FIVE office floors in Suntec Tower One are changing hands for a total sum of S$129.3 million, which works out to S$2,400 per square foot on strata area of 53,863 sq ft, based on caveats data. The five floors - Levels 24, 25, 34, 35 and 36 - are being sold by BASF South East Asia, a part of German chemicals giant BASF, which currently occupies the space. The floors are being bought by companies which...
Office Space
THE Work Project - a Hong Kong-based co-working space operator - is the official co-working space partner of Downtown Gallery in OUE Downtown, OUE's upcoming mall located at 6 Shenton Way, The Business Times has learnt. It will fill the entire fourth floor of Downtown Gallery - that is, 20,000 square feet of space - and is set to deliver a new concept here of workspaces designed for the future...
Homegrown space provider JustGroup is rapidly scaling up its presence in the segment of co-working spaces, with plans to open two new shared offices in the heart of Singapore's Central Business District (CBD) next April. Its co-working brand JustCo currently offers 50,000 square feet of space at two locations - 120 Robinson Road and 6 Raffles Quay. With a combined floor area of more than 100,000 square...
PWC Building at 8 Cross Street could be in the early stages of a potential sale. BT understands that insurer Manulife has been selected to do exclusive due diligence for the purchase of the 28-storey building, which has a net lettable area (NLA) of 355,704 sq ft. PWC Building, which is owned by DBS, is on a site with a balance lease term of 78.5 years. The price is expected to be more than S$700...
SMALL and medium enterprises (SMEs) in Singapore will soon find it easier to break into China. International Enterprise Singapore (IE Singapore), CapitaLand and UrWork signed a memorandum of understanding (MOU) on Friday to facilitate this amid the growing trend of the sharing economy. This tripartite agreement, the first-of-its-kind among a trade agency, Asia's largest real estate company...
BlackRock Inc, the world's largest asset manager, is exploring a sale of its second office tower in Singapore's central business district, people with knowledge of the matter said. BlackRock has started reaching out to potential buyers to gauge their interest in Asia Square Tower 2, according to the people, who asked not to be identified as the information is private. The development could fetch about...
THE concept of the workplace is evolving. Historically, the quest was to design the perfect workplace focused on the infrastructure and physical design, taking into account technological transformations, with business cost efficiency being a major driver. This approach, however, often neglected the human aspects and how the talent interacted in and around the space and how productivity was...
ACCORDING to the Ministry of Trade and Industry, Singapore's economy grew 2.1 per cent year on year (y-o-y) in Q2 2016, the same rate of growth as the previous quarter. With looming concerns over the weaker global outlook and the impact of Britain's vote to leave the European Union, its economic growth forecast for 2016 also narrowed to 1 per cent to 2 per cent instead of the 1 per cent to 3 per cent...
A FLIGHT-TO-QUALITY among office occupiers is weighing down on rents and occupancies at older Grade A office buildings, where more space will be freed up as these tenants move into new prime offices. This is giving rise to a "two-tiered performance" in the prime office market, with Grade A offices seeing steeper declines in rents than the so-called "Grade A-plus" offices in the coming quarters. Average...
The Zhou family from Shanghai who picked up an office block at 137 Cecil Street last year has bought a 60 per cent stake in the company that owns the next-door property at 139 Cecil Street. The latest deal is said to value the 11-storey property at S$140 million. It is on a site with 99-year leasehold tenure starting Aug 20, 1981, which means the balance lease is around 64 years. Written permission...