Property consultant DTZ said the average prime rental rates along Orchard Road and Scotts Road remained unchanged in the third quarter. For the third straight quarter, gross rents of prime first-storey space in the Orchard Road and Scotts Road area stayed at S$39.70 per square foot per month. Rents in other city areas fared worse as they continued to decline. Prime first-storey rents in other city areas...
Office / Retail Space
Sixty-seven strata units in Upper Serangoon Shopping Centre, a freehold mixed development, have been put up for sale by tender. Jones Lang LaSalle, the exclusive marketing agent, said the development consists of a total of 173 units comprising of shops, offices and residential units. The 67 strata retail units with a total area of about 4,392 square metres are up for sale. These units make up a 59 per...
Some retailers in malls affected by road closures because of the Singapore Grand Prix have complained that shopper-traffic during the Formula One weekend dipped the worst in the event's three-year run. This was despite the Circle Line rail network offering shoppers a new access to Marina Bay. Mohammad Ariff, manager of Digi-Tech Exchange at Suntec City Mall, said: "For our shop, business has dropped 60...
The ongoing economic recovery will likely drive Grade A office rentals to rise by more than 25 per cent in two years. This is according to the latest property report by Swiss-based investment bank Credit Suisse. The bank said that it expects rent to hit $12 per square foot (psf) for super prime office space, such as the Marina Bay Financial Centre, by 2012. Meanwhile, rentals for Grade A office space and...
Chevron House at Raffles Place has been sold for $547 million to a fund management Deka Immobilien of Germany, taking the total value of Singapore office investment sales deals this year to around $3 billion. The price works out to around $2,083 per square foot based on the net lettable area (NLA) of 262,650 sq ft. Formerly known as Caltex House, Chevron House is a 33-storey building on a site with a...
Singapore's office market rebounded in the third quarter as rents increased across all districts. Global real estate adviser DTZ said prime rents in Raffles Place rose 6.3 per cent on-quarter to S$8.40 per square foot per month. Average office rental values in other parts of the city centre saw a significant rental growth of 4.2 per cent to 7.3 per cent in the quarter. This comes after rental values...
Rental for prime Orchard Road locations remained stable at about S$31.10 per square foot in July and September after contracting for the last seven quarters. Property consultancy CB Richard Ellis (CBRE) said rent in suburban malls however continued to strengthen. It said this is because of a strong catchment demand. Prime Suburban rents rose to S$29 per square foot, per month between July and September...
CapitaLand has said its new development at Bedok Town will likely attract potential buyers such as HDB upgraders. Property analysts believe the area will also be rejuvenated as it now lacks new residential and commercial developments. The Bedok Bus Interchange will receive a facelift in the fourth quarter of next year. The bus interchange, together with a piece of land next to it, will be transformed and...
Retail rents for underground malls in the city could rise by between 20 and 40 per cent in the years ahead, as the Government roll out plans to improve the rail network, according to some analysts. With the Land Transport Authority set to spend $60 billion over the next decade on initiatives to ease passenger congestion, market watchers said the move could also direct more traffic to underground...
More office transactions are taking place and buyers are also willing to raise their offers to match promising performance of the office sector About two years ago, following the collapse of Lehman Brothers and the deepening global financial crisis, property analysts were pessimistic about the Singapore office market amid concerns over weak demand and a supply overhang. Companies began slashing jobs...