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Singapore’s retail rents inch up in Q2; Office rents in Singapore continue to rise: URA

http://www.businesstimes.com.sg/breaking-news/singapore/singapores-retail-rents-inch-q2-ura-20140725

RETAIL rents in Singapore rose 0.6 per cent in the second quarter, against a decline of 0.3 per cent in Q1, the latest property indices released by Urban Redevelopment Authority on Friday morning showed.

Prices of retail space dipped 0.3 per cent quarter-on-quarter in Q2 2014, after remaining unchanged in the first three months of this year.

The islandwide retail vacancy rate stood at 5.9 per cent at the end of Q2 2014, slightly higher than the 5.8 per cent at the end of Q1.

By the end of Q2 2014, there was total supply of 879,000 sq m gross floor area of retail space from projects in the pipeline.

http://www.businesstimes.com.sg/breaking-news/singapore/office-rents-singapore-continue-rise-q2-ura-20140725

OFFICE rents in Singapore continued to rise, climbing 2.8 per cent in the second quarter following the 2.4 per cent increase in the first quarter of this year.

According to data released by the Urban Redevelopment Authority (URA) on Friday morning, prices of office space remained unchanged in the second quarter compared to the preceding quarter, which saw a 0.5 per cent rise.

The island-wide vacancy rate of office space at the end of Q2 fell to 9.6 per cent, from 10.0 per cent at the end of Q1 2014.

The amount of occupied office space rose 22,000 sq m (nett) in Q2 2014, compared to the 6,000 sq m (nett) rise in Q1.

Prices of office space flat in Q2 after a 0.5% increase in Q1; prices of retail space fell 0.3 % after remaining unchanged in the previous quarter.

http://www.channelnewsasia.com/news/singapore/prices-of-office-retail/1281694.html

Sgbayhomes office

Prices of office space were flat in the second quarter after a 0.5 per cent increase in the first quarter, while prices of retail space fell 0.3 per cent after remaining unchanged in the previous quarter, the Urban Redevelopment Authority (URA) said on Friday (July 25).

Rental prices of office space in the second quarter rose 2.8 per cent from the previous three months, following the 2.4 per cent increase in the first quarter. Rental prices of retail space in the second quarter also increased, rising by 0.6 per cent in the second quarter, compared with the decline of 0.3 per cent in the January to March period.

As of end-June, there was a total supply of about 1.055 million square metre (sqm) gross floor area of office space in the pipeline, and a supply of 879,000 sqm gross floor area of retail space from projects in the works.

The amount of occupied office space increased by 22,000 sqm in the second quarter, compared with the 6,000 sqm increase in the previous quarter. During the quarter, the stock of office space decreased by 1,000 sqm, compared with the increase of 15,000 sqm in the previous quarter. As a result, the islandwide vacancy rate of office space at the end of June fell to 9.6 per cent, from 10 per cent at the end of March.

According to URA, the amount of occupied retail space increased by 38,000 sqm in the second quarter, while the stock of retail space increased by 49,000 sqm. As a result, the islandwide vacancy rate of retail space rose to 5.9 per cent at the end of June, up from 5.8 per cent at the end of March.

Burlington Square

BSQ 6 BSQ 5 BSQ 1

Address: 175 Bencoolen Street
Type of Development: Apartment / Commercial
Tenure: 99 years
District: 07
No. of Units: 179
Year of Completion: 1998
Developer: Wintrust Investment Pte Ltd (WingTai)
Unit sizes:
Studio: 667 sq ft
2 bedrooms: 861 – 990 sq ft
3 bedrooms: 1,119 – 1,350 sq ft
Penthouse: 3,035 sq ft

Burlington Square is primarily used for Office rental and sale. Burlington Square is close to Bugis MRT Station (EW12) and Bras Basah MRT Station (CC2). Upcoming new MRT station Rochor Station (DT13) will be less than 2 minutes walking distance from it.

It is near to several bus stops located opposite Burlington Square – 07517, after Sim Lim Square – 07531 and at Fortune Centre – 07518.

 

Condo Facilities at Burlington Square

Facilities are full and include covered car park, 24 hours security, swimming pools, BBQ pits, gym, tennis courts, steam bath, and a multi-purpose hall. Some units have roof gardens and there is also a communal viewing terrace that offers residents an outstanding view of the city skyline.

 

Amenities Burlington Square

Reputable schools such as Laselle College of the Arts and Singapore Management University are both within walking distances.

Cinema, restaurants and eating establishments, supermarkets, and shops are located at the nearby Bugis Junction Shopping Centre. Residents can go to the neighboring Sim Lim Square for a range of computer and electronic products at competitive prices.

Numerous other restaurants and eating establishments are scattered around the development. In addition, there are numerous pubs and bars located at Selegie Road, which is a stone’s throw away. Burlington Square has several eateries located within its buildings such as Café Lyubi Menya and Burger King Fast Food Restaurant.

Attractions like Fort Canning Park and Little India are just around the corner and interested residents can scour through the huge collection of books and electronic media available at the nearby 7-storey Singapore National Library.

For vehicle owners, travelling to the business hub and the buzzing Orchard Road shopping belt takes about 5 minutes, via Victoria Street and Bukit Timah Road respectively.

Burlington Square is within reasonable distance to NTUC Fairprice Supermarket. It is also an array of amenities such as grocery, retail shopping, banks and more.

Burlington Square is accessible via Bencoolen Street, Rochor Road and Jalan Besar.

 

District 7’s new gate to the city

District 7 is getting  a lot of buzz recently. The impending launch of the City Gate mixed development in Jalan Sultan is drawing attention back to the Kampong Glam district.

Its charm as a historical and cultural zone may give it a head start over many areas but it is its location – on the edge of the city centre and close to retail and entertainment amenities – that is its strongest suit, property consultants said.

Plans to develop the surrounding Beach Road and Ophir-Rochor corridor into a district of mixed- use projects will underpin the investment outlook in the mid- to long term, they said.

“The location on the city fringe translates into easy convenience when commuting to the premier shopping belt of Orchard Road or the central business district,” said Ms Chia Siew Chuin, director for research and advisory at Colliers International.

The 30-storey City Gate is on the site of the former Keypoint, which was acquired by World Class Land for S$360 million from Frasers Commercial Trust in 2012.

The 99-year leasehold project in Beach Road will feature 311 flats – one- and two-bedroom units of 431 to 570 sq ft, two-bedroom and three-bedroom dual-key units of 678 to 1,066 sq ft and one- to four-bedroom penthouses that range from 484 to 1,819 sq ft.

It will also have 188 commercial units, ranging from 280 to 3,735 sq ft.

Residential units are expected to go for S$1,900 to S$2,000 per sq ft (psf) and commercial units could sell for S$4,000 to S$5,000 psf, marketing materials show.

This makes it cheaper than the mixed development DUO in Ophir Road, which was launched by developer M+S at an average selling price of S$2,000 psf last November. DUO is in the city centre, unlike City Gate, noted R’ST Research director Ong Kah Seng.

Two 829 sq ft units at the 360-unit Concourse Skyline, developed by Hong Fok Land, went for S$1,810 to S$2,075 psf in the fourth quarter last year. But 101 units remain unsold since the completed project was launched at about S$1,590 psf in 2008.

Ms Christine Li, research head at OrangeTee, said the new supply of homes from City Gate could place pressure on the developer to lower prices at Concourse Skyline to shift units, especially with the cooling measures in place.

Older developments in the area include the 132-unit Textile Centre, where four units have sold at median prices ranging from S$911 to S$926 psf over the past year.

At The Plaza – a strata-titled 32-storey mixed-use building owned by UOL Group – two units changed hands at a median price of S$1,257 psf a year ago.

In this year’s first quarter, 13 leases were signed at The Plaza at a median rent of S$4.06 psf, said Mr Ong. He felt that owners of units in the new developments can expect strong rental demand, saying “this is a convenient location”.

Highly accessible

The location on the city fringe translates into easy convenience when commuting to the premier shopping belt of Orchard Road or the central business district. – Ms Chia Siew Chuin, of Colliers International

– See more at: http://business.asiaone.com/news/unlocking-the-gate-the-citys-charms#sthash.IQa1Tewc.dpuf