The Urban Redevelopment Authority (URA) announced today that it has accepted an application from a developer to put up the office site at Mountbatten Road for public tender. The land parcel was made available for sale through the Reserve List system on 31 October 2008. URA has received an application from a developer for the site to be put up for public tender. The developer has committed to bid at a...
Singapore Office
Deputy Prime Minister Tharman Shanmugaratnam has described demand for new and upcoming office buildings as 'robust.' Mr Tharman, who is also Finance Minister, said this is indicative of the vibrancy of Singapore's financial sector. He said: "The market will go through cycles but we'll make sure that we have enough supply coming onto the market to meet long term demand without being able to predict what...
Alpha Core Real Estate Fund has put up for sale two office blocks in the CBD through separate expression of interest (EOI) exercises. A spokesman for Alpha said the EOI exercises are in response to 'strong market interest in our fund's Singapore office assets'. 'The assets are long-term investments but unsolicited offers have been received and it is our duty as managers to explore if selling now will...
The lower office rents in Singapore could be an attraction to some businesses in Hong Kong to relocate here. This is according to a report issued on Monday by property consultant Jones Lang LaSalle (JLL). Chua Yang Liang, Head of Research for Singapore and Southeast Asia at JLL believes that there could be some spill over effects from the Hong Kong office market which is experiencing rapidly escalating...
Developers here are building more office space in the city's suburbs as companies including Credit Suisse and Deutsche Bank shift some operations away from downtown to cut costs, according to Cushman and Wakefield. The city's supply of suburban office space is expected to rise to 920,000 sq ft in 2014, five times the 190,000 sq ft that is expected to be completed this year, the world's largest privately...
Singapore has maintained its position as the third most expensive office location in the Asia Pacific region for the eighth consecutive quarter since the office market bottomed in third quarter 2009. According to Colliers International Research's latest Asia Pacific Office Market Overview report, annual gross rents for Grade A offices in the Central Business District (CBD) increased 9 per cent to S$105.31...
Overseas Union Enterprise (OUE) has secured over 77 per cent of the building's office net lettable area for OUE Bayfront. The group has also refurbished the former Change Alley Aerial Plaza Tower and Change Alley Link Bridge, renaming them OUE Tower and OUE Link respectively. Net lettable area have been fully taken up. In a press release yesterday, OUE unveiled new tenants at OUE Bayfront include...
Grade A office properties in the Marina Bay and Raffles Place vicinity have been commanding respectable take-up rates. Overseas Union Enterprise's OUE Bayfront, which obtained its temporary occupancy permit (TOP) in January, has committed leases of 77 per cent of its 500,000 square feet of net lettable area. OUE said that its latest tenants include international law firm Hogan Lovells International and...
More small and medium enterprises (SME) are taking steps to own their business premises. Experts said the upturn in Singapore's economy encouraged companies to increase their capacity. And SMEs are also opting to buy office, warehouse and factory space to save on rental costs which analysts said could rise by 15 to 18 per cent this year. Packaging solutions provider Greenpac believes consolidating its...
There is a possibility of a glut of new office space in the near future, and this will put pressure on rental reversion. However, this has not stopped Japan's Mitsubishi Estate Asia (MEA) from acquiring a 10 per cent stake in the redevelopment of Market Street Car Park. Together with CapitaLand and CapitaCommercial Trust (CCT), the Japanese real estate company will transform the car park into a Grade A...