Shopee, the e-commerce arm of Singapore-based, New York-listed Sea Ltd, is understood to have fully leased a new business park development at 5 Science Park Drive. The six-storey project, with frontage along Ayer Rajah Expressway, will have about 240,000 sq ft net lettable area. It is expected to receive Temporary Occupation Permit (TOP) soon. Located near Kent Ridge MRT Station, the project is a...
Business Parks
Occupancy levels at Singapore business parks rose in the first quarter of 2015 as industries such as the infocommunications industry and the pharmaceutical industry took up more space, property services firm CBRE said on Thursday (Apr 9). CBRE estimated the vacancy rate at business parks fell to 10.4 percent in the first quarter, down from 11.7 percent in the last three months of 2014. It added that...
Demand for business park space in Singapore continued to be buoyant in the third quarter. Growth industries such as biomedical, media and IT continued to fuel demand for quality space. This is according to the latest report by property consultancy CBRE. Fujitsu and Fox International committed to set up shop at the recently-completed Nexus in One North in the third quarter. This brings the...
As more organisations start to relocate all or part of their operations outside of the city centre in Singapore, analysts say there has been strong demand for hotels in business parks in recent years and hoteliers have only just began to tap those opportunities. Capri by Fraser, located within the Changi Business Park, is running at an average occupancy rate of 80 per cent each month. About nine in...
EVEN with the manufacturing part of the economy facing difficulties, demand for industrial space - particularly in business parks - is apparently still healthy, according to experts from the property firm DTZ. By contrast, the market for office space is softening, the firm says. Executive director Ms Chua Wei Lin said: “Demand for private industrial properties - in particular, hi-tech and business park...
Business parks are set to see occupancy rates go beyond 90 per cent by the end of June this year to hit a new peak, according to property consultants CB Richard Ellis (CBRE). At the end of March, the average occupancy rate for business parks stood at about 88 per cent. CBRE said office space shortage and persistent rent increases are driving office tenants towards industrial properties. This has pushed...