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Business at Marina Bay Financial Centre due to start in Q4 next year

Posted on 27 Oct 2009 | Comments Off

The S$4-billion Marina Bay Financial Centre mega project is on target despite the global downturn. In a year, phase one of the Marina Bay Link Mall under the Centre will be up and running, with tenants moving into the offices above.

Raffles Quay Asset Management (RQAM), who has revealed plans to make the 176,000-square-foot mall a place to “Shop, Dine and Play”, said the response rate has been positive.

“So far, the take up rate has been very good,” said Wilson Kwong, chief executive officer of RQAM. “We are one year away from completion and we are honoured to have 45 per cent pre-commitments for phase one alone, not to mention that the office segments we have also received very good take up rates.”

Since no development can be complete without two favourites amongst Singaporeans – food and shopping – 40 per cent of the mall will be occupied by food and beverage shops, while the remaining will be retail outlets.

The first phase of the mall is scheduled to receive its temporary occupation permit by the second quarter of next year, while the second phase will be ready by the middle of 2012. Continue reading →

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Posted in Office / Retail / Industrial

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

Office vacancies rise, rentals fall despite positive take-up

Posted on 24 Oct 2009 | Comments Off

Fresh supply coming to the market outstrips rejuvenated demand

‘Demand will be reasonably strong next year, but vacancy rates will continue to rise through 2010 on the weight of new supply completion.’- Moray Armstrong, CB Richard Ellis

THE office market posted a positive take-up of 3,000 square metres (or 32,292 square feet) in the third quarter of this year – reversing three consecutive quarters of negative take-up, according to latest figures released by Urban Redevelopment Authority (URA).

SPANKING NEW
Among the projects that were completed in the July to September period this year were Mapletree Anson, 71 Robinson Road and transitional office developments at Scotts Road and Anthony Road

Office take-up shrank 247,570 square feet in Q2 this year, 322,917 sq ft in Q1 2009 and 365,973 sq ft in Q4 last year.

Despite Q3’s positive take-up figure, vacancy rates continued to rise and rents slipped further in the third quarter as the supply of new office space completed doubled to 1.25 million sq ft in Q3 this year from 552,188 sq ft in the preceding quarter.

Among the projects that were completed in the July to September period this year were Mapletree Anson, 71 Robinson Road and transitional office developments at Scotts Road and Anthony Road.

The islandwide vacancy rate for office space rose from 10.8 per cent as at end-June 2009 to 12.2 per cent as at end-September.

The vacancy rate for URA’s Category 1 space – which covers major office buildings in the Downtown Core and Orchard Planning Area that are modern or recently spruced up, and have big floor plates – increased from 6 per cent as at end-June to 6.5 per cent as at end-September.

The vacancy rate for Category 2 space – which refers to the remaining office space on the island – climbed from 11.9 per cent to 13.4 per cent over the same period, reflecting the flight to quality among occupiers that property consultants have been talking about. Continue reading →