182 Clemenceau Avenue near Dhoby Ghaut MRT Station is up for sale. The price could be about $75-80 million or $1,613-1,720 per square foot based on its net lettable area of about 46,490 sq ft. Next to Singapore Shopping Centre, the six-storey building is fully occupied. The bulk of the space is leased to GE Money until 2013. Based on existing leases and the $75-80 million pricing for the property, the...
Singapore Office
NTUC Income has paid $101 million for a 49 per cent equity stake in Savu Investments, the company holding 16 Collyer Quay previously known as Hitachi Tower. This transaction values the 999-leasehold office building at about $626 million or $2,250 per sq foot. The prime office property, located near the waterfront in the Collyer Quay area, has a net lettable area of 278,356 sq feet. NTUC Income said...
High interests in the office investment sales market continues, with two freehold office blocks, 112 Robinson Road and the nearby The Corporate Building, swap hands at $168 million and $57 million respectively. A Credit Suisse managed fund's sale price for 112 Robinson Road (formerly known as HB Robinson) works out to $1,822 per square foot based on its net lettable area (NLA) of 92,205 sq ft. The sale...
The Marina Bay Financial Centre has received pre-commitment for over 66 per cent of the space in Tower 3, a year ahead of its completion, its manager Raffles Quay Asset Management said yesterday. The new lease agreements were inked with McGraw-Hill, as well as law firms Ashurst LLP and WongPartnership. DBS had previously signed for 700,000 sq ft as the anchor tenant of Tower 3. Tower 1 is fully leased to...
Marina Bay Financial Centre (MBFC) has received pre-commitment for over 66 per cent of space in Tower 3, a year ahead of its completion. Raffles Quay Asset Management, the asset manager of MBFC, said on Thursday the commitments have risen 11 per cent from 6 months ago. The new lease agreements were inked with McGraw-Hill, as well as law firms Ashurst LLP and WongPartnership. DBS had previously signed up...
Office rents rose at a faster pace in the fourth quarter, but may slowdown next year until recovery in the US and Europe gather momentum, real estate consultant DTZ Research said. It said average prime gross rents in Raffles Place rose 7.1 per cent on quarter to S$9 per square foot per month, from a 6.3-per cent rise in the previous quarter. For the whole of 2010, average prime gross rents in Raffles...
Rentals in the Singapore office market have continued its upswing, growing strongly in the final quarter of the year, according to property consultancy Jones Lang LaSalle (JLL). Based on its preliminary estimates, average Central Business District (CBD) Prime Grade A gross effective rent in the fourth quarter increased 7.5 per cent on-quarter to S$9.35 per square foot per month. This translates to a 19.9...
Demand for Grade A office space in Singapore will grow next year, pushing rents up by between 15 and 20 percent. Some analysts believe the office segment might do better than the residential property sector next year. Rising employment and the growing financial and services sectors are some of the factors prompting companies to continue expanding their operations next year. Donald Han, Vice Chairman,...
The single-biggest attraction of PoMo, the Selegie Road mall formerly known as Paradiz Centre that has been put up for sale, is its busy, city-fringe location. But converting footfall into shopping revenue may need a new tenant mix, analysts say. "At this moment, the tenant mix of the mall is not attractive," said Mr Samuel Tan, course manager for retail management at Temasek Polytechnic. "It does not...
Market experts said Selegie road mall PoMo which was put for sale on Wednesday will see much interest from investors. Experts said this is due to its busy, city-fringe location but added that a new tenant mix is needed to attract more shoppers. PoMo underwent a S$20-million refurbishment to increase its retail space three years ago. Formerly known as Paradiz Centre, the retail and office development has...