Singapore set to emerge as premier gateway city in region, say JUNE CHUA and CHRISTINE SUN ONE year into the global financial crisis that almost brought all major economies to their knees, Asia staged an impressive rebound at the end of 2009 with an ensemble of massive government stimulus packages. Despite lingering doubts about the debt-laden European economies, Asia is expected to continue its strong...
Rental
The Singapore office property market appears to be bottoming out and the trend of falling rents is stabilising, according to data from consultants Jones Lang Lasalle. This is even though its preliminary estimate of average Prime Grade A gross effective rent in the central business district declined marginally by 0.6 per cent on quarter to S$7.75 per square foot per month in the first quarter. Office...
RETAIL rents in the prime Orchard and Scotts roads belt, other city areas and the suburbs were all unchanged in the first quarter of this year, according to DTZ Research. They are still down as much as 10 per cent in some areas from their Q3 2008 peaks, but have now stabilised across the island, DTZ's data show. In Q1, the gross rent for prime first and upper-storey retail space in the Orchard and Scotts...
RETAIL rents across most of Singapore held steady in the first quarter of this year, a new report showed. This ended five straight quarters of decline in some areas, as tourist arrivals grew and consumer confidence rose, according to the report by DTZ Research. In the premier shopping belt of Orchard Road/Scotts Road, retail rents remained constant as the market absorbed new supply that came onstream in...
Singapore retail rents have held firm in the first quarter of this year. According to estimates by DTZ Research, rental values of retail space in the prime retail belt of Orchard and Scotts Road, other city areas and even suburban areas remained unchanged. DTZ said gross retail rents at the Orchard and Scotts Road area stayed firm as the market absorbed the new supply that came onstream in 2009 and in...
IN A clear warning to those who sublet their flats illegally, the Housing Board (HDB) has moved to take back three apartments linked to a real estate agent who owns five private properties. One flat to be repossessed belongs to the real estate agent, Mr Poh Boon Kay, 61, and his wife, Madam Khoo Kim Cheng, 52, who had illegally sublet their four-room flat in Bukit Batok. The other two flats in Telok...
FRASERS Centrepoint Trust's (FCT) Northpoint mall has seen a 20 per cent hike in average rentals and a 70 per cent climb in shopper traffic after it was expanded and revamped. The mall, which is located right next to Yishun MRT station, increased its net lettable area by more than 50 per cent with the addition of a $165 million new wing and a $38.6 million asset enhancement initiative. The new NLA is...
The Housing and Development Board (HDB) has taken action against 56 flat owners for illegal sub-letting between January 2008 and December last year. Most were fined between S$1,000 and S$21,000. One owner had his flat repossessed for blatantly flouting HDB's sub-letting rules. Giving details of the case, HDB said it first received feedback on the unauthorised sub-letting of a unit in Block 336 Bukit...
WITH reference to yesterday's report, 'Agent targeted foreigners in rental scam', we would like to offer the following guide to employers recruiting foreign talent as well as individual foreigners who are leasing residential properties in Singapore. Request for verification of property ownership such as the latest property tax statement or utilise the e-Valuation List service at the Internal Revenue...
About half a million square feet of office space in the core business district and fringe areas could become available when government bodies move out of Singapore's city centre by 2015. Experts said that with occupancy in the CBD bouncing back after the downturn, the space will be sorely needed. Government agencies such as the Ministry of National Development will be moving out of their premises in the...