IT IS full steam ahead for Singapore's new growth areas such as Jurong and Paya Lebar as the Government ramps up plans to develop the Republic's alternative city centres. National Development Minister Mah Bow Tan yesterday said several government agencies, including the Ministry of National Development (MND) and some of its statutory boards, will relocate to Jurong Gateway by 2015. The development of new...
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The Urban Redevelopment Authority (URA) on Tuesday launched a transitional office site at Mohamed Sultan Road for sale by public tender. The 15-year-leasehold site has an area of about 0.62 hectares and a maximum permissible gross floor area of about 9,200 square metres. The minimum price for the site is S$9.33 million. Since October 2008, the land parcel was made available for sale through the Reserve...
An office site at Mohamed Sultan Road has been put up for sale by public tender. The Urban Redevelopment Authority said it has accepted an application from a developer to put up the site for sale. Since October 2008, the land parcel was made available for sale through the Reserve List System. Under the system, a site would be released for sale only if a bid with an acceptable minimum price is...
More businesses may consider expanding in Singapore, thanks to the supply of office space entering the market. With office rentals in Hong Kong expected to rise sharply, analysts said that is another reason why companies may find it more cost effective to hire in Singapore. The office property sector within Asia is expected to see considerable growth in supply over the next three years, according to...
Office rents in Singapore are down almost 50 per cent for the entire 2009 and observers said this is mainly due to the global economic crisis. But the fall is not cause for undue concern as it follows a 90 per cent spike in rents in 2008. However, analysts said there's room for rents to fall further in 2010. Singapore's office rentals have suffered amid the global downturn as many companies with offices...
The rebound in economic activity has lifted demand for office space in the fourth quarter, slowing down the rate of rental decline. Jones Lang LaSalle said on Wednesday preliminary estimates showed that in the last three months of the year, the average gross effective rent of Prime Grade A properties in the CBD core area has fallen 4.9 per cent on-quarter to S$7.80 per square foot a month. Around 1.2...
Singapore-based real estate investment house Pacific Star has announced the successful completion of the refinancing programme for Capital Square. The S$549 million facility included S$320 million of senior notes - the largest Singapore dollar corporate bond issue so far this year. The firm said the proceeds from the facility will be used to refinance the existing debt obligations and working capital of...
Falling occupancy costs place S'pore at 32nd spot; period of stability on the cards Following a year-long slide in prime office rentals, Singapore's office occupancy costs have become far more competitive. Fourteen months ago, the island was the ninth most expensive place to rent offices. By end-March this year, it had slid to 15th spot and by the end of the third quarter, many others had become...
Office rentals in Singapore have plunged dramatically, causing it to fall to the 32nd spot in a list of the world's most expensive office market. Previously, Singapore took 9th spot on the list in the year-ago period and was in 15th place just six months ago. Property consultant CB Richard Ellis (CBRE) said Tuesday Singapore saw a 53.4 per cent on-year decline in rents. Singapore's office occupancy cost...
Boon Building at 61 South Bridge Road has been launched for sale through a tender. The six-storey building is on a 999-year leasehold, sitting on a site area of about 2,300 square feet. The building is zoned as a commercial site and will be sold with vacant possession. DTZ Debenham Tie Leung has been appointed as the marketing agent for the sale. DTZ said it expects the property to attract both...