Singapore's office property sector market appears to be cooling a little. According to property consultant DTZ, the average office occupancy rate for the second quarter of this year saw a dip of 0.2 percentage point. Office rental prices have also been flat - suggesting that the market is resistant to rising prices. According to DTZ, the average office occupancy rate in the second quarter dipped to 96.9...
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JTC Corporation on Wednesday launched a tender for a mega development site at Changi Business Park, and the 4.7-hectare site is likely to see bids as high as S$600 million. The winning bidder will have to build an integrated development comprising a business park, retail activities and a hotel. Changi Business Park has been a hub for businesses that need to stay close to the airport or away from the city...
Vietnam's Ho Chi Minh City has overtaken Singapore as having the world's fastest growth in office occupancy cost. The cost of renting office space in Ho Chi Minh City grew 94 percent in the last six months, according to a global survey by consultants CB Richard Ellis. Moscow was second at 93 percent, while Singapore took third spot with 86 percent growth. Still, Singapore made its debut among the 10...
CapitaMall Trust (CMT) has bought The Atrium@Orchard office development for about S$840 million. CMT said the purchase from the Singapore Land Authority (SLA) will be funded by a mix of debt and convertible bonds. Describing the acquisition as yield-accretive, the Trust plans to issue at least S$650 million worth of bonds. The Atrium@Orchard is a commercial development comprising two Grade A office...
The former Ministry of Home Affairs (MHA) Complex at Tanglin Road, which is also known as Phoenix Park, has been placed for tender. According to the Singapore Land Authority (SLA), the prime site on the fringe of the Orchard Road belt will be open for adaptive re-use as office space. Analysts said they are expecting to see strong interest due to the current office space crunch. Winston Cheah, Senior...
CapitaCommercial Trust (CCT) has decided to defer the planned redevelopment of the Market Street car park. In January 2008, CCT was granted an outline planning permission by urban planners to redevelop the property into a Grade A office building. Since then, it has been working with its appointed architect and consultants to finalise and submit design plans to the Urban Redevelopment Authority. In a...
The tender for the transitional office site at Scotts Road/Anthony Road has attracted strong bids. There were a total of eight bids at the close of the tender on Thursday. UOB Kay Hian put in the highest offer at S$34 milllon, 16 per cent higher than the second bid. The bid works out to more than S$242 per square foot per plot ratio. The almost 8,700-square-metre site is offered on a short-term lease of...
Investment sales level in the Singapore property market in the first quarter of 2008 was similar to that in the fourth quarter of 2007 despite deepening concerns regarding the US economy. A report by DTZ Debenham Tie Leung said a total of S$8.4 billion worth of transactions was concluded, a slight increase of one per cent quarter-on-quarter. The office sector was the best performer with S$3.4 billion in...
A S$300 million warehouse store will be open in Jurong East in the last quarter of 2009. The company behind the Big Box project, TT International, said the Jurong warehouse will be its flagship store. Sitting on a 5.6-hectare site near the Jurong East MRT station, the outlet will be as big as 27 football fields put together with a total gross floor area of 120,000 square metres. About 30 per cent of the...
More than 360,000 sq ft at Badminton Hall area in Guillemard to be released IN A bid to help alleviate an office space crunch, the Singapore Land Authority (SLA) hopes to release another 368,000 square feet in gross floor area for temporary conversion by the middle of the year. But that is still 20 per cent less than what was released in the same period last year. Mr Teo Cher Hian, director of private...