Singapore's office vacancy rates are expected to rise further across all grades and micro markets, with a peak expected in 2013, according to property consultant CB Richard Ellis (CBRE). Island-wide vacancy in Singapore increased to 7.3 per cent in Q1 2012. Vacant stock island-wide totalled 3.8 million sf. In Core CBD, the vacancy rate grew to 9.30 per cent from 8.80 per cent in Q4 2011. Going forward,...
Office / Retail Space
Rents of grade A office space has increased in 13 markets in Asia Pacific in the first quarter of 2012, according to Jones Lang LaSalle in its just-released Q1 Asia Pacific Office Index Report. The Index monitors grade A net effective rents in 27 key markets in Asia Pacific. It also highlighted that rents of grade A office space remained static in 3 markets and declined in 11 markets. Aggregate rental...
CapitaMall Trust sells (CMT) has on 2 May 2012 awarded a tender to Oxley Bloom Pte Ltd for the sale of Hougang Plaza located at Upper Serangoon Road at a price of around S$119.1m. Hougang Plaza is a three-storey neighbourhood shopping mall located in Hougang Central that caters to the basic shopping and entertainment needs of residents in the vicinity. The property has a leasehold tenure of 99 years with...
Prices of industrial properties were up 7.3 per cent in the first quarter of 2012, compared with 3.8% in the previous quarter. Within this segment, property prices of multiple-user warehouse jumped 8.8 per cent, while property prices of multiple-user factory increased by 7.2 per cent. Rentals of multiple-user factory space rose by 1.3 per cent in the first quarter, higher than the 0.6 per cent in the...
The proliferation of mixed developments in suburban areas in recent years has pushed up sales for shops substantially, with demand for strata-titled retail units experiencing strong growth. More than 600 shop units were sold last year, more than double the 300 units sold in 2009. At the Promenade @ pelikat in the Upper Serangoon area, comprising 270 retail units and 164 residential units, shop prices...
CapitaMalls Asia (CMA) has unveiled details about the S$38 million makeover for its mall Bugis+, which was formerly known as Iluma. CMA had acquired the mall in April 2011. With the revamp, CMA says shoppers can look forward to new fashion tenants, including UNIQLO -- which will open its largest store in Singapore at close to 20,000 square feet -- and a standalone MANGO TOUCH store. The mall will also...
Vacancy rates of Grade A office buildings in the central business district (CBD) declined at a slower pace to 6.5 per cent in the first quarter this year. This compared to the 6.8 per cent fall in the fourth quarter of last year. According to property consultancy Savills Research in its latest report on the office sector on Friday, the leasing market has been dominated by enquires from small- to...
Rental rates for shops in the prime Orchard/Scotts Road belt dropped in the first quarter from a year earlier, and will continue to slide in 2012, according to industry researcher, DTZ. It said an expected moderation in tourist arrivals, tighter labour supply and more properties coming on-stream will all act to soften the retail rental market. It forecasts rents will fall by two per cent to four per cent...
The remaking of Paya Lebar Central is taking shape with the ground breaking of a new 13-storey commercial project, on Tuesday. Paya Lebar Central has been earmarked by the government for development as a commercial hub, under its 2008 Master Plan. At the ground breaking ceremony of Paya Lebar Square, its developer said 75 per cent of the office space has been committed. The S$1 billion development will...
Hong Kong and Singapore commercial property rents and prices will drop by more than 15 per cent this year as financial services companies keep a lid on growth or shrink, according to Jones Lang LaSalle. Hong Kong rents will drop by 15 per cent this year and prices by 16 per cent, while Singapore rents will fall 11 per cent and values 20 per cent, Mr Alastair Hughes, Asia-Pacific chief executive officer of...