The Republic’s office rents are set to rebound from their first annual decline in three years as new supply shrinks and more businesses expand, said CapitaCommercial Trust. Rents in the city are reaching a trough and demand may rise as the country positions itself as a regional business hub, said Ms Lynette Leong, Chief Executive Officer of CapitaCommercial Trust. Supply for the next three years will...
Office Space
NTUC Income will be acquiring a further 51 per cent stake in 16 Collyer Quay from Goldman Sachs to fully own the prime office building. In a statement, the Singapore insurer said the acquisition values the 37-storey, 999-year leasehold building formerly known as Hitachi Tower, at around S$660 million. This works out to less than S$2,400 per square foot on a net lettable space of over 278,000 square...
DBS Group on Monday announced plans to acquire a stake in Marina Bay Financial Centre Tower 3 (MBFC), where the bank's headquarters is located. In a filing with the Singapore Exchange, the bank said it will pay S$1.035 billion for a 30 per cent share in Central Boulevard Development Pte Ltd - a joint venture of Cheung Kong (Holdings) Ltd and Hutchison Whampoa Ltd. DBS also has an option to take up...
Mapletree Commercial Trust said yesterday it agreed to buy Mapletree Anson for S$680 million from a wholly-owned unit of its sponsor Mapletree Investments. Mapletree Anson, is a 19-storey premium office building in the CBD, with a 99-year lease beginning from October 2007. It has a gross floor area of 383,812 sq ft and net lettable area of 331,854 sq ft. Source : Today - 4 Dec...
Grade A offices in areas like Shenton Way and Raffles Place are now looking more attractive to Singapore firms. Experts said companies are taking advantage of cheaper rentals, as well as more space made available by large multi-national firms moving into the Marina Bay Financial District. IT marketing firm Sapient said they struck a pretty good deal for their current space at Cecil Street. After...
Demand for office space in Singapore in the third quarter was supported by companies beyond the financial services sector, with most taking up Grade A office space below 20,000 square feet, said property consultant Colliers International. Firms in sectors such as professional and legal services, insurance, commodities, energy and private equity have helped to moderate the Grade A office rental decline in...
Strata commercial property such as shops and offices have been extremely popular in the primary market this year and are expected to sustain buyer interest, even in the sub-sale market, as attention is increasingly diverted away from residential and industrial segments. Since the introduction of the seller's stamp duty for private residential purchases in January last year, investors have flocked into...
Raffles Quay Asset Management (RQAM) on Thursday said it has achieved a commitment level of over 70 per cent for its Marina Bay Financial Centre (MBFC) Tower 3. In a statement, RQAM added that it has signed on new tenants, including Mead Johnson, Berge Bulk, Clifford Capital and Clyde & Co. These new tenants, from industries such as shipping, financial investment, legal, and paediatric nutrition will...
Singapore office rents are extending their slide as global economic uncertainty forces landlords to drop prices. Colliers International said the average monthly gross rents for central business district (CBD) Grade A space fell by 1.1 per cent quarter-on-quarter to S$8.45 per square foot in the three months ended June 2012. This follows a 4.3 per cent on-quarter drop in Q1. The price decline appears to...
The owners of 8 and 10 Chang Charn Road have put the properties up for sale. This offering represents a rare opportunity to acquire a quality 6 storey building with adjoining site with redevelopment potential (subject to local authority approval) which is zoned Business 1 and located in a Central Location. The property at 8 Chang Charn Road has showroom, warehouse and conference room on the 1st storey...