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Turf City’s New landlord plans to revive mall

ST – 01 Mar 12 Summary: Cogent Land Capital has taken over the former Bukit Timah Turf Club site from Singapore Agro Agricultural (SAA). Tenants like Giant hypermarket, Ah Yat Seafood Restaurant and Art Boot Camp are still operating there. Renovation work will start next week. Revamped Turf City mall will have a range of […]

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Development charges dip for non-landed residential use

Straits Times – 01 Mar 12 Summary: Charges that developers pay to enhance the use of a plot of land have finally been reduced or left flat for some sectors, as the slowing property market takes its toll (I think it’s more for the luxury prime areas, rather than the rest of Singapore.) The new […]

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State property at Changi on offer

Business Times – 12 Aug 2008 The parcel has a land area of 104,044 sq ft and GFA of 54,864 sq ft HOTEL operators can look forward to another state property to develop – this time at Changi. The Singapore Land Authority (SLA) yesterday launched the plot – part of a former military camp – […]

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Challenges for property sector

New engines drive Singapore’s property market but pitfalls remain THE Singapore property market has weathered the storm from the US sub-prime crisis, soaring oil prices and overall inflation, pretty well. Runaway increases in property values in the high-end residential and prime office sectors seen in the past couple of years, for instance, have started to […]

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Growth in office occupancy costs tapers off in Q2

Prime Raffles Place space up only 1.1% quarter on quarter: DTZ report GROWTH in office occupancy costs in Singapore has started to taper off after the meteoric rise last year, reflecting the increased resistance to higher occupancy costs, according to a new report. ‘Apart from Raffles Place, Shenton Way/ Robinson Road/Cecil Street and decentralised areas, […]

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Home, retail, office rental growth to ease

Business Times – 25 Mar 2008 Housing rentals to rise 5-15% year-on-year in 2008: Knight Frank PRIVATE housing rents are expected to grow at a slower pace this year than last year, Knight Frank said in a report yesterday. The property consultancy firm expects a year-on-year rise of 5-15 per cent in 2008 – after […]

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Realising the Marina Bay vision

Business Times – 22 Mar 2008 CHING TUAN YEE and BENJAMIN NG reflect on the planning of Singapore’s most ambitious urban project and highlight the exciting developments in store for Singaporeans and visitors alike THE vision for Marina Bay is that of a high-quality, 24/7 live-work-play environment, one that encapsulates the essence of the global […]

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Space crunch in Orchard pushes docs to Novena

March 12, 2008 The area could turn into medical hub as more private doctors set up clinics there PRIVATE doctors are flocking to the Novena area as the squeeze on clinic space in the Orchard Road belt tightens. The migration could turn the area into Singapore’s newest centre for private health services, some believe. In […]

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Ophir-Rochor corridor site to be marketed in France

Business Times – 11 Mar 2008 THE Urban Redevelopment Authority (URA) will market the first site in the new Ophir-Rochor corridor at the ‘Marche International des Professionals de L’Immobilier’ (MIPIM), a premier international property event in Cannes, France. The site will be launched for sale under the Confirmed List of the Government Land Sales Programme […]

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PROPERTY: Demand for single office units still going strong in quiet market

Investors turn more cautious, but small firms still interested in strata-titled officesALL has turned quiet on the housing front, but some other segments of the property market appear to have escaped that fate. Still going strong in particular are sales of single office units in larger commercial buildings. Known as strata-titled offices, these properties recorded […]

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PROPERTY: Demand for single office units still going strong in quiet market

Investors turn more cautious, but small firms still interested in strata-titled offices ALL has turned quiet on the housing front, but some other segments of the property market appear to have escaped that fate. Still going strong in particular are sales of single office units in larger commercial buildings. Known as strata-titled offices, these properties […]

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For sale: 18th floor of Peninsula Plaza at $17.5m

NOVELTY Department Store Pte Ltd, part of the Novelty Group, has put the entire 18th floor of Peninsula Plaza up for sale, with a price tag of about $17.5 million or about $2,050 per square foot (psf) of strata area. Peninsula Plaza is a 999-year leasehold building near Raffles City. DTZ is marketing the property. […]

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DC rate hike lower than expected

Average industrial rates up 16.8%, muted increases for most other uses THE government yesterday announced modest, lower-than-expected increases in development charge (DC) rates for most use groups, except industrial. ‘Limited transactions in the past six months, amidst cautionary sentiment set about the US sub-prime debacle, were probably an important factor for the moderate gains this […]

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DC rate hike lower than expected

Average industrial rates up 16.8%, muted increases for most other uses THE government yesterday announced modest, lower-than-expected increases in development charge (DC) rates for most use groups, except industrial. ‘Limited transactions in the past six months, amidst cautionary sentiment set about the US sub-prime debacle, were probably an important factor for the moderate gains this […]

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Property development charges barely budge

Small revision of fees points to dwindling deals, slow price growth IT’S official: the property market has gone deathly quiet. The Government barely tweaked development charges in its semi-annual revision of fees yesterday, reflecting the property sector’s subdued state over the last six months. Development charges, which can run in the millions of dollars, are […]

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Marina Bay to provide 1.1m sq m of office space

It will become a seamless extension of Raffles Place, says Mah THE upcoming financial district at Marina Bay will be twice the size of London’s Canary Wharf and will provide as much Grade A office space as Hong Kong’s Central. Revealing more plans for Singapore’s new financial hub, National Development Minister Mah Bow Tan told […]

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Newton area growing as a hub for hybrid offices

NEWTON is shaping up as a centre for hybrid offices, with another company, The Ascott Group, moving to the neighbourhood. The Urban Redevelopment Authority (URA) also said yesterday that it would release not one, but two, transitional office sites between Scotts Road and Anthony Road for sale. Ascott, which is officed at the former Temasek […]

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URA launches 2 more temp office sites in Newton

Analysts see good demand just like for a nearby plot launched earlier TWO more transitional office sites have been launched by the Urban Redevelopment Authority (URA) in a move to help ease some of the pressure on space. The adjacent sites – parcel A is 8,682.8 sq m in size and parcel B is 9,037.9 […]

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Two more hotel sites put up for tender

TWO more hotel sites have been put on the market – a 99-year leasehold plot in Race Course Road, offered by the Urban Redevelopment Authority, and a freehold plot in Bencoolen Street now occupied by Peony Mansion. Peony Mansion’s owners want $50 million, which works out to about $850 per square foot of potential gross […]

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Parkway justifies record land bid with vision for a ‘hospital of the future’

Focus will be on cardiology, oncology and orthopaedics (SINGAPORE) Parkway Holdings will be building on its newly-acquired Novena site what it calls a ‘hospital of the future’, that will incorporate a hub of top medical professionals, with the latest technology, organised along a high level of thoughtfulness for the patient. Speaking to the press and […]

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Office rents in Singapore on upward climb: property firms

THE occupancy cost for office space in Singapore is now higher than in Hong Kong, according to a new report. Data from property firm CB Richard Ellis (CBRE) show that total occupancy cost here hit US$10.42 per square foot per month (psf pm) at the end of 2007. By comparison, total occupancy cost for Hong […]

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Tanjong Pagar hotel site may fetch $750 psf ppr

CONTINUING its rollout of hotel sites amid the current shortage of hotel rooms, the Urban Redevelopment Authority yesterday made available for application a reserve-list site in the Tanjong Pagar area. The 99-year leasehold site, at the corner of Gopeng Street and Peck Seah Street, can be developed into a 30-storey hotel with about 330 hotel […]

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Development fees may jump for non-residential sites

For residential areas where strong land sales have lifted values, charges could surge DEVELOPERS may soon have to pay more to redevelop non-residential sites such as land for hotels or hospitals. A key government fee for redeveloping sites will be revised again next month, and property consultants expect it to be raised for land used […]

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STRONG FULL-YEAR GAINS: UOL still bullish on office rentals

OFFICE rents have been skyrocketing over the past 12 months but property group UOL Group reckons there will still be further rises to come. The firm reported stellar full-year results yesterday. It said rents for retail space should benefit from high levels of employment, as well as strong tourist arrivals, although the pace of increase […]

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Parkway dives 8.3% on record bid for site

Winning bid of $1,600 psf ppr for Novena hospital site is over twice the second highest offer   SHARES of Parkway Holdings took a beating yesterday as concerns emerged that the healthcare provider might have overpaid for a hospital site at Novena. Parkway’s stock slipped as much as 9.7 per cent yesterday following Friday’s news […]

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Merchant Square and Waldorf Mansions up for sale

MERCHANT Square, a four-storey office building off Merchant Road, is up for sale with a guide price of $73 million. With a total net lettable area (NLA) of about 50,262 square feet, the unit price works out to $1,450 psf of NLA. The property, which was developed by carpet manufacturer Jackson Carpet and completed in […]

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Amex signs up for Marina Bay Financial Centre

It is said to be taking 50,000 sq ft in Tower 2, in the project’s 1st phase AMERICAN Express International is the latest new tenant at Marina Bay Financial Centre (MBFC), which means that slightly more than half of the total 2.9 million square feet of offices in the entire development has been taken up. […]

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Two more govt agencies to vacate downtown offices

IDA, SLA making room for private businesses to ease office shortage MORE help is on the way to ease Singapore’s office shortage, which has led to soaring rents. At least two government agencies will give up their downtown offices to make room for private businesses that need more space. The Infocomm Development Authority (IDA) will […]

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Merchant Square on sale for $73m

A MODEST office development with well-known cosmetics company Estee Lauder as its anchor tenant is up for sale at an indicative price of $73 million. The price for the 99-year leasehold Merchant Square – located in Merchant Road, opposite Riverside Point – works out to $1,450 per sq ft (psf) of net lettable area. The […]

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BUDGET 2008: STRATEGY – Some govt units moving out to free up city space

20,000 sq m or more will be available to private sector THE government has decided to relocate several agencies out of the Central Area to free up space of 20,000 square metres or more by first quarter next year for use by the private sector. The space being released, which will help to address the […]

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Parkway’s Novena bid poised to set govt land sales record

(SINGAPORE) Hospital operator Parkway Holdings looks set to shatter all records for government land sales (GLS) with its $1.25 billion bid for a hospital site at Novena. Parkway’s bid, which works out to be about $1,600 per square foot per plot ratio (psf ppr), topped the previous record set by Australia’s Lend Lease, which paid […]

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BUDGET 2008: More office sites in the offing to ease space crunch

AT LEAST 20,000 sq m of office space – equivalent to 20 floors or more of an Suntec City block – will be freed up to help the private sector deal with the space crunch. The initiative will kick in by early next year. Finance Minister Tharman Shanmugaratnam said the tight supply of office space, […]

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S’pore world’s 7th most expensive office location

Prime office rents rose 78% last year to US$130.48 psf per annum: report SINGAPORE has jumped 10 places to become the world’s seventh-most expensive office location. According to Cushman & Wakefield’s (C&W) report on office occupancy costs, prime office rents rose 78 per cent in Singapore last year. Occupancy costs are now at US$130.48 psf […]

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S’pore is world’s seventh most expensive office market

It jumps 10 spots in global ranking of occupancy costs by property consultancy SINGAPORE has moved into the global top 10 most expensive office markets for the first time due to a severe office shortage. A survey of office costs in 203 locations in 58 countries by global real estate consultancy Cushman & Wakefield saw […]

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Stanchart joining quest for space in Changi

Bank seeks to build complex of up to 400,000 sq ft to house backroom operations: sources STANDARD Chartered looks set to be the next financial institution to head out east to Changi Business Park (CBP), which is fast becoming a hub for financial backroom operations. Already, Citibank, Credit Suisse, DBS and OCBC have either staked […]

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Developer stocks may rise above flat property prices

Goldman says that physical market correction already priced in (SINGAPORE) Goldman Sachs predicts that private home prices will remain flat this year, but is sticking to its view that Singapore’s strong structural story is driving a sustainable multi-year residential upswing. The US bank does not expect a repeat of the mid-1996 (anti-speculation) regulatory measures that […]

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Increases in cost of offices, shops starting to slow down

RESPITE may be in sight for those who have been griping about the surging cost of doing business in Singapore. Latest figures show that the increases in the cost of shops and offices eased in the fourth quarter of last year, in line with a general slowdown in the property market. Prices and rentals for […]

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79 Anson Rd stake sold for 3rd time in 2 years

SEB Asian Property Fund pays $215m for 55% stake TRADING office buildings continues to be flavour of the month in the real estate market. A 55 per cent stake in the freehold 79 Anson Road has changed hands for the third time in about two years. The latest deal involves a fund managed by Ferrell […]

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Govt rejects Aljunied site bid; offers flood Jalan Sultan plot

THE Government has decided not to sell a short-term office site in Aljunied because the sole bid that came in last week offered too low a price. This decision follows a recent string of lower-than-expected offers for state land and is the first time since 2001 that the Urban Redevelopment Authority (URA) has rejected bids […]

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Genting confirms talks to build hotel in Sports Hub

Shatec signs pact to be master caterer of hub for 25 years (SINGAPORE) Genting International plc (GIL) yesterday confirmed a BT report that it is currently in preliminary talks with Singapore Sports Hub Consortium to build a hotel in the Sports Hub. In an announcement on the Singapore Exchange, GIL said ‘preliminary planning suggests the […]

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Service apartments seek shorter stays to ease hotel room crunch

Industry association proposes rule on stay of 7 nights or more be lifted FOR 20 years, there has been a little-known rule governing service apartments: Guests have to stay seven nights or more. Now, with an eye on the current hotel room crunch, the Serviced Apartments Association proposes that this condition be lifted. There are […]

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Hotel rooms during F1 race period going fast

RATES of $1,000 a night and higher have not deterred Formula 1 fans from snapping up trackside hotel rooms for the inaugural Singapore Grand Prix. Hotels ranging from the glitzy Ritz-Carlton Millennia Singapore to the Peninsula-Excelsior Hotel are already fully booked for the Sept 26 to 28 race. This is despite significantly higher than normal […]

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Home prices stay firm even as property stocks retreat

Amid weak sentiment in a quiet market, many players are adopting a wait-and-see attitude SINGAPORE’S property stocks have been taking a hammering lately but the property market has so far remained unscathed. After riding the boom to dizzy heights, property counters have now dropped by up to 60 per cent or so from their high […]

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Transitional office site fetches just one bid

Mezzo’s $7.8m offer for Aljunied site also below expectations INTRODUCED as a quick fix to address the shortage of office space, the new transitional office sites may just as quickly become redundant. The Urban Redevelopment Authority (URA) closed the tender for the fourth transitional office site at Aljunied Road and Geylang East Avenue 1 yesterday […]

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New Orchard MRT passageway set to dazzle

Opening today, the entrance-exit will link station to ION Orchard BE ready to be greeted by friendly ushers and, if you are early enough, the aroma of a free cup of coffee will make your day too as you exit from the ticket counter at Orchard MRT station today. Also, take time to admire the […]

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Retail space turns competitive

Concerns over new supply, rising costs even though occupancy is high DTZ Debenham Tie Leung has raised some concerns about the market for retail space turning competitive as more developments are completed in the next few years. It said that while occupancy in the retail market remained high at 90 per cent, there were some […]

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Converting hotels into condos just got harder

Rules to ensure that sites zoned as hotels are not switched to other uses (SINGAPORE) Redevelopment plans involving the likes of Four Seasons Hotel along Orchard Boulevard and Negara on Claymore may have to go back to the drawing board after the government tightened hotel conversion rules yesterday. If the owners of these properties had […]

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Space surge may slow Orchard Rd rent rises

Almost 2m sq ft to be added between now and 2011 AN IMPENDING surge of new shop space in Orchard Road may put the brakes on the growth of retail rents along the shopping stretch. Almost two million sq ft of new retail gross floor area is set to open in the area between now […]

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Govt to check hotel conversions islandwide

THE Government has made a key policy change regarding land set aside for hotels at a time of heightened concern over the supply of rooms during the tourism boom. It has discontinued the hotel safeguarding policy, so developers with land designated for hotels may find it harder to convert the site for other uses, such […]

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Industry players feel pinch of rising hotel rates

They are a concern for leisure travel sector; the going may get tougher for Mice operators also (SINGAPORE) The average daily hotel room rate for 2007 is expected to have hit a record $200. And although 2,000 new rooms will be added this year, there will be no let-up in rising rates. For 2008, consultancy […]

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CityVibe put up for sale at $140m

CITYVIBE, a new three-storey retail and entertainment complex opposite Clementi station and next to the future Clementi Central Hub, is for sale through an expression of interest exercise at an asking price said to be $140 million. This could work out to a 5-5.25 per cent net yield for the property, which will have a […]

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Phoenix site to rise again as hotel-retail complex

Straits Trading in talks to redevelop site; new complex to roll out in 2011 (SINGAPORE) A new 580-room hotel and a retail complex with a net lettable area of about 150,800 square feet is slated to come up on the Specialists’ Shopping Centre and Hotel Phoenix site in 2011. OCBC Bank, which owns the land […]

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Office redevelopment worsens space crunch; rents soar

CBD supply fell 3.7% y-o-y in Q4 2007 to 19.98m sq ft ONLY 341,180 sq ft of new office supply became available for the whole of last year. At the same time, 1.02 million sq ft of office space was taken away, as a result of buildings undergoing redevelopment or addition and alteration work. A […]

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NEWS OF ASSET SALE: Eng Wah shares soar to record high

CINEMA group Eng Wah Organisation’s share price shot up by 16.5 cents to 85 cents – an all-time high – on news that its portfolio of properties was up for sale. The counter went as high as 91 cents during the day. Eng Wah’s properties could be worth as much as $190 million so, based […]

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Bids for transitional office site fall short of expectations

THE Urban Redevelopment Authority (URA) has named the bidders for a 15-year leasehold transitional office site at Mountbatten Road. The top bid came in at $14.9 million or $69.17 per square foot per plot ratio (psf ppr) – 14 per cent less than the last site awarded, in Tampines. Of the three bids received, the […]

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Eng Wah properties put up for sale

Portfolio worth around $190m; bulk of proceeds may go to shareholders (SINGAPORE) Eng Wah Organisation, the subject of a reverse takeover, has put a portfolio of five cinema, retail and office properties up for sale, which sources suggest could be worth about $190 million. The five are Toa Payoh Entertainment Centre and Jubilee Theatre at […]

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9 tenants, developer in legal dispute over Square2 mall

Retailers sue over empty pledges; Novena Point counter-sues for unpaid rent SLUGGISH business in the shopping mall sitting above the Novena MRT station has led to a legal tussle between a group of disgruntled tenants and the developer. The nine tenants of Square2 have sued the developer for misrepresentation, claiming that they were made several […]

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Middle Road office block up for sale

A FIVE-storey office building in the Beach Road district has been launched for sale amid a severe shortage of office space in Singapore. The freehold building is the former P H building at 33 Middle Road and has an indicative price of $23 million, said marketing agent Colliers International. ‘We forsee strong interest from investors […]

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Paragon in $82m facelift, expansion

SPH investment to yield contemporary facade, more retail, commercial space THERE will be a new look for Paragon shopping centre come October. The Orchard Road mall will get a $45 million makeover – to update its building facade and increase retail space. The facelift will begin this month, and is expected to be completed in […]

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NEW LOOK, MORE SPACE: Paragon to get $82m makeover

PARAGON Shopping Centre will soon sport a new look. The icon along Singapore’s Orchard Road shopping strip is embarking on an $82-million makeover that will give it a new facade and more retail and office space by the end of the year. Its new front will include pop-out glass boxes that will lift shopfronts above […]

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Market St Car Park may be redeveloped into offices

The total project cost could range from $1 billion to $1.5 billion CAPITACOMMERCIAL Trust (CCT) has been granted outline planning permission by the Urban Redevelopment Authority (URA) to redevelop Market Street Car Park into an office tower that could cost up to $1.5 billion. Lynette Leong, chief executive of CCT’s manager CapitaCommercial Trust Management Ltd, […]

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Two property investment opportunities in the offing

Changi Hotel site going for $55m, Geylang shophouse devt priced at $36m THE site of Changi Hotel, on Changi Road, is being offered for redevelopment with an asking price of $55 million. The 26,433 square foot site has a plot ratio of 3.0 and can be redeveloped with a maximum gross floor area (GFA) of […]

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POPULAR DESPITE RENTAL HIKES: Queensway still best place for sports retailers

QUEENSWAY Shopping Centre is rundown and fairly inaccessible, it has none of the frills its rivals have, such as a cinema, and rents have been rising. However, tenants at the well-known sporting goods haunt appear willing to stick with it. Queensway, said Jeans Arcade proprietor Mohamed Yahya, who was echoing what five other retailers in […]

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Asking rents at specialist malls rise by up to 30%

Some retailers pay willingly for locale’s reputation, others prefer mix of shops   RETAILERS in specialist malls such as Sim Lim Square, Queensway Shopping Centre and United Square have not escaped the tide of rising rentals seen at other malls here. Some tenants have reported demands for rent hikes of up to 30 per cent […]

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Office sector to finish 2007 as property’s star performer

Prime office rents grew 92% this year; premium office rents have done even better – up 96% RESIDENTIAL property may have been red hot, but office rents – with their phenomenal growth amid a severe supply crunch – will finish up as the year’s star performer. Latest figures from property consultancy CB Richard Ellis (CBRE) […]

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Shop rents rising faster in city fringe, suburbs than in Orchard

Landlords enjoy good takings as demand spills over from prime belt ORCHARD Road may be the epicentre of shopping buzz, but malls in quieter areas are coming into their own. Rents of shops on the city fringe and in suburban areas rose faster than those in the prime shopping belt in the October to December […]

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Ten Mile Junction site up for sale

THE Urban Redevelopment Authority (URA) yesterday launched for sale by tender a site with a twist at Choa Chu Kang. The URA is selling a 1.56ha site with a three-storey commercial development – the existing Ten Mile Junction Mall. The sale excludes the third-storey Light Rapid Transit (LRT) station, now in operation. This is the […]

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SLA rents out 3 properties for office use, offers 2 more

Successful bid for former police HQ in Pearl’s Hill Terrace is 40% above guide THE Singapore Land Authority (SLA) has awarded three state-owned properties for rental through a public tender. And the successful bids were 17-40 per cent above the guide rents it had set. The former Police Headquarters at 195 Pearl’s Hill Terrace, the […]

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Corporate abodes with style

Big names in professional services believe an address in the Marina Bay area will boost accessibility and branding It’s not only banks that want to be located in a financial centre. The big professional services – law, auditing, management consultancy – are all hustling to Marina Bay, the new downtown. The suits hobnobbing there will […]

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Apollo Centre sold for $205m

Buyer AEW intending to refurbish it US PROPERTY fund manager AEW Capital Management has bought Apollo Centre for $205 million, or $1,378 per sq ft (psf) of lettable floor area, the property firm that brokered the deal said yesterday. Apollo Centre, in Havelock Road, is a seven-storey commercial building with shops on the basement, first […]

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US real estate fund pays $205m for Apollo Centre

Deal reaffirms confidence in Singapore’s office market APOLLO Centre on Havelock Road has been sold to a United States fund manager for $205 million. This higher-than-expected price comes as a relief to property watchers, who say it is a strong sign that foreign investors remain confident in the Singapore office market despite the US sub-prime […]

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DBS Bank to move headquarters to Marina Bay Financial Centre

AFTER months of speculation, DBS Bank has finally announced that it will move its headquarters from Shenton Way to Singapore’s next financial hot spot – the Marina Bay Financial Centre. DBS will take 700,000 sq ft of office space spread across 22 storeys, the largest lease deal ever in the Republic after the 508,298 sq […]

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Celebrity plans to open piano bar, reflexology business, offices

Jackie Chan pays $11m for Jinriksha Station at 1 Neil Road HONG KONG movie superstar Jackie Chan’s love affair with Singapore property continues with his latest purchase – the former Jinriksha Station at 1 Neil Road. He fell in love with the historic building – once the central depot for rickshaw drivers in Singapore – […]

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Dubai World’s Limitless sets up office here

S’pore base will look for investments in the region DUBAI World’s real estate arm, Limitless LLC, officially started operations at it new regional office here at UOB Plaza yesterday. It will use Singapore as a base to look for new investment opportunities here and in the region. On route to Hanoi for the ground-breaking ceremony […]

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78 Shenton Way sold for $650m to German group

$1,857 psf deal shows foreign players still prize S’pore office market FOREIGN institutional investors continue to be drawn to the Singapore office market. The latest investor to come in is Germany’s Commerz Grundbesitz Investmentgesellschaft (CGI) group, which has bought 78 Shenton Way for $650 million, BT understands. The price works out to $1,857 per square […]

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Ion Orchard plans to kick off ad campaign in Q108

(SINGAPORE) Ion Orchard intends to launch an advertising campaign to promote the mall in the first quarter of next year – almost a whole year before the Orchard Road mall opens its doors to shoppers in end-2008. For starters, the mall will run a print ad campaign in selected international publications such as the Wall […]

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Beach Road could be next prime hot spot

Set for a snazzy makeover, boasts a good mix of shophouses and strata-titled commercial and residential units on the market for the average investor FORGET the Central Business District. Property investors priced out of prime zones but still hunting for a good buy should look to downtown’s upcoming hot spot – the Beach Road, Ophir-Rochor […]

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RESPONSE TO TOURIST BOOM: More hotel plots up for sale next year

TEN hotel sites will be made available next year to meet demand from the fast-growing tourism sector. Three are new sites in the Government’s land sales programme for next year, while the others are carried over from last year’s programme, said the Ministry of National Development yesterday. One of the new sites is between Balestier […]

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Simpler rules for deciding DC payment from Jan

URA will use only 2003 Master Plan to cap development baseline values RULES on whether proposed building works will have to pay a Development Charge are to be simplified. The DC, which can be payable when land is redeveloped more intensively, is at present calculated using baselines set in the 2003 Master Plan, or sometimes […]

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Plum industrial site in Playfair Road for sale

Site near future MRT station expected to fetch $65-70 psf ppr THE Urban Redevelopment Authority has released a site at Playfair Road near the future Upper Paya Lebar MRT Station, and which is on the reserve list of the Government Industrial Land Sales Programme. The 0.86 ha site is one of four new industrial sites […]

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South Beach project to cost $2.5b: CityDev

(SINGAPORE) City Developments’ upcoming mixed-use project along Beach Road will cost some $2.5 billion in all – including the land cost of some $1.69 billion – the company’s chairman Kwek Leng Beng said yesterday. Mr Kwek was speaking to reporters after signing the building agreement for the site. CityDev, together with its partners Istithmar (part […]

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Govt sees potential in Rochor area remake

Plans not firm but it intends the area to complement Marina Bay development (SINGAPORE) The government intends to remake the Ophir Road/Rochor Road corridor into a commercial centre that will complement the Marina Bay area, Minister of State for National Development Grace Fu said yesterday. ‘This area could be developed as a mixed-use corridor featuring […]

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Easing in property rally can be good: Developers

PROPERTY developers are so rushed off their feet that they say the idea of the United States sub-prime crisis taking some froth out of the exuberant market can only be good. CapitaLand’s chief executive, Mr Liew Mun Leong, said in Ho Chi Minh City yesterday that market confidence has been affected a little by the […]

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Ophir-Rochor area slated for trendy makeover

Redevelopment will see new hotels, offices and shops; area to become an ‘extension of Bugis’ IT IS all a bit sleepy and humdrum now, but the walkways of the Ophir-Rochor zone are set for a jazzy makeover that will add trendy hotels and shops, offices and more. Plans to rev up the hotchpotch zone – […]

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Record price for coffee shop means higher rents

Stallholders living with lower margins as soaring rates, competition bite THE record price recently fetched for a Jurong East coffee shop is putting pressure on its stallholders in the form of rocketing rents. Since new owner Koufu paid $12 million for the large property two months ago, rents at the VariNice coffee shop at Jurong […]

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Three of Asia’s biggest deals done in S’pore

Value of the 3 total US$1.77b, or about 20% of the Top-10 transactions (SINGAPORE) The Top-10 real estate investment deals in Asia in the third quarter of 2007 amounted to US$9.3 billion, and three of those deals concerned Singapore properties. A report by CB Richard Ellis (CBRE) shows that two of the Singapore deals involved […]

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Office occupancy rates to stay in the 91-95% range

(SINGAPORE) Occupancy levels for office space in Singapore will remain in the 91-95 per cent rangeĀ over the next five years, CB Richard Ellis (CBRE) said in a new report released yesterday. At the end of August 2007, potential supply of office space – the total of known supply from the private sector and awarded government […]

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$12M: Coffee shop in Jurong fetches record price

A COFFEE shop in an HDB parking building has sold for a record-breaking $12 million. The eatery called VariNice is just a stone’s throw from the Jurong East MRT and bus interchange. Its huge catchment area of residential blocks and business parks nearby makes it a prize location, said property analysts. The eatery – which […]

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Transformed Mt Faber eyes MICE business

It hopes to double capacity before Sentosa facilities come onstream AFTER a major revamp in 2004 that saw Mount Faber transforming from a cable car station to Singapore’s second most visited paid tourist attraction, Mount Faber is now eyeing the meetings, incentives, conventions and exhibitions (MICE) business. Before the MICE facilities in the integrated resort […]

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October property loan growth hits 8-year high

Bank lending to sector reaches $105.7b, up 18% (SINGAPORE) Bank lending to the property sector continued to accelerate in October, growing at the fastest annual pace in eight years, according to new data from the Singapore central bank yesterday. Overall loans growth in the banking sector also picked up in October, the latest estimates from […]

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Plying the Capella resort – ultra-luxury on wheels

The hotel will be the first in S’pore to have the Phantoms (SINGAPORE) The ultra-luxury Capella Singapore resort on Sentosa will have two ultra-luxury limousines to provide a bespoke chauffeur service to its well-heeled guests when it opens later next year. The Pontiac Land Group hotel will be the first in Singapore to have a […]

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Oversupply looms in S’pore office sector: Citigroup

It downgrades two stocks with key exposure to sector – KepLand, CityDev SINGAPORE is in danger of seeing an oversupply of office space from 2010 onwards, Citigroup is warning. The bank’s research unit has also downgraded two Singapore stocks with significant exposure to the office market here – Keppel Land and City Developments. ‘The market […]

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Yishun industrial site up for sale

A SITE at Yishun Avenue 6 has been put up for sale for industrial development. The land parcel is one of the four new industrial sites that were scheduled for release on the reserve list under the Government Industrial Land Sale Programme for the second half of 2007. The 1.43-hectare site has a plot ratio […]

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Citi sees likely office space glut by 2010

Other analysts argue that pent-up demand will soak up excess supply OFFICE space may be in severe short supply now, but Citigroup predicts the tables will be turned by 2010 with even a glut possible. ‘The market is underestimating the potential supply of new office space in 2010 and beyond, in our view,’ said the […]

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Two more transitional sites up for tender

Mountbatten and Aljunied sites follow those at Scotts Rd and Tampines (SINGAPORE) The Urban Redevelopment Authority has launched two transitional office sites at Mountbatten Road and Aljunied Road/Geylang East Avenue 1 for sale by tender. This follows the recent sale of two transitional office sites at Scotts Road and Tampines for $219 per square foot […]

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Short-term office sites put up for sale to ease crunch

Plots in Aljunied and Mountbatten roads come with 15-year leases GOOD news for office tenants struggling to find affordable office space in the Central Business District (CBD). The Government yesterday launched for sale two short-term office sites along Aljunied and Mountbatten roads to ease the office space crunch. Both plots come with 15-year leases and […]

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Firm to sell Malacca Centre retail space

A RETAIL podium at Malacca Centre in Raffles Place has been put up for sale. The 999-year leasehold property comprises of ground and basement floors and has direct frontages to the main road. The sellers are an investment holding company, said property firm Cushman & Wakefield, which is marketing the property. The property has a […]

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4 office floors at The Arcade put up for sale

ALMOST 18 per cent of The Arcade at Raffles Place comprising four floors have been put up for sale through an expression of interest exercise, and the indicative price range is between $80 million and $90 million. Based on the indicative price, the unit price for the 32,120 sq ft of space is between $2,500-$2,800 […]

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Koh Brothers buys 2 Shell kiosks for $19.6m

It aims to use one site for condo, other for hotel project KOH Brothers has bought two petrol kiosks from Shell – one in Bukit Timah and the other in Changi – for close to $19.6 million. The first site, at 383 Bukit Timah Road, is next to Koh Brothers’ freehold serviced apartment complex, Alocassia […]

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Jack Investment raises Iluma project cost

Entertainment, retail mall bill to soar to $160m from $100m JACK Investment, which won the tender to build a retail and entertainment mall on a site opposite Bugis Junction in 2005, has revised its projected total investment cost from $100 million to $160 million. Project director Lim Swee Teck said that Jack Investment intends to […]

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