Singapore's office property sector market appears to be cooling a little. According to property consultant DTZ, the average office occupancy rate for the second quarter of this year saw a dip of 0.2 percentage point. Office rental prices have also been flat - suggesting that the market is resistant to rising prices. According to DTZ, the average office occupancy rate in the second quarter dipped to 96.9...
Office / Retail Space
Katong Mall has been sold in a collective transaction to property developer Tuan Sing Group for S$219 million. Including a premium of S$24.5 million to top up the site's lease, the price works out to about S$865 per square foot of gross floor area. The tender for the 99-year leasehold commercial development in the Marine Parade area was launched in May. Katong Mall, located at the junction of East Coast...
Macquarie Prime Real Estate Investment Trust (MP REIT) has secured 19.75 percent higher rent from its tenant Toshin Development. But when contacted, MP REIT declined to reveal details of the rent, saying it is confidential. Toshin is the master lessee for about 226,000 square feet of retail space in Ngee Ann City. The new rent will be locked in for three years from June 8 this year. MP REIT says this...
JTC Corporation on Wednesday launched a tender for a mega development site at Changi Business Park, and the 4.7-hectare site is likely to see bids as high as S$600 million. The winning bidder will have to build an integrated development comprising a business park, retail activities and a hotel. Changi Business Park has been a hub for businesses that need to stay close to the airport or away from the city...
Chua Chu Kang residents will soon enjoy a new shopping experience. The 20-year-old Teck Whye Shopping Centre will soon undergo a major facelift. The 79 shops located at Blocks 137 to 146 in Teck Whye Lane will be improved at a cost of S$1.35 million. The upgrading comes under Hong Kah Town Council's five-year Town Renewal Plan. So the project will be fully funded by the town council and shop owners don't...
Vietnam's Ho Chi Minh City has overtaken Singapore as having the world's fastest growth in office occupancy cost. The cost of renting office space in Ho Chi Minh City grew 94 percent in the last six months, according to a global survey by consultants CB Richard Ellis. Moscow was second at 93 percent, while Singapore took third spot with 86 percent growth. Still, Singapore made its debut among the 10...
Katong Mall is up for collective sale by tender. Under the Master Plan, the 99-year leasehold 78,158 square foot commercial development site has a gross plot ratio of up to 3.6, with an allowable building height subject to evaluation. It has the potential to be redeveloped into a commercial or retail development with a gross floor area (GFA) of up to 281,369 square feet, subject to relevant authorities'...
Kallang and Paya Lebar will be developed into new commercial hubs, just like the Jurong Lake District. This is part of the government's Draft Master Plan, which charts land use over the next 10 to 15 years. Marina Bay and the city centre will continue to be the key commercial node in Singapore. New growth areas like Tanjong Pagar, Beach Road and the Ophir-Rochor corridor will also be developed. However,...
Industry players are upbeat about the plans for two new commercial hubs, noting that both Kallang and Paya Lebar have great potential for growth, given their close proximity to the city. However, they said the timing of the various projects will have to be calibrated carefully, so as not to place additional strain on the construction sector. In the next 15 years, Singapore will have three new commercial...
CapitaMall Trust (CMT) has bought The Atrium@Orchard office development for about S$840 million. CMT said the purchase from the Singapore Land Authority (SLA) will be funded by a mix of debt and convertible bonds. Describing the acquisition as yield-accretive, the Trust plans to issue at least S$650 million worth of bonds. The Atrium@Orchard is a commercial development comprising two Grade A office...