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ERC to launch strata shops for sale at Bugis Cube

Posted on 22 Jun 2012 | Comments Off

Riding on the strata retail property boom, Griffin Real Estate Investment Holdings, a wholly-owned subsidiary of education group ERC Holdings, is launching units for sale at Bugis Cube this Saturday.

Up to 91 strata units will be available at Bugis Cube, a six-storey, 999-year leasehold building at North Bridge Road.

It is currently undergoing a multi-million-dollar retrofitting that is expected to be completed by the middle of next year.

Investors have been driven to the non-residential segments of the property market following the Government’s imposition of harsh stamp duties on both sellers and buyers of homes last year to cool the red-hot housing sector.

Mr Andy Ong, chairman of ERC Holdings, said: “The Bugis area is one of the most vibrant shopping areas in Singapore. It is one of the few places that draw a young, trendy crowd seven days a week.

“Bugis Cube will be very attractive to retailers catering to youth and students. Furthermore, Bugis Cube is a rare opportunity for people to own prime retail property in the city centre.”

There are five MRT stations within a 10-minute walk from Bugis Cube, including the new Downtown Line Bugis interchange that will open by the end of next year, ERC said.

The firm added that the area would be enhanced by the construction of the South Beach development as well as the Rochor development by Singapore’s Temasek Holdings and Malaysia’s Khazanah Nasional.

Source : Today – 2012 Jun 22

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Posted in Office / Retail / Industrial

Tagged Bugis Cube, ERC HOLDINGS, Griffin Real Estate Investment Holdings, Singapore Retail

Orchard retail space oversupply??

Posted on 28 May 2011 | Comments Off

A number of shopping malls opened in Orchard Road in the last two years, increasing the prime shopping belt’s retail space by about 30 per cent, but not everyone at these new spaces has been doing well.

Only last week, tenants at 313 Somerset reportedly petitioned for lower rentals, complaining of poor business, raising questions over whether there is an oversupply of retail space in the area.

Mr Colin Tan, head of research and consultancy at Suntec Chesterton International, said: “If you go down to Orchard Road and visit some of these places, you’ll see that there is a high turnover of tenants. Tenants, which may have signed three years ago, are now finding it very hard to cope, so you see a lot of empty shops or hoardings or signs.”

There were signs of sluggish demand creeping in during the first quarter this year. Vacancy rates for Orchard Road retail space inched up to 6 per cent from 5 per cent from the fourth quarter last year.

Mr Nicholas Mak, head of research and consultancy at SLP International, said: “In the last two quarters, demand has not been as fast. As a result, some of the malls may have to adjust their rentals to attract new tenants or retain some of the existing ones.”

Others say the situation may not be so straightforward.

Senior manager for research at Cushman & Wakefield Ong Kah Seng said: “There has been a long dearth of major malls in Orchard Road – for more than a decade. The new malls actually refresh the identity of Orchard Road but require some time to be adjusted by market participants as they arrived as a surge after a hiatus.”

Source : Today – 28 May 2011