Mainboard-listed property and industrial services firm Tuan Sing said on Monday that it has sold Katong Mall for S$247.55 million. Its wholly-owned subsidiary, Golden Cape Investments, sold the property to an unrelated third party, Perennial Katong Retail Trust. Golden Cape secured 100 per cent ownership of Katong Mall through a successful bidding of S$219 million in an en bloc sale in June last...
Office / Retail Space
Singapore Land, a property developer and landlord that reported a gain in quarterly profit, said that the market for office space is expected to be “weak” as new buildings are completed in the city-state. “The office market is expected to be weak in view of the significant new supply,” the company said today in a statement, announcing a 41% gain in profit for the three months to Sept. 30 of $56.3...
K-REIT Asia says it has completed the acquisition of levels 20 to 25 of Prudential Tower located at 30 Cecil Street. K-REIT Asia says it paid $106 million for the property and the acquisition will be funded by a bridging loan facility of up to $110 million from Kephinance Investment. K-REIT Asia says the bridging loan is to be repaid from the net proceeds of the underwritten and renounceable rights issue...
A commercial redevelopment site at Thomson Village has been offered for sale by tender. Real estate services firm and sole marketing agent CB Richard Ellis (CBRE) said the site, located off Upper Thomson Road, has an approximate area of 13,387 square feet. It comprises eight strata-titled commercial units and a piece of vacant land, with an asking price of S$24 million. CBRE said: "Based upon a plot...
The S$4-billion Marina Bay Financial Centre mega project is on target despite the global downturn. In a year, phase one of the Marina Bay Link Mall under the Centre will be up and running, with tenants moving into the offices above. Raffles Quay Asset Management (RQAM), who has revealed plans to make the 176,000-square-foot mall a place to "Shop, Dine and Play", said the response rate has been...
Singapore's Paragon Market Place has won the "Best Retail Concept Award" conferred by the Federation of Asia-Pacific Retailers Association (FAPRA). It is the first Singapore brand to win the title at one of the retail industry's biggest events. This is not the only accolade Paragon Market Place has received. Since its S$3 million revamp in 2008, the grocer has won awards within the retail industry in...
Second Chance Properties has bought 22 prime units of retail space at Sim Lim Square for S$35 million, as valued by real estate consultancy Jones Lang LaSalle. The 22 units cover 9,604 square feet on the fifth floor of Sim Lim Square, which is located at Rochor Canal Road. Second Chance Properties said the units are fully tenanted to 27 retailers and the gross rental per annum stands at S$2.634 million,...
Prime retail rents on Orchard Road declined by 2.8 per cent to S$38.17 per square foot in the third quarter from the previous three months. That is smaller than the 3.7 per cent fall in the second quarter and the 4.4 per cent drop in the first, according to a report by Colliers International. Meanwhile, the average monthly retail rents in prime malls in the Tampines, Woodlands and Jurong areas posted an...
Prime office rents may be on a downward trend, but analysts say there is nothing much to worry about as the decline is a necessary correction. An oversupply of office space and low demand has knocked down prime office rentals in the central business district (CBD). Rents have fallen as much as 40 per cent since the beginning of 2008 but observers said that rents are not in a free fall. They said the...
Property consultancy DTZ has upgraded its outlook for the office property sector. It now expects office rentals to return to positive growth next year as the improving economic outlook feeds through. But it said the outlook for 2009 remains firmly negative. Year to date, office rentals throughout Asia Pacific have fallen by an average of over 10 per cent. DTZ said the latest quarter on quarter growth...