Average office rents in the Central Business District (CBD) area in the second quarter of the year stayed flat quarter-on-quarter at S$10.85 per sq ft, property consultant DTZ said in a news release on Wednesday (Jul 1). According to DTZ, the slowdown in rental growth was also a result of slower demand in the face of uncertain global situations such as the risk of a sharp correction in China’s real...
Office Space
The Urban Redevelopment Authority (URA) on Tuesday (Jun 30) released detailed sales conditions for the second commercial site at Woodlands Square. The land parcel is available for sale under the Reserve List of the first half 2015 Government Land Sales (GLS) Programme. The second commercial site will be in the Woodlands Regional Centre and will sustain the development momentum of the precinct as a key...
Park Mall will be redeveloped into a commercial development comprising two office blocks with an ancillary retail component, the building's owner said on Monday (Jun 29). This follows the sale of the office and retail complex at Penang Road near the Orchard Road shopping belt for S$411.8 million, Suntec Real Estate Investment Trust (Suntec REIT) said in a statement. The new buyer is a joint venture...
Singapore’s office market is expensive compared with Australia and Japan because of a space glut and slowing rental growth, according to Union Investment, Germany’s largest fund manager. Office rents peaked in the first quarter as the city- state’s economic growth shows signs of tapering, according to Cushman & Wakefield. Grade A office rents in the central business district could slide 14 per...
OUE Commercial REIT on Wednesday (Jun 10) announced its plans to buy into One Raffles Place, in its maiden acquisition since its initial public offering in January last year. Under the deal, OUE Commercial REIT plans to buy a stake of between 75 per cent and 83.33 per cent in OUB Centre Limited, which owns One Raffles Place. OUB is the registered owner of the property and it owns 81.54 per cent of the...
Property group Frasers Centrepoint (FCL) on Tuesday (Feb 17) unveiled plans for Frasers Tower, its latest project in downtown Singapore. Frasers Tower is a 38-storey premium Grade A office development located at Cecil Street in the Central Business District. It will have a total net lettable area of around 690,000 square feet (sq ft) with an open-space terrace on the fourth floor, and a roof...
A consortium led by Perennial Real Estate Holdings (PREH) has acquired AXA Tower in downtown Singapore for S$1.17 billion. The 50-storey office tower with some retail space has a total net rental area of about 674,000sq-ft. This translates the acquisition price to about S$1,735sq-ft. Located within the Central Business District near Tanjong Pagar MRT station, AXA Tower has a total Gross Floor Area...
Prime office rent in the Republic is expected to rise by 5 to 7 per cent in 2015, helped by the lack of new office space in the next two years, real estate services firm Knight Frank said on Wednesday (Dec 31). Knight Frank said that while more firms in the technology, media and internet sectors are looking to relocate to prime office spaces, the amount of new office space coming onto the market next...
South Beach Tower at Beach Road has yet to open its doors to corporate tenants, but analysts have said it has already had an impact on office rents in the vicinity. Over the next 10 years, the Bugis-Beach Road office submarket could become a preferred choice of location for cost-conscious businesses. The S$3 billion South Beach project has some 500,000 square feet of office space, and tenants are...
Office rentals have been pushing higher in 2014, with tight supply pushing rentals up by more than 10 per cent. Consultancy Jones Lang LaSalle (JLL) projects that rentals at office buildings in the Central Business District (CBD) - including Marina Bay, Shenton Way and Raffles Place - could grow by some 16 per cent, driven primarily by the tight supply of new office space in Singapore. Looking into...