CapitaLand said on Monday its wholly-owned unit CapitaLand Retail will be listed on the SGX mainboard and be renamed CapitaMalls Asia. Following a corporate reorganisation, CapitaMalls Asia will hold CapitaLand's integrated shopping mall business, including the retail real estate fund and REIT management business. CapitaMalls Asia will have 86 malls in its portfolio, with a total property value of S$20.3...
Office / Retail Space
Orchard Central, one of Singapore's newest malls along Orchard Road, is having some issues with its tenants. Just four months after its opening, some tenants are complaining about slow traffic at the mall. Besides having Singapore's first indoor rock-climbing wall, the 12-storey mall has billed itself as a one-stop shopping destination for the modern individual, with its range of retail and F&B...
An estimated record 1.19 million square feet of new office space was added in the third quarter of this year, according to the latest Singapore Property Market Report by consultant DTZ. This increased the overall office stock by two per cent. The new supply in the third quarter was more than last year's total new supply of 1.14 million square feet. Newly completed offices included Mapletree Anson, 2HR,...
Luxury retailer Louis Vuitton will be opening a unique "island" store at the upcoming Sands Retail Asia at Marina Bay. The store will float on water in front of the Marina Bay Sands casino. Luxury French fashion house Chanel, renowned jeweller Tiffany & Co. and Singapore-based retail group F J Benjamin have also announced that they will have a presence at Singapore's new retail destination. Marina...
Mapletree Investments said it has pre-leased 40 per cent of the office space at its Mapletree Business City. Mapletree said it's talking to more potential clients who may take up another 15 per cent of space before the project is completed mid next year. Topping out the Mapletree Business City, the company already has another reason to celebrate. Fourth-tenths of some 1.7 million square feet of office...
Singapore is no longer one of the top 20 most expensive office locations globally. A survey by property consultancy Colliers International showed that in June, Singapore's office space was the 26th most expensive in the world. That is a steep fall from December last year, when Singapore was number 6. Colliers said this is because Singapore's office property market was among the most severely affected by...
Office rents in Singapore fell for the fourth straight quarter with prime rentals averaging at S$7.50 per square foot a month in the third quarter of 2009. Real estate consultancy firm CB Richard Ellis said this is a 12.8 per cent on-quarter drop – an improvement over the 18 per cent decrease a quarter ago. Grade A office rents fell about 13 per cent on-quarter to S$8.80 per square foot per month....
A new suburban shopping centre will rise in the west - this time it will be in Clementi. The retail hub is tentatively called "Clementi Mall", and it is part of a larger development located at the former Clementi Bus Interchange. The 99-year leasehold property has about 25,000 square metres of gross floor area. A tender for the sale of the property will close on November 10. Jone Lang LaSalle has been...
Property consultancy CB Richard Ellis said on Monday that prime Orchard Road rents averaged S$32.90 per square foot in the third quarter, down three per cent from the second quarter. For the full year, CBRE said it expects Orchard Road rents to fall between 10 and 12 per cent, and a further decline is not expected to exceed five per cent next year. This means the eventual rental trough should not be less...
MORE than half of the 86 retail tenants at Shaw Centre have moved out since early this year as the mall appears to be a casualty of the supply glut of retail space downtown. Tenants that Today spoke to say an exodus of retailers has led to a significant drop in foot traffic for Shaw Centre. "It looks eerie in the evenings," said a shop assistant whose employer is among a dwindling number of businesses...