Hong Leong Group has inked a deal to sell Marina House at Shenton Way for $148 million, BT understands. The buyer is believed to be a group led by niche property developer and investor Melvin Poh. Members of his consortium are said to include Victor Soh of Fortune Development. Market watchers suggest that Mr Poh, who also led the purchase of three ageing CBD office blocks last year with an eye to...
Office / Retail Space
Singapore set to emerge as premier gateway city in region, say JUNE CHUA and CHRISTINE SUN ONE year into the global financial crisis that almost brought all major economies to their knees, Asia staged an impressive rebound at the end of 2009 with an ensemble of massive government stimulus packages. Despite lingering doubts about the debt-laden European economies, Asia is expected to continue its strong...
The Singapore office property market appears to be bottoming out and the trend of falling rents is stabilising, according to data from consultants Jones Lang Lasalle. This is even though its preliminary estimate of average Prime Grade A gross effective rent in the central business district declined marginally by 0.6 per cent on quarter to S$7.75 per square foot per month in the first quarter. Office...
DELAYS to the planned Kallang Sports Hub have left some stores in a nearby shopping mall languishing. Operators of some of the smaller stores in Leisure Park Kallang, a six-storey, 200,000 sq ft mall with about 100 tenants, say the lack of walk-in traffic has left them struggling to make ends meet, even as anchor tenants like an ice-skating rink, bowling alley and movie theatre continue to pack crowds...
RETAIL rents in the prime Orchard and Scotts roads belt, other city areas and the suburbs were all unchanged in the first quarter of this year, according to DTZ Research. They are still down as much as 10 per cent in some areas from their Q3 2008 peaks, but have now stabilised across the island, DTZ's data show. In Q1, the gross rent for prime first and upper-storey retail space in the Orchard and Scotts...
Owner in talks with landlords; group also updating product range THE well-loved Robinsons department stores could soon be in Singapore's heartland malls. The brand's owner Al-Futtaim Group is in talks with landlords here to take up space at one of Singapore's many suburban malls, Robinsons chairman Jim McCallum said. He also added that Dubai-based Al-Futtaim Group will spend around $16 million this year...
RETAIL rents across most of Singapore held steady in the first quarter of this year, a new report showed. This ended five straight quarters of decline in some areas, as tourist arrivals grew and consumer confidence rose, according to the report by DTZ Research. In the premier shopping belt of Orchard Road/Scotts Road, retail rents remained constant as the market absorbed new supply that came onstream in...
Singapore retail rents have held firm in the first quarter of this year. According to estimates by DTZ Research, rental values of retail space in the prime retail belt of Orchard and Scotts Road, other city areas and even suburban areas remained unchanged. DTZ said gross retail rents at the Orchard and Scotts Road area stayed firm as the market absorbed the new supply that came onstream in 2009 and in...
Engineering and advanced packaging solutions provider Ellipsiz has agreed to sell its interest in a building at 12 Joo Koon Crescent for S$4.4 million. The firm is expected to book a net gain of S$1.7 million from the sale. Ellipsiz said the proposed sale will enhance its financial position and increase its working capital. The property is a factory-cum-office building, whose lease is due to expire in...
THE tender for a transitional office site in Mohamed Sultan Road closed yesterday with a top bid almost four times greater than an offer received in 2008 when the property failed to sell. Boutique development firm Link (THM) Holdings bid $17.19 million, or $172.37 per sq ft (psf) of gross floor area. That was nearly 30 per cent above the second highest bid of $13.29 million, or $133.26 psf of gross floor...