Prime office rent in the Republic is expected to rise by 5 to 7 per cent in 2015, helped by the lack of new office space in the next two years, real estate services firm Knight Frank said on Wednesday (Dec 31). Knight Frank said that while more firms in the technology, media and internet sectors are looking to relocate to prime office spaces, the amount of new office space coming onto the market next...
Office / Retail Space
South Beach Tower at Beach Road has yet to open its doors to corporate tenants, but analysts have said it has already had an impact on office rents in the vicinity. Over the next 10 years, the Bugis-Beach Road office submarket could become a preferred choice of location for cost-conscious businesses. The S$3 billion South Beach project has some 500,000 square feet of office space, and tenants are...
With new shopping malls coming up along Orchard and new retailers entering the scene, change is afoot at Singapore's prime shopping belt. Just recently, book retailer Kinokuniya moved to small premises within Ngee Ann City, allowing the landlord to carve out the space once occupied by the bookshop into smaller units - for various tenants. At Wisma Atria next door, Japanese retailer Isetan is also...
Office rentals have been pushing higher in 2014, with tight supply pushing rentals up by more than 10 per cent. Consultancy Jones Lang LaSalle (JLL) projects that rentals at office buildings in the Central Business District (CBD) - including Marina Bay, Shenton Way and Raffles Place - could grow by some 16 per cent, driven primarily by the tight supply of new office space in Singapore. Looking into...
The downtown skyline in Singapore will see another addition once the S$3 billion South Beach project - a mega mixed development at Beach Road - is up and running over the next year. The project's developers City Developments and IOI Group have secured leases for 80 per cent of the office space, and its first corporate tenant will move in early next year. Office space comprises about 30 per cent of...
Thong Sia Building, a 26-storey residential and commercial building off Orchard Road, has been put up for sale with the owners expecting between S$400 million and S$420 million. The building, located along Bideford Road near the Paragon shopping mall, sits on a freehold site with a land area of around 21,602 square feet. The building currently comprises seven levels of commercial space and a 19-level...
With the Government cutting the supply of commercial space, analysts said they expect two commercial sites to be triggered for tender next year. They have been placed for sale on the Reserve List under the Government Land Sales (GLS) Programme for first half of 2015. The two sites comprise the mixed-use site at Woodlands Square and a white site located at Marina View/Union Street. Under the Reserve...
Shopping mall The Verge and its connecting block Chill @ The Verge located at the junction of Serangoon Road and Sungei Road are going up for sale, and the owners are expecting between S$320 million and S$350 million, real estate company JLL said in a news release on Tuesday (Dec 9). The Verge comprises a 6-storey shopping mall with two basement levels while Chill @ The Verge is an 8-storey building...
Tenants at Red Dot Traffic must vacate their Maxwell Road home in 2015 - the Singapore Land Authority (SLA) has decided not to renew the building's lease after nine years. The Red Dot is a refurbished colonial building from the 1920s, and it houses bars, restaurants and offices, as well as the first contemporary design museum in Asia. SLA said the lease should have ended this October but will expire...
The mixed-use development South Beach saw the “topping out” of its South Tower on Tuesday (Dec 2). The 45-storey tower along Beach Road is the taller of two buildings within the development. Jointly developed by City Developments and Malaysia's IOI Group, the project blends four historic conserved buildings with contemporary design. The South Tower will house a luxury hotel called The South Beach,...