Mainboard listed Overseas Union Enterprise or OUE says its subsidiary, Clifford Development, has obtained pre-committed leases totaling some 88,000 square feet for its latest development 50 Collyer Quay. This is equivalent to 22 per cent of the net lettable area of the project. The initial lineup of tenants include global business consulting firm Bain & Company and international law firm Allen &...
Office / Retail Space
Two foreign banks, ANZ and BNP Paribas, have become the latest to sign up for space at Ocean Financial Centre at Raffles Place. This raises the pre-commitment levels at the building to over 60 per cent. Analysts said demand and rentals for prime office space is expected rise in the short term as companies in the region continue to expand their businesses. Putting the final touches at the topping-out...
Carrefour said it is not closing any of its stores in Singapore and Malaysia. In a statement, the company said it is "business as usual" for every store in the two countries. It also said it had recently opened four hypermarkets in Malaysia this year and plans another four by year end. Earlier this week, there was speculation that the French supermarket giant was in the early stages of selling its...
Orchard Road is about to see more retail competition. A new concept store ALT is aiming to target young female shoppers who love fashion from the current staple of malls on the prime shopping strip. ALT will be spread over three levels at the Heeren shopping mall on Orchard Road. It is hoping to attract shoppers with its slate of Asian brands. Its merchandise mix includes fashion, beauty and lifestyle...
Keppel Land says two foreign banks, Australia and New Zealand Banking Group, and BNP Paribas Singapore, plan to lease prime office space at its Ocean Financial Centre. Keppel Corporation Chairman Choo Chiau Beng announced this at the topping out of the Centre Wednesday. He says ANZ plans to lease about 209 thousand square feet of office space, while BNP Paribas Singapore plans to lease some 58 thousand...
Rents at suburban malls in Singapore are fast catching up with those for prime Orchard Road retail space as neighbourhood malls draw increasing shopper numbers and more interest from tenants. The difference between prime Orchard Road rents and suburban rents narrowed to just 9 per cent in Q2 2010 - from as much as 24 per cent at the start of 2009 and 21 per cent in Q1 2005 - according to CB Richard Ellis...
The opening of the Esplanade Xchange underpass shopping area will result in more shopping choices and a shorter walking distance between City Hall MRT Station and Suntec City. SMRT, which runs Esplanade Xchange, said it will only take five minutes to walk from the MRT to Suntec City, which is much shorter than the current route by CityLink Mall. The Esplanade Xchange will officially open on July 8. One...
Rental values for retail space across Singapore ended on a mixed note in the second quarter of this year. That's according to estimates by property consultancy DTZ Research. The report found that retail rents at Orchard and Scotts Road stood unchanged for the second consecutive quarter, as the performance of retailers was mixed in light of new supply that came on-stream since last year. Gross rents of...
Developer secures Cold Storage, Kopitiam as tenants FAR East Oganization is building what it hopes will be a chic, two-storey mall on a Seletar site it bought in a state tender last year. Behind the mall will be a 319-unit, low-rise condo, The Greenwich, which could be launched for sale within two months. The developer will hold the mall, named Greenwich V, as an investment property for rental income. It...
Rental growth for transitional offices located in the city's fringe is expected to slow in the months to come but such offices can maintain their yields, if they are located in areas around Scotts Road and Mohammed Sultan. Office rents in the Central Business District have slipped some 60 per cent from their peak in 2008 and that has prompted some companies to move back into the city. Analysts said the...