Premium grade office rents surge 6.1% in Q3: Colliers
The quarter-on-quarter increase was the highest in three years, and comes amid a continued shortage of office space in the central business district, the real estate services firm says.
SINGAPORE: Premium grade office rents in the Raffles Place/New Downtown area surged 6.1 per cent in the third quarter to S$11.67 psf per month amid a continued shortage of office space in the central business district, real estate services firm Colliers International said on Monday (Oct 13).
The 6.1 per cent quarter-on-quarter increase was the highest in three years, and was nearly double the 3.1 percent pace recorded in the second quarter.
Grade A office space in the Raffles Place/New Downtown area rose 2.9 per cent quarter on quarter to S$10.25 psf in July-September, while Grade A rents in the Shenton Way and Tanjong Pagar area gained 2.9 per cent to S$8.83 psf.
Colliers defines premium-grade offices as those found in relatively new buildings with large floor plates of more than 20,000sqft as well as intelligent features. Examples of such buildings include Marina Bay Financial Centre and Asia Square.
Grade A offices, on the other hand, refer to those in good quality buildings in strategic locations that are well served by amenities and transport nodes, for example 6 Battery Road and Republic Plaza Tower 1.
Colliers said the rise in office rents comes amid a supply squeeze, with the average occupancy rates of most micro-markets having breached the technical full occupancy rate of 95 per cent.
For instance, as of September 2014, the average occupancy rate for Grade A space in Raffles Place/New Downtown and Shenton Way/Tanjong Pagar stood at 97.2 per cent and 99.4 per cent, respectively.
- CNA/cy
- wong chee tat :)
Showing posts with label Raffles Place. Show all posts
Showing posts with label Raffles Place. Show all posts
Wednesday, October 15, 2014
Tuesday, February 4, 2014
M1 apologises and offers free calls
M1 apologises and offers free calls
POSTED: 04 Feb 2014 19:55
M1's CEO issues apology over service disruption on Tuesday and offers one day of free local mobile calls, local SMS and MMS "as a goodwill gesture”.
SINGAPORE: Telco M1 says a call processing software issue was the reason for the disruption to mobile services early Tuesday.
In a statement released on Tuesday evening, its Chief Executive Officer, Ms Karen Kooi, apologised and offered M1 customers one day of free local mobile calls, local SMS and MMS on Sunday "as a goodwill gesture”.
M1 customers were hit with a disruption in service from around 7am on Tuesday with many unable to make calls and also problems in receiving emails or data in various areas around Singapore, including Jurong, Choa Chu Kang and Raffles Place.
M1 said in its statement "our preliminary investigations suggest that a call processing software issue had unexpectedly prevented our customers’ devices from registering on the mobile network.
"A full investigation will be performed to determine the root cause of the incident."
The telco also said that the company immediately focused its efforts to restore services but the complexity of the network required it to troubleshoot the numerous interlinked network entities and full service was restored at 12:15pm.
“We are sorry for the inconvenience caused to our customers" said CEO Karen Kooi.
"We take this incident very seriously, and in addition to our own investigation, we will be appointing an independent expert to conduct a network architecture and connectivity review”.
- CNA/sf
- wong chee tat :)
POSTED: 04 Feb 2014 19:55
M1's CEO issues apology over service disruption on Tuesday and offers one day of free local mobile calls, local SMS and MMS "as a goodwill gesture”.
SINGAPORE: Telco M1 says a call processing software issue was the reason for the disruption to mobile services early Tuesday.
In a statement released on Tuesday evening, its Chief Executive Officer, Ms Karen Kooi, apologised and offered M1 customers one day of free local mobile calls, local SMS and MMS on Sunday "as a goodwill gesture”.
M1 customers were hit with a disruption in service from around 7am on Tuesday with many unable to make calls and also problems in receiving emails or data in various areas around Singapore, including Jurong, Choa Chu Kang and Raffles Place.
M1 said in its statement "our preliminary investigations suggest that a call processing software issue had unexpectedly prevented our customers’ devices from registering on the mobile network.
"A full investigation will be performed to determine the root cause of the incident."
The telco also said that the company immediately focused its efforts to restore services but the complexity of the network required it to troubleshoot the numerous interlinked network entities and full service was restored at 12:15pm.
“We are sorry for the inconvenience caused to our customers" said CEO Karen Kooi.
"We take this incident very seriously, and in addition to our own investigation, we will be appointing an independent expert to conduct a network architecture and connectivity review”.
- CNA/sf
- wong chee tat :)
M1 mobile services restored after disruption
M1 mobile services restored after disruption
POSTED: 04 Feb 2014 13:29
UPDATED: 04 Feb 2014 20:04
M1 customers were hit with a disruption in service from around 7am on Tuesday. Callers to Channel NewsAsia said they could not receive nor make calls on their M1 mobile lines. This latest disruption, which was largely resolved by 12.45pm on Tuesday, follows recent issues involving M1.
SINGAPORE: M1 customers were hit with a disruption in service from around 7am on Tuesday.
Callers to Channel NewsAsia said they could not receive nor make calls on their M1 mobile lines.
Many also had problems receiving emails or data in various areas around Singapore, including Jurong, Choa Chu Kang and Raffles Place.
In a posting on its Facebook page at about 8.20am on Tuesday, M1 said some of its customers would have had difficulties sending text messages or making voice calls.
M1 said preliminary investigations suggest that a call processing software issue had unexpectedly prevented customers' devices from registering on the mobile network.
This latest disruption, which was largely resolved by 12.15pm on Tuesday, follows recent issues involving M1.
Less than two weeks ago, the Infocomm Development Authority of Singapore imposed a fine of S$25,000 on M1 for failing to meet some of its outdoor coverage requirements.
This was two months after a record S$1.5-million fine was slapped on the telco for a 71-hour service outage that occurred in January last year.
Chief Executive Officer for M1 Karen Kooi apologised for the inconvenience and said they will appoint an independent expert to review their systems.
In the meantime, Ms Kooi said M1 would offer customers free local mobile calls, local SMS and MMS on Sunday as a goodwill gesture.
- CNA/ac/xq
- wong chee tat :)
POSTED: 04 Feb 2014 13:29
UPDATED: 04 Feb 2014 20:04
M1 customers were hit with a disruption in service from around 7am on Tuesday. Callers to Channel NewsAsia said they could not receive nor make calls on their M1 mobile lines. This latest disruption, which was largely resolved by 12.45pm on Tuesday, follows recent issues involving M1.
SINGAPORE: M1 customers were hit with a disruption in service from around 7am on Tuesday.
Callers to Channel NewsAsia said they could not receive nor make calls on their M1 mobile lines.
Many also had problems receiving emails or data in various areas around Singapore, including Jurong, Choa Chu Kang and Raffles Place.
In a posting on its Facebook page at about 8.20am on Tuesday, M1 said some of its customers would have had difficulties sending text messages or making voice calls.
M1 said preliminary investigations suggest that a call processing software issue had unexpectedly prevented customers' devices from registering on the mobile network.
This latest disruption, which was largely resolved by 12.15pm on Tuesday, follows recent issues involving M1.
Less than two weeks ago, the Infocomm Development Authority of Singapore imposed a fine of S$25,000 on M1 for failing to meet some of its outdoor coverage requirements.
This was two months after a record S$1.5-million fine was slapped on the telco for a 71-hour service outage that occurred in January last year.
Chief Executive Officer for M1 Karen Kooi apologised for the inconvenience and said they will appoint an independent expert to review their systems.
In the meantime, Ms Kooi said M1 would offer customers free local mobile calls, local SMS and MMS on Sunday as a goodwill gesture.
- CNA/ac/xq
- wong chee tat :)
Tuesday, July 26, 2011
Grade A office properties command respectable take up rates
Grade A office properties command respectable take up rates
By Linette Lim | Posted: 26 July 2011 2110 hrs
SINGAPORE: Grade A office properties in the Marina Bay and Raffles Place vicinity have been commanding respectable take-up rates.
Overseas Union Enterprise's OUE Bayfront, which obtained its temporary occupancy permit (TOP) in January, has committed leases of 77 per cent of its 500,000 square feet of net lettable area.
OUE said that its latest tenants include international law firm Hogan Lovells International and Union Bancaire Privee.
Just across the road, Ocean Financial Centre Phase 1 has an occupancy rate of 82.6 per cent. The building received its TOP in April and has 850,000 square feet of office space.
"It would have been easy for these buildings to rent out all its space but the issue here is to maintain its rents at a certain rate," said Donald Han, vice-chairman, Cushman & Wakefield, adding that the rents in these buildings are likely to "cross S$13 per square foot".
Mr Han also said that so far, office rents have grown about six per cent per quarter. He expects this to slow to three to four per cent as tenants move to newly completed buildings in the Marina Bay area, resulting in vacancies in older ones.
With more office space coming up around the Marina Bayfront area some wonder if older buildings around Raffles Place could see tenants migrate.
For now, though, this seems unlikely.
"Raffles Place will still hold its own. This is because of the clustering effect there, transportation and its reputation," said Nicholas Mak, executive director fo research & consultancy at SLP International.
-CNA/ac
- wong chee tat :)
By Linette Lim | Posted: 26 July 2011 2110 hrs
SINGAPORE: Grade A office properties in the Marina Bay and Raffles Place vicinity have been commanding respectable take-up rates.
Overseas Union Enterprise's OUE Bayfront, which obtained its temporary occupancy permit (TOP) in January, has committed leases of 77 per cent of its 500,000 square feet of net lettable area.
OUE said that its latest tenants include international law firm Hogan Lovells International and Union Bancaire Privee.
Just across the road, Ocean Financial Centre Phase 1 has an occupancy rate of 82.6 per cent. The building received its TOP in April and has 850,000 square feet of office space.
"It would have been easy for these buildings to rent out all its space but the issue here is to maintain its rents at a certain rate," said Donald Han, vice-chairman, Cushman & Wakefield, adding that the rents in these buildings are likely to "cross S$13 per square foot".
Mr Han also said that so far, office rents have grown about six per cent per quarter. He expects this to slow to three to four per cent as tenants move to newly completed buildings in the Marina Bay area, resulting in vacancies in older ones.
With more office space coming up around the Marina Bayfront area some wonder if older buildings around Raffles Place could see tenants migrate.
For now, though, this seems unlikely.
"Raffles Place will still hold its own. This is because of the clustering effect there, transportation and its reputation," said Nicholas Mak, executive director fo research & consultancy at SLP International.
-CNA/ac
- wong chee tat :)
Subscribe to:
Posts (Atom)