Some analysts have said retail rents for underground malls in the city could rise by between 20 and 40 per cent in the years ahead, as the Singapore government rolls out plans to improve the rail network. The Land Transport Authority will spend S$60 billion over the next decade on initiatives to ease passenger congestion. Market watchers added that the move could also direct more traffic to underground...
Office / Retail Space
THE Clementi Mall, a six-storey shopping complex boasting about 190,000 sq ft of retail space is scheduled to be operational by January next year, with Fairprice Finest, Foodfare and the National Library Board (NLB) as its anchor tenants. The 99-year leasehold property is owned by a joint venture of Times Properties, NTUC FairPrice Co-Op and NTUC Income Insurance Co-op. Level one and basement one -...
New flats, seamless link for MRT and bus interchange BEDOK Town Centre will receive a complete facelift in the next few years, with the construction of a new integrated public transport hub and private homes. These developments will also have space for commercial use totalling 35,000 sq m. The most dramatic change will be the seamless linking of Bedok bus interchange to the MRT station and the building of...
Mainboard-listed United Industrial Corporation (UIC) plans to redevelop the UIC Building at 5 Shenton Way. The company has paid an estimated development charge of S$160.1 million to the Urban Redevelopment Authority for the proposed redevelopment. This is based on a 60 per cent residential and 40 per cent commercial mix with a gross floor area of 926,589 square feet (86,083 square metres). UIC said the...
A hefty rental hike for Sunset Way eateries led to shock and awe. The detente that followed appeased the stayers. The bruising war in the niche area, touted as the next Holland Village, erupted nearly three months ago. The master tenant for the eateries, Circles International Solutions (CIS), had on June 1 raised rentals by up to 80 per cent. At least five eateries at Block 106 in Clementi Street 12...
Keeping Singapore attractive as a corporate headquarters location To maintain its appeal to multi-national corporations (MNCs), Singapore needs to stay ahead of its main competitors in terms of the built environment on offer. What factors encourage inward investment by office occupiers into Singapore? What elements are required for successful future office developments? The key to maintaining functional...
Plans to woo shoppers back, correct impression that area is best avoided due to events held there BUSINESSES in the Suntec City area are languishing, even as shoppers nurse the impression that the area is now best avoided. Shoppers think that, with the area being a mega-event hub, it is where road closures, traffic diversions and parking problems are. Suntec Reit, the owner and manager of Suntec City...
Some shop tenants at the Jurong East, Clementi and Bukit Batok train stations are hoping for rental rebates from SMRT, which manages the stations. This follows the announcement that those stations will not have train services on a few days in September due to upgrading works. Some tenants estimate that they will suffer a loss of a few hundred dollars in earnings for each day the trains do not run from...
Asia Pacific commercial properties are offering attractive returns to investors based on current pricing in global property markets. That's according to the Asia-Pacific all-property DTZ Fair Value Index which was launched in Asia on Thursday. DTZ said the Index offers investors insight into the relative attractiveness of current pricing in global commercial property markets. An Index score above 50...
Office space take-up rates continue to strengthen in Singapore and across Asia Pacific. According to Jones Lang LaSalle, this is due to improved economic climate and stronger business confidence. Jones Lang LaSalle said that in the second quarter of this year, take-up of office space across Asia Pacific's Tier I cities increased by 13 per cent on-quarter to 1.3 million square metres. It added that in...