Daily Archives: 23 Sep 2009

Singapore drops 20 spots in office rental ranking

Posted on 23 Sep 2009 | Comments Off on Singapore drops 20 spots in office rental ranking

SINGAPORE has fallen out of the list of the 20 most expensive office locations in the world.

This comes after the country posted the second biggest drop in average Grade A CBD office rental values in the first half of this year from end-2008 levels, according to Collier International’s latest Global Office Research Report, which surveyed 170 cities across 53 countries.

However, the Republic’s office supply pipeline is the eighth biggest, with 10 million square feet under construction. ‘This is likely to continue to keep office rents in the doldrums for a while more, despite the improving economic outlook,’ Colliers International said.

Rival Jones Lang LaSalle (JLL) yesterday said the stock of shadow office space in Singapore – this refers to excess space that companies do not need and try to sublet – has shrunk from about 800,000 sq ft in July this year to roughly 700,000 sq ft this month. ‘Some major financial institutions that were previously looking to sublease office space have aborted their plans in view of improved hiring expectations,’ JLL said.

Office-leasing activity has increased significantly although much of the demand is a result of a ‘flight to quality’ rather than expansion plans, says JLL’s head of commercial leasing Chris Archibold. ‘The recent uplift in market activity is centred on new office buildings scheduled for completion in 2009, as well as 2010 and 2011 for some major occupiers. We expect leasing activities to pick up in these buildings over the next two quarters as companies take positions on business strategies including headcount planning,’ he added.

JLL’s preliminary numbers show the monthly average gross effective rent of Prime Grade A properties in CBD Core fell by 12.6 per cent quarter on quarter to $8.30 per square foot (psf) in Q3 2009. The average rental is now below the 20-year historical average of $8.40 psf per month after sliding 54.9 per cent from the peak of $18.40 psf per month in the same quarter last year. There have also been instances of landlords offering ‘cash subsidies’ to fund fitting-out costs of new tenants moving into their buildings. ‘Rent-free periods, while negotiated on a case-by-case basis, are also becoming more widespread as landlords sought to maintain headline rents,’ JLL said. Continue reading →

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Whose duty is it to enforce renovation rules?

Posted on 23 Sep 2009 | Comments Off on Whose duty is it to enforce renovation rules?

MY NEW neighbour and his contractor have repeatedly broken the rules regarding renovation works.

The notice of renovation works was posted outside the HDB flat for work carried out on weekdays from 8.30am to 6pm from July 21 to Aug 28.

First, their renovation works resulted in damage to the outside utility door. Second, each day, the contractor would leave rubbish along the common corridor and lift landing. Third, residents had to deal with loud noises from the hacking, knocking and drilling even over the weekends.

When I reported the matter to the Housing Board on Sept 5, I was told it was expected that renovation works would be unpleasant, and that the renovation had been extended to Sept 9. I was then given the name of an officer to contact for further inquiries. That officer did other checks and informed me that no rules were broken.

Subsequently, the renovation continued after the deadline had passed and I contacted the West Coast Town Council to report the noise pollution and possible unapproved renovation. I was told to contact the Essential Maintenance Service Unit (EMSU) instead. Continue reading →

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Posted in HDB

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