An S$85.46 million transaction of office space at SBF Center, which is coming up near Tanjong Pagar MRT Station, has taken place, according to caveats information. The deal reflects a price of S$3,125 per square foot. The space transacted adds up to about 27,350 sq ft, covering all of levels 29 and 30 and eight smaller units on levels 27 and 28 of the 31-storey building. A breakdown of information...
Office Space
Prices of office space in the Republic remained flat for the whole of 2015, dropping just 0.1 per cent from the year before, while rentals declined by 6.5 per cent. For the fourth quarter, prices of office space also decreased 0.1 per cent from the previous quarter. Rentals, however, fell 1.8 per cent in the fourth quarter, compared to the 2.9 per cent drop in the third quarter of 2015. As of the...
About 10 per cent of the office space at Guoco Tower in the integrated Tanjong Pagar Centre project, and 60 per cent of retail space, have been committed some 6 months ahead of the project’s completion. Guocoland shared these figures on Wednesday at a topping-out ceremony, graced by Minister for National Development Lawrence Wong, for the S$3.2 billion flagship project. Guoco Tower has a total net...
CapitaLand Commercial Trust, Singapore's largest office real estate investment trust by value, is selling an office tower in the city-state's central business district, according to a person familiar with the transaction. CapitaLand Commercial is seeking to sell the 23-story One George Street building in the Raffles Place office district, the person said, asking not to be named as the information is...
Real estate giant City Developments (CityDev) will inject three of its office properties into an investment platform, in a move that will free up hundreds of millions of dollars in funds for new investments. In a statement on Tuesday (Dec 15), CityDev said the three properties are Central Mall (Office Tower), 7 & 9 Tampines Grande and Manulife Centre. The properties - valued at around S$1.1 billion -...
A YEAR ago, property consultants were predicting that Singapore office rentals would continue rising in 2015, albeit at a slower clip than last year. However soon after 2015 started, the mood dampened quickly on the back of weak demand - especially from financial institutions, the key constituent of CBD office demand - and ahead of a surge in office completions next year. Savills Singapore now...
The landmark CPF Building at 79 Robinson Road has been sold for a higher-than-expected S$550 million, the CPF Board announced on Thursday (Nov 26). The public tender for the sale of the building attracted three bids, the highest of which was by Southernwood Property, a company wholly owned by Ascendas Land. Analysts had expected the building to fetch about S$450 million. The CPF Board said the bid...
Instead of being tied down to a rental agreement, a growing number of firms and individuals are looking to pay for office facilities as and when they need the space. An office format called co-working, is trying to fill the gap. It has been gaining popularity in the past two years, with more than 20 such providers popping up around Singapore. WorkCentral is the newest kid on the block, joining the...
The corporate operations of the Central Provident Fund (CPF) Board at the CPF Building at 79 Robinson Road will relocate to Novena Square Towers A and B from Nov 23. In a news release on Monday (Nov 16), CPF said the relocation will free up prime office space in the Central Business District for higher-value uses. The CPF Building at 79 Robinson Road has been put up for sale through a tender and bids...
CapitaLand, South-east Asia’s biggest developer, says it has withdrawn from negotiations to buy Asia Square Tower 1. The company will continue to explore opportunities that allow it to generate required returns, it said in a statement today (Nov 4). CapitaLand didn’t give a reason for its decision. A consortium of Norway’s sovereign wealth fund and CapitaLand was chosen as the preferred bidder...