Katong Shopping Centre has been put up for collective sale for the third time. The reserve price is set at S$630 million. This translates to a land price of S$2,248 per square foot per plot ratio. The mall, which contains 425 units, sits on a freehold plot of nearly 87,000 square feet. Situated along Mountbatten Road, it houses among others, offices, employment agencies, printing and tailoring...
Retail Space
As retail players in the Republic recalibrate their strategies to stay afloat amid turbulent times, more clarity from the Government over property cooling measures is needed, said Mr Terry O’Connor, CEO of mainboard-listed electrical, IT and furniture retailer Courts Asia. “We need some certainty in terms of what the policies are going to be and hope to see some long-term direction in the...
AVERAGE prime retail rents on Orchard Road fell for the sixth consecutive quarter in the second quarter of this year, CBRE Research said on Thursday. Prime Orchard Road rents stood at S$32.50 per square foot per month (psf/month), on average, in the second quarter, down 1.1 per cent from the first quarter of 2016. The prime suburban retail rents fell less sharply, with the average prime rent in that...
STARHILL Global Reit on Wednesday announced the new base rents for its Toshin master lease, which is 5.5 per cent higher than the existing rate, and is effective for three years starting June 8, 2016. The rate is based on the average of three market rental valuations done by independent licensed valuers. The Toshin master lease accounted for about a fifth of the Reit's portfolio gross rent in March...
Funan DigitaLife Mall closes for renovations this month, and while some retailers at the IT and electronics hub have indicated they are moving operations online, at least two players said they are sticking with brick-and-mortar stores. One of them is AddOn Systems, which has been at Funan for as long as the mall has existed. This connection will come to an end when AddOn moves to Bugis Junction after...
A more differentiated and customised shopping experience, as well as greater prominence for Singaporean craft and design could be in the works to strengthen Orchard Road’s appeal. A proposal for a “special precinct” called Upper Orchard, comprising the area stretching from Tanglin Road to Scotts Road, has also been put forward by City Developments (CDL). The district will have a “unique...
Once a famed shopping haven for Singaporeans and tourists alike, Orchard Road is at risk of going out of fashion, never mind the opulence and grandeur of new and refurbished malls lining the 2.2km boulevard. Even on weekends, the crowds have visibly thinned and vacancy rates have risen — at some of the older malls, more than half the shops on entire floors are empty. Faced with the combined...
A GROUP of companies controlled by seasoned property investor Stanley Quek is selling seven shophouses for S$81.4 million to boutique real estate investment company 8M Real Estate. Five of the shophouses are adjoining properties at Nos 15, 17, 19, 21 and 23 Tanjong Pagar Road; they are changing hands for S$57.4 million. This works out to S$2,166 per square foot on the estimated gross floor area of...
Bonvests Holdings on Friday announced that its subsidiary, Essential Investments, has entered into an agreement to sell two retail shop units for a total consideration of approximately S$13.7 million. The two units located at 220 Orchard Road, Midpoint Orchard, #B1-10 and #B1-11 will be sold to Chu Chee Keong. Bonvests Holdings also announced earlier on Friday that its subsidiary, Bon-Food, has...
Bonvests Holdings on Friday announced that its subsidiary Bon-Food has entered an agreement to sell one of its leasehold shop units for a total consideration of S$14.55 million. The unit, which is located at Block 829 Tampines Street 81 #01-296, will be sold to Advance Facilities Pte Ltd. Proceeds from the sale will be used to fund Bonvests' current projects. The net asset value, aggregate value...