Real estate consultancy firm CBRE expects prime Orchard Road rents to remain stable in the fourth quarter of 2011. It added that a limited supply of retail premises along the shopping belt should continue to keep rents firm next year. Currently, rents for prime retail space in Orchard Road remained unchanged at S$31.60 psf/mth, up by 4.6 per cent compared to the fourth quarter of 2010. Letty Lee,...
Singapore Retail
Suntec Real Estate Investment Trust (Suntec REIT) has announced a S$410 million asset enhancement initiative (AEI) for its flagship asset, Suntec City. The AEI is scheduled to start in mid-2012, and will comprise a S$230 million capital expenditure in remaking Suntec City Mall and a further S$180 million on Suntec Singapore International Convention and Exhibition Centre (Suntec Singapore). Suntec REIT...
If shopping malls seem to be a little more crowded these days, this is probably because retail space is not keeping up with the growth in population here. According to a Savills Research report, retail space per capita is estimated to have dropped to 7 sq ft from 8 sq ft over the past decade - and this is not taking into consideration the spike in visitor arrivals and a surge in supply. While retail...
Marks & Spencer will take over the Wheelock Place retail space once occupied by Borders bookstore. The British retailer will move from its current location at basements one and two, and set up a flagship store at level one. Since Borders moved out, at least 10 retailers have expressed interest in the prime shop space. They included new players who do not have a presence in the Singapore scene just...
Prime rents in Orchard Road have rebounded for the first time in nearly three years. That is according to a study by real estate consultancy CB Richard Ellis. Rents rose 5 per cent from the second quarter of 2011, to average S$31.60 per square foot per month. Rents were S$30.11 per square foot per month in the last quarter. The upturn follows a series of dips since 2008, when rents peaked at more than...
Far East Organization's project, Greenwich V in Seletar has achieved full occupancy ahead of its Temporary Occupation Permit (TOP) in November. The new lifestyle hub has attracted strong interest from a mix of tenants for its retail spaces ranging from 185 sq ft to 10,000 sq ft. Located at the corner of Yio Chu Kang Road and Seletar Road, the 45,000 sq ft two-storey retail podium will complement the...
CityLink Mall, the subterranean mall linking One Raffles Link with City Hall and Esplanade MRT stations, will soon undergo a S$10 million makeover some 10 years after it opened. The focal point of the refurbishment will be the mall entrances at City Hall and Esplanade MRT stations, as well as One Raffles Link. The refurbished mall will see new ceilings and patterned marble flooring. Way finders and mall...
Mickey Mouse homes - or homes below 500 square feet in area - are not new. But the trend of smaller format units has caught on in the industrial and retail sectors as well. Known as strata units, they are deliberately kept small to be affordable to retail investors. Strata shops are usually no larger than 300 square feet, which is a fifth of the size of an average retail store such as Starbucks. A 300...
Frasers Centrepoint Trust (FCT) will be acquiring Bedok Point from Woodlands Complex for S$127 million. Woodlands Complex is a wholly owned subsidiary of Frasers Centrepoint Limited. Frasers Centrepoint Limited is a subsidiary of Fraser & Neave Limited (F&N). In statement released Thursday, F&N said the divestment is in line with its strategy of unlocking value from its commercial properties...
The retail scene in the Jurong Gateway area is set to become more vibrant with the addition of Jem, developed by Lend Lease. Many expect its retail traffic to be supported by the heavy concentration of people living and working in the west. Suburban malls have always been a bit dowdy compared to the fancier malls in the city. But with Singapore growing rapidly, the retail landscape is also changing. The...