Katong Mall has been sold in a collective transaction to property developer Tuan Sing Group for S$219 million. Including a premium of S$24.5 million to top up the site's lease, the price works out to about S$865 per square foot of gross floor area. The tender for the 99-year leasehold commercial development in the Marine Parade area was launched in May. Katong Mall, located at the junction of East Coast...
Singapore Retail
JTC Corporation on Wednesday launched a tender for a mega development site at Changi Business Park, and the 4.7-hectare site is likely to see bids as high as S$600 million. The winning bidder will have to build an integrated development comprising a business park, retail activities and a hotel. Changi Business Park has been a hub for businesses that need to stay close to the airport or away from the city...
Chua Chu Kang residents will soon enjoy a new shopping experience. The 20-year-old Teck Whye Shopping Centre will soon undergo a major facelift. The 79 shops located at Blocks 137 to 146 in Teck Whye Lane will be improved at a cost of S$1.35 million. The upgrading comes under Hong Kah Town Council's five-year Town Renewal Plan. So the project will be fully funded by the town council and shop owners don't...
CapitaMall Trust (CMT) has bought The Atrium@Orchard office development for about S$840 million. CMT said the purchase from the Singapore Land Authority (SLA) will be funded by a mix of debt and convertible bonds. Describing the acquisition as yield-accretive, the Trust plans to issue at least S$650 million worth of bonds. The Atrium@Orchard is a commercial development comprising two Grade A office...
Some popular international brands will come to Singapore by the end of 2009 when 313@Somerset opens its doors to shoppers for the first time. The new mall opposite Centrepoint is being developed by Australia's Lend Lease, which had put in a record bid for the site. Now, six months into its leasing campaign, Lend Lease said that interest from both local and foreign retailers has been overwhelming. Work is...
Following the S$13 million makeover of Anchorpoint Shopping Centre, Frasers Centrepoint Trust has plans to turn its attention to other suburban malls under its stable. Anchorpoint's new look appears to be getting the thumbs up from retailers. Lee Hsien Yang, chairman of Fraser & Neave, said: "Anchorpoint used to be occupied by furniture shops, but I think we felt there was a niche in the market for...
Another landmark near Orchard Road may soon get a facelift. Channel NewsAsia understands that Shaw Organisation is considering a major redevelopment of Shaw House and its neighbouring Shaw Centre. According to some sources, an official announcement is expected by August. The news comes even as some tenants have moved out in recent months following a spike in rentals. Shaw House has been a major landmark...
The 17-storey Singapore Power Building on Somerset Road has been sold. Pacific Star Group did not disclose the price it paid but it is believed to be close to S$1 billion. The property group described the transaction as a landmark deal and one of the largest commercial real estate deals transacted in Singapore to date. It is planning a makeover of the 30-year-old property. Part of the plans will be to...
SMRT has officially opened its first heartland, non-underground retail space - Choa Chu Kang Xchange, at the junction of a bus interchange, MRT and LRT stations. This follows the Raffles and Dhoby Xchanges, both of which are in the city. Covering close to 1,000 square metres, all 42 shops at Choa Chu Kang Xchange have been leased out. MRT Corporation president & CEO, Saw Phaik Hwa, said: "(Five...
Chiu Teng Estates has put in the top bid of S$14.8 million for a 99-year leasehold commercial site at Jalan Sultan. This works out to S$10,480 per square metre per site area. It is also just S$1.2 million more than the second highest bid. The tender attracted 20 bids in all. Meanwhile, the Urban Redevelopment Authority has decided to reject the only bid submitted for the transitional office site at...