Asia Square Tower 1, located at Shenton Way, has already leased out 62 per cent of its office space and pre-let more than half of the building. The developers of the building, MGPA, gave the update after it was awarded its Temporary Occupation Permit (TOP) on June 21. MGPA said it was awarded the land parcel in September 2007 and construction was completed in less than four years, making it the fastest...
Office / Retail Space
Singapore's office property market appeared to have averted an overheating situation, with office rents in the second quarter this year maintaining at single-digit growth. According to the latest quarterly office property market research report by Colliers International, this comes amid the continued easing of occupancy rate. Average monthly gross rents of Grade A office space in Singapore recorded the...
The Urban Redevelopment Authority (URA) on Tuesday launched the tender for a commercial site at Robinson Road and Cecil Street. The land parcel, located within walking distance to Tanjong Pagar MRT Station, occupies a prime location in the heart of the Central Business District. The 0.29 hectare site, which can generate about 32,000 square metres of gross floor area, is poised to be developed into a...
The commercial and office property sector in Singapore is set to outshine Hong Kong's in the medium term. This is according to analysts, who expect dramatic increases in office rents in Hong Kong over this year and the next. Based on research from property consultancy Savills, Grade A office rents in Hong Kong will increase at a rate of 25 per cent this year. This is compared to 10 per cent for Singapore....
Singapore's first multi-storey car park in the financial district, Market Street Car Park, will be demolished by June 30. This will include the food court and shops within the car park, which is located in the heart of the Central Business District (CBD). Market watchers said many people working in the area are dependent on the car park. In previous reports, they also said the move might increase the...
Orchard Road has moved up one place in the global ranking of rents because of the strong Singapore dollar. It moved up a notch to 26th place in the Global Retail Survey 2011 carried out by Colliers International. However, Orchard Road moved down a spot to seventh place in the Asia Pacific region in 2011 with the inclusion of Hong Kong's Queen's Road in the latest survey on rents in the world's premier...
77 Robinson Road, formerly known as SIA Building, is expected to be up for sale soon. Its owner, German fund manager SEB, could be looking for a price of around $2,300-2,500 per square foot (psf) on net lettable area, which works out to around $678-737 million, property experts reckon. The 35-storey office site has a remaining lease of about 82 years. It has a total net lettable area of about 295,000 sq...
A new shopping mall and office block will spring up next to the Jurong East MRT station. Announcing the plans, CapitaMalls Asia, CapitaMall Trust and CapitaLand said the total development cost is expected to be about S$1.5 billion. They had submitted the top bid of about S$969 million for the site. Subject to planning approval from the Urban Redevelopment Authority (URA), the shopping mall is expected...
Asia Pacific will trail Europe to become the second-biggest commercial property market by the end of this year, according to global property consultants DTZ. But come 2012, DTZ said Asia Pacific's commercial property market will increase to US$4.4 trillion, placing the region on par with its European counterpart. Asia Pacific's commercial property market grew by 14 per cent in 2010 to US$3.5 trillion,...
A number of shopping malls opened in Orchard Road in the last two years, increasing the prime shopping belt's retail space by about 30 per cent, but not everyone at these new spaces has been doing well. Only last week, tenants at 313 Somerset reportedly petitioned for lower rentals, complaining of poor business, raising questions over whether there is an oversupply of retail space in the area. Mr Colin...