Singapore was the third-most expensive office location in the Asia-Pacific region in the third quarter of this year. According to property consultant Colliers International, it is the fifth straight quarter that Singapore has held that rank, with an annual gross rent of US$67 per square foot. That is a 15.6 per cent increase from the previous quarter. Topping the list is Tokyo, which remained in first...
Office / Retail Space
Singapore Pools is understood to have purchased IOI Plaza, a landmark 12-storey granite office block at the corner of Middle Road and Prinsep Street, for $139 million. The seller is a unit of Malaysia's IOI Properties Bhd. This works out to about $1,381 per square foot (psf) based on a net lettable area (NLA) of about 100,640 sq ft. The site has about 85 years' remaining lease. Singapore Pools, whose...
Developer Wheelock Properties has secured Hermes as the maiden tenant for its Scotts Square retail podium which is slated to open by Christmas next year. Hermes will occupy a 3,000 sq ft ground-floor corner unit. This will be Hermes' fourth outlet in Singapore - after Liat Towers, Takashimaya Department Store, and The Shoppes at Marina Bay Sands. The Liat Towers store will remain open even after Hermes...
Hong Leong Group have sold freehold Prime Centre on Middle Road for $103 million or $1,415 per square foot based on existing net lettable area of about 72,800 sq ft. Buyer ERC Holdings group, a private commercial school operator is said to be planning to renovate the property for use as an educational hub and hotel. DTZ brokered the sale of Prime Centre through a private treaty deal. Market watchers say...
The year 2010 has been bittersweet for the Singapore retail property market. With the economic rebound, the slide in prime retail rentals has long since come to an end but the recovery of such rentals has so far been muted. As Singapore's recovery takes hold, one wonders if our retail sector will benefit. The prospects for the sector will be underpinned by several key long-term visions from stakeholders,...
The intersection of Choa Chu Kang and Woodlands Road looks set for a facelift as Far East Organization unveils a new mixed-development project that includes a shopping complex and a residential tower at the Ten Mile Junction site. Far East unveiled the commercial component of the development yesterday, eight months after the company won the tender for the site. The developer is investing $28 million in...
The office sector in the Asia Pacific continued to expand in the third quarter, with occupier demand increasing as a result of sustained economic growth, according to a report by DTZ Research on Thursday. The property researcher found that aggregate net absorption across the region has now reached pre-financial crisis levels, totalling 1.9 million square metres, compared with a low of 200,000 square...
57 units of Hougang Green Shopping Mall is put for sale by developer Hiap Hoe Holdings. Hiap Hoe, which built the mixed residential and commercial development near the junction of Hougang Street 51 and Buangkok Green in 1997, still owns the 57 shops in the retail component. It is looking to sell the units for $78 million to $84 million, which works out to an average of $1,174 to $1,264 per sq ft of...
Frasers Centrepoint Trust (FCT), a wholly-owned unit of Fraser and Neave Group, will acquire Bedok Point Mall from its parent company by Q2 next year, said Chew Tuan Chiong, chief executive of FCT. In January, FCT paid Frasers Centrepoint approximately $290 million for two malls, the YewTee Point at Choa Chu Kang and an extension to Northpoint at Yishun through the issuance of new units and taking on more...
Bank Julius Baer said it has signed an eight-year lease with MGPA for a total of 71,000 square feet of office space in Asia Square's Tower 1. This makes the bank one of the key office tenants of the 43-storey commercial tower. Early last month, the leading Swiss private banking group also announced that it is growing Asia into its second home market. It said it planned to set up a Trust Company in...