Tag Archives: Retail Space

Second Chance Properties buys 22 units of retail space at Sim Lim Square for $35m

Posted on 22 Oct 2009 | Comments Off on Second Chance Properties buys 22 units of retail space at Sim Lim Square for $35m

Second Chance Properties says it has bought 22 prime units of retail space totalling 9,604 sq.ft on the 5th Floor of Sim Lim Square for a total of $35 million.

The units are fully tenanted to 27 retailers and the gross rental per annum is $2.634 million with a return of 7.30%. With the present low interest rate, this acquisition is immediately yield accretive.

With this acquisition, Second Chance’s total property portfolio will increase to 76 retail units with a total area of about 50,000 sq.ft and valued at $145 million.

After completion of this purchase, the total rental income for the group will be slightly above $10 million per annum. This acquisition will be funded totally by bank borrowings.

Completion of this acquisition is slated for Feb 1, 2010.

Source : The Edge – 22 Oct 2009

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Prime retail rents on Orchard Road drop 2.8% to S$38.17 psf in Q3

Posted on 21 Oct 2009 | Comments Off on Prime retail rents on Orchard Road drop 2.8% to S$38.17 psf in Q3

Prime retail rents on Orchard Road declined by 2.8 per cent to S$38.17 per square foot in the third quarter from the previous three months.

That is smaller than the 3.7 per cent fall in the second quarter and the 4.4 per cent drop in the first, according to a report by Colliers International.

Meanwhile, the average monthly retail rents in prime malls in the Tampines, Woodlands and Jurong areas posted an on-quarter increase of 1.3 per cent to S$32.75 per square foot per month, ending two straight quarters of decline.

Moving ahead, Colliers said while the worst may be over, the retail industry is not completely out of the woods yet.

The property consultancy said amidst mixed views on global and local economic prospects, there is also underlying caution.

With some four million square feet of retail space anticipated over the next three years, it expects landlords to remain flexible during rental negotiations and tenants to remain rental-sensitive. Continue reading →

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