Singapore's commercial property sector will likely see a 15-20 per cent increase in rental values next year, after a 22 per cent growth this year, according to CBRE. This will be driven by strong occupier demand for office space in Singapore despite plenty of supply coming on stream. CBRE points to the Marina Bay Financial Centre (MBFC) as one example of strong demand. The first phase of MBFC was fully...
Singapore Office
Owners of Tanglin Shopping Centre in Tanglin Road have put the building up for collective sale, which could be the biggest of its kind in the area. The property now comprises 363 shop, office and medical units, but can be redeveloped to have homes, shops, offices, or hotel rooms. Reports have put the reserve price for Tanglin Shopping Centre at $1.25 billion. This works out to a record price of about...
Keppel Land expects to book a larger profit of about S$394 million from its Marina Bay divestment, following a positive advance ruling from the tax authorities. In a filing on the Singapore Exchange, the developer said that the Inland Revenue Authority of Singapore has confirmed it would treat the divestment as capital gain, which is not taxable. This means that Keppel's profit from the divestment will...
US$3.14 billion worth of direct commercial property investment deals in Singapore for the third quarter of 2010 was the third highest in the Asia-Pacific region behind Japan and Australia. In terms of quarter-on-quarter growth, the 358 per cent increase recorded for Singapore in Q3 placed it as the top market mover in the region for the quarter, according to Jones Lang LaSalle. Major deals in the...
Southeast Asia's largest property developer CapitaLand said on Friday it had sold units at a property in downtown Singapore for a total of S$218 million. Its indirect subsidiary Adelphi Property Pte. Ltd has sold 86 office units and 77 retail units to Guthrie Pte. Ltd. and its joint venture partner Sun Venture Property Pte. Ltd. The property is a 999-year leasehold, 10-storey mixed-use building...
Overseas Union Enterprise (OUE) on Friday said its upcoming commercial project at 50 Collyer Quay has to date achieved close to 60 per cent occupancy. Some of its key tenants include Merrill Lynch International Bank, Allen & Overy LLP and Citrix Systems Singapore. The developer also said that it has decided to name the premium Grade A office tower located in the Marina Bay area as "OUE Bayfront". Its...
The asset manager of Marina Bay Financial Centre said it has received "very strong interest" from prospective tenants for Phase Two of its Marina Bay Financial Centre project. This is when marketing efforts have not yet started for Phase Two. Phase Two includes the Marina Bay Financial Centre Tower 3, which is slated for completion in 2012. Raffles Quay Asset Management said that about 56 per cent of...
Demand is burgeoning for Grade A new office space in Singapore. Citibank Singapore has agreed to lease more than 250,000 square feet of office space at Asia Square, which will house the US bank's new corporate office as well as its largest trading floor in Asia Pacific. This is the largest leasing transaction in Singapore's central business district in two years, according to real-estate investment firm...
Among business centres in Asia Pacific, Singapore and Beijing saw landlords enjoying the strongest growth in rentals in the third quarter of 2010. According to a Jones Lang LaSalle survey, both cities' Grade A rentals recorded a quarterly net effective rental growth of 10.9 per cent. Overall, the Asia Pacific Office Rental Index showed an increase of 1.8 per cent in the third quarter. In terms of...
One Finlayson Green's strata offices and retail units in the Central Business District are on the market but investors have to buy entire floors. The prime location - near Raffles Place MRT station - and tight market should stimulate demand. The 19-storey building, which has retail outlets on the first and second levels, has a total saleable floor area of about 96,132 sq ft. Each floor measures up to...