Tag Archives: Singapore Property

URA awards Pasir Ris Drive 3 residential site to Capital Development

Posted on 19 Jun 2012 | Comments Off on URA awards Pasir Ris Drive 3 residential site to Capital Development

URA has awarded the tender for the Pasir Ris Drive 3 residential site to Capital Development, which submitted the highest bid of $211 million, or $418.3 psf ppr. Capital Development is the property development arm of privately held Eng Seng Lee Construction Co, which is also the developer of the 530-unit private condo Flo Residence in Punggol.

The 99-year leasehold site in Pasir Ris was launched for sale by public tender from April 16 to June 5, and received five bids. The 240,200 sq ft site has a maximum permissible GFA of 504,500 sq ft and is a short distance away from Pasir Ris Park and Pasir Ris Beach. It is served by the amenities at West Plaza and Elias Mall and a short drive to Pasir Ris MRT station and White Sands shopping mall.

Source: TheEdge – 2012 Jun 19

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Posted in Government, Property Market / Real Estate

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Retail rents in S’pore edge up in Q2

Posted on 18 Jun 2012 | Comments Off on Retail rents in S’pore edge up in Q2

Singapore’s retail rents remained resilient in Q2 2012, supported by a high employment rate and tourist arrivals.

According to property consultancy DTZ, the average rents of prime retail space in Orchard/Scotts Road rose marginally by 0.1 per cent quarter-on-quarter to S$30.33 per sq ft per month. Meanwhile, average rents in suburban areas increased 0.2 per cent to S$28.35 per sq ft per month.

However, DTZ said average retail rents in Singapore are expected to remain flat for the rest of the year. This is due to uncertainties in the eurozone which could curtail consumer spending as well as the tight labour market which could hamper retailers’ expansion plans.

Meanwhile, Singapore is also seeing supply-side pressure from the development pipeline such as The Atrium@Orchard, orchardgateway, Westgate, Jem, Star Vista, which will be completed in 2012 and 2013.

Ms Chua Chor Hoon, Head of DTZ Asia Pacific Research, said, “While landlords are becoming more selective in offering space to control their tenant mix, retailers are at the same time getting more careful in committing to rental space as they desire prime frontage and good shopper traffic.

“This has resulted in temporary vacancies in some shopping centres, especially those in non-prime locations, as landlords were not able to find the right mix of tenants.”

Source : CNA – 2012 Jun 18

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Posted in Office / Retail / Industrial

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