Insurance giant Lloyd's on Wednesday (Nov 4) opened its new, bigger office in CapitaGreen, as it looks to expand its presence and tap regional growth. Lloyd’s has been operating in Singapore since 1999. It has grown to 20 service companies with 24 syndicates and more than 380 employees, making it Lloyd's largest hub outside London. Lloyd's chief executive officer Inga Beale, who was in Singapore to...
Office Space
The prices of office space and retail space in the Republic both dipped slightly in the third quarter of 2015, the Urban Redevelopment Authority (URA) announced in a release on Friday (Oct 23). The prices of office space fell by 0.1 per cent in the third quarter, reversing the increase of 0.3 per cent in the previous quarter. Rentals of office space also fell by 2.9 per cent, following on from a fall of...
Southeast Asia's biggest property developer, CapitaLand, on Wednesday (14 Oct) confirmed news reports that it was involved in talks to buy the Asia Square Tower 1 office building. Its statement to the stock exchange came a day after Bloomberg News said a consortium of Norway's sovereign wealth fund and CapitaLand has been chosen as the preferred bidder for the 43-storey office building in Singapore's...
Average monthly gross rents in the CBD (central business district) declined by 4.1 per cent quarter on quarter (q-o-q) to S$10.40 per square foot in Q3, the first decline from an uptrend since 2013, said DTZ Southeast Asia. This comes on the back of headwinds in the external economic environment. Average monthly gross rents in Marina Bay dropped 5.5 per cent q-o-q to S$13 per sq ft, while rents in...
The landmark CPF Building at 79 Robinson Road has been put up for sale by public tender, after the Central Provident Fund (CPF) Board signed a long-term lease to rent space at Novena Square Towers A and B for the Board’s operations. Its marketing agent CBRE said the relocation of CPF offices in the building will "free up prime office space in the Central Business District for higher-value...
The supply of new office space in the central business district (CBD) is likely to outstrip demand, giving tenants more options and forcing landlords to reduce rents amid global headwinds, according to analysts. Property services firm Century 21 has said that Singapore, being such an open economy, will be hard hit by global economic conditions such as the slowdown in China and the turmoil in stock and...
CapitaLand's new office development in the Central Business District, CapitaGreen, officially opened on Wednesday (Sep 9), after the 40-storey premium Grade A office building was completed in December last year. With a focus on sustainable development, CapitaGreen has features such as a green facade covered by living plants, and a rooftop wind scoop, which contributes to cooling the building naturally....
The Prospex, a nine-storey commercial building in Bugis, has been put up for sale by private real estate investment firm Pamfleet Group with an asking price of S$80 million or S$1,913 per square foot (psf) of gross floor area. The move to sell the entire building through an expression of interest (EOI) rather than to stick to the original plan of selling strata units came amid recent sluggish office...
Prices of office space rose 0.3 per cent in the second quarter compared to the previous quarter, while prices of retail space fell 0.5 per cent, the Urban Redevelopment Authority (URA) said on Friday (Jul 24). Rentals of office space fell 2.6 per cent in the second quarter, compared with the 0.6 per cent increase in the first quarter. Rentals of retail space decreased by 0.5 per cent, compared with the...
A company linked to low-profile investor Denis Jen, who owns shopping malls in Australia, is buying 158 Cecil Street for S$240 million from a fund managed by Alpha Investment Partners, the fund management arm of Keppel Land. The price works out to about S$2,100 per square foot based on the 14-storey building's net lettable area of around 115,000 sq ft. 158 Cecil Street is on a site with a balance lease...