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 per square foot (psf) 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...
Office / Retail Space
Neighbourhood shops are getting a double whammy lately, according to the Federation of Merchants' Associations, Singapore. With many new malls and the integrated resorts opening, it seems fewer people are shopping in the neighbourhood. The president of the Federation of Merchants' Associations Chua Ser Keng has noticed a 10 to 20 per cent reduction in shoppers, leading to a 20 per cent fall in sales at...
The upswing in office leasing deals continues, helping to absorb more of the space in new office projects being built. Much of the latest leasing buzz has focused on Ocean Financial Centre (OFC) and 50 Collyer Quay, which are completing next year, as well as 71 Robinson Road, which was completed last year. Click here to find out more! Law firm Drew & Napier is believed to have inked a lease for...
CapitaMall Trust held a groundbreaking ceremony for its new mall on the site of the former Jurong Entertainment Centre in Jurong East Central 1 Friday. Named JCube, the 204,000 square feet mall will comprise five levels of retail, two basement levels of car park and a rooftop landscaped plaza. Some features include round-the-clock F&B outlets and an Olympic-size ice skating rink to host international...
The owners of a new shopping mall in Serangoon Central, called nex have reported strong demand with 95 per cent of space leased out to over 300 confirmed tenants. Property developer Gold Ridge revealed the figures on Wednesday with the announcement that the building has been topped out. With more than 600,000 square feet of net lettable area, Gold Ridge said nex will be the largest mall in the North East...
Just five months into its operations, shopping mall 313@Somerset at Orchard Road has received more than 14.7 million visitors, higher than its original target of 10 million. SPRING Singapore says the mall's recipe for success can be attributed to its commitment to customer satisfaction. It entails more than just good service quality. The mall has also focused on meeting the two other drivers of customer...
Despite the recession, the newly-opened Straits Trading Building has achieved a 95-per-cent occupancy rate after one-and-a-half years of marketing efforts. The owner, the Straits Trading Company, is optimistic that the building will be fully-occupied by the middle of this year. Mr Eric Teng, CEO for property at the Mainboard-listed firm said that last week, the firm sealed a deal to lease an office unit...
New MRT stations and train service usually spell good news for retailers. But stores at CityLink Mall are seeing the reverse, after the new Circle Line (CCL) stations in the area opened last month. On average, business has dropped by 20 to 30 per cent. Some stores even reported a drop of 40 per cent - one week after the line opened. That's because commuters can use the Promenade and Esplanade stations...
In the wake of the overcrowding issue at Mustafa Centre and the fire at People's Park Complex (picture), safety experts say older shopping malls here will need to review their safety plans to keep up with changing business operations and growing crowd numbers. Mr Kenneth Jones, the director of building inspection and survey company Robinson Jones Associates, told MediaCorp he has seen some worrying lapses...
Raffles Place is not likely to lose its lustre as a business district, said Ms Lynette Leong, chief executive officer of CapitaCommercial Trust (CCT), which has three office properties in the area. Despite some financial institutions moving to Marina Bay, she is seeing interest from existing tenants and potential tenants for more office space in the Trust's Raffles Place properties, which include One...