Rentals in the Singapore office market have continued its upswing, growing strongly in the final quarter of the year, according to property consultancy Jones Lang LaSalle (JLL). Based on its preliminary estimates, average Central Business District (CBD) Prime Grade A gross effective rent in the fourth quarter increased 7.5 per cent on-quarter to S$9.35 per square foot per month. This translates to a 19.9...
Office Space
Demand for Grade A office space in Singapore will grow next year, pushing rents up by between 15 and 20 percent. Some analysts believe the office segment might do better than the residential property sector next year. Rising employment and the growing financial and services sectors are some of the factors prompting companies to continue expanding their operations next year. Donald Han, Vice Chairman,...
The single-biggest attraction of PoMo, the Selegie Road mall formerly known as Paradiz Centre that has been put up for sale, is its busy, city-fringe location. But converting footfall into shopping revenue may need a new tenant mix, analysts say. "At this moment, the tenant mix of the mall is not attractive," said Mr Samuel Tan, course manager for retail management at Temasek Polytechnic. "It does not...
Market experts said Selegie road mall PoMo which was put for sale on Wednesday will see much interest from investors. Experts said this is due to its busy, city-fringe location but added that a new tenant mix is needed to attract more shoppers. PoMo underwent a S$20-million refurbishment to increase its retail space three years ago. Formerly known as Paradiz Centre, the retail and office development has...
Singapore's commercial property sector will likely see a 15-20 per cent increase in rental values next year, after a 22 per cent growth this year, according to CBRE. This will be driven by strong occupier demand for office space in Singapore despite plenty of supply coming on stream. CBRE points to the Marina Bay Financial Centre (MBFC) as one example of strong demand. The first phase of MBFC was fully...
Owners of Tanglin Shopping Centre in Tanglin Road have put the building up for collective sale, which could be the biggest of its kind in the area. The property now comprises 363 shop, office and medical units, but can be redeveloped to have homes, shops, offices, or hotel rooms. Reports have put the reserve price for Tanglin Shopping Centre at $1.25 billion. This works out to a record price of about...
Overseas Union Enterprise (OUE) on Friday said its upcoming commercial project at 50 Collyer Quay has to date achieved close to 60 per cent occupancy. Some of its key tenants include Merrill Lynch International Bank, Allen & Overy LLP and Citrix Systems Singapore. The developer also said that it has decided to name the premium Grade A office tower located in the Marina Bay area as "OUE Bayfront". Its...
The asset manager of Marina Bay Financial Centre said it has received "very strong interest" from prospective tenants for Phase Two of its Marina Bay Financial Centre project. This is when marketing efforts have not yet started for Phase Two. Phase Two includes the Marina Bay Financial Centre Tower 3, which is slated for completion in 2012. Raffles Quay Asset Management said that about 56 per cent of...
Demand is burgeoning for Grade A new office space in Singapore. Citibank Singapore has agreed to lease more than 250,000 square feet of office space at Asia Square, which will house the US bank's new corporate office as well as its largest trading floor in Asia Pacific. This is the largest leasing transaction in Singapore's central business district in two years, according to real-estate investment firm...
Among business centres in Asia Pacific, Singapore and Beijing saw landlords enjoying the strongest growth in rentals in the third quarter of 2010. According to a Jones Lang LaSalle survey, both cities' Grade A rentals recorded a quarterly net effective rental growth of 10.9 per cent. Overall, the Asia Pacific Office Rental Index showed an increase of 1.8 per cent in the third quarter. In terms of...