Prime Orchard Road rents are expected to dip slightly this year as some restaurants look for cheaper space on the fringes of the city-centre, Savills said in a report on Friday. Rising manpower costs in a tight Singapore labour market are also discouraging retailers from expanding, contributing to the downward pressure on rents, the UK property services firm said. Savills said it expects rents at...
Office / Retail Space
Singapore office rents are likely to rise by 5 to 10 per cent this year, due to lack of new supply coming into the market, real estate firm Savills said on Thursday. "The overall vacancy rate of CBD (Central Business District) Grade A offices tracked by Savills declined for the fourth consecutive quarter, from 7.8 per cent at the end of 2012 to 3.4 per cent by the end of Q4 2013," Savills said in a...
Orchard Hotel Shopping Arcade on Claymore Road will be undergoing renovation works and rebranded as a new family-friendly mall. In a statement, CDL Hospitality Trusts (CDLHT) said the mall will be known as Claymore Link, and will be enhancing its retail offering, with supermarket retailer Cold Storage The Fresh Food People already selected as anchor tenant. The S$25 million redevelopment is expected...
Keppel REIT, the second-biggest office property trust in Asia excluding Japan, is seeking buyers for its 30-storey Prudential Tower in Singapore’s financial district, Bloomberg News reported on Monday, citing two people familiar with the matter. Keppel REIT owns a 92.8 per cent stake in the tower, which was valued at S$490 million as of Dec 31 by independent valuers, according to the company’s...
Prime commercial development, The Arcade, is being put up for tender at a guide price of S$900 million. The 20-storey building located at Collyer Quay, which is partly owned by City Developments, has a maximum allowable gross floor area of some 303,000 square feet, and total existing strata area of some 157,000 square feet. Under the 2008 Master Plan, the site is zoned for "commercial" use with an...
CapitaLand, CapitaMalls Asia and CapitaMall Trust have signed an option to sell Westgate Tower for S$579.4 million. In a filing with the Singapore Exchange, CapitaLand said the option was granted to a consortium comprising Sun Venture Homes and Low Keng Huat (Singapore), which has up to January 24 to exercise it. Located at Jurong Gateway, Westgate Tower is the office component of the Westgate...
The government has launched a commercial site near the Woodlands MRT station for sale by public tender next month. This is the first site to be put up for sale in the Woodlands Regional Centre since detailed plans for the area were announced as part of the Draft Master Plan 2013 on November 20. In a statement on Tuesday, the Urban Redevelopment Authority (URA) said the proposed development on the...
The atrium shop space at Sim Lim Square has been put up for sale by expression of interest. In a statement on Thursday, its marketing agent CBRE said the atrium shop at the ground floor of Sim Lim Square comes with a strata area of approximately 2,756 square feet. The unit attracts a high volume of shoppers due to its open concept. CBRE expects the property to attract strong interest from...
In time to catch the year-end shopping crowds, Singapore-listed CapitaMalls Asia is launching two of its projects in the suburbs this week. Westgate opened its doors on Monday and Bedok Mall will start business from Tuesday. But analysts told Channel NewsAsia it is not all joy for some landlords of retail property. With all its shop space fully leased, Bedok Mall is abuzz with retailers hurrying...
The managers of Suntec City are optimistic that the mixed-use development will be well-positioned for its next phase of growth once it completes a makeover that will strengthen the fashion, entertainment and food & beverage offerings at its mall. This will create a better mix of tenants that will attract more foot traffic and help the development unlock new business value through higher rental income,...