Singapore's green drive is reaching new heights. It now boasts of having the highest solar panels in Southeast Asia at the Ocean Financial Centre. The 43-storey building is the first office development in Singapore to be awarded the Platinum Green Mark Award. Nestled in the heart of Singapore's financial district, the Ocean Financial Centre stands out with its sloping roof. But it is what is on its roof...
Office Space
Fast-growing Asia and Latin America are expected to see commercial property rents and values rise in the first quarter of the year, while the hard-hit United States market is showing signs of recovery, according to a survey by The Royal Institute of Chartered Surveyors (RICS). RICS, which polled 410 of its members worldwide, said rental expectations in major markets such as Hong Kong, China, Singapore and...
Hyundai Engineering and Construction has been awarded the contract for the construction of Asia Square's Tower 2. The South Korean contractor is currently overseeing the ongoing construction works of Asia Square Tower 1 and is scheduled to complete the building in June this year. This brings the total value of the construction of Asia Square to more than S$1 billion. The construction of Asia Square...
Net new office demand surged to 753,473 square feet in the fourth quarter of 2010, the highest quarterly since Q1 2007. The Q4 take-up was triple the 258,334 sq ft for Q3 and took the total for 2010 to 1.65 million sq ft, a sharp reversal of negative demand of about 236,806 sq ft in 2009. 'This once again demonstrates the fast recovery in the office market and the voracious appetite of office occupiers...
182 Clemenceau Avenue near Dhoby Ghaut MRT Station is up for sale. The price could be about $75-80 million or $1,613-1,720 per square foot based on its net lettable area of about 46,490 sq ft. Next to Singapore Shopping Centre, the six-storey building is fully occupied. The bulk of the space is leased to GE Money until 2013. Based on existing leases and the $75-80 million pricing for the property, the...
NTUC Income has paid $101 million for a 49 per cent equity stake in Savu Investments, the company holding 16 Collyer Quay previously known as Hitachi Tower. This transaction values the 999-leasehold office building at about $626 million or $2,250 per sq foot. The prime office property, located near the waterfront in the Collyer Quay area, has a net lettable area of 278,356 sq feet. NTUC Income said...
High interests in the office investment sales market continues, with two freehold office blocks, 112 Robinson Road and the nearby The Corporate Building, swap hands at $168 million and $57 million respectively. A Credit Suisse managed fund's sale price for 112 Robinson Road (formerly known as HB Robinson) works out to $1,822 per square foot based on its net lettable area (NLA) of 92,205 sq ft. The sale...
The Marina Bay Financial Centre has received pre-commitment for over 66 per cent of the space in Tower 3, a year ahead of its completion, its manager Raffles Quay Asset Management said yesterday. The new lease agreements were inked with McGraw-Hill, as well as law firms Ashurst LLP and WongPartnership. DBS had previously signed for 700,000 sq ft as the anchor tenant of Tower 3. Tower 1 is fully leased to...
Marina Bay Financial Centre (MBFC) has received pre-commitment for over 66 per cent of space in Tower 3, a year ahead of its completion. Raffles Quay Asset Management, the asset manager of MBFC, said on Thursday the commitments have risen 11 per cent from 6 months ago. The new lease agreements were inked with McGraw-Hill, as well as law firms Ashurst LLP and WongPartnership. DBS had previously signed up...
Office rents rose at a faster pace in the fourth quarter, but may slowdown next year until recovery in the US and Europe gather momentum, real estate consultant DTZ Research said. It said average prime gross rents in Raffles Place rose 7.1 per cent on quarter to S$9 per square foot per month, from a 6.3-per cent rise in the previous quarter. For the whole of 2010, average prime gross rents in Raffles...