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40% of new Mapletree Business City pre-leased

Posted on 24 Sep 2009 | Comments Off

A NEW business park development being built in Alexandra Road has already had 40 per cent of its space pre-leased, and could have another 15 per cent taken up soon.

HSBC Bank, Unilever, American Express (Amex) and business software provider SAP have all committed to occupying space at Mapletree Business City, said developer Mapletree Investments yesterday.

Together with several smaller tenants, who will provide amenities such as restaurants and cafes, the companies will take up 40 per cent of the development’s 1.73 million sq ft of net lettable space.

Mapletree is also ‘in advanced negotiations’ to lease out a further 15 per cent, which it expects to close soon, it said.

With the economic downturn forcing businesses to put a lid on their costs, it ‘is not surprising that there is a ready market for projects like the Mapletree Business City’, said Mrs Lim Hwee Hua, Minister in the Prime Minister’s Office and Second Minister for Finance and Transport.

Mrs Lim was the guest of honour at a tenants’ signing ceremony for Mapletree Business City yesterday. Continue reading →

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Posted in Developers

Tagged Mapletree, Mapletree Business City, Mapletree Investments, Office Rental, Office Space, Singapore Office

AIG takes 5 floors at new Shenton Way tower

Posted on 23 Sep 2009 | Comments Off

IN one of the bigger office leasing deals in recent months, AIG is understood to have leased five floors or about 60,000 square feet at the recently completed South Tower of 78 Shenton Way. CB Richard Ellis is said to have brokered the deal.

AIG is understood to be relocating operations from leased premises at two adjacent buildings on Martin Road in the Mohamed Sultan Road area to the South Tower.

These operations include the entity currently known as American Home Assurance Company. BT understands that the leasing deal involved some ’structuring’. Among other things, 78 Shenton Way’s owner, Germany’s Commerz Grundbesitz Investmentgesellschaf (CGI), is said to have taken over AIG’s remaining lease term at Martin Road.

CGI also owns 71 Robinson Road, which it bought in April last year while still under construction for $743.75 million, reflecting a record price of $3,125 psf of net lettable area. The seller was a joint venture between Lehman Brothers and Kajima Overseas Asia.

Source : Business Times – 23 Sep 2009