Singapore's prime shopping belt Orchard Road will see its first new mall in more than a decade in about two weeks. The 12-storey Orchard Central is scheduled for a soft launch on July 2. Developer Far East Organisation said tenants have taken up about 80 per cent of the space launched for leasing so far, a total of 213,000 square feet. The Organisation said the new mall has already attracted the...
Office / Retail Space
French beauty giant Sephora will soon be opening its largest store in Asia. The store will be opened in Singapore's soon-to-be-completed ION mall and is part of the firm's continued expansion in Asia. Sephora is pumping in over S$4 million into the new store – double of what it spent on its first Southeast Asian outlet in Singapore's Ngee Ann City shopping centre. So far, the beauty retailer said...
The poor economic climate has affected many neighbourhood retailers but there'll be some relief through the housing board's scheme to bring shoppers back into the heartlands. It's spending S$12 million to renovate 33 sites islandwide, covering some 3,000 shops, more than double the amount spent in its pilot scheme in 2007. The owner of a fish stall in Bukit Batok estate said his business saw a 10 to 20...
Singapore's prime shopping belt Orchard Road is set for a revival, with three new malls to be launched by the end of the year and two refurbished fronts. The malls include Orchard Central and 313@Somerset, and the new fronts are at Mandarin Gallery and Park Hotel Orchard. That amounts to about 1.8 million square feet of new retail space, bringing the total space available at Orchard Road to eight million...
Property consultancy Colliers said the amount of shadow space in Singapore has increased by almost half in a short span of two months. In a research report, the firm said the shadow space increased by 48 per cent from an estimated 250,000 square feet in March this year to 370,000 square feet in May. The amount of shadow space or excess office space that companies have leased but are looking to sublet is...
Market watchers said more office tenants may move from the suburbs back to the city by the second half of next year to take advantage of more competitive rentals. This could help to ease a possible supply glut in office space. About 7.5 million square feet of office space is expected to come on stream by 2011. Analysts said some 84 per cent of that will be in the central area. The large supply and...
Office occupancy costs fell most sharply in Singapore in the first quarter, followed by midtown New York and Hong Kong's central business district, according to a survey by CBRE Research and Consulting. The firm's semiannual global survey released on Wednesday showed that the average occupancy cost in Singapore dropped 34.4 per cent in the January-March quarter from a year ago. Midtown New York saw its...
Singapore's property market is among the worst-performing in Asia for the first quarter of this year. A report by property consultant CB Richard Ellis (CBRE) found that Singapore's prime office rents recorded the region's worst contraction. Compared with the first quarter of 2008, prime office rents in Singapore fell by 34 per cent, followed by Hong Kong which was down by 32 per cent. In terms of retail...
Singapore saw the sharpest declines in office rentals in the first quarter amid the global downturn, compared to other Asian markets. A report from real estate consultancy firm CB Richard Ellis (CBRE) said leasing activity remained slow as firms continued to downsize and reduce costs. Singapore saw an 18.6 per cent drop in rents for the first three months of 2009, compared to the previous quarter. This...
Hong How Investments tests the market with a new SoHo development LOCAL developer Hong How Investments is testing the market with the soft launch of 14 units in a SoHo development on Armenian street. It has cut its asking price by 12.5 per cent to $2,100 to $2,200 per square foot (psf) from the $2,400 to $2,500 psf range when the developer was first ready for launch last August. While enquiries have...