CLSA Capital Partners is said to have been selected to do exclusive due diligence for the purchase of 77 Robinson Road. The pricing is believed to be above S$530 million, or slightly above S$1,800 per square foot based on the net lettable area (NLA) of nearly 293,270 sq ft. Formerly known as Singapore Airlines (SIA) Building, the 35-storey office tower is on a site with 99-year leasehold tenure that...
Office Space
A STRING of commercial property transactions has taken place recently. These include a 12-storey freehold office block at 110 Robinson Road, owned by OCBC, which has sold it to Indonesian tycoon Tahir. The sale will be completed in three months, a spokeswoman for the bank said when contacted by The Business Times. The price is understood to be S$45.1 million or nearly S$3,169 per square foot based on...
ARA Asset Management Ltd has won the bid for a stake in Singapore's Capital Square office tower in the city's central business district, according to people familiar with the matter. ARA, which is listed in Singapore, is buying the 50 per cent stake in the building that was put up for sale last year by Alpha Investment Partners, said the people, who asked not to be identified because the process is...
Singapore landlords are paying the penalty for a slowing economy. Alone among the world's major cities, the cost of renting an office with panoramic views is falling as supply outstrips demand. Annual rents on the upper floors of Singapore's skyscrapers fell 7 per cent to about US$775 a square metre in the first six months, according to a 23-city index compiled by Knight Frank LLP. The biggest...
PRE-COMMITMENT leases and rents for upcoming prime offices are picking up as occupiers are warming to these upcoming swanky buildings with large floor plates in a "flight to efficiency". Swiss private bank Julius Baer has signed a lease at close to double-digit rent for a "high density floor" spanning 100,000 square feet at Marina One. Julius Baer is slated to give up its 72,000 sq ft of space spread...
With its lavish interior designs and custom-made furnishings - including Italian hand-dyed rugs and handmade lamps sourced from New Zealand - The Great Room could be mistaken for the lobby of a brand new boutique hotel, instead of a co-working space. And that is what the founders set out to achieve. “This luxurious design concept came from observing how people like to meet in hotel lobbies....
AFRO Asia Building - one of the oldest office blocks along Robinson Road - may finally be redeveloped. The seven-storey building, said to have been completed in the 1960s and which now houses MPH Bookstores and Uncle Sam's Claypots among its ground-floor tenants, is owned by Afro-Asia Shipping Company (AAS), which is owned by the Tan family. AAS recently roped in Shimizu Corporation as a...
RIDING on a government-led initiative to transform Woodlands into a commercial hub, Far East Organization has sold half of the released 124 strata office units in Woods Square, an integrated development it is jointly developing with Sekisui House and Far East Orchard. Prices ranged from S$1,700 to S$2,230 per square foot (psf). For the first time, it will also be consolidating its satellite operations...
TWO strata office floors located at AXA Tower at 8 Shenton Way is up for sale from S$2,550 per square foot. The office space belongs to Perennial Real Estate Holdings, while JLL is the marketing agent for the expression of interest exercise. With a total strata area of about 25,500 square feet, the offering spans two office floors at the development and comprises eight strata office units on the 21st...
Singapore office space prices fell by 1.5 per cent in the second quarter. Rentals of office space also fell by 3.5 per cent in this quarter, compared to the 2.1 per cent dip in the first quarter of the year, URA figures showed. Meanwhile, prices for retail space fell by 3.1 per cent in the second quarter, following a 1.9 per cent dip in the previous quarter. Rentals of retail space also fell by 3.9 per...