Property developer Oxley Holdings announced on Tuesday morning that it has signed a deal to sell Chevron House for up to S$1.025 billion, just 16 months after acquiring the prime office building in Raffles Place for S$660 million in December 2017. Oxley said that on April 29, it entered into a sale and purchase agreement with Golden Compass (BVI) for the latter to buy the entire interest in its wholly...
Office space rental in the central region of Singapore slipped by 0.6 per cent in the first quarter of 2019 from the previous three months, figures from the Urban Redevelopment Authority (URA) showed on Friday. The drop was in contrast with the increase of 0.5 per cent in the fourth quarter of 2018. This was the first quarter-on-quarter decline in office rents since the second quarter of 2017. The...
A new mixed-use development in the Beach Road district, Guoco Midtown, will offer 200 residential units and 770,000 sq ft of office space when it is completed in the first half of 2022. There will also be more than 32,000 sq ft of retail space, which spans two storeys, in a development that is aimed at rejuvenating the district. Unveiling the concept and design of Guoco Midtown on Monday (Apr 22),...
SingHaiyi Group and its joint venture (JV) partners - Suntec Reit and Haiyi Holdings - have secured UBS Singapore as its anchor office tenant for their commercial development at 9 Penang Road. Formerly known as Park Mall, the property is undergoing redevelopment which is on track to be completed in the fourth quarter this year, the mainboard-listed developer said on Wednesday. UBS Singapore plans to...
More than 20 ageing office buildings in Singapore's CBD, currently housing some 6 to 6.5 million sq ft of office space, could be redeveloped to make way for state-of-the-art buildings under the CBD Incentive Scheme as part of the recently released draft Master Plan 2019. This is the number of buildings JLL Research estimates could satisfy the criteria set under the scheme, which offers higher plot ratios...
A freehold four-storey commercial building with attic at 118 Joo Chiat Road has just been launched for sale via an Expression of Interest (EOI) exercise by exclusive marketing agent, JLL. The 4-storey building enjoys excellent visibility with a wide 22-metre frontage. It sits on a 4,686 sf site and has a Gross Floor Area (GFA) of approximately 18,571 sq ft. Under the Master Plan 2014, the site is zoned...
A string of government bodies have leased office space at the revamped Funan in the North Bridge Road/Hill Street location. These include the Department of Statistics (DOS) , organ of state Attorney-General's Chambers (AGC) and the Smart Nation and Digital Government Office (SNDGO), which are leasing a total of about 8,590 sq m (or 92,462 sq ft) of net lettable office space in the South Tower office...
Frasers Property said on Thursday that it "has been in discussions with certain parties who have expressed interest” in its Frasers Tower office property, located at 182 Cecil Street. It said that there is no certainty that any transaction would result from such discussions, according to a bourse filing in response to Bloomberg queries. Frasers Property also added that it continually reviews...
Analysts: Headwinds aside, it offers alternatives for older buildings and could support rentals CITY Developments Limited (CDL) and Hong Leong Holdings are among the property players that could benefit from the government's push to inject greater vibrancy into the central business district (CBD). The CBD Incentive Scheme, which offers a higher gross plot ratio to pave the way for older CBD office...
National Development Minister Lawrence Wong says Draft Master Plan 2019 will help in the long-term rejuvenation of the City Centre State planners unveiled a scheme on Wednesday to try to make "work- live-and-play" more of a norm throughout the currently office-dominated Central Business District (CBD), which is likely to get developers crunching their numbers for possible redevelopment. Minister for...
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