Flexible space operator JustCo is set to lease a 16-storey building in Seoul's Gangnam business district for its largest location, raising its bets on growing demand for co-working space, while eyeing new markets like Japan, Vietnam and India. Co-working spaces have become popular among startups due to their flexibility of short-term leases in well-decorated spaces in prime locations and keep costs low....
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Commerz Real has sold its 71 Robinson Road property to SV Robinson for S$655 million. SV Robinson is a real estate investment company which is a member the Sun Venture group of companies. The sale was done through its open-ended real estate fund hausInvest, Commerz Real said on Tuesday. Commerz Real was also advised on the sale by CBRE and JLL, with law firm Dentons providing legal consulting, and EY...
A joint venture between Malaysia sovereign wealth fund Khazanah and Singapore state investor Temasek is selling the office and retail units of its DUO property development in Singapore, it said late on Monday (Jul 29). The joint venture named M+S Pte Ltd will sell all the shares of its wholly owned subsidiary, Ophir-Rochor Commercial Pte Ltd, worth S$1.575 billion (US$1.15 billion) to Allianz Real...
Rents of office space in the central region of Singapore rose 1.3 per cent in the second quarter of this year over the previous three months. This contrasts with the drop of 0.6 per cent in the first quarter, according to figures from the Urban Redevelopment Authority (URA) released on Friday. URA's price index of office space in the central region rose 0.9 per cent in second quarter 2019, a slower pace...
Grade A office rents in Singapore’s central business district (CBD) rose for the eighth straight quarter, hitting a 10-year high at S$9.93 per square foot per month (psf pm). This is up 12.6 per cent from a year ago, according to Colliers Research data. Out of the six office micro-markets tracked, rental growth remained the strong in the Beach Road or Bugis area, rising 18 per cent from a year ago,...
Co-working space provider WeWork is set to take over the lease of the 21-storey HSBC building in Collyer Quay, marking an expansion by the US firm in Asia. WeWork, backed by Japan's SoftBank Group, will lease the building from CapitaLand Commercial Trust (CCT), the Singaporean office landlord said in a statement on Wednesday (Jul 17). The tower, 21 Collyer Quay, will be WeWork's biggest property in...
A four-level retail podium and the three lowest office floors designated for a banking hall in a revamp of the former Chevron House have been put up for sale through an expression of interest exercise. The 32-storey property at 30 Raffles Place is being spruced up at a cost of about S$110 million, The Business Times understands. Among other changes, part of basement 2 is being converted from carpark...
71 Robinson Road is all set to change hands and a sale is in the works for this 15-storey office block. It has been reported in the media that Sun Venture, the property investment group is busy conducting exclusive due diligence, for which it has been granted the rights with the aim to purchase this office property. It is being estimated that the price for this acquisition would be around S$2,800 psf...
A sale is in the works for 71 Robinson Road. The Business Times understands that property investment group Sun Venture has been granted exclusive due diligence with a view to buy the 15-storey office block. The pricing is slightly under S$2,800 per square foot of net lettable area (NLA), which would translate to an absolute price in the region of S$660 million. The pricing would reflect a net yield...
Co-working space provider JustCo will open at Manulife Centre in the fourth quarter of 2019, it said on Wednesday. JustCo at Manulife Centre will take up more than 50,000 square feet (sq ft) and occupy two levels of the building, which is at Bras Basah’s Art and Heritage district. The new space is expected to house more than 1,000 members, and will bring JustCo’s portfolio to a total of 33...