NET office demand surged in the second quarter of this year to its highest quarterly level since Q3 2007. Urban Redevelopment Authority figures released yesterday showed a net increase in demand of 398,264 square feet in Q2, up about 68 per cent from the previous quarter. The Singapore office market has not seen such strong quarterly take-up since Q3 2007, when net demand of 646,000 sq ft was...
Office Space
CapitaCommercial Trust (CCT) is selling the StarHub Centre to Frasers Centrepoint for S$380 million in cash. StarHub Centre is a 10-storey non-Grade A office building with retail space next to FCL's Centrepoint mall. It currently has a committed occupancy of 68.2 per cent and some 280,000 square feet of lettable space. The current lease for the site expires in January 2095. CCT disclosed that it has...
Four strata titled units in the central business district have been put up for sale. The four units occupy the top floors of GB Building, which is located at 143 Cecil Street. The building comprises a 3-storey podium with a 23-storey office tower and is within two to three minutes' walk from Tanjong Pagar MRT. Sizes of the four units for sale range from 5,210 square feet to 5,500 square feet per floor,...
Mainboard listed Overseas Union Enterprise or OUE says its subsidiary, Clifford Development, has obtained pre-committed leases totaling some 88,000 square feet for its latest development 50 Collyer Quay. This is equivalent to 22 per cent of the net lettable area of the project. The initial lineup of tenants include global business consulting firm Bain & Company and international law firm Allen &...
Two foreign banks, ANZ and BNP Paribas, have become the latest to sign up for space at Ocean Financial Centre at Raffles Place. This raises the pre-commitment levels at the building to over 60 per cent. Analysts said demand and rentals for prime office space is expected rise in the short term as companies in the region continue to expand their businesses. Putting the final touches at the topping-out...
Keppel Land says two foreign banks, Australia and New Zealand Banking Group, and BNP Paribas Singapore, plan to lease prime office space at its Ocean Financial Centre. Keppel Corporation Chairman Choo Chiau Beng announced this at the topping out of the Centre Wednesday. He says ANZ plans to lease about 209 thousand square feet of office space, while BNP Paribas Singapore plans to lease some 58 thousand...
Rental growth for transitional offices located in the city's fringe is expected to slow in the months to come but such offices can maintain their yields, if they are located in areas around Scotts Road and Mohammed Sultan. Office rents in the Central Business District have slipped some 60 per cent from their peak in 2008 and that has prompted some companies to move back into the city. Analysts said the...
Rentals for international Grade A office space in Singapore's financial district may climb at least 25 per cent in the next two years. Analysts said Grade A office rents have already hit bottom, and will likely pick up from the second half of this year. Singapore's Marina Bay Financial Centre is one of prime areas in the city offering a new generation of office buildings. They are less than 10 years old...
Office rentals for international Grade A office space in Singapore's prime financial district look set to climb higher by at least 25 per cent over the next two years. This was the view of property analysts who believe that office property rents have already reached bottom, and will likely see a strong pick-up from the second half of this year. "International Grade A" refers to a new generation of office...
Singapore's office property market is picking up, according to brokerage firm Nomura. It noted that office rentals in Singapore are bottoming out amid stronger-than-expected demand, prompting tenants to commit sooner than expected. Nomura said a reduction in occupancy costs and the desire to secure contiguous expansion or better quality space has prompted pre-commitments. Given such stronger demand -...