Office rents continued trending upwards in the second quarter, despite a substantial amount of space to be completed this year. Based on a basket of existing buildings tracked by DTZ Research, the average gross rent of offices in Raffles Place rose 5.4 per cent quarter-on-quarter to S$9.80 per square foot per month in Q2. Rents in the Harbourfront and Anson/Tanjong Pagar area increased to S$7.30 per...
Rental
: Occupancy levels across all major office micromarkets in Singapore rose in the second quarter, according to property consultant CB Richard Ellis (CBRE). Occupancy levels at the Fringe CBD - which includes office buildings in Tanjong Pagar, Orchard Road and Beach Road/City Hall area - increased 0.7 percentage point on-quarter to a record 94.3 per cent. Occupancy levels in the Core CBD - which covers...
Singapore's retail leasing market remained active in the first half of this year, underpinned by stable economic growth, a low-unemployment rate and healthy consumer spending. According to property consultants, CB Richard Ellis, the monthly average rent for Prime Orchard Road space remained at $30.10 per square foot per month in the second quarter, unchanged from the previous quarter. On the whole, Prime...
Singapore's office property market appears to have averted an overheating situation, with office rents in the second quarter growing at a single-digit pace amid the continued easing of occupancy rates, real estate consultancy Colliers International said on Tuesday. Average monthly gross rents of islandwide Grade A office space in Singapore recorded the third consecutive quarter of moderation in...
Asia Square Tower 1, located at Shenton Way, has already leased out 62 per cent of its office space and pre-let more than half of the building. The developers of the building, MGPA, gave the update after it was awarded its Temporary Occupation Permit (TOP) on June 21. MGPA said it was awarded the land parcel in September 2007 and construction was completed in less than four years, making it the fastest...
Singapore's office property market appeared to have averted an overheating situation, with office rents in the second quarter this year maintaining at single-digit growth. According to the latest quarterly office property market research report by Colliers International, this comes amid the continued easing of occupancy rate. Average monthly gross rents of Grade A office space in Singapore recorded the...
Orchard Road has moved up one place in the global ranking of rents because of the strong Singapore dollar. It moved up a notch to 26th place in the Global Retail Survey 2011 carried out by Colliers International. However, Orchard Road moved down a spot to seventh place in the Asia Pacific region in 2011 with the inclusion of Hong Kong's Queen's Road in the latest survey on rents in the world's premier...
Underpinned by strong employment rate and sustained economic growth, residential rental transactions in 1Q2011 grew 8.7% y-o-y to 10,162, says Savills in a report. This is considered the highest level of transactions seen since records began to be kept in 2000. Growth in rental rates, however, slowed during the quarter to 1.2%, from 2.6% in 4Q2010, as a growing volume of new supply came on the market....
Police have arrested a 45-year-old man who is believed to have been involved in at least 13 reports of rental scam at Block 1 Lorong Lew Lian. In all the cases, the 21 victims responded to rental advertisements placed in the Chinese newspapers between March 4 and 29 this year. The suspect allegedly arranged for the victims to view the unit for rent and collected between S$500 and S$4,800 from them as...
The Asia Pacific real estate market has continued to see positive sentiment and increased activity in the first quarter of this year, according to Jones Lang LaSalle's Asia Pacific Property Digest. It added that rents have increased across most markets. Jones Lang said positive business sentiment and continued corporate hiring underpinned the Asia Pacific office leasing market, as occupancy levels...