The Singapore Land Authority (SLA) has awarded the first two sites for transitional office space this year. One of the most keenly-watched sites was the former Home Affairs Ministry complex at Phoenix Park. The parcel was awarded to LHN Facilities Management, which will pay S$368,888 in rent per month. 11 bids were received for the Phoenix Park site, 10 of which were above the guide rent of S$165,000...
Office Space
Office rents in Singapore are starting to show signs of peaking, said property analysts. They noted that prime rental costs have generally increased at a far slower pace in the first half of this year, compared to 2007. Looking ahead, they expect office rents to soften even more towards the end of 2009 and early 2010 as demand for prime space eases. Donald Han, managing director of Cushman &...
JTC Corporation on Wednesday launched a tender for a mega development site at Changi Business Park, and the 4.7-hectare site is likely to see bids as high as S$600 million. The winning bidder will have to build an integrated development comprising a business park, retail activities and a hotel. Changi Business Park has been a hub for businesses that need to stay close to the airport or away from the city...
The former Ministry of Home Affairs (MHA) Complex at Tanglin Road, which is also known as Phoenix Park, has been placed for tender. According to the Singapore Land Authority (SLA), the prime site on the fringe of the Orchard Road belt will be open for adaptive re-use as office space. Analysts said they are expecting to see strong interest due to the current office space crunch. Winston Cheah, Senior...
Prime Minister Lee Hsien Loong said Singapore will continue to develop the financial sector as more activities are being moved to the city-state. Mr Lee, who was speaking to 120 bankers at the hour-long Thomson Reuters Dialogue on Tuesday, added that more would be done to ease capacity constraints, such as the crunch in office space and accommodation. The financial sector in Singapore grew by some 17.5...
The tender for the transitional office site at Scotts Road/Anthony Road has attracted strong bids. There were a total of eight bids at the close of the tender on Thursday. UOB Kay Hian put in the highest offer at S$34 milllon, 16 per cent higher than the second bid. The bid works out to more than S$242 per square foot per plot ratio. The almost 8,700-square-metre site is offered on a short-term lease of...
More than 360,000 sq ft at Badminton Hall area in Guillemard to be released IN A bid to help alleviate an office space crunch, the Singapore Land Authority (SLA) hopes to release another 368,000 square feet in gross floor area for temporary conversion by the middle of the year. But that is still 20 per cent less than what was released in the same period last year. Mr Teo Cher Hian, director of private...
Macquarie Global Property Advisors (MGPA) says it expects office rentals in Singapore to remain hot, jumping by 10 to 25 percent this year. The Australian private equity real estate fund management firm is converting two plots of land at Marina View into twin office blocks. The two towers, expected to be completed in 2012, will also house a luxury five-star hotel. These land parcels drew top dollars from...
Singapore will double the size of its financial district over the next 15 years, after demand for offices surged last year with the city-state seeking to become a centre for business in Asia. The city will add 2.82 million sq m of office space, the equivalent of Hong Kong’s Central district, the government’s Urban Redevelopment Authority (URA) said in an e-mailed statement yesterday. Occupancy of...
The Urban Redevelopment Authority (URA) has launched the sale of two transitional office sites at Scotts and Anthony Roads in the Newton area. The sites are being released under a government programme to meet the near-term demand for office space. The two parcels are located next to the Newton MRT station. The first site has an area of some 0.86 hectares and can yield a maximum gross floor area of about...