Prices of office space were flat in the second quarter after a 0.5 per cent increase in the first quarter, while prices of retail space fell 0.3 per cent after remaining unchanged in the previous quarter, the Urban Redevelopment Authority (URA) said on Friday (July 25). Rental prices of office space in the second quarter rose 2.8 per cent from the previous three months, following the 2.4 per cent...
Retail Space
More than 90 per cent of the outlets at the new food and beverage cluster at Punggol Point have been taken up; three months after the site received its Temporary Occupation Permit in April 2014. Tenants at Punggol Settlement hope it will become the next go-to seafood dining location after East Coast. With a growing population in the area and more recreational facilities coming up, some tenants say...
A row of retail shops in Toa Payoh Central was put for sale by tender, according to real estate company Savills. In a statement on Monday (July 7), Savills said the property has a strata area of about 5,780 square feet and is located next to the HDB Hub. It also has a remaining lease of about 57 years from the Housing and Development Board (HDB). The company is the exclusive marketing agent for the...
The Republic has taken significant steps to remain competitive and companies that want to expand here will have sufficient space to grow, Deputy Prime Minister Teo Chee Hean said on Friday (June 20). Speaking at a luncheon that followed the annual general meeting of the Singapore International Chamber of Commerce, Mr Teo said the Government hopes to see more companies use Singapore as a base to seize...
Property analysts say existing shops at Holland Village will have to innovate and keep pace with changing demands when a new mixed-use development in the area opens in the future. Authorities announced on Tuesday that a commercial and residential plot at Holland Road is being released as part of the Holland Village Extension plan, as unveiled in the 2014 Master Plan. Mr Sam Thambi and his family have...
One Raffles Place shopping mall, formerly known as OUB Centre, will reopen on Thursday (May 29) after a major refurbishment exercise, its developer said in a statement on Wednesday. Located above Raffles Place MRT station, the mall has a net lettable area of approximately 98,500 square feet spread over six levels, and a committed occupancy of more than 90 per cent. The mall’s tenants will...
Real Estate Investment Trusts (REITs) have no impact on retail rents, which are being driven up by the malls' location and enhancements instead of their ownership. This is according to a study conducted by the Ministry of Trade and Industry (MTI), following a growing perception that rental prices at retail malls acquired by REITs are rising at a faster rate. After removing factors such as location...
The Singapore Sports Hub's retail mall has been named the Kallang Wave. According to its mall manager SMRT Alpha at a media preview on Wednesday, the mall will open from June. Spread over 41,000 square metres, Kallang Wave will boast the tallest indoor climbing wall in Singapore and the first sports-themed hypermarket. The mall is part of the S$1.33-billion Singapore Sports Hub, and SMRT Alpha...
Three malls along Orchard Road - Singapore's premier shopping belt - are planning to work together to drive greater synergy between their tenant mix. New kid on the block orchardgateway, along with 313@somerset and Orchard Central, have formed a steering committee to look at ways to boost shopper traffic - a first among competing malls in Singapore, said analysts. orchardgateway straddles both sides...
Prime Orchard Road rents are expected to dip slightly this year as some restaurants look for cheaper space on the fringes of the city-centre, Savills said in a report on Friday. Rising manpower costs in a tight Singapore labour market are also discouraging retailers from expanding, contributing to the downward pressure on rents, the UK property services firm said. Savills said it expects rents at...