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MBFC devt sees grand opening

Posted on 16 May 2013 | Comments Off

Marina Bay Financial Centre (MBFC), the largest integrated development in Singapore’s CBD was officially opened by Prime Minister Lee Hsien Loong on Wednesday.

MBFC comprises three office towers of nearly three million sq ft of prime Grade A office space. There are also two residential towers with 649 luxury apartments and 179,000 sq ft of retail space.

Towers 1 & 2 and Marina Bay Link Mall are now fully occupied, while Tower 3 has achieved an occupancy rate of 88 percent.

Commenting on the development, Moray Armstrong, Executive Director for Office Services at CBRE, said: “The office towers at MBFC are synonymous with Singapore’s emergence as a truly global financial and business hub. The development name and brand is recognised internationally and MBFC resonates with multinational occupiers. The residential units have set the benchmark for inner city living.”

Aside from the physical transformation, MBFC has also set the bar high for future office buildings in the city.

“MBFC benefits from size – with over 3 million sq ft of commercial space it is the largest office development in the city. This offers scalability for many large occupiers who might otherwise be constrained in accommodating growth. The project’s phenomenal leasing success and the strength of the tenants’ profile demonstrates this appeal,” Armstrong added.

Source – PropGuru – 16 May 2013

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Posted in Office / Retail / Industrial, Property Market / Real Estate

Tagged Central Business District, Marina Bay Financial Centre, Marina Bay Link Mall, MBFC

Lack of supply boosts HDB shop prices

Posted on 10 May 2013 | Comments Off

Limited demand and supply from investors have pushed up rents and prices of HDB shops in the last three years, mostly affecting small and medium-sized retailers, The Straits Times reported.

George Wong, who runs a bubble tea shop in Toa Payoh, said he pays about S$3,800 monthly for a 380 sq ft unit, or half of a first-storey HDB shop.

“Most HDB shops islandwide could be rented at S$4,000 to S$5,000 per month five years ago. Now for that amount you’d get only half a shop,” said property agent Henry Ong, adding that prices have risen in tandem with increasing resale values.

But coffee shops are usually priced 20 to 30 percent higher than other shops as they draw more customers, said Chris Koh, Director at Chris International.

Grace Ng, Deputy Managing Director at Colliers International, noted that resale prices of HDB shophouses have shot up by 30 to 50 percent over the past few years. She added that shops in areas like Clementi Town Centre could be resold from S$3.5 million to S$10 million, based on location and size.

Despite this demand, as of March only 8,500 shops (out of the 14,450 HDB shops island-wide) were available on the resale market. The remaining 5,950 units were owned and leased out by the HDB.
Source – PropGuru – 2013 May 9