Real Estate Investment Trusts (REITs) have no impact on retail rents, which are being driven up by the malls' location and enhancements instead of their ownership. This is according to a study conducted by the Ministry of Trade and Industry (MTI), following a growing perception that rental prices at retail malls acquired by REITs are rising at a faster rate. After removing factors such as location...
Office / Retail Space
Prudential Tower will soon have new owners. Keppel REIT said on Thursday it has entered into agreements to sell its 92.8 per cent stake in the 30-storey office building near Raffles Place MRT station for S$512 million -- which is 4.5 per cent above valuation. The buyers of Prudential Tower are companies held by KOP Ltd, Lian Beng Group, KSH Holdings and Centurion Global. Keppel REIT said in a...
The Singapore Sports Hub's retail mall has been named the Kallang Wave. According to its mall manager SMRT Alpha at a media preview on Wednesday, the mall will open from June. Spread over 41,000 square metres, Kallang Wave will boast the tallest indoor climbing wall in Singapore and the first sports-themed hypermarket. The mall is part of the S$1.33-billion Singapore Sports Hub, and SMRT Alpha...
Three malls along Orchard Road - Singapore's premier shopping belt - are planning to work together to drive greater synergy between their tenant mix. New kid on the block orchardgateway, along with 313@somerset and Orchard Central, have formed a steering committee to look at ways to boost shopper traffic - a first among competing malls in Singapore, said analysts. orchardgateway straddles both sides...
Social media companies such as LinkedIn and Facebook are taking office space in the central business district here because they want to attract the best talent, said Mr Chris Archibold, international director and head of markets at property agency Jones Lang LaSalle in Singapore, as the tech giants displace large banks in some prime locations. Barclays, the second-largest United Kingdom bank by assets,...
A government tender for a commercial site in the Woodlands Regional Centre drew strong response, with a consortium that included Far East Organization submitting the highest bid of S$634 million, the Urban Redevelopment Authority (URA) said on Tuesday. The bid by the consortium comprising Far East Organization, Tannery Holdings and Sekisui House for the Woodlands Square site works out to around S$906...
Changi City Point at Changi Business Park looks set to become the next shopping mall to be acquired by a real estate investment trust. Frasers Centrepoint Trust (FCT) said on Tuesday it has entered into a conditional sale and purchase agreement to buy Changi City Point from Ascendas Frasers Pte Ltd for S$305 million. Ascendas Frasers is a 50-50 joint venture between Ascendas Development and Frasers...
Over 40 per cent of the retail mall at the Capitol Singapore integrated development has been committed so far, ahead of its opening at the end of the year. At its topping out ceremony on Thursday, developer Capitol Investment Holdings said the mall will have new-to-market brands and new concepts -- which will be announced at a later date. Capitol Investment Holdings is a joint venture company,...
Office rents in Singapore's central business district rose 3.2 per cent in the first three months of 2014 from the fourth quarter of last year, helped by an improvement in global business sentiments. Property consultants Colliers International said on Wednesday that the average monthly gross rents for Premium and Grade A office space in Singapore's CBD increased to S$8.99 per square foot in the first...
Singapore's largest retail warehouse store is set to open in the fourth quarter of this year, adding to developments that have sprung up around Jurong East MRT station. Big Box will have some 400,000 square feet of shopping space, featuring brands such as Akira, Mod Living, Castilla, Barang Barang and Novena. The services include a drive-through service that allows shoppers to place orders in advance...