Real estate giant City Developments (CityDev) will inject three of its office properties into an investment platform, in a move that will free up hundreds of millions of dollars in funds for new investments. In a statement on Tuesday (Dec 15), CityDev said the three properties are Central Mall (Office Tower), 7 & 9 Tampines Grande and Manulife Centre. The properties - valued at around S$1.1 billion -...
Singapore Office
A YEAR ago, property consultants were predicting that Singapore office rentals would continue rising in 2015, albeit at a slower clip than last year. However soon after 2015 started, the mood dampened quickly on the back of weak demand - especially from financial institutions, the key constituent of CBD office demand - and ahead of a surge in office completions next year. Savills Singapore now...
The landmark CPF Building at 79 Robinson Road has been sold for a higher-than-expected S$550 million, the CPF Board announced on Thursday (Nov 26). The public tender for the sale of the building attracted three bids, the highest of which was by Southernwood Property, a company wholly owned by Ascendas Land. Analysts had expected the building to fetch about S$450 million. The CPF Board said the bid...
Instead of being tied down to a rental agreement, a growing number of firms and individuals are looking to pay for office facilities as and when they need the space. An office format called co-working, is trying to fill the gap. It has been gaining popularity in the past two years, with more than 20 such providers popping up around Singapore. WorkCentral is the newest kid on the block, joining the...
The corporate operations of the Central Provident Fund (CPF) Board at the CPF Building at 79 Robinson Road will relocate to Novena Square Towers A and B from Nov 23. In a news release on Monday (Nov 16), CPF said the relocation will free up prime office space in the Central Business District for higher-value uses. The CPF Building at 79 Robinson Road has been put up for sale through a tender and bids...
CapitaLand, South-east Asia’s biggest developer, says it has withdrawn from negotiations to buy Asia Square Tower 1. The company will continue to explore opportunities that allow it to generate required returns, it said in a statement today (Nov 4). CapitaLand didn’t give a reason for its decision. A consortium of Norway’s sovereign wealth fund and CapitaLand was chosen as the preferred bidder...
Insurance giant Lloyd's on Wednesday (Nov 4) opened its new, bigger office in CapitaGreen, as it looks to expand its presence and tap regional growth. Lloyd’s has been operating in Singapore since 1999. It has grown to 20 service companies with 24 syndicates and more than 380 employees, making it Lloyd's largest hub outside London. Lloyd's chief executive officer Inga Beale, who was in Singapore to...
The prices of office space and retail space in the Republic both dipped slightly in the third quarter of 2015, the Urban Redevelopment Authority (URA) announced in a release on Friday (Oct 23). The prices of office space fell by 0.1 per cent in the third quarter, reversing the increase of 0.3 per cent in the previous quarter. Rentals of office space also fell by 2.9 per cent, following on from a fall of...
Southeast Asia's biggest property developer, CapitaLand, on Wednesday (14 Oct) confirmed news reports that it was involved in talks to buy the Asia Square Tower 1 office building. Its statement to the stock exchange came a day after Bloomberg News said a consortium of Norway's sovereign wealth fund and CapitaLand has been chosen as the preferred bidder for the 43-storey office building in Singapore's...
Average monthly gross rents in the CBD (central business district) declined by 4.1 per cent quarter on quarter (q-o-q) to S$10.40 per square foot in Q3, the first decline from an uptrend since 2013, said DTZ Southeast Asia. This comes on the back of headwinds in the external economic environment. Average monthly gross rents in Marina Bay dropped 5.5 per cent q-o-q to S$13 per sq ft, while rents in...