Cloudy days are in store for the resilient Grade A office market in Singapore, with rents expected to come under pressure in the second half of next year as competition for tenants intensifies, the manager of Marina Bay Financial Centre (MBFC) and One Raffles Quay said yesterday. An upcoming avalanche of supply from several mega projects from 2016 will be exacerbated by slowing demand from the financial...
Office / Retail Space
Office rental rates in Singapore grew 3.5 per cent from the previous quarter in the third quarter of the year, the fastest growth in Asia, Jones Lang LaSalle said. The strong rental growth comes on the back of low vacancy levels in the city-state, the real estate consultancy said in a report released on Wednesday (Nov 19). Office rents in Tokyo, Beijing and most emerging South-east Asia markets grew...
Twenty months and S$80 million later, Shaw Centre is all decked out in time to welcome shoppers this festive season. The 42-year-old mall was given a facelift to improve its appeal and pull in a younger crowd, and property consultancy Chestertons say the makeover could also give Scotts Road a much-needed lift. The new Shaw Centre now has a wider sidewalk and a glass facade. It also has a new Urban...
The Urban Redevelopment Authority (URA) on Tuesday (Oct 28) announced in a media release that a second land parcel in Paya Lebar Central has been launched for sale by public tender. In Jan 2011, the first sale site was launched for tender for commercial use. With a 99-year lease period, URA said the 39,000sqm site located next to Paya Lebar Interchange MRT station will be an accessible location for...
Prices of office space increased by 1.6 per cent in the third quarter of the year, while rental prices of office space rose 2.6 per cent in the same period, the Urban Redevelopment Authority (URA) said on Friday (Oct 24). In the same period, vacancy rate of office space fell to 8.4 per cent, compared to 9.6 per cent at the end of the second quarter. The URA said that this was in part due to a 47,000sqm...
More than 1,000 strata-titled retail shops are estimated to be completed in Singapore over the next 12 months. According to consultancy Chestertons, this will account for 42 per cent of the supply pipeline between now and 2019. The concern is whether there is enough retail demand to absorb the supply, particularly units that are not well located. In recent years, there have been more...
The Republic is expected to top the rental forecast for Asia Pacific cities, with a 25 per cent increase in office rents from 2014-2019. This is according to a report from property consultancy Knight Frank, released on Wednesday (Sep 24). The increase will push Singapore to fourth place on the Knight Frank Global Cities index, behind San Francisco, Madrid and New York in terms of rental forecast. The...
Located at the junction where Upper Serangoon Road meets Macpherson Road, The Venue Residences and Shoppes is conveniently close-by major roads as well as key expressways: PIE, CTE and KPE. Just a three-minute walk away, Potong Pasir MRT Station on the North East Line is a gateway to seamless connectivity. Enjoy panoramic views of the city as well as the surrounding landed estate with a thoroughly modern...
Keppel REIT will buy a one-third stake in Marina Bay Financial Centre (MBFC) Tower 3 for S$1.25 billion from Keppel Land, in one of the largest property market deals this year. The price, which works out to around S$2,790 per square foot, is based on independent valuations by property consultancies Cushman & Wakefield and Savills. Keppel REIT will pay for the property through a mix of cash and new units...
Contrary to common perception, Singapore is not short of space. Across the spectrum from residential to commercial and industrial property, the volume of vacant space is turning out to be a blessing for tenants, who now have much better bargaining power than before. The latest official data show a total of 21,268 private residential units were unoccupied in the second quarter of this year, translating...