With half its shopping space snapped up, it is on track to reach target for launch RETAILERS have already bagged 50 per cent of shopping space at ION Orchard, a highly-anticipated development slated to open beside Orchard MRT station next year. As for the remaining half of the 663,000 square foot of new retail space, landlord Orchard Turn Developments says it is “in negotiations”. Secured tenants...
Office / Retail Space
With more than 100 retail establishments, Singapore Changi Airport's Terminal 3 is touted as the latest shopping destination for ‘mall-crazy’ Singaporeans. But six months since its opening, retailers said business is suffering. Changi Airport's T3 public area has 31 outlets. Retailers said they are barely making ends, though takings over the weekends may be slightly better. Channel NewsAsia checked...
The Singapore Land Authority (SLA) has awarded the first two sites for transitional office space this year. One of the most keenly-watched sites was the former Home Affairs Ministry complex at Phoenix Park. The parcel was awarded to LHN Facilities Management, which will pay S$368,888 in rent per month. 11 bids were received for the Phoenix Park site, 10 of which were above the guide rent of S$165,000...
Office rents in Singapore are starting to show signs of peaking, said property analysts. They noted that prime rental costs have generally increased at a far slower pace in the first half of this year, compared to 2007. Looking ahead, they expect office rents to soften even more towards the end of 2009 and early 2010 as demand for prime space eases. Donald Han, managing director of Cushman &...
3 new malls, 5 million sq ft SHOPAHOLICS can look forward to a fresh injection of 5 million sq ft of new retail space by the end of next year, according to Knight Frank’s calculations. By then, at least three big new malls are projected to be ready to welcome shoppers: West Coast Plaza, Illuma and ION Orchard. However, while customers rejoice over larger and more novel malls, will retailers and...
Positive consumer sentiment and the Great Singapore Sale have provided some support for the retail property market in Singapore, according to property consultants DTZ. It said given the general uncertain global outlook, tenants have resisted committing to higher rents, and this has kept the retail sector stable during the second quarter. Going forward, analysts said they see at most a marginal increase...
SPRING Singapore is putting its headquarters up for sale ahead of a possible move to the second phase of Fusionopolis at One North. The Government’s enterprise development agency hopes to then lease half of the building’s units: back for the next two years for its roughly 300 employees while its new headquarters is being built. While no deal has been signed for Fusionopolis, it is understood that...
The SPRING Singapore building at No. 2, Bukit Merah Central has been put up for sale by expression of interest. The property comprises a 22-storey tower block and a six-storey podium block. SPRING Singapore sits on an area of 88,295 square feet and the building has a total gross floor area of 355,153 square feet. The property has a lettable area of 198,744 square feet and is almost fully occupied. The...
AN EXCITING cluster of shops, homes, entertainment centres, hotel and office space - all set within an attractive garden-like environment in the heart of Singapore’s city centre. This is the Urban Redevelopment Authority’s (URA) vision for the 2.7-hectare green field development site, :bordering Ophir and Rochor roads, it is putting out for tender. With analysts forecasting a possible land sales...
Allco Commercial REIT has been given the green light to build a 10-storey hotel with about 350 rooms at China Square Central. The Urban Redevelopment Authority (URA) has granted Allco REIT permission to add 16,000 square metres of gross floor area to the development in the central business district. The development currently consists of a 15-storey office block and 38 conservation shop house...