The government has been ramping up housing supply in recent years, particularly in the north-eastern part of Singapore and some analysts said there is room for more commercial developments to meet the needs of the growing population. According to the Urban Redevelopment Authority (URA) and the Housing and Development Board (HDB), a total of 44,868 residential units will be completed in Sengkang and...
Singapore Retail
Prices of shop space rose 2.0 per cent in 2012, while rentals dropped marginally by 0.3 per cent according to the latest statistics from the Urban Redevelopment Authority (URA). Yields of retail units have dropped last year, but most market experts Channel NewsAsia spoke to are optimistic about the demand for retail space in Singapore from both investors and retailers. After just one week, some retail...
Prime shopping space in the central business district (CBD) has shrunk. As at end of September 2012, retail space - excluding that for drinking, eating and entertainment - has fallen by about 3 per cent, according to data by the Urban Redevelopment Authority (URA) which was analysed by real estate firm Colliers International. Prints, an upmarket stationery retailer, has been looking to expand in the...
Prime area rent for shopping malls and retailers in Orchard Road inched down 0.28 per cent this quarter, compared to the previous quarter. In a report by Savills World Research, average monthly rent in prime areas in Orchard Road were S$35.1 per square foot in the fourth quarter. This is a slight drop from the S$35.2 per square foot in Q3. Analysts felt that this is due to adjustments in the market, as...
The Singapore Sports Hub has appointed SMRT Alpha to lease and operate 41,000 square metres of commercial retail space at the Singapore Sports Hub. This new joint venture is a partnership between subsidiaries of SMRT and NTUC FairPrice. The retail mall and waterfront area will feature a variety of indoor and alfresco food and beverage outlets. For shoppers, the mall will offer a wide range of stores and...
Renting retail space at a suburban mall these days may not be very much cheaper than renting one at Orchard Road, say analysts. Colliers International said the gap between prime retail rents in the two segments have narrowed from 17 per cent in 2009 to 12 per cent this year. Demand for retail space in suburban malls will continue to be strong, say analysts, citing the improving quality of suburban...
Tanglin Shopping Centre is trying for an en bloc sale for the second time. It failed to find a buyer on its first attempt last year at a reserve price of S$1.25 billion. In fact, there has never been a successful en bloc sale in the Orchard Road shopping belt. Teresa Wong purchased a freehold shop spanning 330 square feet at Far East Plaza 25 years ago. For the beauty therapist, the need to control...
National Development Minister Khaw Boon Wan said recent sales numbers do not suggest a speculative element in Housing and Development Board (HDB) shops, and it will not be tenable for HDB to impose new restrictions like stricter citizenship eligibility. In a written parliamentary reply to MP Ong Teng Koon, Mr Khaw said Singaporeans and Singaporean-owned companies own about 95 per cent of the sold shops,...
Singapore-listed property developer Overseas Union Enterprise (OUE) said it has been approached by some potential buyers for its Mandarin Orchard Singapore hotel and the adjoining Mandarin Gallery mall. In a filing on the Singapore Exchange on Wednesday, OUE said it has offered an unnamed potential buyer exclusivity to conduct preliminary due diligence on the two properties. The developer added that it...
Strata commercial property such as shops and offices have been extremely popular in the primary market this year and are expected to sustain buyer interest, even in the sub-sale market, as attention is increasingly diverted away from residential and industrial segments. Since the introduction of the seller's stamp duty for private residential purchases in January last year, investors have flocked into...