Keeping Singapore attractive as a corporate headquarters location To maintain its appeal to multi-national corporations (MNCs), Singapore needs to stay ahead of its main competitors in terms of the built environment on offer. What factors encourage inward investment by office occupiers into Singapore? What elements are required for successful future office developments? The key to maintaining functional...
Singapore Office
Office space take-up rates continue to strengthen in Singapore and across Asia Pacific. According to Jones Lang LaSalle, this is due to improved economic climate and stronger business confidence. Jones Lang LaSalle said that in the second quarter of this year, take-up of office space across Asia Pacific's Tier I cities increased by 13 per cent on-quarter to 1.3 million square metres. It added that in...
Global financial services provider AXA will become the anchor tenant for the office building, 8 Shenton Way, located within the Central Business District. The group has worked out the agreement with MGPA, a private equity real estate investment advisory company, which owns the building. Under a six-year term, AXA will occupy five floors totaling about 70,000 square feet. The company has an option to...
Overseas Union Enterprise (OUE) has bought DBS Towers One and Two for nearly S$871 million. DBS Towers, with a 99-year lease, is located at Shenton Way in the heart of the central business district. DBS Tower One was built in 1975 and was then the tallest building in Singapore and the first to incorporate a covered walkway around the entire city block. Together with DBS Tower Two, the 37-storey...
Analysts have said Grade B and C offices need to offer more attractive features like new facilities, or risk falling occupancy levels. Already, there is a growing trend of tenants from the banking sector relocating to Grade A office space or planning to do so. Banks are leading a flight to Grade A office space as the sector rebounds strongly from the financial crisis and prepares for further...
Singapore has held on to its position as the third most expensive office location in the Asia-Pacific region for the second quarter of this year, according to Colliers International's latest Asia Pacific Office Market Overview. Singapore commanded annual gross rents of about US$58 ($77) per square foot (psf) in the second quarter, while Tokyo and Hong Kong took top and second spot with rents of around...
NET office demand surged in the second quarter of this year to its highest quarterly level since Q3 2007. Urban Redevelopment Authority figures released yesterday showed a net increase in demand of 398,264 square feet in Q2, up about 68 per cent from the previous quarter. The Singapore office market has not seen such strong quarterly take-up since Q3 2007, when net demand of 646,000 sq ft was...
CapitaCommercial Trust (CCT) is selling the StarHub Centre to Frasers Centrepoint for S$380 million in cash. StarHub Centre is a 10-storey non-Grade A office building with retail space next to FCL's Centrepoint mall. It currently has a committed occupancy of 68.2 per cent and some 280,000 square feet of lettable space. The current lease for the site expires in January 2095. CCT disclosed that it has...
A consortium called Perennial Chinatown Point has acquired the Chinatown Point retail mall and four office units for S$250 million from developer City Developments. Chinatown Point is a mixed-development comprising 283 strata-titled retail units and a 25-storey office block. It is located at the junction of New Bridge Road and Upper Cross Street and next to the Chinatown MRT station which currently...
Four strata titled units in the central business district have been put up for sale. The four units occupy the top floors of GB Building, which is located at 143 Cecil Street. The building comprises a 3-storey podium with a 23-storey office tower and is within two to three minutes' walk from Tanjong Pagar MRT. Sizes of the four units for sale range from 5,210 square feet to 5,500 square feet per floor,...