The downtown skyline in Singapore will see another addition once the S$3 billion South Beach project - a mega mixed development at Beach Road - is up and running over the next year. The project's developers City Developments and IOI Group have secured leases for 80 per cent of the office space, and its first corporate tenant will move in early next year. Office space comprises about 30 per cent of...
Office Space
The mixed-use development South Beach saw the “topping out” of its South Tower on Tuesday (Dec 2). The 45-storey tower along Beach Road is the taller of two buildings within the development. Jointly developed by City Developments and Malaysia's IOI Group, the project blends four historic conserved buildings with contemporary design. The South Tower will house a luxury hotel called The South Beach,...
Cloudy days are in store for the resilient Grade A office market in Singapore, with rents expected to come under pressure in the second half of next year as competition for tenants intensifies, the manager of Marina Bay Financial Centre (MBFC) and One Raffles Quay said yesterday. An upcoming avalanche of supply from several mega projects from 2016 will be exacerbated by slowing demand from the financial...
Office rental rates in Singapore grew 3.5 per cent from the previous quarter in the third quarter of the year, the fastest growth in Asia, Jones Lang LaSalle said. The strong rental growth comes on the back of low vacancy levels in the city-state, the real estate consultancy said in a report released on Wednesday (Nov 19). Office rents in Tokyo, Beijing and most emerging South-east Asia markets grew...
Prices of office space increased by 1.6 per cent in the third quarter of the year, while rental prices of office space rose 2.6 per cent in the same period, the Urban Redevelopment Authority (URA) said on Friday (Oct 24). In the same period, vacancy rate of office space fell to 8.4 per cent, compared to 9.6 per cent at the end of the second quarter. The URA said that this was in part due to a 47,000sqm...
The Republic is expected to top the rental forecast for Asia Pacific cities, with a 25 per cent increase in office rents from 2014-2019. This is according to a report from property consultancy Knight Frank, released on Wednesday (Sep 24). The increase will push Singapore to fourth place on the Knight Frank Global Cities index, behind San Francisco, Madrid and New York in terms of rental forecast. The...
Keppel REIT will buy a one-third stake in Marina Bay Financial Centre (MBFC) Tower 3 for S$1.25 billion from Keppel Land, in one of the largest property market deals this year. The price, which works out to around S$2,790 per square foot, is based on independent valuations by property consultancies Cushman & Wakefield and Savills. Keppel REIT will pay for the property through a mix of cash and new units...
SGX-listed Straits Trading Company plans to sell its Straits Trading Building to Sun Venture Group for S$450 million. In a filing to the Singapore Exchange on Friday (Sep 5), the company said the sale is in line with its strategy of redeploying its low-yielding investment properties into potentially higher return real estate opportunities. Straits Trading is expected to realise an estimated capital...
Over the last three years, the global financial firms that dominated 60 per cent of office space in Singapore’s Central Business District (CBD) have given up 500,000 square feet (sq ft) in space. Taking their places are big names from the e-commerce, consumer products and insurance industries, according to real estate group Jones Lang LaSalle. “Ten years ago all anyone wanted was financial houses...
The office rental market continues to grow ahead of the retail and industrial property segments. Latest data from the Urban Redevelopment Authority (URA) on Friday (July 25) shows that rentals of office space rose 2.8 per cent in the second quarter of 2014, compared with a 2.4 per cent increase in the first quarter. Analysts say they could climb by another 5 per cent in the second half of this...