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Subscribe to this list via RSS Blog posts tagged in commercial market

Asset management giant BlackRock has put up Asia Square Tower 1 for sale. The price tag is said to be about S$4 billion for the 43-storey tower, which would work out to around S$3,200 per square foot of net lettable area.

Tower 1 has 1.2 million square feet of offices and about 40,000 sq ft of retail space.

An expression of interest exercise is expected to be conducted, with a sale scheduled to be concluded by the year-end.

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Shoppers can expect more places to splash their cash at with a string of new malls scheduled to open by the end of the year.

An estimated 1.9 million sq ft of additional shop space will be ready by December, comprising about half the 4.1 million sq ft expected to come onstream in the next four years.
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Twenty-two strata office units at Parkway Centre in the Marine Parade Central area have been put on the market at $1,700-$1,800 per square foot. Inclusive of a 3 per cent early-bird discount for this month, the price range works out to $1,649-$1,746 psf.

Ranging from 732 sq ft to 1,356 sq ft, the units are located on various floors from the third to the top level of the 13-storey retail and office complex, which is on a site with a balance lease term of about 66 years.
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Posted by on in Residential
The majority owner of Serangoon Plaza has bought all of the five-storey Little India complex for $400 million through a collective sale process.

The final sale price, equivalent to $1,946 per sq ft, is about 9 to 11 per cent above the indicative price of $360 million to $368 million, or $1,751 to $1,790 psf. The building was put up for sale in September, and the tender closed on Oct 31.
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Posted by on in Residential
While the volume of shophouse transactions has slowed since the Total Debt Servicing Ratio (TDSR) framework was introduced in late June, prices seem to be holding up for now.
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Based on the analysis of URA Realis caveats data as at Sept 9, the number of caveats lodged for shophouses eased from 34 in May to 22 in June and 11 in July. Only 10 caveats were lodged for shophouse purchases in August, though more caveats for last month's transactions are expected in the next few weeks.
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Office rents inched up in the second quarter - the first time they have risen from one three-month period to the next since 2011.

Net effective rents of Grade A space in the Raffles Place area eked out a 0.6 per cent increase in the quarter from the first three months of the year.
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Urban Redevelopment Authority (URA) data show an uptick in net absorption of office space in Singapore, accompanied by a decline in vacancy rate.

Office leasing agents say this is in sync with their experience.
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Posted by on in Residential
Upcoming suburban mall Jem? achieved 100 per cent leased status on April 4, with all 241 shops in the 74,000 sq ft mixed-use development being leased ahead of its opening in Q2 2013.

The Lend Lease mall's line-up boasts international giants such as H&M, Victoria's Secret, and the first new Books Kinokuniya outlet in 14 years.
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Posted by on in Residential
Empty shop spaces greet shoppers at Thomson V, a mixed development in Upper Thomson.
Only 25 of the strata-titled development's 78 retail spaces were occupied yesterday, even though it opened in the middle of last year, a check by The Straits Times found.

Tenants spoke of dismal trade and poor traffic. So far, at least seven - including dessert shops My Garden Cafe and The Ice Shop, as well as salon Ez Cut - have shut.
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The government is moving to prevent a proliferation of small units at malls that may not serve their intended purpose and can cause disamenities, but said that this should not be read as an attempt to cool the strata retail market.

The Urban Redevelopment Authority (URA) yesterday introduced a minimum average size for retail units of 50 square metres (538 square feet) that takes effect today. This is comparable to a typical Housing and Development Board shop unit.
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Some investors are already trying to flip the shop units they bought just days ago at the yet-to-be-completed Alexandra Central, a sign that they had invested in the project hoping to make a quick buck.

A Business Times check showed that at least 19 of the 114 retail units that were sold by the developer last Monday, appeared to be on the market again by Saturday. Only one unit of each size was included in this tally.
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Posted by on in Residential
The government has released the final two commercial sites for the second half 2012 Government Land Sales (GLS) programme.

One is a confirmed list site near Jurong East MRT Station that has been launched for sale by public tender, while the other is a plot at Cecil Street/Telok Ayer Street that is available for application for sale under the reserve list.
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Rentals on the fringes of Orchard Road and the city are showing signs of softening, after recording their first dip in five quarters.

Rents of shops in the City Hall and Marina Centre areas recorded a 3 per cent drop from $21.90 per square foot (psf) per month in the previous quarter to $21.30 psf/month in Q4 2012.
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The best office space in town currently commands just a shade more rental than the rest. But this won't last.

The rental gap between Grade A offices and Grade B office space islandwide has narrowed this year. Rents in older buildings at prime locations have held up as their occupancy levels remain stubbornly high.?
This is expected to change next year when tenants move into new developments and more space emerges in older buildings.

CBRE executive director (office services) Moray Armstrong highlights the "potential for a flight to quality as tenants realise just how attractively pitched rents are for Grade A office space".
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