DESPITE the sluggish economy, downtown office rentals show no sign of budging from high, with multi-nationals seemingly largely unfazed by top dollar demands for prime space. Yesterday, office landlord CapitaCommercial Trust (CCT) announced that mining giant BHP Billiton had renewed its lease at Capital Towers, while JPMorgan Chase expanded its premises by one-and-a-half floors in the same...
Office / Retail Space
A sprawling 700,000 square foot mall will open in Little India by the end of next year. City Square Mall's launch will coincide with that of other major retail shopping centres along Orchard Road like 313@Somerset. However, its developers remain confident that the new malls will not pose a threat. Going by the numbers, it seems retailers agree. They have already committed to about 70 per cent of City...
To instil greater discipline in the holding of government properties pending development, the Law Ministry plans to introduce a reservation framework for public sector agencies. Senior Minister of State for Finance Lim Hwee Hua told the House that agencies making such reservations would have to pay for planning and feasibility studies. Responding to a question by Nominated MP Gautam Banerjee on what is...
The Urban Redevelopment Authority (URA) has launched a transitional office site at Mohamed Sultan Road for sale by public tender. The site is one of three commercial parcels to be sold through the confirmed list under the Government Land Sales Programme for the second half of this year. It has a land area of nearly 0.62 hectare and a maximum permissible gross floor area of about 9,200 square metres. A...
With no new major buildings yet completed, supply of office space continues to be tight in the Central Business District (CBD). In the wake of unceasing uncertainties in the wider economy and high office rentals, more companies are adopting a cautious business approach, gravitating towards cheaper premises like decentralised office buildings, industrial properties, business parks and disused State...
The expected influx of retail space in Singapore in the next few years, and the promise of newer concepts from retailers overseas, are keeping current stores in Singapore on their toes. The Singapore Retailers Association said many local names are starting to gear up for the challenge. Brand specialists are hailing the efforts, saying these will refresh the shopping scene in Singapore. They are still...
Rising inflation, shrinking exports and flagging economic growth have dampened business confidence across Asia and slowed prime office rent growth. CB Richard Ellis (CBRE) said on Tuesday, in its second quarter office market report for the Asia-Pacific region, that top financial and professional services firms have begun to slow their expansion in the region. Potential corporate occupiers have become...
Prices of private homes in Singapore grew at a slower pace in the second quarter than initially projected - climbing at just 0.2 per cent against an earlier estimate of 0.4 per cent. This is a far cry from the 3.7 per cent growth in the previous three months. Analysts said this is the first time that final numbers have come in lower than flash estimates, suggesting that home prices are finally...
SINGAPORE’S booming office market is facing a drop in demand and a slowdown in rents that have left many wondering: What happens next, when a host of new developments are launched? Tight supply and high demand, mostly from financial institutions, made Singapore the ninth most expensive office market in the world, ahead of rival Hong Kong, according to property consultant CB Richard Ellis. Rents nearly...
CAPITACOMMERCIAL Trust, the office landlord run by CapitaLand, will pay investors 23 per cent more in dividends for the second quarter, as it earned more rental income. Shareholders will receive $36.1 million, or 2.6 cents a share, for the three months ended June 30, from 2.12 cents a year earlier. CapitaCommercial also expects to post higher income for the rest of the year, as it increases rents on...