THE Prospex, a nine-storey retail and office building next to Bugis+, is back on the market, this time with an indicative guide price "in excess of S$70 million". This appears to be lower than the S$80 million asking price when the building was previously put up for sale on an en bloc basis through an expression of interest (EOI) exercise that closed in October 2015. The big difference this time...
Office Space
GSH Corporation stands to make a net profit of nearly S$80 million from disposing of its 51 per cent stake in the consortium that holds GSH Plaza. This figure is based on information released in the regulatory filing by GSH Corporation, which is controlled by "Popiah King" Sam Goi, to the Singapore Exchange on Monday evening. The GSH-led consortium has entered into a binding term sheet with Hong...
A CONSORTIUM led by Sam Goi's GSH Corporation has entered into a binding term sheet with Hong Kong-listed Fullshare Holdings for the proposed sale of the consortium's investment vehicle, Plaza Ventures, at S$725.2 million. Plaza Ventures is the vehicle the consortium used for the purchase of the former Equity Plaza in 2014. The consortium then renamed the building GSH Plaza and embarked on a major...
WHEN the redeveloped Robinson Towers opens in end-2018, it will be equipped with a new automatic carpark system that uses battery-powered automated guided vehicles (AGVs) instead of conveyor belts or lifts. MHE-Demag, the material-handling arm of industrial group Jebsen & Jessen (SEA) which is bringing the technology into Singapore, said that the automated carpark system using AGVs is the first of its...
THE Ministry of Law (MinLaw) yesterday unveiled a S$25 million refurbishment plan that will restore the heritage of the Red Dot Traffic building at 28 Maxwell Road. Last month, MinLaw announced that it would be taking over the conserved building for the expansion of Maxwell Chambers, one of the top five international arbitration centres in the world. The building will add 120,000 square feet of space to...
Rents and prices of commercial space in Singapore fell at a faster clip last year compared to 2015, with office vacancies rising to a near five-year high since Q1 2012 after some large projects were completed. Latest data from the Urban Redevelopment Authority (URA) released on Thursday showed that rents of office and retail space have fallen more than 8 per cent in 2016, steeper than the 6.5 per cent drop...
RENTS and prices of commercial space in Singapore fell by a faster clip in 2016 compared to 2015, with office vacancies shooting up to a four-year high since Q1 2012. Latest data from the Urban Redevelopment Authority (URA) released on Thursday showed that rents of office and retail space slipped over 8 per cent in 2016. Office rents slipped for the seventh straight quarter by 1.8 per cent in the...
AS YET another sign of tough times facing businesses, new office leases this year - by companies that previously did not have a presence here or were not in the building where the new lease is inked - made up only 10 per cent of all office leases inked this year, down from 20 per cent in 2015. Relocation leases accounted for a significant 63 per cent of the leases, while the balance 27 per cent are...
The "flight-to-new projects" - a term used by the office leasing sector to describe the trend of tenants swarming into swanky new office projects - is set to continue next year as companies capitalise on softening rents to upgrade their working spaces. This merry-go-round, however, is causing pain to landlords of older buildings in the Central Business District (CBD). Based on analysts' projections,...
Ride-hailing giant Uber Technologies Inc is expanding its footprint in a big way in Singapore. BT understands that it has leased about 55,000 sq ft on Levels 35 and 36 of Guoco Tower. This is more than double the 20,000 sq ft that Uber is currently leasing at the nearby Mapletree Anson, where Uber's Asia-Pacific regional office is based. Sources say that for the past month or so, Uber has been...