Office rents may be on an upward trend, but experts say that they will rise at a more moderate pace. In a report out Wednesday CB Richard Ellis (CBRE) said that prime rents averaged S$8.60 per square foot per month in the first quarter of 2011. This reflects a more moderate quarter-on-quarter increase of 3.6 per cent in comparison to the 7.2 per cent increase in Q3 and 12.2 per cent in Q4 of 2010. CBRE...
Office / Retail Space
Senior Minister Goh Chok Tong said having prime space at downtown Marina Bay to expand the Central Business District gives Singapore a "significant competitive edge" to grow the financial sector at a time when opportunities in Asia abound. He added Marina Bay is a great example of how the country has risen from "mudflats to metropolis". Speaking at the 10th anniversary celebration of the Fullerton Hotel,...
Rental growth for offices in secondary office areas at the fringe of Singapore's CBD and outskirt areas outpaced those in Raffles Place in the first quarter. According to DTZ Research, the average gross rent of offices in Raffles Place rose 3.3 per cent quarter-on-quarter to S$9.30 per square foot per month in the first quarter, compared to a 7.5 per cent to 10 per cent increase in other areas. The...
The Singapore office property market continued on the path of strong recovery in the first quarter of this year, according to property consultancy firm Colliers International in its latest study. It said growth was underpinned by rising business confidence that spilled over from the country's strong economic performance in 2010. Average monthly gross rents of Grade A office space in the Raffles Place and...
A seven-storey office building at 22 Martin Road, formerly known as the AIG Building, has been put up for sale by expression of interest. The property sits on a freehold land of about 11,473 square feet, says its marketing agent Colliers International. The 10-year old development has a gross floor area of 34,556 square feet and a net lettable area of 31,603 square feet. It comprises retail space on the...
One Finlayson Green, a freehold commercial building, has been sold to Kerisvale Pte Ltd for S$227 million. Jones Lang LaSalle (JLL), which brokered the deal on behalf of a fund managed by Lucrum Capital, said Kerisvale consists of a group of private investors and the sale price was the highest per square foot achieved this year at about S$2,520, or S$2360 per square foot on the strata area. The building,...
K-REIT Asia has increased its stake in Prudential Tower to 93 per cent from 73 per cent. Its trustee RBC Dexia Trust Services entered into a sale and purchase agreement with various parties to acquire levels 26 to 29 of the 30-storey building. This was at a purchase price of about S$125.1 million inclusive of rental support. Excluding the rental support, the effective purchase consideration is about...
Alpha Investment Partners Limited (AIP) - which is the property fund management arm of Keppel Land - and NTUC Income have agreed to jointly acquire Capital Square for S$889 million. Under the deal, Alpha Investment Partners will buy over a 50 per cent stake through its Macro Trends Fund. NTUC Income will hold the other 50 per cent. Alpha Investment Partners will be the asset manager upon completion of...
Ho Bee Investment expects its new office development at One-North in Buona-Vista to yield higher rents than initially projected, due to the growing demand for office space. Developers are building more office blocks outside of the central areas as robust economic growth pushes up demand for business space. It now projects that the project may fetch rental rates as high as S$8 per square foot. This...
The Ministry of National Development (MND) announced on Thursday that it has signed the Heads of Terms Agreement to take up a 30-year lease for 29,300 square metres of office space in the Lend Lease's white site development at the Jurong Gateway. This marks the first time a government agency is committing to a long-term lease with a private developer in its development project. MND announced last year...