Prime retail rents on Orchard Road declined by 2.8 per cent to S$38.17 per square foot in the third quarter from the previous three months. That is smaller than the 3.7 per cent fall in the second quarter and the 4.4 per cent drop in the first, according to a report by Colliers International. Meanwhile, the average monthly retail rents in prime malls in the Tampines, Woodlands and Jurong areas posted an...
Rental
Prime office rents may be on a downward trend, but analysts say there is nothing much to worry about as the decline is a necessary correction. An oversupply of office space and low demand has knocked down prime office rentals in the central business district (CBD). Rents have fallen as much as 40 per cent since the beginning of 2008 but observers said that rents are not in a free fall. They said the...
Property consultancy DTZ has upgraded its outlook for the office property sector. It now expects office rentals to return to positive growth next year as the improving economic outlook feeds through. But it said the outlook for 2009 remains firmly negative. Year to date, office rentals throughout Asia Pacific have fallen by an average of over 10 per cent. DTZ said the latest quarter on quarter growth...
Mapletree Investments said it has pre-leased 40 per cent of the office space at its Mapletree Business City. Mapletree said it's talking to more potential clients who may take up another 15 per cent of space before the project is completed mid next year. Topping out the Mapletree Business City, the company already has another reason to celebrate. Fourth-tenths of some 1.7 million square feet of office...
Singapore is no longer one of the top 20 most expensive office locations globally. A survey by property consultancy Colliers International showed that in June, Singapore's office space was the 26th most expensive in the world. That is a steep fall from December last year, when Singapore was number 6. Colliers said this is because Singapore's office property market was among the most severely affected by...
Office rents in Singapore fell for the fourth straight quarter with prime rentals averaging at S$7.50 per square foot a month in the third quarter of 2009. Real estate consultancy firm CB Richard Ellis said this is a 12.8 per cent on-quarter drop – an improvement over the 18 per cent decrease a quarter ago. Grade A office rents fell about 13 per cent on-quarter to S$8.80 per square foot per month....
Property consultancy CB Richard Ellis said on Monday that prime Orchard Road rents averaged S$32.90 per square foot in the third quarter, down three per cent from the second quarter. For the full year, CBRE said it expects Orchard Road rents to fall between 10 and 12 per cent, and a further decline is not expected to exceed five per cent next year. This means the eventual rental trough should not be less...
The Urban Redevelopment Authority (URA) has investigated over 500 cases of illegal subletting at private residences so far this year. That's 25 per cent more than the whole of 2008. These involve the unauthorised partitioning of apartments, shophouses and terrace units into smaller units in order to sublet them individually. Authorities said the majority of offences involved turning residential units...
The first phase of Marina Bay Financial Centre is now 67 per cent pre-leased ahead of its completion in the second quarter of next year. This phase includes Tower Two and the fully pre-leased Tower One. The latest tenant at the location is Servcorp, a serviced and virtual office provider. In a statement, Raffles Quay Asset management said Servcorp's seven-year lease will start next year. Servcorp will...
Cove Developments, owner of The Grangeford condominium, has said it will take legal action against former master tenant Ideal Accomodations which converted some 140 condominium apartments into 600 units. The illegal partitions had been put up at the private development off Orchard Road. But after nearly three months, Cove said it has finally completed all removal works, in time for the August 21 deadline...