Hongkong Land Holdings, which owns a stake in the biggest developer of Marina Bay Financial Centre (MBFC), will seek more commercial plots in Singapore, as tenants seek to upgrade to new buildings. Hongkong Land, as part of a venture with Cheung Kong Holdings and Keppel Land, is eyeing land purchases in Singapore’s prime office areas when the Government puts them up for sale, the company’s Executive...
Office / Retail Space
Singapore's commercial district will soon have more new offices. Asia Square Tower 2 was awarded its Temporary Occupation Permit (TOP) on September 2. This marks the completion of the integrated commercial development in Marina Bay. Asia Square Tower 2, the only new office development to be housed in the Central Business District (CBD) this year, spans close to 800,000 square feet of Grade A...
Office rental rates in Singapore are showing signs of recovery after continued declines in the past year, as companies move to secure additional space because of improving local and global economic outlook. Tier 1 office rents inched up 0.6 per cent quarter-on-quarter in the three months ended June 30, the first increase since the third quarter of 2011, property consultancy Jones Lang LaSalle said in...
The S$410 million remake of Suntec City is starting to take shape -- Phase 1 of the makeover was completed in June. Susan Sim, deputy CEO of ARA Trust Management (Suntec) Limited, said: "We are 100 per cent occupied on Phase 1, and most of the tenants have already started operations. Phase 2 as of June, we are 70 per cent pre-committed and we are on target for Phase 2, which is going to be ready by...
A commercial site at Cecil Street/Telok Ayer Street attracted four bids at the close of tender yesterday, with the top bid of S$924 million coming from Fraser & Neave unit FC Commercial Trustee, data from the Urban Redevelopment Authority showed. The 99-year leasehold site, originally made available through the Reserve List of the Government Land Sales programme last December, was put up for tender in...
The supply of retail mall space in Jurong has almost doubled from the second quarter of last year with the opening of the new shopping mall JEM in June this year. The retail mall space jumped by 573,600 square feet in June, to nearly 1.2 million square feet. Including the IMM Building and JCube, retail mall space in Jurong had amounted to 613,000 square feet in terms of net lettable area at the...
A freehold boutique development in a popular downtown location marking the start of the new Waterfront City masterplan, Onze comprises 56 apartments and 13 ground level commercial units within a 14 storey complex, complete with sky terrace and rooftop swimming pool. Architecturally, the sleekly simple and yet fluidly dynamic lines of the box-based building features are an artistic statement set against the...
Monthly rental rates for office space in the Raffles Place/New Downtown micro-market increased for the first time in almost two years during the second quarter, as improved infrastructure in the area lent support to demand. With average office rents in the overall Central Business District also stabilising, the outlook is positive for the second half this year, Colliers International said in a quarterly...
The office space on the 18th floor of Samsung Hub has been put up for sale via an expression of interest exercise. In a statement on Monday, marketing agent CBRE said the guide price for the prime grade A 999-year strata office floor is S$43.3 million. Samsung Hub is a 30-storey office tower located in the Raffles Place central business district. CBRE said the entire 18th floor has a strata area...
Average rentals of prime retail space in Orchard/Scotts Road and suburban areas stayed constant in the second quarter of 2013, following a slight dip in the previous quarter. DTZ said prime retail rents in Orchard/Scotts Road are expected to fall marginally in the second half of the year as new developments in the area are completed. Together, the completion of Orchard Gateway and the addition and...