The government is releasing more commercial land on the Confirmed List to meet demand for office space. One of the commercial sites is at Robinson Road, which would cater to demand in the CBD. The other site is at Paya Lebar Road, which the government hopes will facilitate the early development of Paya Lebar Central into an attractive commercial hub to complement the CBD. In addition, a commercial site...
Office / Retail Space
The asset manager of Marina Bay Financial Centre said it has received "very strong interest" from prospective tenants for Phase Two of its Marina Bay Financial Centre project. This is when marketing efforts have not yet started for Phase Two. Phase Two includes the Marina Bay Financial Centre Tower 3, which is slated for completion in 2012. Raffles Quay Asset Management said that about 56 per cent of...
Demand is burgeoning for Grade A new office space in Singapore. Citibank Singapore has agreed to lease more than 250,000 square feet of office space at Asia Square, which will house the US bank's new corporate office as well as its largest trading floor in Asia Pacific. This is the largest leasing transaction in Singapore's central business district in two years, according to real-estate investment firm...
Among business centres in Asia Pacific, Singapore and Beijing saw landlords enjoying the strongest growth in rentals in the third quarter of 2010. According to a Jones Lang LaSalle survey, both cities' Grade A rentals recorded a quarterly net effective rental growth of 10.9 per cent. Overall, the Asia Pacific Office Rental Index showed an increase of 1.8 per cent in the third quarter. In terms of...
One Finlayson Green's strata offices and retail units in the Central Business District are on the market but investors have to buy entire floors. The prime location - near Raffles Place MRT station - and tight market should stimulate demand. The 19-storey building, which has retail outlets on the first and second levels, has a total saleable floor area of about 96,132 sq ft. Each floor measures up to...
Commercial real estate in Asia Pacific continues to offer attractive returns to investors, led by office properties. This is according to the latest all-property DTZ fair value index for the third quarter. The index measures the attractiveness of commercial real-estate markets around the world. While the overall index score for Asia Pacific has dipped only slightly, suggesting a small drop in...
Office rents in Singapore posted their biggest jump since the end of 2007 in the third quarter, led by increasing demand from financial institutions, insurance firms and professional business services companies. According to property consultants CB Richard Ellis (CBRE), prime rents in Singapore climbed 7.2 per cent from the previous three-month period, to S$7.40 per square foot per month. Major leasing...
After two years of construction, the $1.3 billion NEX shopping mall in Serangoon, is slated to open by the end of this month. One unique feature of NEX is the pitting of retailers against each other: Cold Storage versus FairPrice, Food Republic versus Food Junction. While it may seem unusual for rival brands to co-exist under one roof, mall manager Guthrie Consultancy Services is confident that its...
Germany’s Deka Immobilien has bought a Singapore office tower for about US$420 million ($545.5 million), broker Savills said on Tuesday, in a deal that crystallises a hefty loss on the price paid by owner Goldman Sachs in 2007. “The transaction reflects a 30% discount from the peak pricing of 2007 and prime rental levels remain approximately 50% below their peak in 2007,” said Craig Ward, a director...
Foreign investors are streaming into the local office market, attracted by the prospect of increasing values and returns that might be sweetened by a stronger Singdollar. Investors - many from China - are keen on high-quality strata-titled offices, which allow them to buy, say, one office storey rather than a far more expensive entire building. The office segment has turned a corner since the financial...