Chiu Teng Estates has put in the top bid of S$14.8 million for a 99-year leasehold commercial site at Jalan Sultan. This works out to S$10,480 per square metre per site area. It is also just S$1.2 million more than the second highest bid. The tender attracted 20 bids in all. Meanwhile, the Urban Redevelopment Authority has decided to reject the only bid submitted for the transitional office site at...
Singapore Office
The strong demand for office space in the central business district has spilled over to the rest of Singapore. According to property consultants DTZ, the occupancy rate for office space islandwide climbed to 97.6 percent in the third quarter. This is largely because of an acute shortage of office space in the Central Business District (CBD). DTZ says the shortage is due to the demolition of Asia...
The short supply of available office space in the central business district is driving financial institutions to be more flexible when planning their real estate needs. “Currently, banking and finance tenants occupy 36 per cent of all Grade A stock in Singapore, or close to 500,000 sq m,” said Justin Kean, associate director of Asia Pacific occupier research at consultancy Jones Lang LaSalle...
Hong Kong billionaire Li Ka-shing’s Cheung Kong Holdings may sell its one third stake in Singapore’s Marina Bay Financial Centre to Suntec Real Estate Investment Trust (Reit) when the complex is completed in 2010. The stake is likely to be worth “more than US$1 billion ($1.5 billion)”, Mr Justin Chiu, executive director of Cheung Kong said. The company is building the 24-hectare office and...