The Marina One mixed-use development in the heart of Singapore's Central Business District (CBD) will be a coveted business and lifestyle destination that will raise the bar for integrated developments and act as a catalyst to attract and grow new businesses. That is the vision of M+S, a joint venture company owned by Malaysia's Khazanah Holdings Bhd and Singapore's Temasek Holdings, that is working on...
Office / Retail Space
The Republic’s office rents are set to rebound from their first annual decline in three years as new supply shrinks and more businesses expand, said CapitaCommercial Trust. Rents in the city are reaching a trough and demand may rise as the country positions itself as a regional business hub, said Ms Lynette Leong, Chief Executive Officer of CapitaCommercial Trust. Supply for the next three years will...
The government has been ramping up housing supply in recent years, particularly in the north-eastern part of Singapore and some analysts said there is room for more commercial developments to meet the needs of the growing population. According to the Urban Redevelopment Authority (URA) and the Housing and Development Board (HDB), a total of 44,868 residential units will be completed in Sengkang and...
Prices of shop space rose 2.0 per cent in 2012, while rentals dropped marginally by 0.3 per cent according to the latest statistics from the Urban Redevelopment Authority (URA). Yields of retail units have dropped last year, but most market experts Channel NewsAsia spoke to are optimistic about the demand for retail space in Singapore from both investors and retailers. After just one week, some retail...
Prime shopping space in the central business district (CBD) has shrunk. As at end of September 2012, retail space - excluding that for drinking, eating and entertainment - has fallen by about 3 per cent, according to data by the Urban Redevelopment Authority (URA) which was analysed by real estate firm Colliers International. Prints, an upmarket stationery retailer, has been looking to expand in the...
NTUC Income will be acquiring a further 51 per cent stake in 16 Collyer Quay from Goldman Sachs to fully own the prime office building. In a statement, the Singapore insurer said the acquisition values the 37-storey, 999-year leasehold building formerly known as Hitachi Tower, at around S$660 million. This works out to less than S$2,400 per square foot on a net lettable space of over 278,000 square...
Prime area rent for shopping malls and retailers in Orchard Road inched down 0.28 per cent this quarter, compared to the previous quarter. In a report by Savills World Research, average monthly rent in prime areas in Orchard Road were S$35.1 per square foot in the fourth quarter. This is a slight drop from the S$35.2 per square foot in Q3. Analysts felt that this is due to adjustments in the market, as...
The Singapore Sports Hub has appointed SMRT Alpha to lease and operate 41,000 square metres of commercial retail space at the Singapore Sports Hub. This new joint venture is a partnership between subsidiaries of SMRT and NTUC FairPrice. The retail mall and waterfront area will feature a variety of indoor and alfresco food and beverage outlets. For shoppers, the mall will offer a wide range of stores and...
DBS Group on Monday announced plans to acquire a stake in Marina Bay Financial Centre Tower 3 (MBFC), where the bank's headquarters is located. In a filing with the Singapore Exchange, the bank said it will pay S$1.035 billion for a 30 per cent share in Central Boulevard Development Pte Ltd - a joint venture of Cheung Kong (Holdings) Ltd and Hutchison Whampoa Ltd. DBS also has an option to take up...
Renting retail space at a suburban mall these days may not be very much cheaper than renting one at Orchard Road, say analysts. Colliers International said the gap between prime retail rents in the two segments have narrowed from 17 per cent in 2009 to 12 per cent this year. Demand for retail space in suburban malls will continue to be strong, say analysts, citing the improving quality of suburban...