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Prime Orchard road rent continue to fall but post healthy pre-commitment levels

Posted on 14 Sep 2009 | Comments Off

Property consultancy CB Richard Ellis said on Monday that prime Orchard Road rents averaged S$32.90 per square foot in the third quarter, down three per cent from the second quarter.

For the full year, CBRE said it expects Orchard Road rents to fall between 10 and 12 per cent, and a further decline is not expected to exceed five per cent next year.

This means the eventual rental trough should not be less than the S$30 per square foot per month level.

The last time prime Orchard Road rents fell below S$30 per square foot per month was from 1998 to mid-2000, when the effects of the Asian Financial Crisis were most felt.

However, CBRE said leasing activities for new Orchard Road space have stabilised and pre-commitment tenancies remain strong.

Mandarin Gallery is almost 100 per cent occupied ahead of its pre-Christmas opening.

Knightsbridge announced that it is 50 per cent pre-committed and expects the remaining leases to be finalised by the third quarter of this year.

Triple One Somerset is 60 per cent pre-let while across the street, 313@Somerset announced that it is 90 per cent leased ahead of its late-November opening.

Source : Channel NewsAsia – 14 Sep 2009

Comments Off on Prime Orchard road rent continue to fall but post healthy pre-commitment levels

Posted in Luxury Property, Office / Retail / Industrial

Tagged 313 @ Somerset, Mandarin Gallery, Orchard Road, Retail Space, Singapore Office / Retail, Triple One Somerset

Prime home prices may rise 18% by end 2010: UBS

Posted on 26 Aug 2009 | Comments Off

The analysts say mass launch prices have hit 2007 peak, and may stagnate

LAUNCH prices for new private homes rose 10 per cent and 18 per cent in prime and mass districts respectively in the first half of 2009, according to UBS Investment Research.

On the back of this, analysts Regina Lim and Michael Lim now expect prime prices to rise 18 per cent from here to 2007 peak by end 2010, as interest continues to improve and foreigners start to buy. However, luxury prices are not expected to reach the $4,000-$4,500 per square foot (psf) levels seen in 2007. By contrast, mass launch prices have reached the 2007 peak due to fervent buying by locals and prices could stagnate at current levels, the analysts said in an Aug 24 report: ‘For mass market launch prices, we believe they could stagnate at current levels after rising around 20 per cent in 2009.’

UBS’ research also showed that most of the demand for private homes this year came from local buyers. In the first seven months of 2009, Continue reading →