ARA Asset Management and British property group Chelsfield have jointly acquired Manulife Centre at 51 Bras Basah Road for around S$555.5 million. That's about S$2,305 per sq ft for the 11-storey commercial building with a net lettable area of over 241,000 sq ft. The vendors are City Developments (CDL) and Alpha Asia Macro Trends Fund II (AAMTF II), which is managed by Alpha Investment...
Keppel Reit is selling a 20 per cent stake in Ocean Financial Centre to Allianz Real Estate for S$537.3 million, but will retain a majority 79.9-per cent interest in the property, its manager Keppel Reit Management said on Friday. This is the German insurer’s property investment arm’s first core office investment in Singapore. Independent valuer Cushman and Wakefield VHS had valued the property...
Freehold commercial property Golden Wall Centre has been sold en bloc for S$276.2 million to City View Holdings, a wholly owned subsidiary of Worldwide Hotels, which owns and manages hotel chains such as Hotel 81. The amount was higher than the reserve price of S$260 million, which was little changed from what the strata unit owners wanted in their first attempt at a collective sale in 2016. At...
GuocoLand Limited today announced the groundbreaking of Guoco Midtown, unveiling the name of the prime site that is set to rejuvenate the Beach Road district. It will provide a new epicentre for this side of Singapore’s Central Business District (CBD). Guoco Midtown is expected to be completed by the first half of 2022. Nestled within the City Hall office micromarket, Guoco Midtown will be the final...
Colliers International’s data shows average CBD premium and Grade A rental value rose 4.3 per cent to S$9.20 per square foot per month in the third quarter of 2018 over the previous quarter. The rental figure for Q3 2018 reflects an increase of 12.1 per cent from Q4 last year. The property consulting group is forecasting a full-year rise of 14 per cent – the first double-digit annual growth since 2011...
Merchants Building at 76 South Bridge Road, has been put up for collective sale by tender with a reserve price of S$23.5 million. The seven-storey freehold commercial building has a land area of 104.5 square metres. Under the Urban Redevelopment Authority's Master Plan 2014, it is zoned “commercial” with a gross plot ratio of 4.2. The property is located on an envelope control site, within the...
Co-working giant WeWork has announced the official launch of three new offices in Suntec City Tower 5, City House and 8 Cross Street in Singapore, bringing its footprint here to over nine locations with 4,000 members. This comes amid the US company's aggressive expansion in South-east Asia. New locations are slated to open in Bangkok, Ho Chi Minh City, Jakarta, Kuala Lumpur and Manila by the end of the...
When it comes to renting an office in downtown Singapore, the tables have turned. Landlords now have the upper hand in rental negotiations, with leasing rates in the city-state's prime business districts rising at the steepest pace in more than four years. And with both demand accelerating and supply dwindling, rents are forecast to remain firm until at least 2022, when new supply is expected to come...
Campfire Collaborative Spaces from Hong Kong is muscling in on Singapore's shared office space, with the startup announcing it has leased all 16 floors at 139 Cecil Street. The site is currently an 11-storey building undergoing major renovation to add five more floors, which Campfire said includes a roof terrace with an "industry-first sky pool, rooftop bar, outdoor dining area and cabanas" for...
Office rents in the central region of Singapore rose 2.5 per cent in the third quarter of this year over the previous three months, property data from the Urban Redevelopment Authority (URA) on Friday showed. This is a quicker pace of gain than the 1.6 per cent increase posted in the previous quarter. Year on year, the rental index is up 9.6 per cent. The latest reading marks the fifth consecutive...
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