment. Average monthly gross rents in Marina Bay dropped 5.5 per cent q-o-q to S$13 per sq ft, while rents in...
Marina One announced on Friday that it had secured a strong line-up of anchor retail and food & beverage (F&B) brands that include Virgin Active, Cold Storage and Cookhouse by Koufu, ahead of the Singapore development's expected issuance of its temporary occupation permit in 2017. "Anchoring Virgin Active, Cold Storage and Cookhouse as our key retail tenants reinforces Marina One's vision to be the...
The landmark CPF Building at 79 Robinson Road has been put up for sale by public tender, after the Central Provident Fund (CPF) Board signed a long-term lease to rent space at Novena Square Towers A and B for the Board’s operations. Its marketing agent CBRE said the relocation of CPF offices in the building will "free up prime office space in the Central Business District for higher-value...
The supply of new office space in the central business district (CBD) is likely to outstrip demand, giving tenants more options and forcing landlords to reduce rents amid global headwinds, according to analysts. Property services firm Century 21 has said that Singapore, being such an open economy, will be hard hit by global economic conditions such as the slowdown in China and the turmoil in stock and...
CapitaLand's new office development in the Central Business District, CapitaGreen, officially opened on Wednesday (Sep 9), after the 40-storey premium Grade A office building was completed in December last year. With a focus on sustainable development, CapitaGreen has features such as a green facade covered by living plants, and a rooftop wind scoop, which contributes to cooling the building naturally....
The city revolves around you at City Gate; where the CBD and its attractions at Beach Road/ Ophir-Rochor areas are brought right up to your doorstep. This is the ultimate lifestyle of convenience that you’ve always desired. Live above it all in a 30-storey iconic mixed development, away from the daily rush; where 311 exclusive apartments elevate you to a tranquil sanctuary. Bring your senses to higher...
The Prospex, a nine-storey commercial building in Bugis, has been put up for sale by private real estate investment firm Pamfleet Group with an asking price of S$80 million or S$1,913 per square foot (psf) of gross floor area. The move to sell the entire building through an expression of interest (EOI) rather than to stick to the original plan of selling strata units came amid recent sluggish office...
A tender to develop Blocks 17 and 18 Dempsey Road was conducted by the Singapore Tourism Board (STB) and Singapore Land Authority (SLA) on Thursday (Aug 13). The two blocks, within the Dempsey cluster of Tanglin Village, will be developed for retail and food and beverage (F&B) use, and the joint effort between both agencies aims to "strengthen the Tanglin Village's position as a unique lifestyle...