Food and beverage outlets have been eating into commercial and retail spaces at office buildings and shopping malls, as landlords realise the power of such outlets when it comes to drawing the crowds. Property consultants say many landlords now allocate up to 35 per cent of the net lettable floor area to F&B uses, compared to just 5 to 10 per cent a decade ago. Groups such as families who visit malls...
Singapore Retail
Amid a more competitive retail landscape in Singapore, more shopping malls have been undergoing asset enhancements. According to property analysts, the number of such initiatives has nearly doubled in the last five years, with landlords and mall developers expected to continue with improvement works to their retail properties in order to attract more shoppers and retain tenants. One of the many shopping...
Prices of office space were flat in the second quarter after a 0.5 per cent increase in the first quarter, while prices of retail space fell 0.3 per cent after remaining unchanged in the previous quarter, the Urban Redevelopment Authority (URA) said on Friday (July 25). Rental prices of office space in the second quarter rose 2.8 per cent from the previous three months, following the 2.4 per cent...
More than 90 per cent of the outlets at the new food and beverage cluster at Punggol Point have been taken up; three months after the site received its Temporary Occupation Permit in April 2014. Tenants at Punggol Settlement hope it will become the next go-to seafood dining location after East Coast. With a growing population in the area and more recreational facilities coming up, some tenants say...
A row of retail shops in Toa Payoh Central was put for sale by tender, according to real estate company Savills. In a statement on Monday (July 7), Savills said the property has a strata area of about 5,780 square feet and is located next to the HDB Hub. It also has a remaining lease of about 57 years from the Housing and Development Board (HDB). The company is the exclusive marketing agent for the...
The Republic has taken significant steps to remain competitive and companies that want to expand here will have sufficient space to grow, Deputy Prime Minister Teo Chee Hean said on Friday (June 20). Speaking at a luncheon that followed the annual general meeting of the Singapore International Chamber of Commerce, Mr Teo said the Government hopes to see more companies use Singapore as a base to seize...
Property analysts say existing shops at Holland Village will have to innovate and keep pace with changing demands when a new mixed-use development in the area opens in the future. Authorities announced on Tuesday that a commercial and residential plot at Holland Road is being released as part of the Holland Village Extension plan, as unveiled in the 2014 Master Plan. Mr Sam Thambi and his family have...
Supermarket group Sheng Siong intends to purchase a three-storey Housing and Development Board (HDB) commercial property in Tampines Central for S$65 million, it said in a statement on Monday (June 9). Sheng Siong said it has paid an option fee of S$650,000 for the 3,876 square metre leasehold property to the vendor, S-11 Wan Jin Investment. The property is near Tampines MRT station. The proposed...
More shopping malls in Singapore are going green in the global push to be more environmentally friendly. Such green features help to reap savings in energy and water usage. But in addition, some consultants say, they also help to create a safer shopping experience for consumers There are 32 eco-malls in Singapore according to the Building and Construction Authority, and some of the green features...
One Raffles Place shopping mall, formerly known as OUB Centre, will reopen on Thursday (May 29) after a major refurbishment exercise, its developer said in a statement on Wednesday. Located above Raffles Place MRT station, the mall has a net lettable area of approximately 98,500 square feet spread over six levels, and a committed occupancy of more than 90 per cent. The mall’s tenants will...