A new S$1 million Retail Training and Employment Centre has been launched in conjunction with the upcoming mall at Orchard Road, 313@Somerset. 313@Somerset is being developed by Land Lease Retail Singapore. The project is the first major fully integrated retail development in Asia undertaken by the company. Lend Lease said the new centre is aimed at providing free retail training to the employees of...
Office / Retail Space
Landlords and their retail tenants are seeking the same present from Santa as Christmas approaches - a return to the good times. The shop tenants are worried that there will be a dip in consumer spending as a result of the economic downturn. Meanwhile they are still paying top dollar for retail space. While market watchers say they certainly are not expecting rents to rise in the final quarter of this...
The dip in consumer spending due to the economic downturn has caused concerns among many retailers who are paying top dollar for retail space. Market watchers said they do not expect any rental growth in the 4th quarter, but some retailers may be holding out for concessions. Orchard Road, Singapore's prime shopping district, is set to welcome four new malls next year - ION Orchard, 313@Somerset, Orchard...
Young and old, local and foreign, the vision includes all SOME 100,000 plants will be introduced. The neighbourhood park will be transformed into a theme park for both young and old. Boon Lay Shopping Centre will be revamped. The vision is to transform Boon Lay into a tranquil suburban residential enclave with a distinctive identity, and it's not just to cater to the district's aging population. By...
Mid-range retail spaces in Singapore are likely to see a fall in rental rates, due to a drop in tourist arrivals and slowing domestic spending. Properties which are having rental rates renegotiated in the midst of the current economic downturn are likely to be the most vulnerable. Experts said landlords will have to rent out their spaces for less as retailers are hit by lower earnings. Eugene Lim,...
CAUGHT in between a sluggish economy and sticky office rents, many business owners are feeling squeezed. Many are trying to cut costs while looking for new opportunities. But Regus Group's country general manager (South-east Asia) William Willems has little doubt that serviced offices - like the ones his firm officially launched last week at One Fullerton - are the answer. Mr Willems told Today: "Now is...
Far East's West Coast Plaza 70 per centleased before launch Never mind the news about consumers tightening their belts or forgoing frills in the face of an economic downturn. As far as developer Far East Organization is concerned, tenants of West Coast Plaza - its latest refurbished suburban retail offering - are all geared up for business for the upcoming festive season. Formerly known as Ginza Plaza,...
The Urban Redevelopment Authority rejected the only bid for a transitional office site at Mohamed Sultan Road. The offer price of about S$4.65 million for the site, or about S$502 per square metre of gross floor area, was considered too low. The approximately 6,000 square metre land parcel was offered for sale on a 15-year lease. Transitional office sites were released in response to the shortage of...
The 99-year leasehold Parkway Centre has been put up for collective sale. The commercial property, which is located in the Marine Parade town centre, can be redeveloped into an office-cum-retail development, with a gross floor area of up to 157,625 square feet. The building is located opposite Parkway Parade and near Roxy Square. It is surrounded by residential projects like Parc Seabreeze, Silversea and...
EVEN with the manufacturing part of the economy facing difficulties, demand for industrial space - particularly in business parks - is apparently still healthy, according to experts from the property firm DTZ. By contrast, the market for office space is softening, the firm says. Executive director Ms Chua Wei Lin said: “Demand for private industrial properties - in particular, hi-tech and business park...