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Phase 1 of Marina Bay project 72% leased

Posted on 5 Nov 2009 | Comments Off

PHASE 1 of the new Marina Bay Financial Centre (MBFC) mega office development is now 72 per cent leased, thanks to mining company BHP Billiton taking a further four floors.

The company has taken the additional floor space at Tower Two which, together with Tower One, comprises the first phase of the ambitious project intended as a seamless extension of the Central Business District.

BHP committed to 142,000 sq ft at Tower Two a year ago and is now slated to have a total leased floor area for 10 years from 2011 of 231,000 sq ft on levels 40 to 50 of Tower Two.

Phase 2 of MBFC will be complete when Tower Three has been opened. But already, about 64 per cent of total office space in Phases 1 and 2 has been leased.

The three office towers have almost three million sq ft of grade A office space. MBFC will also have two residential towers of 649 luxury apartments, and 176,000 sq ft of retail space.

Mr Wilson Kwong, chief executive of Raffles Quay Asset Management, which manages the centre, said BHP’s decision to take up additional space is testament to the MBFC’s vision of being Asia’s best business address. Continue reading →

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Posted in Office / Retail / Industrial

Tagged Marina Bay, Marina Bay Financial Centre, MBFC, Office Space, Singapore Office

Supermarket? It only looks like one: owner

Posted on 5 Nov 2009 | Comments Off

URA investigates Mustafa Warehouse for unauthorised change of use

It looks like a department store and supermarket facility but its owner insists that it isn’t.

Use of facility: Mustafa says its Kallang Pudding Road warehouse helps staff process home-delivery orders

The six-storey Mustafa Warehouse on Kallang Pudding Road has been around for more than five years now, but its first two levels were shuttered for many years, although it held warehouse sales on and off.

About three weeks ago, the doors to the first two levels were opened on a ‘permanent’ basis and this has raised the eyebrows of some competitors, who see a department store on the first level and a supermarket on the second with rows of cashier checkout counters – just like in a retail facility.

They say that by operating a retail business out of warehouse premises – which is not allowed under Singapore’s planning regulations – Mustafa is deriving an unfair advantage over other retailers that have to pay for more costly retail space.

The Urban Redevelopment Authority (URA) has now begun investigating whether there has been an unauthorised change of use.

A URA spokesman said: ‘The subject premises at 8 Kallang Pudding Road is a six-storey building approved for warehouse use. We are currently investigating the subject premises and hence, it would not be appropriate for us to make any comments on the investigation at this point in time. Continue reading →