The Asia Pacific real estate market has continued to see positive sentiment and increased activity in the first quarter of this year, according to Jones Lang LaSalle's Asia Pacific Property Digest. It added that rents have increased across most markets. Jones Lang said positive business sentiment and continued corporate hiring underpinned the Asia Pacific office leasing market, as occupancy levels...
Office Space
CapitaCommercial Trust (CCT) and its parent company CapitaLand plan to jointly develop Market Street Car Park into a office tower. The project cost is estimated to be about S$1.4 billion. In a joint statement, both companies said that based on this figure, the development is considered financially viable. The stabilised yield from the completed development is expected to exceed 6 per cent per...
Singapore has ranked 9th in the list of most expensive office locations globally, up from 15th place six months ago, said property consultants Colliers International in a report issued Wednesday. The Global Office Real Estate Review 2H2010 said that Grade A office rents in the Singapore's central business district (CBD) continued to trend up, with rental growth momentum picking up pace from 6.6 per cent...
Singapore office rentals will likely rise by double-digits this year amid expectations that foreign companies will scale up investments in the city-state given improved economic conditions, according to Keppel Land. "As the office upturn continues to run its course, property consultants are predicting another year of double-digit rental growth, barring unforeseen circumstances," said the property arm of...
Office rents may be on an upward trend, but experts say that they will rise at a more moderate pace. In a report out Wednesday CB Richard Ellis (CBRE) said that prime rents averaged S$8.60 per square foot per month in the first quarter of 2011. This reflects a more moderate quarter-on-quarter increase of 3.6 per cent in comparison to the 7.2 per cent increase in Q3 and 12.2 per cent in Q4 of 2010. CBRE...
Rental growth for offices in secondary office areas at the fringe of Singapore's CBD and outskirt areas outpaced those in Raffles Place in the first quarter. According to DTZ Research, the average gross rent of offices in Raffles Place rose 3.3 per cent quarter-on-quarter to S$9.30 per square foot per month in the first quarter, compared to a 7.5 per cent to 10 per cent increase in other areas. The...
The Singapore office property market continued on the path of strong recovery in the first quarter of this year, according to property consultancy firm Colliers International in its latest study. It said growth was underpinned by rising business confidence that spilled over from the country's strong economic performance in 2010. Average monthly gross rents of Grade A office space in the Raffles Place and...
One Finlayson Green, a freehold commercial building, has been sold to Kerisvale Pte Ltd for S$227 million. Jones Lang LaSalle (JLL), which brokered the deal on behalf of a fund managed by Lucrum Capital, said Kerisvale consists of a group of private investors and the sale price was the highest per square foot achieved this year at about S$2,520, or S$2360 per square foot on the strata area. The building,...
Ho Bee Investment expects its new office development at One-North in Buona-Vista to yield higher rents than initially projected, due to the growing demand for office space. Developers are building more office blocks outside of the central areas as robust economic growth pushes up demand for business space. It now projects that the project may fetch rental rates as high as S$8 per square foot. This...
The Ministry of National Development (MND) announced on Thursday that it has signed the Heads of Terms Agreement to take up a 30-year lease for 29,300 square metres of office space in the Lend Lease's white site development at the Jurong Gateway. This marks the first time a government agency is committing to a long-term lease with a private developer in its development project. MND announced last year...