Office / Retail Space

50% of Parklane Shopping Mall owners agree to sell development enbloc

SuperBowl is planning to sell the 35 units it owns in Parklane Shopping Mall in a collective sale. The units represent a 20 percent of the development on Selegie Road. SuperBowl, which provides entertainment and leisure services, is trying to persuade other unit owners to join in the exercise. So far, it says half the owners, including its 20 percent, have agreed to the sale. It has 12 months to get a...

Office rentals go through the roof

With a whopping 30.3 per cent rise in rentals for the whole of 2006, the office property sector last year came close to the pre-1996 highs when the property market was at its peak. Latest statistics from the Urban Redevelopment Authority (URA) show prices of office space soared 7.7 per cent quarter-on-quarter and 17 per cent year-on-year while rents rose 11.6 per cent quarter-on-quarter and 30.3 per cent...

Owners of Orchard Shopping Centre units seeking premium prices

Two owners holding a combined 23 percent stake in Orchard Shopping Centre are seeking investors for their retail shops. The 18 units for consideration make up part of the ground floor and the entire second floor of the building, all facing Orchard Road. The move comes after Australia's Lend Lease bought the Somerset Central site next door for a record land price of S$1,455 per square foot, or a total of...

Retailers must reinvent themselves to cope with impending increases in business cost

Retailers must re-look their marketing strategies and woo more international brands or risk being sidelined. That was the assessment by industry watchers, on the back of the impending 2 percentage point hike in the goods and services tax, and they also say that the possible tweak in the employer's CPF contribution and rising rentals could further cut profit margins. Shoppers are expected to cut spending...

UIC Building sale boosts office property sector

Analysts say the proposed sale of the UIC Building along Shenton Way marks the re-emergence of Singapore's commercial property sector. UIC Building is the largest property in Singapore so far to be placed for collective sale and it is expected to see strong interest. Dominating the property buzz of late are home prices in Singapore's central business district. But analysts say more of such homes will...

Retailers see rise in spending but face competition from outbound tourism

Retailers are reporting strong sales this holiday season, if not better than last year's. They say this is partly due to more aggressive promotions this year. Some banks which are tying up with shopping malls for the first time this year have reason to cheer. They say their credit card sales are doing well. They note that since mid-November, spending on credit cards has risen by as much as 15 percent...

Tender for commercial site at New Bridge/North Canal roads triggered at S$21.5m

The Urban Redevelopment Authority has launched the tender for a commercial site at the junction of New Bridge Road and North Canal Road after getting a S$21.5 million bid from an unnamed developer. The 1,300 square metre site is suitable for a small-scale office development. With a gross plot ratio of 4.2, it can generate a maximum gross floor area of about 5,400 square metres. The 99-year leasehold...

BS Capital launches Lumiere preview

BS Capital yesterday opened the showflat for its Lumiere development off Shenton Way. BS Capital chief executive Chin Teck Chuan said yesterday that sales are likely to begin this week, but pricing has not been finalised. Prices at The Sixth Avenue Residences averaged about $1,000 per square foot (psf). Some agents who brought their clients to the showflat at Mistri Road yesterday were overheard...

Lumiere @ Mistri Road

Lumiere is situated right in between the two exciting hotspots - Marina Bay Sands and Resort World at Sentosa, and is just a stone's throw away from all the important financial institutions and professional centres in CBD. Exciting shopping centres and entertainment hubs are steps away with easy assess to MRT (Tanjong Pagar Station) and bus transportation system. A north-south orientation allows for...

October retail sales index up 1.6% compared to a year ago

Singapore's retail sales index rose 1.6 percent in October this year compared to a year ago. Total sales amounted to some S$2.5 billion thanks to higher sales, especially in fashion and footwear, supermarkets, food and beverages, and telecom and computer goods. Sales for these goods increased by between 7 and 10 percent over the same period last year. But receipts for recreational goods, and optical...

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