CapitaCommercial Trust (CCT) believes that Raffles Place has not lost its attraction as a business district. This is according to its chief executive officer Lynette Leong, who spoke on the sidelines of the trust's Annual General Meeting on Wednesday. CCT has three office properties in the Raffles Place area. The new Marina Bay Financial Centre has been attracting many financial institutions to relocate...
Office / Retail Space
Flaunt it if you have it. That is what retailers with prime shop space along the Orchard Road belt are doing. A war has broken out as eye-catching, brightly lit facades - showcasing luxury brands like Gucci, Prada and Chanel - compete for attention there. Retail experts say the belt's glitzy makeover has emerged in the past two years, along with the profusion of malls. Said Dr Lynda Wee, from business...
RETAILER John Little, part of the Robinsons Group, says it will soon vacate its seven-storey Orchard Road outlet. This means the large pool of new retail space set to come onstream later this year will grow even bigger. The move by the retailer confirms months of speculation after it failed to exercise its option as a tenant to renew its lease with landlord OG late last year, as reported by The Straits...
A NEW tenant is set to move into the top floors of OUB Centre at One Raffles Place for 10 years, where it will operate the tower's viewing gallery and roof-top restaurant. OUB Centre said yesterday that restaurant, cafe and bar operator Synergyinthesky will take up 16,000 sq ft of commercial space on the top three levels of the tower, where it recently added 6,000 sq ft of space for a viewing...
SINGAPORE is helping to shape a new era in Asian finance, thanks to its well-regulated but business-friendly financial regime, said Finance Minister Tharman Shanmugaratnam yesterday. And, as a 'work, live and play' destination, the $4 billion Marina Bay Financial Centre (MBFC) is poised to support Singapore in its next era of growth, he said at the topping-out ceremony for MBFC's 50-storey Tower...
SIXTY-FIVE per cent of the space in phase one of Marina Bay Link Mall has been taken up and the mall will open for business in the fourth quarter of this year. The 5,202 sq m mall will house retail and food-and-beverage outlets such as Din Tai Fung, Absolut Thai, an Apple concept store and Four Seasons Market Place. Wilson Kwong, chief executive of Raffles Quay Asset Management, announced the...
Leasing momentum in the office sector remains strong with an improving economy. Analysts said this has drastically cut the amount of so-called "shadow space" or vacant office space not on the market. In the first half of 2009, shadow space was 550,000 square feet. Now, it's just a tenth of it. Meanwhile, demand for new office space like the Marina Bay Financial Centre has eased concerns of a supply...
NEARLY all of the first phase of the giant Marina Bay Financial Centre (MBFC) has been leased ahead of its completion later this year. Every office suite - with the exception of a small percentage reserved for existing tenants' expansion - is now taken, several months prior to the phase's official completion in the third quarter. Phase 1 consists of commercial Towers One and Two, and has a total office...
Mustafa Centre in Little India has been ordered to stop business temporarily for 40 hours on its first floor following a court order. This after the Singapore Civil Defence Force applied for the order as it's concerned about overcrowding in the 24-hour shop. In the first case of its kind, the first floor of the store closed from 4pm on Thursday and will resume business on Saturday at 8am. The court...
THE decline in prime retail rents looks set to bottom out as the economic recovery gathers pace and consumer confidence rebounds, says a new report. In its latest analysis of Singapore's prime retail scene released yesterday, CB Richard Ellis (CBRE) found that the pace of prime Orchard Road rental decline slowed significantly in the first quarter of this year to an average rent of $32.20 per sq ft (psf),...