Developer Overseas Union Enterprise (OUE) is set to invest in excess of S$140 million on two retail mall projects in the central business district. Among the plans, OUE will be developing a five-storey retail mall at the existing DBS Building at Shenton Way, according to a source close to the matter. Built in 1975, DBS Building at Shenton Way will soon be home to a new shopping mall, spanning some...
Singapore Retail
Singapore's famed shopping street, Orchard Road, has been ranked 25th most expensive in the world this year. With rents of retail space averaging at S$462.43 per sq ft a year, this is a notch up from last year against 129 cities in a study conducted by Colliers International. New York's Fifth Avenue and Hong Kong's Queen's Road Central and Canton Road were the world's top three most expensive shopping...
Riding on the strata retail property boom, Griffin Real Estate Investment Holdings, a wholly-owned subsidiary of education group ERC Holdings, is launching units for sale at Bugis Cube this Saturday. Up to 91 strata units will be available at Bugis Cube, a six-storey, 999-year leasehold building at North Bridge Road. It is currently undergoing a multi-million-dollar retrofitting that is expected to be...
Singapore's retail rents remained resilient in Q2 2012, supported by a high employment rate and tourist arrivals. According to property consultancy DTZ, the average rents of prime retail space in Orchard/Scotts Road rose marginally by 0.1 per cent quarter-on-quarter to S$30.33 per sq ft per month. Meanwhile, average rents in suburban areas increased 0.2 per cent to S$28.35 per sq ft per month. However,...
The tenants of Shaw Centre has to make way for renovations to the 37-year-old building in Scotts Road once their leases expire. The revamp will not affect the offices on 14 floors of Shaw Centre. Notable tenants include Nu-Reflexology Researc, Ship Restaurant and Les Amis Group's outlets, The Canteen and Canele Patisserie Chocolaterie. The refurbishment is timely according to some tenants and...
CapitaMall Trust sells (CMT) has on 2 May 2012 awarded a tender to Oxley Bloom Pte Ltd for the sale of Hougang Plaza located at Upper Serangoon Road at a price of around S$119.1m. Hougang Plaza is a three-storey neighbourhood shopping mall located in Hougang Central that caters to the basic shopping and entertainment needs of residents in the vicinity. The property has a leasehold tenure of 99 years with...
Prices of industrial properties were up 7.3 per cent in the first quarter of 2012, compared with 3.8% in the previous quarter. Within this segment, property prices of multiple-user warehouse jumped 8.8 per cent, while property prices of multiple-user factory increased by 7.2 per cent. Rentals of multiple-user factory space rose by 1.3 per cent in the first quarter, higher than the 0.6 per cent in the...
The proliferation of mixed developments in suburban areas in recent years has pushed up sales for shops substantially, with demand for strata-titled retail units experiencing strong growth. More than 600 shop units were sold last year, more than double the 300 units sold in 2009. At the Promenade @ pelikat in the Upper Serangoon area, comprising 270 retail units and 164 residential units, shop prices...
CapitaMalls Asia (CMA) has unveiled details about the S$38 million makeover for its mall Bugis+, which was formerly known as Iluma. CMA had acquired the mall in April 2011. With the revamp, CMA says shoppers can look forward to new fashion tenants, including UNIQLO -- which will open its largest store in Singapore at close to 20,000 square feet -- and a standalone MANGO TOUCH store. The mall will also...
Rental rates for shops in the prime Orchard/Scotts Road belt dropped in the first quarter from a year earlier, and will continue to slide in 2012, according to industry researcher, DTZ. It said an expected moderation in tourist arrivals, tighter labour supply and more properties coming on-stream will all act to soften the retail rental market. It forecasts rents will fall by two per cent to four per cent...