Property consultant CB Richard Ellis said the pace of prime Orchard Road rental decline slowed in the first quarter this year. In a research report, it noted that prime Orchard Road rents averaged S$32.20 per square foot per month in the first quarter, down by just 0.7 per cent on-quarter. Rents had declined between 1.5 per cent and 3.3 per cent in the previous four quarters. Prime suburban rents,...
Office / Retail Space
Property developer Keppel Land said almost all the rental space available under the first phase at the Marina Bay Financial Centre (MBFC) has been taken up ahead of completion. The space was nearly fully utilised after investment bank, Barclays Capital, committed to leasing ten additional floors at MBFC Commercial Tower Two. This brings the total amount of space it leased to about 350,000 square feet,...
A small percentage of space is reserved for existing tenants' expansion MARINA Bay Financial Centre (MBFC) Tower 2 is close to being fully leased, after a new tenant came on board and an existing one took on more space. Prudential Asset Management (Singapore) will be leasing one and a half floors at the building, which works out to around 37,000 square feet of space. It will move in next year on a...
Even so, players have their work cut out as more than a million sq ft of space comes onstream, say PETER SEE-TOH and PNG POH SOON THE retail market not only faced the onslaught of the global financial crisis but also had to brave additional headwinds arising from a huge amount of new retail supply coming onstream in 2009. Lettable retail space increased by 1.7 million square feet, a whopping 51/2 times...
But it continues to improve on competitiveness SINGAPORE has risen two notches on the latest bi-annual list of the world's most expensive office locations. But Singapore's competitiveness - in terms of office occupancy costs - continued to improve, as the gap between rents here and in other major financial centres widened, the report by Colliers International found. Colliers' second-half 2009 global...
Singapore's cheaper office rents compared to those in other key financial centres are making the city-state the choice location for business start-ups. Consultants Colliers International found that in the second half of last year, the annual average gross rent of an office in Singapore was about US$53.71 or S$76 per square foot. Singapore's closest competitor, Hong Kong, was priced at US$161.14 or S$225...
Take a stroll from Tanglin to Orchard and you will not miss these aged stalwarts of the shopping strip: Tanglin Shopping Centre, Far East Shopping Centre, Lucky Plaza, Far East Plaza, Orchard Towers and Orchard Plaza, with their 1970s architecture and haphazard mix of retailers. Already, one of them might be on its last legs: Orchard Road's oldest mall, the 38-year-old Tanglin Shopping Centre, which...
The new malls are not having it all their own way. Popular but older malls are renovating to give the newbies a run for their money. Undergoing a spruce-up are Raffles City Shopping Centre and Takashimaya Department Store. At Raffles City, renovations started last month on its first basement to make way for new retail and F&B offerings. There will also be a direct underground link from the mall's...
Cosmetics and toiletries are crowd-pullers at Mustafa Centre. That is why, to tackle overcrowding, the popular Little India retailer is planning to shift the sale of these high-volume products to new premises in July. This was revealed to The Sunday Times yesterday by Mr Shamim Ahmad, Mustafa's building maintenance and safety manager. The retailer occupies premises at 145 and 151, Syed Alwi...
A NEW fashion fiesta is expected to set Orchard Road abuzz when it is launched tonight. Called Fashion Season @ Orchard, it features a gamut of fashion events, workshops, parties and shopping deals. Ten shopping malls and more than 120 retailers are taking part in the event, which is organised by the Orchard Road Business Association (Orba) and supported by the Singapore Tourism Board. To get things...