The Urban Redevelopment Authority (URA) on Tuesday (Jun 30) released detailed sales conditions for the second commercial site at Woodlands Square. The land parcel is available for sale under the Reserve List of the first half 2015 Government Land Sales (GLS) Programme. The second commercial site will be in the Woodlands Regional Centre and will sustain the development momentum of the precinct as a key...
Office / Retail Space
Park Mall will be redeveloped into a commercial development comprising two office blocks with an ancillary retail component, the building's owner said on Monday (Jun 29). This follows the sale of the office and retail complex at Penang Road near the Orchard Road shopping belt for S$411.8 million, Suntec Real Estate Investment Trust (Suntec REIT) said in a statement. The new buyer is a joint venture...
Metro will shut its Sengkang department store at Compass Point as the lease is expiring in August and will not be renewed, ending a 12-year association with the mall. "On the exact date of closure, Metro's management is still working on the matter," a Metro spokesman said in response to a query from Channel NewsAsia. He said Metro would like to continue serving residents in the Sengkang area, but...
Singapore’s office market is expensive compared with Australia and Japan because of a space glut and slowing rental growth, according to Union Investment, Germany’s largest fund manager. Office rents peaked in the first quarter as the city- state’s economic growth shows signs of tapering, according to Cushman & Wakefield. Grade A office rents in the central business district could slide 14 per...
The owner of Asia Square Tower 1 may sell the building for more than S$4 billion after receiving expressions of interest from potential buyers. This is according to Bloomberg, which quoted BlackRock real estate managing director Greg Lapham in a report dated Jun 17. BlackRock, which also owns Asia Square Tower 2, hopes to close the deal by the end of the year, Lapham said. Asia Square Tower 1, which is...
OUE Commercial REIT on Wednesday (Jun 10) announced its plans to buy into One Raffles Place, in its maiden acquisition since its initial public offering in January last year. Under the deal, OUE Commercial REIT plans to buy a stake of between 75 per cent and 83.33 per cent in OUB Centre Limited, which owns One Raffles Place. OUB is the registered owner of the property and it owns 81.54 per cent of the...
A row of 11 strata units in Singapore Shopping Centre (SSC) along Orchard Road has been put for sale by expression of interest. The units cover 7,061 square feet (sq ft) of shop/office space and make up close to half of the third floor in the mall. SSC is a seven-storey commercial development with a basement carpark located at 190 Clemenceau Avenue. In a statement on Tuesday (Jun 2), its...
The Government, as a general principle, allows the market to operate without having to prescribe how landlords and tenants structure their leases, said Minister of Trade and Industry Lim Hng Kiang. Stepping in would lead to inefficient outcomes and make all parties worse off, he added. Mr Lim said this on Monday (May 11) in a written parliamentary response to a question by Member of Parliament Lee Bee...
Private healthcare provider Raffles Medical Group will open a new medical centre at Shaw Centre in June to bring a full range of medical and specialist services to patients in the Orchard Road area. The announcement came as the healthcare provider booked a net profit of S$15.1 million for the first quarter of 2015. This marks a 3 per cent growth from the same period a year ago. Raffles Medical Group...
With their colourful facade and distinctive five-foot way, shophouses are reminiscent of Singapore's past. But even in today's modern business environment, there is still a demand for them. At Amoy Street, such shophouses have been taken up by creative outfits, restaurants and even small businesses who are looking for cheaper office space. With office rents already going up by 9.8 per cent in the last...