The landmark CPF Building at 79 Robinson Road has been put up for sale by public tender, after the Central Provident Fund (CPF) Board signed a long-term lease to rent space at Novena Square Towers A and B for the Board’s operations. Its marketing agent CBRE said the relocation of CPF offices in the building will "free up prime office space in the Central Business District for higher-value...
Singapore Office
The supply of new office space in the central business district (CBD) is likely to outstrip demand, giving tenants more options and forcing landlords to reduce rents amid global headwinds, according to analysts. Property services firm Century 21 has said that Singapore, being such an open economy, will be hard hit by global economic conditions such as the slowdown in China and the turmoil in stock and...
CapitaLand's new office development in the Central Business District, CapitaGreen, officially opened on Wednesday (Sep 9), after the 40-storey premium Grade A office building was completed in December last year. With a focus on sustainable development, CapitaGreen has features such as a green facade covered by living plants, and a rooftop wind scoop, which contributes to cooling the building naturally....
The Prospex, a nine-storey commercial building in Bugis, has been put up for sale by private real estate investment firm Pamfleet Group with an asking price of S$80 million or S$1,913 per square foot (psf) of gross floor area. The move to sell the entire building through an expression of interest (EOI) rather than to stick to the original plan of selling strata units came amid recent sluggish office...
Local property group Perennial Real Estate Holdings said on Tuesday (Aug 4) it has received planning permits for proposed enhancement works at TripleOne Somerset and AXA Tower. The plans for TripleOne Somerset, a predominantly-office cum retail development off Orchard Road, include increasing the retail area and converting up to 32,000 square feet of gross floor area into medical suites. Perennial also...
Prices of office space rose 0.3 per cent in the second quarter compared to the previous quarter, while prices of retail space fell 0.5 per cent, the Urban Redevelopment Authority (URA) said on Friday (Jul 24). Rentals of office space fell 2.6 per cent in the second quarter, compared with the 0.6 per cent increase in the first quarter. Rentals of retail space decreased by 0.5 per cent, compared with the...
A company linked to low-profile investor Denis Jen, who owns shopping malls in Australia, is buying 158 Cecil Street for S$240 million from a fund managed by Alpha Investment Partners, the fund management arm of Keppel Land. The price works out to about S$2,100 per square foot based on the 14-storey building's net lettable area of around 115,000 sq ft. 158 Cecil Street is on a site with a balance lease...
Average office rents in the Central Business District (CBD) area in the second quarter of the year stayed flat quarter-on-quarter at S$10.85 per sq ft, property consultant DTZ said in a news release on Wednesday (Jul 1). According to DTZ, the slowdown in rental growth was also a result of slower demand in the face of uncertain global situations such as the risk of a sharp correction in China’s real...
The Urban Redevelopment Authority (URA) on Tuesday (Jun 30) released detailed sales conditions for the second commercial site at Woodlands Square. The land parcel is available for sale under the Reserve List of the first half 2015 Government Land Sales (GLS) Programme. The second commercial site will be in the Woodlands Regional Centre and will sustain the development momentum of the precinct as a key...
Park Mall will be redeveloped into a commercial development comprising two office blocks with an ancillary retail component, the building's owner said on Monday (Jun 29). This follows the sale of the office and retail complex at Penang Road near the Orchard Road shopping belt for S$411.8 million, Suntec Real Estate Investment Trust (Suntec REIT) said in a statement. The new buyer is a joint venture...