Mainboard-listed Overseas Union Enterprise said its premium commercial development, comprising OUE Bayfront and its adjoining properties, has obtained a Temporary Occupancy Permit (TOP) from the Building and Construction Authority. The development includes the conserved Aerial Tower and the refurbished Change Alley Linkbridge. OUE's executive chairman, Dr Stephen Riady, said the development has received...
Office / Retail Space
182 Clemenceau Avenue near Dhoby Ghaut MRT Station is up for sale. The price could be about $75-80 million or $1,613-1,720 per square foot based on its net lettable area of about 46,490 sq ft. Next to Singapore Shopping Centre, the six-storey building is fully occupied. The bulk of the space is leased to GE Money until 2013. Based on existing leases and the $75-80 million pricing for the property, the...
NTUC Income has paid $101 million for a 49 per cent equity stake in Savu Investments, the company holding 16 Collyer Quay previously known as Hitachi Tower. This transaction values the 999-leasehold office building at about $626 million or $2,250 per sq foot. The prime office property, located near the waterfront in the Collyer Quay area, has a net lettable area of 278,356 sq feet. NTUC Income said...
High interests in the office investment sales market continues, with two freehold office blocks, 112 Robinson Road and the nearby The Corporate Building, swap hands at $168 million and $57 million respectively. A Credit Suisse managed fund's sale price for 112 Robinson Road (formerly known as HB Robinson) works out to $1,822 per square foot based on its net lettable area (NLA) of 92,205 sq ft. The sale...
The Clementi Mall is on track to obtain its first temporary occupancy permit early next month and its second in mid-March, according to Singapore Press Holdings (SPH). Shoppers can look forward to having a new department store next year, with BHG opening its fifth Singapore outlet at The Clementi Mall. The store will open 'within the next couple of months', said SPH. SPH's unit Times Properties has a 60...
The Marina Bay Financial Centre has received pre-commitment for over 66 per cent of the space in Tower 3, a year ahead of its completion, its manager Raffles Quay Asset Management said yesterday. The new lease agreements were inked with McGraw-Hill, as well as law firms Ashurst LLP and WongPartnership. DBS had previously signed for 700,000 sq ft as the anchor tenant of Tower 3. Tower 1 is fully leased to...
Singapore Press Holdings (SPH) is eyeing further investments in real estate, in particular shopping malls that will provide recurring income, its chief financial officer said. Cash-rich SPH has been investing in new areas, from outdoor advertising to property, to offset falling circulation at its main publications. SPH reported a 14-per-cent rise in advertising revenue growth in its last fiscal year,...
Chinatown Point's retail mall and office tower will undergo a major asset enhancement programme worth S$75 million. The renovation works were approved at an Annual General Meeting on Thursday following a unanimous vote by its subsidiary proprietors. The proposed plans include the relocation of car parks from Basement 1 and 2. This will free up retail space to give shoppers a more continuous shopping...
Marina Bay Financial Centre (MBFC) has received pre-commitment for over 66 per cent of space in Tower 3, a year ahead of its completion. Raffles Quay Asset Management, the asset manager of MBFC, said on Thursday the commitments have risen 11 per cent from 6 months ago. The new lease agreements were inked with McGraw-Hill, as well as law firms Ashurst LLP and WongPartnership. DBS had previously signed up...
Office rents rose at a faster pace in the fourth quarter, but may slowdown next year until recovery in the US and Europe gather momentum, real estate consultant DTZ Research said. It said average prime gross rents in Raffles Place rose 7.1 per cent on quarter to S$9 per square foot per month, from a 6.3-per cent rise in the previous quarter. For the whole of 2010, average prime gross rents in Raffles...