Emeritus Senior Minister Goh Chok Tong said the close partnership between the government and private sector was critical to the successful development of Singapore's new downtown at Marina Bay. Mr Goh was speaking on Tuesday evening at the opening of Asia Square Tower 1. "Looking ahead, we must continue to upgrade Singapore's business infrastructure in order to meet the changing needs of global business...
Singapore Office
A transitional office site on Mountbatten Road, which was put up for sale by the Urban Redevelopment Authority (URA) last month, drew 11 bidders at the close of the tender yesterday. The top bid of $15.01 million or $119 per square foot per plot ratio (psf ppr) came from an individual, Chen Chew Yen. If the site is awarded, it will be the first time in more that 18 months that a transitional office site -...
Suntec Real Estate Investment Trust (Suntec REIT) has announced a S$410 million asset enhancement initiative (AEI) for its flagship asset, Suntec City. The AEI is scheduled to start in mid-2012, and will comprise a S$230 million capital expenditure in remaking Suntec City Mall and a further S$180 million on Suntec Singapore International Convention and Exhibition Centre (Suntec Singapore). Suntec REIT...
The macroeconomic headwinds blowing from the United States and Europe have raised concerns that Singapore's office rental market could head for the kind of tough times it experienced during the last global financial crisis. Back then, Grade A office rentals fell from a high of S$18.80 per sq ft (psf) per month in the second quarter of 2008 to S$8.00 psf in the first quarter of last year, translating to a...
The Republic has moved up two notches to rank seventh in a list of the world's most expensive office locations as of June, its highest ranking in two years. It is also the world's sixth most expensive warehouse location as of June, up from seventh position in December, according to two surveys by Colliers International released yesterday. Data shows that rental growth for Grade A offices in the Central...
K-REIT Asia has acquired Ocean Financial Centre (OFC) from Keppel Land for more than S$2 billion. The deal sees K-REIT's aggregate leverage level rise about two percentage points to 41.6 per cent. OFC is currently 80 per cent occupied with some existing leases at lower-than-existing market rental rates due to the global financial crisis. To sweeten the deal, Keppel Land has promised rental support of up...
Growth in the capital values of Grade A office buildings in Singapore fell 2.1 per cent to US$19,990 (S$25,700) per sq m in the third quarter of the year from the previous three months as investors became more cautious. According to a report by Jones Lang LaSalle (JLL), corporate hiring sentiment and leasing demand weakened here amid market volatility and news of some companies shelving relocation and...
The Urban Redevelopment Authority (URA) has launched the office site at Mountbatten Road for sale by public tender today. The land parcel was made available for sale through the Reserve List system on 31 October 2008. On 19 September 2011, URA announced that it had received an application from a developer to put up the land parcel for tender. The developer has committed to bid at a price of not less than...
The upcoming Marina Bay Financial Centre (MBFC) Tower 3 has been 60 per cent leased with talks ongoing that could see the rest of the space taken before next year's opening. The confirmed tenants of MBFC's Tower 3 are DBS Group Holdings, McGraw-Hill, and law firms Ashurst, Clifford Chance and WongPartnership. Raffles Quay Asset Management, which manages and markets the property, has a few prospective...
Rents for prime commercial properties are continuing to moderate. The deteriorating economic outlook has also seen Grade A office rental growth slow to its weakest pace in a year. Singapore's office property market cooled further in the third quarter. Colliers International said Grade A office rents in the CBD grew by a marginal two per cent in the quarter to S$9.08 per square foot per month. Rents in...