STARHILL Global Reit on Wednesday announced the new base rents for its Toshin master lease, which is 5.5 per cent higher than the existing rate, and is effective for three years starting June 8, 2016. The rate is based on the average of three market rental valuations done by independent licensed valuers. The Toshin master lease accounted for about a fifth of the Reit's portfolio gross rent in March...
Singapore Retail
Funan DigitaLife Mall closes for renovations this month, and while some retailers at the IT and electronics hub have indicated they are moving operations online, at least two players said they are sticking with brick-and-mortar stores. One of them is AddOn Systems, which has been at Funan for as long as the mall has existed. This connection will come to an end when AddOn moves to Bugis Junction after...
A more differentiated and customised shopping experience, as well as greater prominence for Singaporean craft and design could be in the works to strengthen Orchard Road’s appeal. A proposal for a “special precinct” called Upper Orchard, comprising the area stretching from Tanglin Road to Scotts Road, has also been put forward by City Developments (CDL). The district will have a “unique...
Once a famed shopping haven for Singaporeans and tourists alike, Orchard Road is at risk of going out of fashion, never mind the opulence and grandeur of new and refurbished malls lining the 2.2km boulevard. Even on weekends, the crowds have visibly thinned and vacancy rates have risen — at some of the older malls, more than half the shops on entire floors are empty. Faced with the combined...
A GROUP of companies controlled by seasoned property investor Stanley Quek is selling seven shophouses for S$81.4 million to boutique real estate investment company 8M Real Estate. Five of the shophouses are adjoining properties at Nos 15, 17, 19, 21 and 23 Tanjong Pagar Road; they are changing hands for S$57.4 million. This works out to S$2,166 per square foot on the estimated gross floor area of...
Bonvests Holdings on Friday announced that its subsidiary, Essential Investments, has entered into an agreement to sell two retail shop units for a total consideration of approximately S$13.7 million. The two units located at 220 Orchard Road, Midpoint Orchard, #B1-10 and #B1-11 will be sold to Chu Chee Keong. Bonvests Holdings also announced earlier on Friday that its subsidiary, Bon-Food, has...
Bonvests Holdings on Friday announced that its subsidiary Bon-Food has entered an agreement to sell one of its leasehold shop units for a total consideration of S$14.55 million. The unit, which is located at Block 829 Tampines Street 81 #01-296, will be sold to Advance Facilities Pte Ltd. Proceeds from the sale will be used to fund Bonvests' current projects. The net asset value, aggregate value...
EVEN as tenant demand for commercial property has fallen at its fastest pace in Q1 this year since the depths of the financial crisis in 2009, the Royal Institution of Chartered Surveyors (RICS) is anticipating a further drop in capital values and rents over the coming year. On the occupier market front, demand fell last quarter across all sectors even as available space continued to rise. About 64 per...
AMARA Holdings' shopping mall in Tanjong Pagar, 100 AM, will soon be home to Parco, after the group inked a lease agreement with the Singapore subsidiary of the Japanese department store operator. Parco (Singapore) Pte Ltd agreed to take up some 14,000 square feet of food and beverage (F&B) space at the mall. It plans to open a new restaurant zone named itadakimasu by Parco, housing a variety of...
Gambling tycoon Sheldon Adelson, whose Las Vegas Sands Corp. owns the landmark Marina Bay Sands, said he's considering selling the casino resort's retail assets after a government-imposed moratorium expires next year. The company has spoken with potential buyers, Chairman Mr Adelson said in a conference call after Las Vegas-based Sands announced first-quarter results Wednesday. "We have been...