Overseas Union Enterprise (OUE) has secured over 77 per cent of the building's office net lettable area for OUE Bayfront. The group has also refurbished the former Change Alley Aerial Plaza Tower and Change Alley Link Bridge, renaming them OUE Tower and OUE Link respectively. Net lettable area have been fully taken up. In a press release yesterday, OUE unveiled new tenants at OUE Bayfront include...
Office / Retail Space
Grade A office properties in the Marina Bay and Raffles Place vicinity have been commanding respectable take-up rates. Overseas Union Enterprise's OUE Bayfront, which obtained its temporary occupancy permit (TOP) in January, has committed leases of 77 per cent of its 500,000 square feet of net lettable area. OUE said that its latest tenants include international law firm Hogan Lovells International and...
More small and medium enterprises (SME) are taking steps to own their business premises. Experts said the upturn in Singapore's economy encouraged companies to increase their capacity. And SMEs are also opting to buy office, warehouse and factory space to save on rental costs which analysts said could rise by 15 to 18 per cent this year. Packaging solutions provider Greenpac believes consolidating its...
There is a possibility of a glut of new office space in the near future, and this will put pressure on rental reversion. However, this has not stopped Japan's Mitsubishi Estate Asia (MEA) from acquiring a 10 per cent stake in the redevelopment of Market Street Car Park. Together with CapitaLand and CapitaCommercial Trust (CCT), the Japanese real estate company will transform the car park into a Grade A...
Property consultant Colliers International has released research reports covering industrial, investment sales, office and the retail space in Singapore for the second quarter of the year. In the office space sector, Colliers said competition for tenants kept the rental growth of Grade A office space within the single-digit territory. In the Raffles Place and New Downtown micro-market, monthly gross...
Some tenants at The Verge shopping mall at Serangoon Road have refused to pay rent because of what they said are failed promises by the mall's management. Tenants Channel NewsAsia spoke to say in 2009, they were told that 35 per cent of the mall would house IT and electronic stores which would draw in the crowds. But tenants, like Josephine Chua who took up two units based on that premise in 2009, were...
Office rents continued trending upwards in the second quarter, despite a substantial amount of space to be completed this year. Based on a basket of existing buildings tracked by DTZ Research, the average gross rent of offices in Raffles Place rose 5.4 per cent quarter-on-quarter to S$9.80 per square foot per month in Q2. Rents in the Harbourfront and Anson/Tanjong Pagar area increased to S$7.30 per...
: Occupancy levels across all major office micromarkets in Singapore rose in the second quarter, according to property consultant CB Richard Ellis (CBRE). Occupancy levels at the Fringe CBD - which includes office buildings in Tanjong Pagar, Orchard Road and Beach Road/City Hall area - increased 0.7 percentage point on-quarter to a record 94.3 per cent. Occupancy levels in the Core CBD - which covers...
Singapore's retail leasing market remained active in the first half of this year, underpinned by stable economic growth, a low-unemployment rate and healthy consumer spending. According to property consultants, CB Richard Ellis, the monthly average rent for Prime Orchard Road space remained at $30.10 per square foot per month in the second quarter, unchanged from the previous quarter. On the whole, Prime...
Singapore's office property market appears to have averted an overheating situation, with office rents in the second quarter growing at a single-digit pace amid the continued easing of occupancy rates, real estate consultancy Colliers International said on Tuesday. Average monthly gross rents of islandwide Grade A office space in Singapore recorded the third consecutive quarter of moderation in...