CapitaCommercial Trust plans to spend about S$92 million for asset enhancement work on its existing Grade A office building at Six Battery Road. Based on the property's valuation as at end December 2009, the cost is equivalent to approximately eight per cent. CCT says Six Battery Road will be physically, technically and functionally enhanced to meet the modern-day needs of office tenants and improve the...
Office Space
The upswing in office leasing deals continues, helping to absorb more of the space in new office projects being built. Much of the latest leasing buzz has focused on Ocean Financial Centre (OFC) and 50 Collyer Quay, which are completing next year, as well as 71 Robinson Road, which was completed last year. Click here to find out more! Law firm Drew & Napier is believed to have inked a lease for...
Despite the recession, the newly-opened Straits Trading Building has achieved a 95-per-cent occupancy rate after one-and-a-half years of marketing efforts. The owner, the Straits Trading Company, is optimistic that the building will be fully-occupied by the middle of this year. Mr Eric Teng, CEO for property at the Mainboard-listed firm said that last week, the firm sealed a deal to lease an office unit...
Raffles Place is not likely to lose its lustre as a business district, said Ms Lynette Leong, chief executive officer of CapitaCommercial Trust (CCT), which has three office properties in the area. Despite some financial institutions moving to Marina Bay, she is seeing interest from existing tenants and potential tenants for more office space in the Trust's Raffles Place properties, which include One...
A NEW tenant is set to move into the top floors of OUB Centre at One Raffles Place for 10 years, where it will operate the tower's viewing gallery and roof-top restaurant. OUB Centre said yesterday that restaurant, cafe and bar operator Synergyinthesky will take up 16,000 sq ft of commercial space on the top three levels of the tower, where it recently added 6,000 sq ft of space for a viewing...
SINGAPORE is helping to shape a new era in Asian finance, thanks to its well-regulated but business-friendly financial regime, said Finance Minister Tharman Shanmugaratnam yesterday. And, as a 'work, live and play' destination, the $4 billion Marina Bay Financial Centre (MBFC) is poised to support Singapore in its next era of growth, he said at the topping-out ceremony for MBFC's 50-storey Tower...
Leasing momentum in the office sector remains strong with an improving economy. Analysts said this has drastically cut the amount of so-called "shadow space" or vacant office space not on the market. In the first half of 2009, shadow space was 550,000 square feet. Now, it's just a tenth of it. Meanwhile, demand for new office space like the Marina Bay Financial Centre has eased concerns of a supply...
NEARLY all of the first phase of the giant Marina Bay Financial Centre (MBFC) has been leased ahead of its completion later this year. Every office suite - with the exception of a small percentage reserved for existing tenants' expansion - is now taken, several months prior to the phase's official completion in the third quarter. Phase 1 consists of commercial Towers One and Two, and has a total office...
Property developer Keppel Land said almost all the rental space available under the first phase at the Marina Bay Financial Centre (MBFC) has been taken up ahead of completion. The space was nearly fully utilised after investment bank, Barclays Capital, committed to leasing ten additional floors at MBFC Commercial Tower Two. This brings the total amount of space it leased to about 350,000 square feet,...
A small percentage of space is reserved for existing tenants' expansion MARINA Bay Financial Centre (MBFC) Tower 2 is close to being fully leased, after a new tenant came on board and an existing one took on more space. Prudential Asset Management (Singapore) will be leasing one and a half floors at the building, which works out to around 37,000 square feet of space. It will move in next year on a...