Grade A office rents to be hit amid uncertainty in financial sector
The collapse of Lehman Brothers is set to hit Asian office rental rates. Banks are traditionally the largest users of Grade A office space in the region, and they are likely to cut back on expansion plans and even consolidate current operations in the year ahead. In the region’s major office markets, Tokyo’s prime rentals … Read more
S’pore ranks top in global list of destination for meetings and business
For the first time, Singapore has clinched top spot as the best place for meetings and businesses, beating global players such as Paris and Vienna. The Union of International Associations (UIA) Global Rankings also gave Singapore top billing as the number one Asian country for meetings, a position Singapore has held for the past 24 … Read more
Jalan Kayu residents find ways to coexist with foreign workers
When two dormitories housing 6000 foreign workers sprung up in the private estate of Jalan Kayu in 2005, it led to a flood of complaints from residents. Manager of Tee Up Dormitory, Kelvin Low, said, “Initially, they hope not to see any foreign workers around the estate. This is unrealistic expectation.” 3 years down the … Read more
Some 100,000 foreign workers staying in illegal quarters
It is estimated that some 100,000 foreign workers are living in illegal accommodations across Singapore, due to a severe shortage of dormitory space. One particular shophouse, for example, houses about 35 foreign workers. The narrow shophouse is cramped, and there are no windows or ventilation. In one of the rooms, six bunk beds are packed … Read more
CapitaMall down on CEO change, market woes
CapitaMall Trust, Singapore’s biggest real estate investment trust, fell 13 per cent to a two-year low on Thursday, as news of its CEO’s departure combined with wider market fears weigh on its shares. CapitaMall announced on Wednesday that Pua Seck Guan is resigning as CEO ‘to pursue his personal interests’, and will be replaced by … Read more
$5.8m confidence boost for SC Global from CEO
He buys 7.79m shares to shore up prices; another director buys 500,000 THE boss of high-end residential property developer SC Global Developments has given a $5.8 million vote of confidence in the firm just as its share price was diving. Mr Simon Cheong, SC Global’s chairman and chief executive, bought 7.79 million shares at 75 … Read more
Orchard Central over 50% leased
Mall says more tenants in pipeline; confident despite economic turmoil FAR East Organization’s Orchard Central mall is more than 50 per cent leased some six months ahead of completion, the developer told BT yesterday. A different world: Orchard Central’s high-traffic basement two will have a Mediterranean concept with food and goods coming from countries such … Read more
Far East mall banks on F&B
Upcoming Orchard Central to dedicate about 35% of retail space, or 4 storeys, to eateries WHEN it comes to sating retail appetites, food and beverage (F&B) is playing a bigger part in drawing shoppers to malls here. That is why Far East Organization’s upcoming project in Somerset Road has dedicated four storeys, or close to … Read more
OUE exploring setting up of listed property trust
Plan to inject certain hospitality assets; it has appointed professional advisers OVERSEAS Union Enterprise (OUE) said yesterday that it is looking at setting up a listed property trust into which it will inject ‘certain hospitality properties’. Local asset: Artist’s impression of the shopping gallery of Meritus Mandarin, one of OUE properties in Singapore Professional advisers … Read more
Lehman’s fall marks office rent peak here
Consultants expect demand for prime office space to ease as growth slows The collapse of Lehman Brothers Holdings Inc may contribute to an easing of demand for prime office space in Singapore, where commercial rents are already peaking amid slowing economic growth, property consultants said. The market turmoil that also this week forced the sale … Read more
