Historically, the Singapore office market has not been a very volatile one when compared to other major markets such as Hong Kong. However, in recent years the market here has become much more volatile than usual, as can be seen during the last cycle. Rents grew very rapidly from around $5 per square foot per month (psf pm) in 2003 and 2004 to a peak of $18.40 psf pm in Q3 '08. Rents then fell very...
Office / Retail Space
Commercial real-estate investment volumes in the Asia-Pacific increased by 8 per cent in the third quarter of this year to US$29.6 billion ($38.4 billion), according to DTZ Research. The real-estate research house said that volume growth would remain strong for the remainder of this year - and into next year, with investment predicted to hit US$145 billion next year. That would be a 12-per-cent increase...
About US$280 billion ($362 billion) of capital will be available to invest in global commercial real estate next year, with the United States market drawing the most buying interest as it bottoms out, according to property consultant DTZ DTZ said the estimated available capital for 2011 would be 22 per cent up on a forecast it made in December, with US$97.4 billion (up 54 per cent) for the US; US$111.8...
Following a nearly ten-year absence, the Westin brand will stage a comeback in Singapore when a 280-room hotel opens on the top floors of Asia Square Tower 2 by 2013. Industry sources say that Starwood Hotels & Resorts has clinched the management contract to manage the hotel under the Westin brand. The hotel will be located on the 32nd to 46th floors - sitting above 26 levels of offices. There will...
Paramount Hotel and Paramount Shopping Centre are up for sale at an indicative price of $200 million. Located at 25 Marine Parade Road and 30 East Coast Road, Paramount Hotel and Paramount Shopping Centre make up a 229-room hotel-and- shopping complex. The freehold property in District 15 was last put on the market in May 2007 at the same price but did not sell. The 102,685 square foot site is zoned for...
The Goldman Sachs funds which own the 999-year leasehold Hitachi Tower along Collyer Quay are looking to refinance the loan on the asset which matures in January next year instead of selling. The driver for the change in strategy is the improving outlook for the Singapore office market, say experts. 'The thinking now is to get refinancing on the asset, ride the current office upcycle and perhaps sell in...
Property developer Keppel Land plans to sell one-third stake of its Phase One of Marina Bay Financial Centre (MBFC) to K-REIT Asia for about S$1.4 billion. This is part of an asset swap agreement with K-REIT, a real estate investment trust. Under the deal, K-REIT will in turn sell Keppel Towers and GE Tower (KTGE) to Keppel Land for S$573 million. The one-third stake of Marina Bay Financial Centre Phase...
The Singapore Technologies Building in the Tanjong Pagar precinct is up for sale. Property consultancy Jones Lang LaSalle expects proposed bids to reach above S$150 million. These bids will likely come from developers or private buyers. The 13-storey freehold building occupies a site of over 19,400 square feet, on the corner of Cantonment and Lim Teck Kim roads. Jones Lang LaSalle believes the building...
The Singapore Technologies Building in the Central Business District's (CBD) Tanjong Pagar precinct is up for sale. Property consultancy Jones Lang LaSalle expects proposed bids to reach above $150 million which works out to $1500 per square foot on net lettable area. The 13-storey freehold building sits on a 19,402 square feet site. Located on the corner of Cantonment and Lim Teck Kim Roads, it has a...
Singapore is the 15th most expensive office location globally, in terms of occupancy cost, according to property consultant Colliers International. Its Global Office Real Estate Review for the first half of 2010 showed Singapore surged nine spots from six months ago. The report found Grade A Central Business District (CBD) office space here has an occupancy cost of US$58.08 per square foot per year as of...