Singapore office rents are likely to rise by 5 to 10 per cent this year, due to lack of new supply coming into the market, real estate firm Savills said on Thursday. "The overall vacancy rate of CBD (Central Business District) Grade A offices tracked by Savills declined for the fourth consecutive quarter, from 7.8 per cent at the end of 2012 to 3.4 per cent by the end of Q4 2013," Savills said in a...
Office Space
Keppel REIT, the second-biggest office property trust in Asia excluding Japan, is seeking buyers for its 30-storey Prudential Tower in Singapore’s financial district, Bloomberg News reported on Monday, citing two people familiar with the matter. Keppel REIT owns a 92.8 per cent stake in the tower, which was valued at S$490 million as of Dec 31 by independent valuers, according to the company’s...
Prime commercial development, The Arcade, is being put up for tender at a guide price of S$900 million. The 20-storey building located at Collyer Quay, which is partly owned by City Developments, has a maximum allowable gross floor area of some 303,000 square feet, and total existing strata area of some 157,000 square feet. Under the 2008 Master Plan, the site is zoned for "commercial" use with an...
CapitaLand, CapitaMalls Asia and CapitaMall Trust have signed an option to sell Westgate Tower for S$579.4 million. In a filing with the Singapore Exchange, CapitaLand said the option was granted to a consortium comprising Sun Venture Homes and Low Keng Huat (Singapore), which has up to January 24 to exercise it. Located at Jurong Gateway, Westgate Tower is the office component of the Westgate...
The government has launched a commercial site near the Woodlands MRT station for sale by public tender next month. This is the first site to be put up for sale in the Woodlands Regional Centre since detailed plans for the area were announced as part of the Draft Master Plan 2013 on November 20. In a statement on Tuesday, the Urban Redevelopment Authority (URA) said the proposed development on the...
Singapore's commercial district will soon have more new offices. Asia Square Tower 2 was awarded its Temporary Occupation Permit (TOP) on September 2. This marks the completion of the integrated commercial development in Marina Bay. Asia Square Tower 2, the only new office development to be housed in the Central Business District (CBD) this year, spans close to 800,000 square feet of Grade A...
Office rental rates in Singapore are showing signs of recovery after continued declines in the past year, as companies move to secure additional space because of improving local and global economic outlook. Tier 1 office rents inched up 0.6 per cent quarter-on-quarter in the three months ended June 30, the first increase since the third quarter of 2011, property consultancy Jones Lang LaSalle said in...
The office space on the 18th floor of Samsung Hub has been put up for sale via an expression of interest exercise. In a statement on Monday, marketing agent CBRE said the guide price for the prime grade A 999-year strata office floor is S$43.3 million. Samsung Hub is a 30-storey office tower located in the Raffles Place central business district. CBRE said the entire 18th floor has a strata area...
Raffles Quay Asset Management said it is confident of filling up the rest of the office space at Marina Bay Financial Centre Tower 3, as well as sell the remaining units of luxury apartments at Marina Bay Suites -- despite uncertainties in the global economy and the property cooling measures announced in January 2013. About 88 per cent of the 221 units at Marina Bay Suites have been sold so far. While...
San Centre, a 12-storey office building located along Chin Swee Road, has been sold to CEL Property Investment for S$113 million. It is the first commercial collective sale site sold this year. The buyer is a subsidiary of mainboard-listed Chip Eng Seng Corporation. San Centre comprises 107 strata-titled office units and 80 carpark lots. It has a land area of about 28,700 square feet and was built in...