Rental rates for shops in the prime Orchard/Scotts Road belt dropped in the first quarter from a year earlier, and will continue to slide in 2012, according to industry researcher, DTZ. It said an expected moderation in tourist arrivals, tighter labour supply and more properties coming on-stream will all act to soften the retail rental market. It forecasts rents will fall by two per cent to four per cent...
Retail Space
The remaking of Paya Lebar Central is taking shape with the ground breaking of a new 13-storey commercial project, on Tuesday. Paya Lebar Central has been earmarked by the government for development as a commercial hub, under its 2008 Master Plan. At the ground breaking ceremony of Paya Lebar Square, its developer said 75 per cent of the office space has been committed. The S$1 billion development will...
Compass Point Shopping Centre is up for sale by public tender. Sengkang Mall Ltd, the owner of the mall, revealed that the proceeds from the sale will go towards a full redemption of its outstanding bonds totalling $335 million due in November 2012. The $201 million secured fixed rate senior bonds and $134 million secured fixed rate junior bonds are secured against Compass Point Shopping Centre. There...
EON Shenton rises at the coveted site of 70 Shenton Way, illuminating the Tanjong Pagar waterfront with its majestic grandeur. Here in the Central Business District, each and every angle gives rise to international recognition and promises impressive city and sea views that extend towards the waterfront bungalows of Sentosa. Interweaving both residential and commercial spaces seamlessly, it is the epitome...
Redevelopment works for entertainment complex Iluma is set to be completed by the middle of the year. Located in Bugis, Iluma opened more than two years ago, but it has not been able to attract the large crowd it had hoped for. Last April, CapitaMall bought over Iluma and has put in $38 million into the mall's redevelopment. When completed, there will be more retail shops and restaurants on the first...
Real estate consultancy firm CBRE expects prime Orchard Road rents to remain stable in the fourth quarter of 2011. It added that a limited supply of retail premises along the shopping belt should continue to keep rents firm next year. Currently, rents for prime retail space in Orchard Road remained unchanged at S$31.60 psf/mth, up by 4.6 per cent compared to the fourth quarter of 2010. Letty Lee,...
If shopping malls seem to be a little more crowded these days, this is probably because retail space is not keeping up with the growth in population here. According to a Savills Research report, retail space per capita is estimated to have dropped to 7 sq ft from 8 sq ft over the past decade - and this is not taking into consideration the spike in visitor arrivals and a surge in supply. While retail...
Prime rents in Orchard Road have rebounded for the first time in nearly three years. That is according to a study by real estate consultancy CB Richard Ellis. Rents rose 5 per cent from the second quarter of 2011, to average S$31.60 per square foot per month. Rents were S$30.11 per square foot per month in the last quarter. The upturn follows a series of dips since 2008, when rents peaked at more than...
Far East Organization's project, Greenwich V in Seletar has achieved full occupancy ahead of its Temporary Occupation Permit (TOP) in November. The new lifestyle hub has attracted strong interest from a mix of tenants for its retail spaces ranging from 185 sq ft to 10,000 sq ft. Located at the corner of Yio Chu Kang Road and Seletar Road, the 45,000 sq ft two-storey retail podium will complement the...
CityLink Mall, the subterranean mall linking One Raffles Link with City Hall and Esplanade MRT stations, will soon undergo a S$10 million makeover some 10 years after it opened. The focal point of the refurbishment will be the mall entrances at City Hall and Esplanade MRT stations, as well as One Raffles Link. The refurbished mall will see new ceilings and patterned marble flooring. Way finders and mall...