Singapore Office

Leasing activity for Grade A offices in Singapore came to a halt during the "circuit-breaker" period and remained sluggish during the third quarter this year, according to a press statement by Cushman & Wakefield (C&W) on Tuesday. In the face of business uncertainty, tenants with immediate lease expiries are seeking short-term renewals. And with office space underutilised as work from home remains the...

Amazon is planning to take over some of Citigroup's office space in Singapore at a time when a number of the e-commerce giant's Chinese tech rivals are expanding here. The online retail giant will lease three floors covering about 90,000 square feet at Asia Square Tower 1 in the heart of the financial district, according to people with knowledge of the plans. Staff will move into the new offices...

Commercial building Maxwell House has been launched for collective sale via a public tender, the appointed property consultant Cushman & Wakefield announced on Monday. Owners holding not less than 80 per cent by strata area and share value have agreed to put the property on the market at a reserve price of S$295 million. Located at 20 Maxwell Road, the 13-storey property is built on a trapezoidal...

Forced to work from home over the past few months, companies and organisations are set to embrace remote work as a permanent management strategy for some functions within organisations. COVID-19 has demonstrated that for many companies, working from home can be almost as productive as being in the office, especially carrying out operational functions. It is now viewed as being a prudent way of...

Property developer Sun Ventures has appointed CBRE as the exclusive marketing agent for the sale of two consecutive strata office floors - levels nine and 10 - at Samsung Hub by way of an expression of interest (EOI) exercise. The indicative price is S$104.88 million, which translates to about S$4,000 per square foot based on a total strata area of about 26,220 square feet (sq ft) or 13,110 sq ft for...

Net absorption of office space in Singapore shrank by a record 55,000 square metres of net lettable area in the second quarter of this year. Meanwhile, the island-wide office vacancy rate climbed to 12.1 per cent from 11 per cent at the end of Q1 2020, according to data from the Urban Redevelopment Authority. There is no denying that office demand has weakened amid the recession triggered by...

PIL Building in Cecil Street - ultimately fully owned by the same entity that controls struggling Pacific International Lines (PIL) - has been quietly put on the market through an expression of interest (EOI) exercise that closed last Friday. The exercise has drawn strong response; according to the grapevine, interest from eight parties was received. The guide price for PIL Building has been set at...

A prime development site at 15 Hoe Chiang Road will be put up for sale with a guide price of S$715 million via expression of interest on Wednesday, exclusive marketing agent JLL said on Tuesday. The freehold 39,337 square foot (sq ft) site has been approved for hospitality use with a gross floor area (GFA) of about 248,483 sq ft, or an equivalent gross plot ratio (GPR) of above 6.31 based on written...

A freehold four-storey commercial and residential building at 320 Balestier Road has been launched for sale via expression of interest with a guide price of S$22 million, Showsuite Consultancy announced on Monday. The guide price translates to an estimated blended rate of S$1,200 per square feet (psf) based on the existing gross floor area (GFA), said Karamjit Singh, chief executive officer of...

Two strata office floors of the GB Building in the CBD will be put up for sale via expression of interest (EOI) on Tuesday, according to a press release from CBRE. Level 16 of the GB Building is expected to sell for an indicative price of S$11.9 million, or approximately S$2,200 per square foot (psf) on the strata area, while Level 23 is expected to sell for an indicative price of S$12.7 million, or...