The owner of Grangeford Apartments will receive about S$7.4 million in damages over its apartments which were illegally rented out. Cove Development will receive the amount, which includes interest, from Ideal Accommodation. Both sides agreed on this at a court hearing on Wednesday. Last year, Ideal was been charged with violating the Planning Act. It illegally rented 171 units of the apartments...
Rental
THE decline in prime retail rents looks set to bottom out as the economic recovery gathers pace and consumer confidence rebounds, says a new report. In its latest analysis of Singapore's prime retail scene released yesterday, CB Richard Ellis (CBRE) found that the pace of prime Orchard Road rental decline slowed significantly in the first quarter of this year to an average rent of $32.20 per sq ft (psf),...
Property consultant CB Richard Ellis said the pace of prime Orchard Road rental decline slowed in the first quarter this year. In a research report, it noted that prime Orchard Road rents averaged S$32.20 per square foot per month in the first quarter, down by just 0.7 per cent on-quarter. Rents had declined between 1.5 per cent and 3.3 per cent in the previous four quarters. Prime suburban rents,...
But it continues to improve on competitiveness SINGAPORE has risen two notches on the latest bi-annual list of the world's most expensive office locations. But Singapore's competitiveness - in terms of office occupancy costs - continued to improve, as the gap between rents here and in other major financial centres widened, the report by Colliers International found. Colliers' second-half 2009 global...
Singapore's cheaper office rents compared to those in other key financial centres are making the city-state the choice location for business start-ups. Consultants Colliers International found that in the second half of last year, the annual average gross rent of an office in Singapore was about US$53.71 or S$76 per square foot. Singapore's closest competitor, Hong Kong, was priced at US$161.14 or S$225...
The Singapore office market stabilised in the first quarter of this year. Overall rentals dipped only 1.5 to two per cent compared with the previous three months. Analysts said they expect rents in the central business district to fall further, as office tenants choose higher quality space. Market watchers also believe that demand will not keep pace with new supply coming on stream. Marina Bay...
Singapore's industrial and office property markets are showing signs of improvement. Property consultancy DTZ Research on Wednesday said that islandwide office occupancy improved in the first quarter of this year. The average islandwide office occupancy rate rose 0.7 percentage-point on-quarter to 92.4 per cent. DTZ said the improvement in occupancy rate was due to an increase in demand. There was also...
Rents seen staying soft because of the substantial supply pipeline Office rents contracted for a sixth straight quarter in the first three months of this year - but the decline was marginal and rents appear to have stabilised on the back of positive occupier demand and the brighter economic outlook. According to CBRE Research, prime office rents eased 0.7 per cent to $6.70 per square foot per month (psf...
Average monthly gross rent for hi-tech industrial space up 1.6% in Q1 Better days may be ahead for landlords of industrial space, with rents having stopped falling for some properties and even rising slightly for others. According to DTZ, the average monthly gross rent for hi-tech industrial space, including that at business and science parks, was $3.15 per sq ft in the first quarter of 2010. This is a...
DESMOND SIM says demand likely from financial, biomedical sectors THE leasing market for non-landed homes showed signs of recovery in the final quarter of 2009, going by Urban Redevelopment Authority numbers. Median rents saw their first quarter-on-quarter growth of 0.5 per cent following five quarters of continued decline from a peak in Q2 2008. The monthly median rent in Q4 2009 was $3.02 per sq ft....