Property consultant DTZ said the average prime rental rates along Orchard Road and Scotts Road remained unchanged in the third quarter. For the third straight quarter, gross rents of prime first-storey space in the Orchard Road and Scotts Road area stayed at S$39.70 per square foot per month. Rents in other city areas fared worse as they continued to decline. Prime first-storey rents in other city areas...
Retail Space
Sixty-seven strata units in Upper Serangoon Shopping Centre, a freehold mixed development, have been put up for sale by tender. Jones Lang LaSalle, the exclusive marketing agent, said the development consists of a total of 173 units comprising of shops, offices and residential units. The 67 strata retail units with a total area of about 4,392 square metres are up for sale. These units make up a 59 per...
Some retailers in malls affected by road closures because of the Singapore Grand Prix have complained that shopper-traffic during the Formula One weekend dipped the worst in the event's three-year run. This was despite the Circle Line rail network offering shoppers a new access to Marina Bay. Mohammad Ariff, manager of Digi-Tech Exchange at Suntec City Mall, said: "For our shop, business has dropped 60...
Rental for prime Orchard Road locations remained stable at about S$31.10 per square foot in July and September after contracting for the last seven quarters. Property consultancy CB Richard Ellis (CBRE) said rent in suburban malls however continued to strengthen. It said this is because of a strong catchment demand. Prime Suburban rents rose to S$29 per square foot, per month between July and September...
CapitaLand has said its new development at Bedok Town will likely attract potential buyers such as HDB upgraders. Property analysts believe the area will also be rejuvenated as it now lacks new residential and commercial developments. The Bedok Bus Interchange will receive a facelift in the fourth quarter of next year. The bus interchange, together with a piece of land next to it, will be transformed and...
Retail rents for underground malls in the city could rise by between 20 and 40 per cent in the years ahead, as the Government roll out plans to improve the rail network, according to some analysts. With the Land Transport Authority set to spend $60 billion over the next decade on initiatives to ease passenger congestion, market watchers said the move could also direct more traffic to underground...
Some analysts have said retail rents for underground malls in the city could rise by between 20 and 40 per cent in the years ahead, as the Singapore government rolls out plans to improve the rail network. The Land Transport Authority will spend S$60 billion over the next decade on initiatives to ease passenger congestion. Market watchers added that the move could also direct more traffic to underground...
THE Clementi Mall, a six-storey shopping complex boasting about 190,000 sq ft of retail space is scheduled to be operational by January next year, with Fairprice Finest, Foodfare and the National Library Board (NLB) as its anchor tenants. The 99-year leasehold property is owned by a joint venture of Times Properties, NTUC FairPrice Co-Op and NTUC Income Insurance Co-op. Level one and basement one -...
Some shop tenants at the Jurong East, Clementi and Bukit Batok train stations are hoping for rental rebates from SMRT, which manages the stations. This follows the announcement that those stations will not have train services on a few days in September due to upgrading works. Some tenants estimate that they will suffer a loss of a few hundred dollars in earnings for each day the trains do not run from...
The number of commercial units, typically shophouses and strata units for office and shops, sold in 1H 2010 remained similar to that in 2H 2009. A total of 495 commercial units were transacted in 1H 2010, reflecting a 4 per cent decrease compared to that in 2H 2009. Although economic conditions have tremendously improved in 1H 2010, the number of commercial properties transacted was subdued, underpinned...