Consortium that bought 70 Shenton Way is selling the site while Elizabeth Tower is the latest collective sale
TWO redevelopment sites have been put on the market - Elizabeth Tower and 70 Shenton Way.
70 Shenton Way: The office block has approval for redevelopment into a 60:40 commercial-residential project
A five-member consortium which includes Roxy-Pacific Holdings which bought 70 Shenton Way for $148 million in April last year is now seeking to sell the office block, which has approval for redevelopment into a 60:40 commercial-residential project, at a price said to be around $270 million.
Mega property sales on the cards in Orchard area
Two commercial buildings worth more than $2b could see stakes sold
(SINGAPORE) Property investment deals involving two plum commercial properties in the Somerset/Orchard Road area worth more than $2 billion could take place in the next few months.
On the block: TripleOne Somerset (above) is put up for sale by a property fund at about $1.2 billion or $2,132 psf of net lettable area, while Lend Lease is said to be mulling over a sale of 313@Somerset (next)
One is TripleOne Somerset - formerly known as the Singapore Power Building - with a price tag of about $1.2 billion or about $2,132 per square foot on net lettable area. The office and retail building is being marketed by CB Richard Ellis and Jones Lang LaSalle through an expression of interest exercise slated to close around mid-June. The seller is a property fund managed by Singapore-based Pacific Star.
(SINGAPORE) Property investment deals involving two plum commercial properties in the Somerset/Orchard Road area worth more than $2 billion could take place in the next few months.
On the block: TripleOne Somerset (above) is put up for sale by a property fund at about $1.2 billion or $2,132 psf of net lettable area, while Lend Lease is said to be mulling over a sale of 313@Somerset (next)
One is TripleOne Somerset - formerly known as the Singapore Power Building - with a price tag of about $1.2 billion or about $2,132 per square foot on net lettable area. The office and retail building is being marketed by CB Richard Ellis and Jones Lang LaSalle through an expression of interest exercise slated to close around mid-June. The seller is a property fund managed by Singapore-based Pacific Star.
S'pore office costs 3rd highest in Asia
(SINGAPORE) Singapore remained the third most expensive office location in the Asia-Pacific for the seventh consecutive quarter since the office market bottomed in the third quarter of 2009 after the Global Financial Crisis, based on the latest Q1 2011 analysis by Colliers International.
In fact, the gap in average Grade A CBD office rentals between Hong Kong (the most expensive location in Q1 2011) and Singapore has widened from 29.8 per cent in Q4 last year to 32.1 per cent in Q1 this year. 'This extends and reinforces Singapore's competitiveness against Hong Kong,' argues Colliers.
The widening gap follows an 11.9 per cent quarter-on-quarter increase (in both US dollar and local currency terms) in Hong Kong's average Grade A CBD rental value in Q1 2011, surpassing Singapore's q-on-q rental growth of 8.2 per cent in US dollar terms (or 6.1 per cent in local currency terms) over the same period.
Hong Kong, with its 11.9 per cent q-on-q rise Grade A CBD rental surge in the first three months of this year, has overtaken Tokyo as the most expensive office location in the region. The rental growth rate for Hong Kong was also the highest among 26 cities surveyed.
Colliers said the average Grade A CBD office rental value in Singapore rose from US$53.55 psf a year (or S$6.31 psf a month in local currency terms) in Q3 2009 to US$79.76 psf a year (or S$8.39 psf a month) in Q1 this year.
The average gross monthly rental for Grade A office space in Raffles Place/New Downtown stood at S$9.72 psf in Q1 2011, up 8 per cent from the preceding quarter and 41.9 per cent from the Q4 2009 trough. The Q1 rental figure is 45.7 per cent below the pre-Global Crisis peak of S$17.89 psf in Q3 2008.
A problem parks itself in the business district
Redevelopment of Market Street Car Park spells shortage of parking lots for neighbours.
(SINGAPORE) The impending redevelopment of Market Street Car Park (MSCP) into an office tower - at a time when parking lots have become a scarce commodity in the central business district - appears to have triggered concerns from some building owners.
Market Street Car Park: The public car park, which was built in 1964 and has 704 lots, is one of the major sources of lots in the CBD today
(SINGAPORE) The impending redevelopment of Market Street Car Park (MSCP) into an office tower - at a time when parking lots have become a scarce commodity in the central business district - appears to have triggered concerns from some building owners.
Market Street Car Park: The public car park, which was built in 1964 and has 704 lots, is one of the major sources of lots in the CBD today
Asia Pacific sees rise in Q1 office rentals
Asia Pacific, led by markets which include Jakarta, Hong Kong and Singapore, continued to experience robust growth in the office real estate market in the first quarter of 2011, according to Jones Lang LaSalle (JLL).
“The global comparison shows how the traditional Asian centres have outpaced the world in their recovery. At the same time, we can see a strong re-emergence of ASEAN as a force in Asia, with Jakarta now topping the table in both rental and capital growth as it reaps the benefits of the recovery. These are exciting times for Asia Pacific office markets,” said Jeremy Sheldon, Head of Markets in Asia Pacific at JLL.
Of the 26 Asia Pacific office markets, 16 witnessed growth in net effective rents during Q1, while for the remainder, rents steadied or registered minimal residual decreases. Total rental growth eased slightly as a result of weakness in Japan, with a 2.5 percent average quarter-on-quarter increase across the region. In the last quarter of 2010, quarterly rental growth averaged 2.7 percent.
“The global comparison shows how the traditional Asian centres have outpaced the world in their recovery. At the same time, we can see a strong re-emergence of ASEAN as a force in Asia, with Jakarta now topping the table in both rental and capital growth as it reaps the benefits of the recovery. These are exciting times for Asia Pacific office markets,” said Jeremy Sheldon, Head of Markets in Asia Pacific at JLL.
Of the 26 Asia Pacific office markets, 16 witnessed growth in net effective rents during Q1, while for the remainder, rents steadied or registered minimal residual decreases. Total rental growth eased slightly as a result of weakness in Japan, with a 2.5 percent average quarter-on-quarter increase across the region. In the last quarter of 2010, quarterly rental growth averaged 2.7 percent.
Subscribe to:
Posts (Atom)