Tag Archives: Singapore Office

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 →

Property consultancy DTZ has upgraded its outlook for the office property sector.

It now expects office rentals to return to positive growth next year as the improving economic outlook feeds through.

But it said the outlook for 2009 remains firmly negative.

Year to date, office rentals throughout Asia Pacific have fallen by an average of over 10 per cent.

DTZ said the latest quarter on quarter growth was down around 2.5 per cent.

It expects the end of this year to be the bottom of the market as most cities are expecting to see yields stabilise in 2010.

The property consultancy said it doesn’t expect to see significant growth in Singapore’s office sector until 2011.

But it said growth may occur earlier if the positive sentiment amongst domestic and multinational occupiers persists.

Source : Channel NewsAsia – 15 Oct 2009