Having more retail outlets in the underpass linking ION Orchard and Tangs Plaza will not threaten the businesses above ground in the malls. Analysts said that's because shops along the underpass might likely cater to basic needs like an automated teller machine lobby. But some have called for more creative use of the underground space like having interchanging upscale retail booths. The underpass today...
Office / Retail Space
Millennium & Copthorne Hotels said its unit has signed a collective sales agreement to put Tanglin Shopping Centre up for sale. Under the terms of the agreement, a sales committee has been authorized to negotiate and finalize the collective sale of the shopping-cum-office development situated at Tanglin Road. This sales committee has also been authorised to enter into a sale and purchase agreement on...
A proposed mixed-hotel-and- retail development on the site of the former Specialists' Shopping Centre and Hotel Phoenix may face stiff competition, as it will be a latecomer in the revamped Orchard Road shopping strip, said industry players. But experts also believe the new development will benefit from synergies with nearby shopping malls once the linkway, Discovery Walk, is complete. Discovery Walk is...
Singapore prime Orchard Road shopping belt has been ranked the 27th most expensive retail street in the world by property consultant Colliers International. The city moved up one notch from the 28th spot last year in the Colliers annual global ranking of rents for prime retail space. Colliers said prime retail space along Orchard Road is US$330.19 per square foot per year on average. This was up about 2...
Rentals for international Grade A office space in Singapore's financial district may climb at least 25 per cent in the next two years. Analysts said Grade A office rents have already hit bottom, and will likely pick up from the second half of this year. Singapore's Marina Bay Financial Centre is one of prime areas in the city offering a new generation of office buildings. They are less than 10 years old...
Marina Bay Link Mall said it has leased 80 per cent of the retail space for phase one of its development, while phase two has also seen healthy take-up at 66 per cent. The mall which will open in November this year is expected to serve over 50,000 workers and residents in downtown Marina Bay. More high-end homes like The Sail and Marina Bay Residences are being built in the downtown area, and Marina Bay...
Office rentals for international Grade A office space in Singapore's prime financial district look set to climb higher by at least 25 per cent over the next two years. This was the view of property analysts who believe that office property rents have already reached bottom, and will likely see a strong pick-up from the second half of this year. "International Grade A" refers to a new generation of office...
Singapore's office property market is picking up, according to brokerage firm Nomura. It noted that office rentals in Singapore are bottoming out amid stronger-than-expected demand, prompting tenants to commit sooner than expected. Nomura said a reduction in occupancy costs and the desire to secure contiguous expansion or better quality space has prompted pre-commitments. Given such stronger demand -...
CapitaCommercial Trust plans to spend about S$92 million for asset enhancement work on its existing Grade A office building at Six Battery Road. Based on the property's valuation as at end December 2009, the cost is equivalent to approximately eight per cent. CCT says Six Battery Road will be physically, technically and functionally enhanced to meet the modern-day needs of office tenants and improve the...
Singapore has moved up one spot to become the 17th most expensive retail location in the world. According to the latest CB Richard Ellis (CBRE) Global MarketView report on the retail sector, prime retail rents in Singapore stood at US$436 ($619) per square foot per annum in the first quarter of this year. It said prime retail rents in the world's leading shopping destinations have stabilised in most...