Construction group Lian Beng has inked a deal to buy Broadway Plaza in Ang Mo Kio for S$51.5 million. Broadway Plaza is a leasehold 5-storey commercial property in Ang Mo Kio Central facing Ang Mo Kio Avenue 6. It sits on a land area of 18,450 sq ft and has a gross floor area of approximately 55,351 sq ft. The property has about 61 years left on its lease. It bought this as a "strategic investment"...
Retail Space
Less than two years after it was launched to provide more recreational options at the popular East Coast Park, some of Parkland Green’s tenants are seeing business take a hit after the authorities imposed parking charges at the cluster last year, with the situation compounded by factors such as the haze and a lack of publicity. Parking at the area’s nearest carpark was free when the development...
Prices of retail space declined 0.8 per cent and rentals by 4.1 per cent for the whole of 2015, according to data released by the Urban Redevelopment Authority (URA) on Friday (Jan 22). The islandwide vacancy rate of retail space rose to 7.2 per cent at the end of the fourth quarter, compared to 7 per cent at the end of the third quarter. This was a result of a 22,000sqm increase in the stock of retail...
Keppel Land has acquired a 22.4 per cent stake in 112 Katong mall from BHG, Imagine Properties and Perennial Singapore Investment for S$51.4 million, Keppel Corp announced in a press release on Sunday (Jan 17). The remaining 77.6 per cent stake is held by Alpha Asia Macro Trends Fund, which is managed by Alpha Investment Partners, a property fund management vehicle of Keppel Land. Keppel Corp said...
AVERAGE island-wide first-storey retail rentals have fallen by 1.2 per cent in Q4 2015, compared to the last quarter, to about S$30.50 per square foot (psf), DTZ data showed on Wednesday. This is the third consecutive decline since Q2 2015. For the whole of 2015, average first-storey rents fell at a faster pace of 5.9 per cent, compared to the slower decline of 0.3 per cent in 2014. "Much of the...
Hit by a spate of problems in recent years — with major tenants leaving, rats scampering around its premises and slow footfall — Marina Square has now found itself embroiled in a new battle, as a legal tussle brews between the mall and a former tenant. Court papers obtained by TODAY showed that the mall’s operator, Marina Centre Holdings, has launched legal proceedings against Caerus Holding,...
Waterway Point in Punggol will open on Jan 18, the mall confirmed on Facebook. Frasers Centrepoint Malls had announced in August that 90 per cent of the retail space in the mall has been tenanted. Waterway Point will have four levels of indoor shopping, leisure and alfresco dining spaces, with a view of Punggol Waterway. Among its key tenants are a 24-hour FairPrice Finest supermarket that will take...
The Verge, a struggling mall in Little India, is being sold for S$317 million to a company controlled by Keith Tang, grandson of CK Tang founder Tang Choon Keng and who owns a chain of hotels and serviced apartments in Australia and New Zealand. Mr Tang is expected to assemble a consortium for the purchase and redevelopment of The Verge, which is on a site with about 80 years' balance lease. He plans to...
IN the heyday of the retail-property market, many landlords were eager to slice retail spaces into smaller units to lease out at higher rents per square foot. Now in the face of softening rents and dwindling tenant sales, some landlords are changing tack to lure back the bigger tenants they were once inclined to shoo away. While this curating of tenant mix may lend support to mall occupancies and...
THE rental gap between prime spaces in suburban malls and Orchard malls has been narrowing - and this trend is slated to continue into 2016. Property consultants noted that the relative resilience of suburban malls stems from their larger local catchment and lower susceptibility to tourist spending, which has been dealt a blow from lacklustre tourist arrivals and competition from other global cities for...