Hopes of a quick turnaround in the property market here are fizzling out. Property consultancy DTZ said the probability of a full recovery in the Singapore property market by the end of this year is low. In a research report issued on Wednesday, DTZ predicted there is only a 0.1 per cent chance that the Singapore office rental market will recover by year-end. The residential market here is not faring...
Office / Retail Space
Singapore will see a glut of hotel and office spaces when projects at the Marina Bay Downtown come on stream in the months ahead, but developers say they are not worried. Not only is the Marina Bay Sands Integrated Resort on track for completion, the Double Helix Bridge - which links visitors from the Bayfront to Marina Centre - will also be ready by year-end. Across the waters at the Fullerton heritage...
A NEW mall at Serangoon Central has secured 30-per-cent commitment rate for its food and beverage outlets and speciality shops - more than four months after it broke ground. Expected to open by the end of next year, the mall - christened "nex" - will be the biggest mall in north-east Singapore. Anchor tenants include cineplex operator Shaw Organisation, foodcourt operator Food Junction, hypermarket...
The cost of prime office space in Singapore is expected to halve by the end of the year, to hit almost five-year lows. It fell sharply by 25 per cent to about S$9.20 per square foot per month in the first quarter this year, compared to the previous quarter. Analysts expect a similar fall in the second quarter, before a moderation in the second half of the year. 2.4 million square feet of office space...
Property developer Far East Organization has said its S$700 million Orchard Central mall is on track to open in June. The 12-storey mall has just obtained the temporary occupation permit. It expects to raise tenancy take-up rate to 75 per cent in the coming months, from the current 65 per cent. Far East Organization said Orchard Central will stand out from other malls when it opens in about two...
Tampines 1, Singapore's newest shopping mall, will open on April 9 with full tenancy confirmed. The S$450 million mall will join two others, Tampines Mall and Century Square in that area. Located beside the Tampines MRT station, the six-storey mall will have 172 tenants. More than 75 per cent of its tenants will open this Thursday. These include IT shop Challenger, Japanese clothing giant Uniqlo, and...
Office occupancies and rentals in Singapore fell sharply in the first quarter of 2009, according to latest figures from property consultancy DTZ. DTZ said the data showed that companies continued to consolidate space and put expansion plans on hold in the wake of the global financial crisis. According to DTZ, office rents slid 18 per cent on average island-wide. This was the steepest decline since the...
Twenty-four stallholders at Chinatown's night market along Pagoda Street have been asked to move. But some are unhappy, saying they would rather stay put. Their relocation is part of efforts by the Singapore Tourism Board to redevelop the area. Stallholders were initially given until the end of March to move out, but now they have until the end of next month. Negotiations between the Chinatown Business...
Shopping malls Anchorpoint and Liang Court have been named the first two Energy Smart Retail Malls in Singapore by the National Environment Agency. This is in recognition of their energy-saving measures to improve energy efficiency and lower operating costs. Anchorpoint spent some S$455,000 to retrofit its chiller system. That helped to reduce its electricity consumption by 1,192 megawatt-hours every...
ION Orchard, one of Singapore's largest shopping malls, is set to open this July amid the dismal economic outlook and falling consumer confidence. In a filing to the Singapore Exchange, CapitaLand said tenants have already committed to lease 80 per cent of space in the mall. 60 per cent of the retail space will be devoted to flagship stores and new-to-market brands including Boucheron, Dsquared and Diane...