Raffles Place is not likely to lose its lustre as a business district, said Ms Lynette Leong, chief executive officer of CapitaCommercial Trust (CCT), which has three office properties in the area. Despite some financial institutions moving to Marina Bay, she is seeing interest from existing tenants and potential tenants for more office space in the Trust's Raffles Place properties, which include One...
Singapore Office
CapitaCommercial Trust (CCT) believes that Raffles Place has not lost its attraction as a business district. This is according to its chief executive officer Lynette Leong, who spoke on the sidelines of the trust's Annual General Meeting on Wednesday. CCT has three office properties in the Raffles Place area. The new Marina Bay Financial Centre has been attracting many financial institutions to relocate...
A NEW tenant is set to move into the top floors of OUB Centre at One Raffles Place for 10 years, where it will operate the tower's viewing gallery and roof-top restaurant. OUB Centre said yesterday that restaurant, cafe and bar operator Synergyinthesky will take up 16,000 sq ft of commercial space on the top three levels of the tower, where it recently added 6,000 sq ft of space for a viewing...
SINGAPORE is helping to shape a new era in Asian finance, thanks to its well-regulated but business-friendly financial regime, said Finance Minister Tharman Shanmugaratnam yesterday. And, as a 'work, live and play' destination, the $4 billion Marina Bay Financial Centre (MBFC) is poised to support Singapore in its next era of growth, he said at the topping-out ceremony for MBFC's 50-storey Tower...
Leasing momentum in the office sector remains strong with an improving economy. Analysts said this has drastically cut the amount of so-called "shadow space" or vacant office space not on the market. In the first half of 2009, shadow space was 550,000 square feet. Now, it's just a tenth of it. Meanwhile, demand for new office space like the Marina Bay Financial Centre has eased concerns of a supply...
NEARLY all of the first phase of the giant Marina Bay Financial Centre (MBFC) has been leased ahead of its completion later this year. Every office suite - with the exception of a small percentage reserved for existing tenants' expansion - is now taken, several months prior to the phase's official completion in the third quarter. Phase 1 consists of commercial Towers One and Two, and has a total office...
Property developer Keppel Land said almost all the rental space available under the first phase at the Marina Bay Financial Centre (MBFC) has been taken up ahead of completion. The space was nearly fully utilised after investment bank, Barclays Capital, committed to leasing ten additional floors at MBFC Commercial Tower Two. This brings the total amount of space it leased to about 350,000 square feet,...
A small percentage of space is reserved for existing tenants' expansion MARINA Bay Financial Centre (MBFC) Tower 2 is close to being fully leased, after a new tenant came on board and an existing one took on more space. Prudential Asset Management (Singapore) will be leasing one and a half floors at the building, which works out to around 37,000 square feet of space. It will move in next year on a...
But it continues to improve on competitiveness SINGAPORE has risen two notches on the latest bi-annual list of the world's most expensive office locations. But Singapore's competitiveness - in terms of office occupancy costs - continued to improve, as the gap between rents here and in other major financial centres widened, the report by Colliers International found. Colliers' second-half 2009 global...
Singapore's cheaper office rents compared to those in other key financial centres are making the city-state the choice location for business start-ups. Consultants Colliers International found that in the second half of last year, the annual average gross rent of an office in Singapore was about US$53.71 or S$76 per square foot. Singapore's closest competitor, Hong Kong, was priced at US$161.14 or S$225...