Office Space

Khazanah, Temasek to sell part of joint Singapore property for about US$1.2 billion

A joint venture between Malaysia sovereign wealth fund Khazanah and Singapore state investor Temasek is selling the office and retail units of its DUO property development in Singapore, it said late on Monday (Jul 29). The joint venture named M+S Pte Ltd will sell all the shares of its wholly owned subsidiary, Ophir-Rochor Commercial Pte Ltd, worth S$1.575 billion (US$1.15 billion) to Allianz Real...

Singapore office rents rise 1.3% q-o-q in Q2; vacancy rates fall to 11.5%: URA

Rents of office space in the central region of Singapore rose 1.3 per cent in the second quarter of this year over the previous three months. This contrasts with the drop of 0.6 per cent in the first quarter, according to figures from the Urban Redevelopment Authority (URA) released on Friday. URA's price index of office space in the central region rose 0.9 per cent in second quarter 2019, a slower pace...

Like it or not, WeWork shakes up commercial real estate

With its free coffee, couches and glass partitions, shared workspace startup WeWork has shaken up both office culture and commercial real estate. Brushing aside questions about its business model, the New York outfit shows no signs of slowing down and is now preparing for its Wall Street debut to raise fresh capital. As recently as this month, WeWork was seeking to tap credit markets for US$4 billion...

WeWork to take over 21-storey HSBC building in Collyer Quay

Co-working space provider WeWork is set to take over the lease of the 21-storey HSBC building in Collyer Quay, marking an expansion by the US firm in Asia. WeWork, backed by Japan's SoftBank Group, will lease the building from CapitaLand Commercial Trust (CCT), the Singaporean office landlord said in a statement on Wednesday (Jul 17). The tower, 21 Collyer Quay, will be WeWork's biggest property in...

Retail podium, three office floors at 30 Raffles Place on the market

A four-level retail podium and the three lowest office floors designated for a banking hall in a revamp of the former Chevron House have been put up for sale through an expression of interest exercise. The 32-storey property at 30 Raffles Place is being spruced up at a cost of about S$110 million, The Business Times understands. Among other changes, part of basement 2 is being converted from carpark...

Sun Venture granted exclusive due diligence for 71 Robinson Rd

A sale is in the works for 71 Robinson Road. The Business Times understands that property investment group Sun Venture has been granted exclusive due diligence with a view to buy the 15-storey office block. The pricing is slightly under S$2,800 per square foot of net lettable area (NLA), which would translate to an absolute price in the region of S$660 million. The pricing would reflect a net yield...

JustCo’s Manulife Centre co-working space to open in Q4 2019

Co-working space provider JustCo will open at Manulife Centre in the fourth quarter of 2019, it said on Wednesday. JustCo at Manulife Centre will take up more than 50,000 square feet (sq ft) and occupy two levels of the building, which is at Bras Basah’s Art and Heritage district. The new space is expected to house more than 1,000 members, and will bring JustCo’s portfolio to a total of 33...

Entire office floor in Springleaf Tower up for sale with S$29.5m guide price

The entire 30th floor located in Grade A office building Springleaf Tower is up for sale via an expression of interest exercise, with a guide price of S$29.5 million. This works out to about S$2,746 per square foot (sq ft) based on the strata area of 10,742 sq ft, exclusive marketing agent CBRE said on Wednesday. There will be no additional buyer's stamp duty or seller's stamp duty. Springleaf Tower,...

Office floor at Sim Lim Tower up for sale with S$15m asking price

A freehold strata office floor at Sim Lim Tower in Jalan Besar has been put up for sale by tender with an asking price of S$15 million, marketing agent Edmund Tie & Company (ET&Co) said on Monday. Located on the 15th storey of the 17-storey building, the property spans the entire floor and has a total area of about 778 square metres (sq m) or 8,374 square feet (sq ft). It offers a 360-degree panoramic...

Singapore CBD Grade A office rents to climb 8% in 2019: Colliers

Rentals for Grade A office buildings in Singapore's Central Business District (CBD) are expected to rise by 8 per cent this year, and 5 per cent in 2020, amid tight supply and high pre-commitments, according to a report by Colliers International. The real estate services and investment management firm also expects new supply in 2019-2021 to average 614,000 sq ft (57,000 sq m) per annum, or 2 per cent of...

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