Leading business space solutions provider Ascendas Land (Singapore) and Mitsui & Co on Monday held a ground breaking ceremony for Fusionopolis Phase 5 at one-north. Projected to cost approximately S$370 million, Fusionopolis Phase 5 comprises a 17-storey building with approximately 59,300 square metres of business space and 5,500 square metres of retail space. The development also includes a separate...
Office / Retail Space
Grade A offices in areas like Shenton Way and Raffles Place are now looking more attractive to Singapore firms. Experts said companies are taking advantage of cheaper rentals, as well as more space made available by large multi-national firms moving into the Marina Bay Financial District. IT marketing firm Sapient said they struck a pretty good deal for their current space at Cecil Street. After...
Neptune Orient Lines has sold its head office, the NOL Building at 456 Alexandra Road, to the Fragrance Group for S$380 million. It is the largest sale of a decentralised single commercial asset in Singapore this year, said Jones Lang LaSalle which brokered the sale to Fragrance Regal Pte Ltd. NOL said in a statement to Singapore Exchange the divestment will enable it to "release capital for strategic...
Tanglin Shopping Centre is trying for an en bloc sale for the second time. It failed to find a buyer on its first attempt last year at a reserve price of S$1.25 billion. In fact, there has never been a successful en bloc sale in the Orchard Road shopping belt. Teresa Wong purchased a freehold shop spanning 330 square feet at Far East Plaza 25 years ago. For the beauty therapist, the need to control...
National Development Minister Khaw Boon Wan said recent sales numbers do not suggest a speculative element in Housing and Development Board (HDB) shops, and it will not be tenable for HDB to impose new restrictions like stricter citizenship eligibility. In a written parliamentary reply to MP Ong Teng Koon, Mr Khaw said Singaporeans and Singaporean-owned companies own about 95 per cent of the sold shops,...
Demand for office space in Singapore in the third quarter was supported by companies beyond the financial services sector, with most taking up Grade A office space below 20,000 square feet, said property consultant Colliers International. Firms in sectors such as professional and legal services, insurance, commodities, energy and private equity have helped to moderate the Grade A office rental decline in...
Singapore-listed property developer Overseas Union Enterprise (OUE) said it has been approached by some potential buyers for its Mandarin Orchard Singapore hotel and the adjoining Mandarin Gallery mall. In a filing on the Singapore Exchange on Wednesday, OUE said it has offered an unnamed potential buyer exclusivity to conduct preliminary due diligence on the two properties. The developer added that it...
Strata commercial property such as shops and offices have been extremely popular in the primary market this year and are expected to sustain buyer interest, even in the sub-sale market, as attention is increasingly diverted away from residential and industrial segments. Since the introduction of the seller's stamp duty for private residential purchases in January last year, investors have flocked into...
Raffles Quay Asset Management (RQAM) on Thursday said it has achieved a commitment level of over 70 per cent for its Marina Bay Financial Centre (MBFC) Tower 3. In a statement, RQAM added that it has signed on new tenants, including Mead Johnson, Berge Bulk, Clifford Capital and Clyde & Co. These new tenants, from industries such as shipping, financial investment, legal, and paediatric nutrition will...
CapitaLand said Tuesday that the group will relocate to Westgate Tower in Jurong progressively from early 2015. The group will occupy about 160,000 square feet across 11 floors of the new 20-storey prime office tower. It will also maintain a city office at Capital Tower as a flexible workspace to liaise with clients or business partners, it said. The group, which includes CapitaMalls Asia, CapitaMall...