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Second Chance buys Sim Lim Sq units

Posted on 23 Oct 2009 | Comments Off

LISTED retail and property group Second Chance Properties (SCP) said yesterday that it will buy 22 retail units at Sim Lim Square for $35 million.

The units – all on the fifth floor – have a combined floor area of 9,604 sq ft. ‘They are fully tenanted to 27 retailers and the gross rent per annum is $2.634 million with a return of 7.3 per cent,’ SCP said.

The units were valued by Jones Lang LaSalle, and with interest rates so low, they will be ‘profitable immediately (yield accretive)’, it said.

The purchase takes SCP’s portfolio to 76 retail units with a combined floor area of 49,532 sq ft of space, valued at a total of $145 million. Once the latest deal is completed, SCP’s rental income will be $10.2 million per year.

The purchase will funded by bank borrowings. It was approved by SCP’s board on Oct 21 and is subject to shareholder approval at an extraordinary general meeting in December. Continue reading →

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Posted in Office / Retail / Industrial

Tagged Second Chance Properties, Sim Lim Square, Singapore Retail

Leasing activity picks up in office projects

Posted on 23 Oct 2009 | Comments Off

SP Services leases 100,000 sq ft at Mapletree Business City

THE flight to quality continues in the Singapore office market as occupiers move from older buildings to newer ones.

In demand: About 45 per cent of 20 Anson’s 204,000 sq ft net lettable area has been committed – up from zero just three months ago

More than 90,000 sq ft has been leased to six tenants at 20 Anson, a swanky 20-storey office tower that received Temporary Occupation Permit (TOP) earlier this month. As a result, 45 per cent of the building’s 204,000 sq ft net lettable area has been committed – up from zero just three months ago.

‘Given current negotiations with three other parties, we expect to be 70 per cent committed in six weeks,’ said Jones Lang LaSalle’s head of markets, Singapore, Chris Archibold. JLL is the marketing agent for 20 Anson, representing its owner, FirstOffice Pte Ltd, which is linked to La Salle Investment Management.

The neighbouring Mapletree Anson is also said to have clinched a tenant recently for the top floor (19th floor) – Noble Group, which will occupy about 21,000 sq ft. It will be relocating from PSA Building.

Over in the Alexandra Road area, Mapletree Business City has secured its latest office tenant – SP Services, which has leased about 100,000 sq ft and will be moving out of its existing location at TripleOne Somerset (formerly known as Singapore Power Building). Continue reading →