A rare strata portfolio comprising 59 freehold shop units in Ming Arcade is available for sale via an Expression of Interest (EOI) exercise, CBRE the sole marketing agent announced on Monday. The freehold Ming Arcade is a seven-storey strata-titled commercial building with three basement storeys. Completed in the 1980s, it has a total of 88 strata shop units. Offered for sale are 59 strata shop units...
The redeveloped Funan mall will open two months ahead of schedule in the second quarter of 2019, instead of the projected third quarter, thanks to smart technologies used in its construction. This was announced on Friday (Sep 28) during its topping out ceremony, which marked the integrated development's structural completion. Its developer CapitaLand adopted new construction methods, such as virtual...
Two conservation shophouses in Tras Street (at Tanjong Pagar area) have been put up for sale by the same owner in an expression of interest exercise, according to an announcement from the marketing agent JLL on Wednesday. The three-storey leasehold commercial properties, which are not adjacent, have a guide price of S$22.6 million, or about S$2,800 per square feet based on gross floor area. The...
At Marina Square mall, The Maternity House has not made any sale for four days in a row. The store selling maternity wear, which has been a tenant there for more than 15 years, is not the only one bemoaning the sluggish business at the once-bustling downtown mall, which was in the news more than three years ago for having a rodent problem. Other shopkeepers such as MaxCoil Bedding Gallery also told...
Year-end school holidays may be some months away, but parents seeking activities for the family during the school break can look forward to visiting a new indoor activity park from Finland. In November, indoor activity park brand SuperPark is opening a 40,000 sq ft activity site — around three-quarters of a football field — offering more than 20 activities in three themed zones for Singaporeans of...
Singapore's retail sector has been subdued since Q4 2011 when retail rents peaked; just as the famed integrated resorts were freshly completed, tourists from China came in droves and suburban malls flourished as they began to showcase similar offerings as those in the prime district of Orchard Road. However, towards end-2013, the narrative changed. Consumers began migrating online, as they sought better...
A increased supply of retail space will pose a bigger risk to Singapore's retail Reits than online shopping over the next 12 to 18 months. This is according to a sector report released by Moody's Investors Service on Tuesday. Nevertheless, analysts are maintaining their credit profiles on rated Reits (real estate investment trusts) such as CapitaLand Mall Trust (CMT) which is rated "A2 stable", and...
CUSHMAN & Wakefield, together with the Collective Sale Committee, has secured approval for the redevelopment of Singapore's first air-conditioned mall Katong Shopping Centre for commercial and serviced residence use. The reserve price remains the same at S$630 million which translates to a land price of $S2,248 per square foot of gross floor area, said Cushman & Wakefield, the exclusive marketing agent...
A New party has emerged in the race for Jurong Point mall. The Business Times has learnt that Mercatus Co-operative - an NTUC social enterprise that owns and manages suburban malls - is now the front runner for Jurong Point. Its bid is understood to be about S$2.2 billion, which would translate to S$3,343 per square foot based on the 658,000 square feet of commercial net lettable area owned by an...
Rents and prices of commercial space in Singapore fell at a faster clip last year compared to 2015, with office vacancies rising to a near five-year high since Q1 2012 after some large projects were completed. Latest data from the Urban Redevelopment Authority (URA) released on Thursday showed that rents of office and retail space have fallen more than 8 per cent in 2016, steeper than the 6.5 per cent drop...
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