Singapore's third-largest suburban mall JEM says it will open on Saturday, 15 June. This comes after the sudden delay in the mall's opening earlier this week. JEM is giving away S$10 vouchers to the first 1,000 shoppers on Saturday. JEM was due to open on Tuesday, June 11 but this had to be postponed because none of the units in the mall had applied for a Fire Safety Certificate or Temporary Fire...
Office / Retail Space
There’s expensive and then there’s Hong Kong. The Asian shopping haven in the first quarter kept its crown as having the world’s highest rent for prime retail properties, at nearly 50 per cent more than for similar districts such as upper Fifth Avenue in Manhattan. Rents were more than four times the rate in similar areas in London and Paris, according to a report by global property advisor CBRE...
Raffles Quay Asset Management said it is confident of filling up the rest of the office space at Marina Bay Financial Centre Tower 3, as well as sell the remaining units of luxury apartments at Marina Bay Suites -- despite uncertainties in the global economy and the property cooling measures announced in January 2013. About 88 per cent of the 221 units at Marina Bay Suites have been sold so far. While...
Singapore's skyline is set to welcome its tallest building in 2016 at a site above Tanjong Pagar MRT station. Developer GuocoLand said the 67-storey office-cum-residential tower will form part of the upcoming integrated development called the Tanjong Pagar Centre. At 290 metres high, the building will soar above Republic Plaza, One Raffles Place and UOB Plaza One, which are 280 metres tall...
San Centre, a 12-storey office building located along Chin Swee Road, has been sold to CEL Property Investment for S$113 million. It is the first commercial collective sale site sold this year. The buyer is a subsidiary of mainboard-listed Chip Eng Seng Corporation. San Centre comprises 107 strata-titled office units and 80 carpark lots. It has a land area of about 28,700 square feet and was built in...
The Urban Redevelopment Authority (URA) has come out with a set of guidelines for shoebox shops in all new developments with retail floor area. A minimum average retail unit size and minimum corridor widths are required. In a blog post, National Development Minister Khaw Boon Wan said the guidelines were done in consultation with industry players and said that the guidelines take a fair, balanced...
A commercial building at Middle Road has been put up for collective sale by tender. The building known as Bright Chambers has an indicative price tag of between S$45 million and S$50 million. The 9-storey building has 8 units with a total strata area of 34,972 square feet. Exclusive agent for the deal Jones Lang LaSalle says the site has a land area of 5,263 square feet. The building is located next to...
Real estate investment trusts (Reits) have become an investment darling in Singapore giving investors attractive returns. But for retailers, Reits are causing them to cough out more in rents. This is because Reits act mainly to boost returns for their shareholders. President of the Singapore Retailers Association (SRA), Jannie Chan, says the higher rentals are adding to the woes in the retail sector...
Singapore's prime shopping belt Orchard Road is set to welcome a new mall, Orchard Gateway, around November this year. Its marketing agent Savills said 80 per cent of the retail space has already been pre-committed. And there will be a few new-to-market brands that will appeal to fashion-forward shoppers. The mixed-development straddles both sides of Orchard Road and has 172,000 square feet of net...
Shaw Centre, a landmark building at Orchard Road, is up for a major facelift -- its first in almost three decades. The renovations are expected to be completed in the first quarter of 2014. After the redevelopment, the Shaw Centre retail mall will be integrated seamlessly with the adjoining Shaw House. Shaw House's anchor tenants include Isetan and Shaw Theatres Lido. The new Shaw Centre will also...