Rentals for primary, secondary and suburban shopping areas in Singapore are expected to remain stable with some marginal upside over the next 12 months, according to the latest report from Jones Lang LaSalle. It said vacancies of retail space are likely to stabilise as the market finds its equilibrium one year on, from the large addition of supply along Orchard Road. The property consultant noted that...
Singapore Retail
Paramount Hotel & Shopping Centre has been sold to Orchard Mall for S$214 million. This is the biggest collective sale in the commercial property market this year. The site comes up to nearly 102,000 square feet and has a gross plot ratio of up to 3.0 Jones Lang LaSalle, manager of the sale, said the freehold site has a potential gross floor area of up around 308,000 square feet. This works out to...
After two years of construction, the $1.3 billion NEX shopping mall in Serangoon, is slated to open by the end of this month. One unique feature of NEX is the pitting of retailers against each other: Cold Storage versus FairPrice, Food Republic versus Food Junction. While it may seem unusual for rival brands to co-exist under one roof, mall manager Guthrie Consultancy Services is confident that its...
Developer Wheelock Properties has secured Hermes as the maiden tenant for its Scotts Square retail podium which is slated to open by Christmas next year. Hermes will occupy a 3,000 sq ft ground-floor corner unit. This will be Hermes' fourth outlet in Singapore - after Liat Towers, Takashimaya Department Store, and The Shoppes at Marina Bay Sands. The Liat Towers store will remain open even after Hermes...
The year 2010 has been bittersweet for the Singapore retail property market. With the economic rebound, the slide in prime retail rentals has long since come to an end but the recovery of such rentals has so far been muted. As Singapore's recovery takes hold, one wonders if our retail sector will benefit. The prospects for the sector will be underpinned by several key long-term visions from stakeholders,...
The intersection of Choa Chu Kang and Woodlands Road looks set for a facelift as Far East Organization unveils a new mixed-development project that includes a shopping complex and a residential tower at the Ten Mile Junction site. Far East unveiled the commercial component of the development yesterday, eight months after the company won the tender for the site. The developer is investing $28 million in...
57 units of Hougang Green Shopping Mall is put for sale by developer Hiap Hoe Holdings. Hiap Hoe, which built the mixed residential and commercial development near the junction of Hougang Street 51 and Buangkok Green in 1997, still owns the 57 shops in the retail component. It is looking to sell the units for $78 million to $84 million, which works out to an average of $1,174 to $1,264 per sq ft of...
Frasers Centrepoint Trust (FCT), a wholly-owned unit of Fraser and Neave Group, will acquire Bedok Point Mall from its parent company by Q2 next year, said Chew Tuan Chiong, chief executive of FCT. In January, FCT paid Frasers Centrepoint approximately $290 million for two malls, the YewTee Point at Choa Chu Kang and an extension to Northpoint at Yishun through the issuance of new units and taking on more...
Paramount Hotel and Paramount Shopping Centre are up for sale at an indicative price of $200 million. Located at 25 Marine Parade Road and 30 East Coast Road, Paramount Hotel and Paramount Shopping Centre make up a 229-room hotel-and- shopping complex. The freehold property in District 15 was last put on the market in May 2007 at the same price but did not sell. The 102,685 square foot site is zoned for...
Property consultant DTZ said the average prime rental rates along Orchard Road and Scotts Road remained unchanged in the third quarter. For the third straight quarter, gross rents of prime first-storey space in the Orchard Road and Scotts Road area stayed at S$39.70 per square foot per month. Rents in other city areas fared worse as they continued to decline. Prime first-storey rents in other city areas...