Retail landlords are turning to more creative ways to charge rent amid the current downturn and market watchers are also expecting changes in rental structures. This is due to factors such as the increased presence of institutional landlords. The economic slowdown is also expected to lead to falls in retail rentals by up to 20 per cent by the end of the year. An expected glut in retail space, especially...
Rental
The slide in office rental rates across the region has slowed, and analysts said this is a good sign the market has stabilised. A year ago, office space rental in Singapore's central business district could come up to as much as S$19 per square foot a month. Today, that rate has fallen by almost half. Singapore, which is home to Asian headquarters of a number of foreign companies, has seen rents fall...
Office rents in Singapore fell 26.2 per cent in the second quarter, according to latest figures from real estate consultancy firm Colliers International. This was the steepest decline quarter-on-quarter among Asia-Pacific cities. Singapore is the fourth most expensive office location after Tokyo, Hong Kong and Ho Chi Minh City for Grade A offices – one spot down from the first quarter this...
Cove Development, which owns the Grangeford condominium off Orchard Road, has asked the Ministry of National Development to extend the deadline to remove all illegal partitions that had been erected at the property. Demolition works were supposed to be completed by Monday (27 July). But Cove only managed to recover all 171 apartment units on Saturday (25 July) after it obtained a Writ of Possession for...
Cove Developments, which owns the Grangeford condominium, said a good number of tenants has moved out. Cove had obtained a court order to recover 171 apartments last Friday. The firm would only say it is in the midst of ascertaining how many tenants are still staying behind before applying for the writ of possession to evict them. Channel NewsAsia understands this will take place before the end of the...
Cove Development, which owns the GrangeFord condominium, has obtained a court order to reclaim some 171 apartments in the condominium. Cove has given tenants in these units till July 22 to vacate the apartments. This is to allow demolition works to be carried out on illegal partitions in the units. Grangeford made headlines last month when property leasing firm Ideal Accommodation, which had been...
Property developer Far East Organization has launched a scheme to encourage start-ups at its shopping malls. Instead of paying rent, these tenants can issue preference shares to the developer for up to three years. Tenants at six Far East Organization malls – including the new Orchard Central – can now pay rent in shares, instead of cash. The other participating malls are Central, Far East Square,...
Address: 865 Mountbatten Road Singapore 437844 Location: In the East Coast vicinity, in the prime residential estate of Katong. Easily accessible via ECP, about 10 minutes drive to city via ECP and public transport Description: 7-storey building with 4 levels of retail space Neat and clean office lift lobby Upgraded common corridors Please contact leasing officer at [email protected] or +65 9273 4834...
Property consultancy CB Richard Ellis (CBRE) is revising its rental forecasts for 2009, given better-than-expected average rentals in the second quarter. The firm now expects Orchard Road rents to fall between 10 and 12 per cent this year, a less drastic decrease than its earlier estimate of 15 to 20 per cent. Suburban mall rents are likely to contract between 5 and 6 per cent, down from its earlier...
Address: 1 Magazine Road Singapore 059567 Location: Located by the historic Singapore River and near the financial hub of Raffles Place and Shenton Way. Easily accessible via CTE Nearest MRT Station: Clarke Quay / Chinatown MRT Station Description: Central Mall is a 7-storey office building with ground floor retail units. Within the development are 2 and 3 storey conservation warehouses for retail,...