Singapore’s office market is expensive compared with Australia and Japan because of a space glut and slowing rental growth, according to Union Investment, Germany’s largest fund manager. Office rents peaked in the first quarter as the city- state’s economic growth shows signs of tapering, according to Cushman & Wakefield. Grade A office rents in the central business district could slide 14 per...
Singapore Office
The owner of Asia Square Tower 1 may sell the building for more than S$4 billion after receiving expressions of interest from potential buyers. This is according to Bloomberg, which quoted BlackRock real estate managing director Greg Lapham in a report dated Jun 17. BlackRock, which also owns Asia Square Tower 2, hopes to close the deal by the end of the year, Lapham said. Asia Square Tower 1, which is...
OUE Commercial REIT on Wednesday (Jun 10) announced its plans to buy into One Raffles Place, in its maiden acquisition since its initial public offering in January last year. Under the deal, OUE Commercial REIT plans to buy a stake of between 75 per cent and 83.33 per cent in OUB Centre Limited, which owns One Raffles Place. OUB is the registered owner of the property and it owns 81.54 per cent of the...
With their colourful facade and distinctive five-foot way, shophouses are reminiscent of Singapore's past. But even in today's modern business environment, there is still a demand for them. At Amoy Street, such shophouses have been taken up by creative outfits, restaurants and even small businesses who are looking for cheaper office space. With office rents already going up by 9.8 per cent in the last...
Property group Frasers Centrepoint (FCL) on Tuesday (Feb 17) unveiled plans for Frasers Tower, its latest project in downtown Singapore. Frasers Tower is a 38-storey premium Grade A office development located at Cecil Street in the Central Business District. It will have a total net lettable area of around 690,000 square feet (sq ft) with an open-space terrace on the fourth floor, and a roof...
A consortium led by Perennial Real Estate Holdings (PREH) has acquired AXA Tower in downtown Singapore for S$1.17 billion. The 50-storey office tower with some retail space has a total net rental area of about 674,000sq-ft. This translates the acquisition price to about S$1,735sq-ft. Located within the Central Business District near Tanjong Pagar MRT station, AXA Tower has a total Gross Floor Area...
Prime office rent in the Republic is expected to rise by 5 to 7 per cent in 2015, helped by the lack of new office space in the next two years, real estate services firm Knight Frank said on Wednesday (Dec 31). Knight Frank said that while more firms in the technology, media and internet sectors are looking to relocate to prime office spaces, the amount of new office space coming onto the market next...
South Beach Tower at Beach Road has yet to open its doors to corporate tenants, but analysts have said it has already had an impact on office rents in the vicinity. Over the next 10 years, the Bugis-Beach Road office submarket could become a preferred choice of location for cost-conscious businesses. The S$3 billion South Beach project has some 500,000 square feet of office space, and tenants are...
Office rentals have been pushing higher in 2014, with tight supply pushing rentals up by more than 10 per cent. Consultancy Jones Lang LaSalle (JLL) projects that rentals at office buildings in the Central Business District (CBD) - including Marina Bay, Shenton Way and Raffles Place - could grow by some 16 per cent, driven primarily by the tight supply of new office space in Singapore. Looking into...
The downtown skyline in Singapore will see another addition once the S$3 billion South Beach project - a mega mixed development at Beach Road - is up and running over the next year. The project's developers City Developments and IOI Group have secured leases for 80 per cent of the office space, and its first corporate tenant will move in early next year. Office space comprises about 30 per cent of...