Singapore office rents are extending their slide as global economic uncertainty forces landlords to drop prices. Colliers International said the average monthly gross rents for central business district (CBD) Grade A space fell by 1.1 per cent quarter-on-quarter to S$8.45 per square foot in the three months ended June 2012. This follows a 4.3 per cent on-quarter drop in Q1. The price decline appears to...
Office / Retail Space
Developer Overseas Union Enterprise (OUE) is set to invest in excess of S$140 million on two retail mall projects in the central business district. Among the plans, OUE will be developing a five-storey retail mall at the existing DBS Building at Shenton Way, according to a source close to the matter. Built in 1975, DBS Building at Shenton Way will soon be home to a new shopping mall, spanning some...
The owners of 8 and 10 Chang Charn Road have put the properties up for sale. This offering represents a rare opportunity to acquire a quality 6 storey building with adjoining site with redevelopment potential (subject to local authority approval) which is zoned Business 1 and located in a Central Location. The property at 8 Chang Charn Road has showroom, warehouse and conference room on the 1st storey...
Singapore's famed shopping street, Orchard Road, has been ranked 25th most expensive in the world this year. With rents of retail space averaging at S$462.43 per sq ft a year, this is a notch up from last year against 129 cities in a study conducted by Colliers International. New York's Fifth Avenue and Hong Kong's Queen's Road Central and Canton Road were the world's top three most expensive shopping...
Renting prime office spaces in the Central Business District (CBD) has been getting cheaper since the third quarter of 2011. However, landlords need not fret any further. Experts said the Grade A office market will soon reach its bottom by the end of 2012. Without new office space in the CBD being injected in the second quarter of 2012, landlords have much to cheer. Analysts said this will stem the...
Riding on the strata retail property boom, Griffin Real Estate Investment Holdings, a wholly-owned subsidiary of education group ERC Holdings, is launching units for sale at Bugis Cube this Saturday. Up to 91 strata units will be available at Bugis Cube, a six-storey, 999-year leasehold building at North Bridge Road. It is currently undergoing a multi-million-dollar retrofitting that is expected to be...
Singapore's retail rents remained resilient in Q2 2012, supported by a high employment rate and tourist arrivals. According to property consultancy DTZ, the average rents of prime retail space in Orchard/Scotts Road rose marginally by 0.1 per cent quarter-on-quarter to S$30.33 per sq ft per month. Meanwhile, average rents in suburban areas increased 0.2 per cent to S$28.35 per sq ft per month. However,...
Bugis Cube is located at North Bridge Road, within a 10 minute walk to 5 MRT stations. It is across Bugis Junction Mall and Hotel Intercontinental. With ERC Institute (ERCI) expected to use a level for academic purposes, this education mall will be focused on the young. Potential tenants will include F&B and electronics, creating a very lively concept. Location: 470 North Bridge Road Tenure: 999...
700 Beach Road has been put up for sale. The property comprises 67,429 square feet of strata area and is currently fully occupied. According to its marketing agent Jones Lang LaSalle, the office building in the Central Business District has an indicative price of S$120 million for 100 percent strata interest in the property. Jones Lang LaSalle says the property sits on a commercial zoned site of 18,400...
The tenants of Shaw Centre has to make way for renovations to the 37-year-old building in Scotts Road once their leases expire. The revamp will not affect the offices on 14 floors of Shaw Centre. Notable tenants include Nu-Reflexology Researc, Ship Restaurant and Les Amis Group's outlets, The Canteen and Canele Patisserie Chocolaterie. The refurbishment is timely according to some tenants and...