Resale prices, volume for non-landed private homes fall in May
The number of resale transactions for non-landed private homes in May fell by 7.5 per cent from April, while prices dipped 0.3 per cent to mark a 17-month low, the Singapore Real Estate Exchange estimated.
SINGAPORE: Resale transactions for non-landed private residential units fell by 7.5 per cent month-on-month in May, and prices dipped slightly to mark a 17-month low since December 2012, according to Singapore Real Estate Exchange (SRX).
In its flash report for May released on Monday (June 9), SRX said an estimated 421 transactions were registered, down from the 455 transactions in April. This represented a 42.6 per cent drop from the 734 units resold in the same month last year, it added.
Commenting on this, real estate agency ERA said: "Buyers may have diverted their attention to hot new projects that were launched by developers at attractive prices, for example Commonwealth Towers, as well as projects relaunched by developers at lower revised prices such as Sky Habitat."
Overall resale prices dipped slightly by 0.3 per cent, with the city area leading the drop with 2.9 per cent and the suburbs seeing a 0.3 per cent dip. The city fringes climbed by 0.6 per cent though, the report stated.
The majority, or 16 of 25 districts, experienced negative Transaction Over X-value in May, led by District 9 (Orchard, Cairnhill, River Valley) and 14 (Geylang, Eunos), SRX said.
Bucking the trend, units in the Bukit Timah, Holland Road and Tanglin district (District 10) posted the highest positive Transaction Over X-value among districts with more than 10 transactions with S$80,000. This was followed by those in Upper Bukit Timah and Ulu Pandan (District 21) with S$29,000, it noted.
"Resale prices have continued to fall with sellers becoming more realistic about reduced demand. The private resale market remains gloomy and prices may continue to moderate to the loan curbs like the Total Debt Servicing Ratio (TDSR)," ERA said.
- CNA/kk
- wong chee tat :)
Showing posts with label orchard. Show all posts
Showing posts with label orchard. Show all posts
Tuesday, June 10, 2014
Sunday, January 12, 2014
去年多个地区零售租金下跌
去年多个地区零售租金下跌
多家郊区商场在去年陆续开业，为本地零售商场带来竞争，导致多个地区的零售租金下跌。
房地产咨询公司戴德梁行（DTZ）的数据显示，乌节路／史各士路一带的零售空间租金在去年下跌了0.3％，而其他市区的租金全年下跌多达0.9％。郊区的零售空间租金则下跌0.2％。
分层地契零售单位 去年交易量大减；料获更好支持。完整报道，请翻阅11.01.2014《联合早报》。
- See more at: http://news.omy.sg/News/Finance/Qu-Nian-Duo-Ge-Di-Qu-Ling-Shou-Zu-Jin-Xia-Die-233971#sthash.WYaPlFdR.dpuf
- wong chee tat :)
多家郊区商场在去年陆续开业，为本地零售商场带来竞争，导致多个地区的零售租金下跌。
房地产咨询公司戴德梁行（DTZ）的数据显示，乌节路／史各士路一带的零售空间租金在去年下跌了0.3％，而其他市区的租金全年下跌多达0.9％。郊区的零售空间租金则下跌0.2％。
分层地契零售单位 去年交易量大减；料获更好支持。完整报道，请翻阅11.01.2014《联合早报》。
- See more at: http://news.omy.sg/News/Finance/Qu-Nian-Duo-Ge-Di-Qu-Ling-Shou-Zu-Jin-Xia-Die-233971#sthash.WYaPlFdR.dpuf
- wong chee tat :)
Wednesday, September 11, 2013
Mount Sophia residential site attracts 9 bids
Mount Sophia residential site attracts 9 bids
POSTED: 10 Sep 2013 7:33 PM
A residential site at Mount Sophia attracted nine bids at the close of its tender on Tuesday, according to the Urban Redevelopment Authority (URA), with the highest bid submitted at S$442.28 million.
SINGAPORE: A residential site at Mount Sophia attracted nine bids at the close of its tender on Tuesday, according to the Urban Redevelopment Authority (URA).
The highest bid was submitted by a consortium comprising Hoi Hup Realty, Sunway Developments and S C Wong Holdings at S$442.28 million.
This works out to a land price of S$1,157 per square foot per plot ratio (psf ppr).
The top bid is only 0.1 per cent higher than the second highest bid, placed by Fantasia Investment (Singapore) and Singhome (Mount Sophia) at S$442 million.
EL Development submitted the lowest bid at S$284.8 million.
The tender for the 99-year leasehold site was launched on June 28.
The project is located near Dhoby Ghaut MRT Station, the Orchard Road shopping belt and the cultural areas of Little India.
It has a site area of 23,770.5 square metres and maximum permissible gross floor area (GFA) of 35,528 square metres.
In a statement, Colliers International's director of research & advisory Chia Siew Chuin said: "The land parcel is unique, as the government rarely releases for sale, residential sites located in the prime district 9 area."
The site is made up of the former Methodist Girls' School and Trinity Theological College.
Ms Chia adds that "the unique history of the location might also strike a sentimental chord with homebuyers".
At a land price of S$1,157 psf ppr, analysts estimate the break-even cost for the new project to range from S$1,650 per sq ft to S$1,750 per sq ft.
This means when units at the new project are ready for launch, the selling price could start from S$1,900 per sq ft.
- CNA/gn
- wong chee tat :)
POSTED: 10 Sep 2013 7:33 PM
A residential site at Mount Sophia attracted nine bids at the close of its tender on Tuesday, according to the Urban Redevelopment Authority (URA), with the highest bid submitted at S$442.28 million.
SINGAPORE: A residential site at Mount Sophia attracted nine bids at the close of its tender on Tuesday, according to the Urban Redevelopment Authority (URA).
The highest bid was submitted by a consortium comprising Hoi Hup Realty, Sunway Developments and S C Wong Holdings at S$442.28 million.
This works out to a land price of S$1,157 per square foot per plot ratio (psf ppr).
The top bid is only 0.1 per cent higher than the second highest bid, placed by Fantasia Investment (Singapore) and Singhome (Mount Sophia) at S$442 million.
EL Development submitted the lowest bid at S$284.8 million.
The tender for the 99-year leasehold site was launched on June 28.
The project is located near Dhoby Ghaut MRT Station, the Orchard Road shopping belt and the cultural areas of Little India.
It has a site area of 23,770.5 square metres and maximum permissible gross floor area (GFA) of 35,528 square metres.
In a statement, Colliers International's director of research & advisory Chia Siew Chuin said: "The land parcel is unique, as the government rarely releases for sale, residential sites located in the prime district 9 area."
The site is made up of the former Methodist Girls' School and Trinity Theological College.
Ms Chia adds that "the unique history of the location might also strike a sentimental chord with homebuyers".
At a land price of S$1,157 psf ppr, analysts estimate the break-even cost for the new project to range from S$1,650 per sq ft to S$1,750 per sq ft.
This means when units at the new project are ready for launch, the selling price could start from S$1,900 per sq ft.
- CNA/gn
- wong chee tat :)
Wednesday, July 24, 2013
OUE Hospitality Trust IPO 19.1 Times Subscribed
OUE Hospitality Trust IPO 19.1 Times Subscribed
by Admin on Jul 24, 2013 • 8:21 pm
by Ernie B. Calucag
singapore
The initial public offering (IPO) of OUE Hospitality Trust, which comprises OUE Hospitality Real Estate Investment Trust and OUE Hospitality Business Trust, is 19.1 times subscribed, the trust said Wednesday.
The public offering of around 434.6 million stapled securities, which closed Tuesday noon, received 40,935 applications representing approximately 974.7 million units.
Meanwhile, the placement tranche of 383.5 million stapled securities to institutional investors and 51.1 million stapled securities to the public in Singapore were both fully subscribed.
Together, the OUE Hospitality Trust raised gross proceeds of S$600.0 million, with potential to go up to S$660.0 million if the over-allotment option of 68.2 million stapled securities is exercised in full.
The trust also secured an additional S$218.0 million worth of commitments from cornerstone investors such as Credit Suisse AG, Goldhill, Mr Gordon Tang, Lucille Holdings Pte Ltd and Splendid Asia Macro Fund who have subscribed for an aggregate of 247.2 million stapled securities.
Priced at S$0.88 per stapled security, the holders can expect to receive annualised 2013 distribution yield of 7.36 per cent and projected 7.46 per cent in 2014.
“The strong demand from the market highlights that investors recognise the sound asset fundamentals that underpin the portfolio of OUE H-Trust, as well as the strong backing of our sponsor Overseas Union Enterprise (OUE),” said Chong Kee Hiong, CEO of the REIT Manager.
OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
Also, a business hotel next to Changi Airport and two hospitality assets in China may be offered to OUE Hospitality Trust, according to the IPO prospectus. The properties, which have a total valuation of S$413.0 million as at 31 December 2013, could potentially double the number of hotel rooms owned by the trust, according to the document.
Led by Indonesian tycoon Stephen Riady, OUE revived plans for the REIT listing soon after it lost the battle to buy Fraser and Neave to Thai billionaire Charoen Sirivadhanabhakdi.
OUE also owns hotel properties outside Singapore, including Meritus Pelangi Beach Resort & Spa Langkawi in Malaysia and Meritus Mandarin Haikou and Meritus Shantou in China.
The share sale was managed by Credit Suisse Group AG, Goldman Sachs Group Inc. and Standard Chartered Plc.
OUE Hospitality Trust will start trade at 2.00 p.m. on Thursday, July 25.
SPH REIT Debuts Strong
SPH REIT gained on its first day of trading as investors were attracted by returns higher than those of comparable properties.
The shares jumped 9.4 per cent to 98.5 S-cents at the close of trading Tuesday. The stock was offered at 90 S-cents apiece, the top end of its price range.
SPH REIT units were offered with a yield of 5.79 per cent based on fiscal 2014 projections. That is higher than the measure tracking REITs in Singapore, which trades with a yield of 4.76 per cent, according to data compiled by Bloomberg.
The media group Singapore Press Holdings sold 615.8 million REIT units, raising S$554.0 million.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
REITs and business trusts were the biggest fundraisers in Singapore’s initial public offering market in the past year, accounting for US$4.16 billion of the US$6.2 billion of stock priced, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
- wong chee tat :)
by Admin on Jul 24, 2013 • 8:21 pm
by Ernie B. Calucag
singapore
The initial public offering (IPO) of OUE Hospitality Trust, which comprises OUE Hospitality Real Estate Investment Trust and OUE Hospitality Business Trust, is 19.1 times subscribed, the trust said Wednesday.
The public offering of around 434.6 million stapled securities, which closed Tuesday noon, received 40,935 applications representing approximately 974.7 million units.
Meanwhile, the placement tranche of 383.5 million stapled securities to institutional investors and 51.1 million stapled securities to the public in Singapore were both fully subscribed.
Together, the OUE Hospitality Trust raised gross proceeds of S$600.0 million, with potential to go up to S$660.0 million if the over-allotment option of 68.2 million stapled securities is exercised in full.
The trust also secured an additional S$218.0 million worth of commitments from cornerstone investors such as Credit Suisse AG, Goldhill, Mr Gordon Tang, Lucille Holdings Pte Ltd and Splendid Asia Macro Fund who have subscribed for an aggregate of 247.2 million stapled securities.
Priced at S$0.88 per stapled security, the holders can expect to receive annualised 2013 distribution yield of 7.36 per cent and projected 7.46 per cent in 2014.
“The strong demand from the market highlights that investors recognise the sound asset fundamentals that underpin the portfolio of OUE H-Trust, as well as the strong backing of our sponsor Overseas Union Enterprise (OUE),” said Chong Kee Hiong, CEO of the REIT Manager.
OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
Also, a business hotel next to Changi Airport and two hospitality assets in China may be offered to OUE Hospitality Trust, according to the IPO prospectus. The properties, which have a total valuation of S$413.0 million as at 31 December 2013, could potentially double the number of hotel rooms owned by the trust, according to the document.
Led by Indonesian tycoon Stephen Riady, OUE revived plans for the REIT listing soon after it lost the battle to buy Fraser and Neave to Thai billionaire Charoen Sirivadhanabhakdi.
OUE also owns hotel properties outside Singapore, including Meritus Pelangi Beach Resort & Spa Langkawi in Malaysia and Meritus Mandarin Haikou and Meritus Shantou in China.
The share sale was managed by Credit Suisse Group AG, Goldman Sachs Group Inc. and Standard Chartered Plc.
OUE Hospitality Trust will start trade at 2.00 p.m. on Thursday, July 25.
SPH REIT Debuts Strong
SPH REIT gained on its first day of trading as investors were attracted by returns higher than those of comparable properties.
The shares jumped 9.4 per cent to 98.5 S-cents at the close of trading Tuesday. The stock was offered at 90 S-cents apiece, the top end of its price range.
SPH REIT units were offered with a yield of 5.79 per cent based on fiscal 2014 projections. That is higher than the measure tracking REITs in Singapore, which trades with a yield of 4.76 per cent, according to data compiled by Bloomberg.
The media group Singapore Press Holdings sold 615.8 million REIT units, raising S$554.0 million.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
REITs and business trusts were the biggest fundraisers in Singapore’s initial public offering market in the past year, accounting for US$4.16 billion of the US$6.2 billion of stock priced, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
- wong chee tat :)
Thursday, July 18, 2013
OUE Prices Hospitality Trust IPO at S$0.88 to Raise S$600 million
OUE Prices Hospitality Trust IPO at S$0.88 to Raise S$600 million
by Admin on Jul 18, 2013 • 7:41 pm
by Ernie B. Calucag
Singapore property firm Overseas Union Enterprise Ltd (OUE) has priced Thursday the initial public offering of its hospitality and retail assets at S$0.88 per stapled security, at the low end of the indicative range of S$0.88 to S$0.90 each.
According to the prospectus, OUE Hospitality Trust will offer 434,598,000 stapled securities, consisting of an international placement of 383,462,000 stapled securities and 51,136,000 stapled securities to the public in Singapore.
The offer also includes 247,220,000 stapled securities to cornerstone investors such as Credit Suisse AG, Goldhill, Mr Gordon Tang, Lucille Holdings Pte Ltd and Splendid Asia Macro Fund.
OUE Hospitality Trust is expected to raise S$600.0 million from the offering. At S$0.88 each, the trust is offering a yield of 7.46 per cent based on fiscal 2014 projections, according to the prospectus.
The trust will comprise a real estate investment trust and a business trust. OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
Also, a business hotel next to Changi Airport and two hospitality assets in China may be offered to OUE Hospitality Trust, according to the IPO prospectus. The properties, which have a total valuation of S$413.0 million as at 31 December 2013, could potentially double the number of hotel rooms owned by the trust, according to the document.
Led by Indonesian tycoon Stephen Riady, OUE revived plans for the REIT listing soon after it lost the battle to buy Fraser and Neave to Thai billionaire Charoen Sirivadhanabhakdi.
OUE also owns hotel properties outside Singapore, including Meritus Pelangi Beach Resort & Spa Langkawi in Malaysia and Meritus Mandarin Haikou and Meritus Shantou in China.
The share sale was managed by Credit Suisse Group AG, Goldman Sachs Group Inc. and Standard Chartered Plc.
The retail tranche of the offering opens Thursday while listing will be on July 25.
OUE’s IPO follows that of media group Singapore Press Holdings (SPH)’s REIT offering, priced at S$0.90 per unit Wednesday.
SPH said the final price, at the top end of the indicated range, was settled after seeing strong institutional investor response during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche.
The media group is expected to raise S$504.0 million on offering of 308.9 million units to institutional and public investors, and 251 million units to cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company.
At S$0.90 per unit, SPH REIT offers a yield of 5.58 per cent and 5.79 per cent for the forecast period 2H2013 and projection year 2014, respectively.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
REITs and business trusts were the biggest fundraisers in Singapore’s initial public offering market in the past year, accounting for US$4.16 billion of the US$6.2 billion of stock priced, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
More good news coming?
- wong chee tat :)
by Admin on Jul 18, 2013 • 7:41 pm
by Ernie B. Calucag
Singapore property firm Overseas Union Enterprise Ltd (OUE) has priced Thursday the initial public offering of its hospitality and retail assets at S$0.88 per stapled security, at the low end of the indicative range of S$0.88 to S$0.90 each.
According to the prospectus, OUE Hospitality Trust will offer 434,598,000 stapled securities, consisting of an international placement of 383,462,000 stapled securities and 51,136,000 stapled securities to the public in Singapore.
The offer also includes 247,220,000 stapled securities to cornerstone investors such as Credit Suisse AG, Goldhill, Mr Gordon Tang, Lucille Holdings Pte Ltd and Splendid Asia Macro Fund.
OUE Hospitality Trust is expected to raise S$600.0 million from the offering. At S$0.88 each, the trust is offering a yield of 7.46 per cent based on fiscal 2014 projections, according to the prospectus.
The trust will comprise a real estate investment trust and a business trust. OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
Also, a business hotel next to Changi Airport and two hospitality assets in China may be offered to OUE Hospitality Trust, according to the IPO prospectus. The properties, which have a total valuation of S$413.0 million as at 31 December 2013, could potentially double the number of hotel rooms owned by the trust, according to the document.
Led by Indonesian tycoon Stephen Riady, OUE revived plans for the REIT listing soon after it lost the battle to buy Fraser and Neave to Thai billionaire Charoen Sirivadhanabhakdi.
OUE also owns hotel properties outside Singapore, including Meritus Pelangi Beach Resort & Spa Langkawi in Malaysia and Meritus Mandarin Haikou and Meritus Shantou in China.
The share sale was managed by Credit Suisse Group AG, Goldman Sachs Group Inc. and Standard Chartered Plc.
The retail tranche of the offering opens Thursday while listing will be on July 25.
OUE’s IPO follows that of media group Singapore Press Holdings (SPH)’s REIT offering, priced at S$0.90 per unit Wednesday.
SPH said the final price, at the top end of the indicated range, was settled after seeing strong institutional investor response during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche.
The media group is expected to raise S$504.0 million on offering of 308.9 million units to institutional and public investors, and 251 million units to cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company.
At S$0.90 per unit, SPH REIT offers a yield of 5.58 per cent and 5.79 per cent for the forecast period 2H2013 and projection year 2014, respectively.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
REITs and business trusts were the biggest fundraisers in Singapore’s initial public offering market in the past year, accounting for US$4.16 billion of the US$6.2 billion of stock priced, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
More good news coming?
- wong chee tat :)
Wednesday, July 17, 2013
SPH Prices REIT IPO at S$0.90 per Unit
SPH Prices REIT IPO at S$0.90 per Unit
by Admin on Jul 17, 2013 • 7:01 pm
by Ernie B. Calucag
Media group Singapore Press Holdings (SPH) has priced Wednesday its real estate investment trust (REIT) offering at S$0.90 per unit, at the top end of an indicative range of S$0.85-S$0.90 per unit.
SPH said the final price was settled after seeing strong institutional investor response during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche.
The media group is expected to raise S$504.0 million on offering of 308.9 million units to institutional and public investors, and 251 million units to cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company.
At S$0.90 per unit, SPH REIT offers a yield of 5.58 per cent and 5.79 per cent for the forecast period 2H2013 and projection year 2014, respectively.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
Paragon and Clementi Mall are valued at S$2.5 billion and S$570.5 million respectively by Knight Frank in February.
The retail tranche for the IPO opens on Wednesday and the listing will be on July 24.
Upon listing of SPH REIT, SPH will remain the single largest unitholder, with approximately 70 per cent stake. The group also plans to distribute a special dividend of S$0.18 to shareholders after the listing.
“The manager will take an active role in managing and enhancing SPH REIT’s properties,” SPH REIT said in the prospectus, adding that it will “assess acquisition opportunities in line with SPH REIT’s investment objective.”
Credit Suisse, DBS and Oversea-Chinese Banking Corp are joint bookrunners for SPH REIT, while CIMB and Nomura are co-lead managers.
More REIT IPOs
Another REIT offering is expected to be finalised in the days to come. Last week, Singapore property firm Overseas Union Enterprise Ltd (OUE) lodged its preliminary prospectus seeking to raise up to S$614.0 million.
According to the prospectus, OUE Hospitality Trust will offer 434,598,000 staple securities to the public and institutions. The offer includes 51.1 million staple securities for the retail investors while another 247,220,000 will go to cornerstone investors.
The listing will hope to raise up to S$614.0 million with an offer price expected to be between 88 S-cents and 90 S-cents per stapled security.
The trust will comprise a real estate investment trust and a business trust. OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
REITs raised S$3.4 billion or 68 per cent of the S$5.0 billion of stock sold in Singapore IPOs in the past 12 months, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
More good news coming?
- wong chee tat :)
by Admin on Jul 17, 2013 • 7:01 pm
by Ernie B. Calucag
Media group Singapore Press Holdings (SPH) has priced Wednesday its real estate investment trust (REIT) offering at S$0.90 per unit, at the top end of an indicative range of S$0.85-S$0.90 per unit.
SPH said the final price was settled after seeing strong institutional investor response during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche.
The media group is expected to raise S$504.0 million on offering of 308.9 million units to institutional and public investors, and 251 million units to cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company.
At S$0.90 per unit, SPH REIT offers a yield of 5.58 per cent and 5.79 per cent for the forecast period 2H2013 and projection year 2014, respectively.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
Paragon and Clementi Mall are valued at S$2.5 billion and S$570.5 million respectively by Knight Frank in February.
The retail tranche for the IPO opens on Wednesday and the listing will be on July 24.
Upon listing of SPH REIT, SPH will remain the single largest unitholder, with approximately 70 per cent stake. The group also plans to distribute a special dividend of S$0.18 to shareholders after the listing.
“The manager will take an active role in managing and enhancing SPH REIT’s properties,” SPH REIT said in the prospectus, adding that it will “assess acquisition opportunities in line with SPH REIT’s investment objective.”
Credit Suisse, DBS and Oversea-Chinese Banking Corp are joint bookrunners for SPH REIT, while CIMB and Nomura are co-lead managers.
More REIT IPOs
Another REIT offering is expected to be finalised in the days to come. Last week, Singapore property firm Overseas Union Enterprise Ltd (OUE) lodged its preliminary prospectus seeking to raise up to S$614.0 million.
According to the prospectus, OUE Hospitality Trust will offer 434,598,000 staple securities to the public and institutions. The offer includes 51.1 million staple securities for the retail investors while another 247,220,000 will go to cornerstone investors.
The listing will hope to raise up to S$614.0 million with an offer price expected to be between 88 S-cents and 90 S-cents per stapled security.
The trust will comprise a real estate investment trust and a business trust. OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
REITs raised S$3.4 billion or 68 per cent of the S$5.0 billion of stock sold in Singapore IPOs in the past 12 months, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
More good news coming?
- wong chee tat :)
SPH to raise S$504m in REIT IPO
SPH to raise S$504m in REIT IPO
By Wong Siew Ying
POSTED: 17 Jul 2013 2:10 PM
Singapore Press Holdings (SPH) will be raising S$504 million in an initial public offering of its retail-focused real-estate investment trust.
SINGAPORE: Singapore Press Holdings (SPH) will be raising S$504 million in an initial public offering of its retail-focused real-estate investment trust.
According to its prospectus, SPH REIT plans to sell its units at 90 Singapore cents each, representing the top-end of the indicative price range of 85 Singapore cents to 90 cents.
The trust is selling 308.9 million units to institutional and public investors. It has an option to bump up the sale by up to 56 million units.
SPH REIT has secured five cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company who have committed S$226 million for 251 million units.
At 90 cents a unit, SPH REIT is offering a yield of 5.79 per cent based on its projections for 2014.
The trust's assets will include the Paragon mall in Orchard Road and the suburban Clementi Mall.
The public offer for the IPO opens on Wednesday and the listing will be on July 24.
SPH said indication of interest among institutional investors during the bookbuilding process amounted to 42 times the number of units offered under the placement tranche.
- CNA/ac/fa
- wong chee tat :)
By Wong Siew Ying
POSTED: 17 Jul 2013 2:10 PM
Singapore Press Holdings (SPH) will be raising S$504 million in an initial public offering of its retail-focused real-estate investment trust.
SINGAPORE: Singapore Press Holdings (SPH) will be raising S$504 million in an initial public offering of its retail-focused real-estate investment trust.
According to its prospectus, SPH REIT plans to sell its units at 90 Singapore cents each, representing the top-end of the indicative price range of 85 Singapore cents to 90 cents.
The trust is selling 308.9 million units to institutional and public investors. It has an option to bump up the sale by up to 56 million units.
SPH REIT has secured five cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company who have committed S$226 million for 251 million units.
At 90 cents a unit, SPH REIT is offering a yield of 5.79 per cent based on its projections for 2014.
The trust's assets will include the Paragon mall in Orchard Road and the suburban Clementi Mall.
The public offer for the IPO opens on Wednesday and the listing will be on July 24.
SPH said indication of interest among institutional investors during the bookbuilding process amounted to 42 times the number of units offered under the placement tranche.
- CNA/ac/fa
- wong chee tat :)
Thursday, June 27, 2013
Singapore's office rental market expected to go up
Singapore's office rental market expected to go up
By Toni Waterman
POSTED: 26 Jun 2013 11:24 PM
Singapore's office rental market is on the rebound after bottoming out in the last quarter of 2012, according to Cushman & Wakefield.
SINGAPORE: Singapore's office rental market is on the rebound after bottoming out in the last quarter of 2012, according to Cushman & Wakefield.
In its quarterly office market report, the real estate firm said rents are on the rise and vacancies are drying up, though not all office buildings are sharing the comeback.
Cushman & Wakefield's latest office market report showed that the average rent in prime Grade A locations was up 4.2 per cent in the second quarter, from a quarter earlier, hitting S$9.03 a square foot per month.
That was up from S$8.99 per square foot per month in the first quarter of this year.
Sigrid Zialcita, managing director of research for the Asia Pacific at Cushman & Wakefield, said: "We are expecting rents to go up across the board on the back of very solid demand.
"We're not going to see the spikes we've seen in the 2007-2008 time frame, where rents went as high as S$18-S$19 a foot."
The report showed that all the CBD submarkets saw average rents appreciate, with Marina Bay and Shenton Way seeing a 9 per cent rise in rents. In the fringe area, Orchard Road's average rents moved up by around 4.6 per cent quarter-on-quarter.
The average rent in the suburban submarket rose slightly -- by 1.3 per cent quarter-on-quarter -- to S$5.64 psf per month.
Vacancy rates for Grade A office space is also improving -- dropping to 3.7 per cent in the second quarter from 5.0 per cent in the first quarter.
Vacancies at Marina Bay shrank to 3.6 per cent in Q2, from 5.6 per cent a quarter ago and 12.1 per cent a year ago. Raffles Place had an overall vacancy rate of 5.5 per cent, while Shenton Way's vacancy rate stood at 4.9 per cent.
Experts said diversity in the tenant pool has helped fill the office space.
"Long gone are purely financial institutions," said Desmond Sim, associate director of CBRE Research. "You have complimentary services like insurance, you've got legal all coming in to take up Grade A stock within Marina Bay and Raffles Place."
Also helping the office rental market is the limited new supply coming to the market.
Mr Sim said: "This year, we have the Asia Square Tower II coming on stream. Next year, we have CapitaGreen that will come on stream. Then we actually have a break of no Grade A product coming in 2015.
"So if someone is trying to take advantage of the current low Grade A rents, they might realize the Grade A stock coming online is quite limited."
One place where vacancies are not falling is in the suburbs, where vacancies are expected to rise to over 8 per cent through 2014.
The suburban vacancy rate was 2.7 per cent in 2012, and is expected to rise to 6.0 per cent this year and hit 8.2 per cent in 2014.
Sigrid Zialcita said: "In the suburbs, we're going to see some massive projects delivered and add space, but again we don't think it's a huge concern for the market because the take up we've seen has been brisk, and going forward we see very healthy leasing occurring in this properties."
There will be more options, but not necessarily better prices, as experts said despite rising vacancies, rental rates in the suburbs will remain stable at around S$5.50 per square foot this year to 2014.
- CNA/al
- wong chee tat :)
By Toni Waterman
POSTED: 26 Jun 2013 11:24 PM
Singapore's office rental market is on the rebound after bottoming out in the last quarter of 2012, according to Cushman & Wakefield.
SINGAPORE: Singapore's office rental market is on the rebound after bottoming out in the last quarter of 2012, according to Cushman & Wakefield.
In its quarterly office market report, the real estate firm said rents are on the rise and vacancies are drying up, though not all office buildings are sharing the comeback.
Cushman & Wakefield's latest office market report showed that the average rent in prime Grade A locations was up 4.2 per cent in the second quarter, from a quarter earlier, hitting S$9.03 a square foot per month.
That was up from S$8.99 per square foot per month in the first quarter of this year.
Sigrid Zialcita, managing director of research for the Asia Pacific at Cushman & Wakefield, said: "We are expecting rents to go up across the board on the back of very solid demand.
"We're not going to see the spikes we've seen in the 2007-2008 time frame, where rents went as high as S$18-S$19 a foot."
The report showed that all the CBD submarkets saw average rents appreciate, with Marina Bay and Shenton Way seeing a 9 per cent rise in rents. In the fringe area, Orchard Road's average rents moved up by around 4.6 per cent quarter-on-quarter.
The average rent in the suburban submarket rose slightly -- by 1.3 per cent quarter-on-quarter -- to S$5.64 psf per month.
Vacancy rates for Grade A office space is also improving -- dropping to 3.7 per cent in the second quarter from 5.0 per cent in the first quarter.
Vacancies at Marina Bay shrank to 3.6 per cent in Q2, from 5.6 per cent a quarter ago and 12.1 per cent a year ago. Raffles Place had an overall vacancy rate of 5.5 per cent, while Shenton Way's vacancy rate stood at 4.9 per cent.
Experts said diversity in the tenant pool has helped fill the office space.
"Long gone are purely financial institutions," said Desmond Sim, associate director of CBRE Research. "You have complimentary services like insurance, you've got legal all coming in to take up Grade A stock within Marina Bay and Raffles Place."
Also helping the office rental market is the limited new supply coming to the market.
Mr Sim said: "This year, we have the Asia Square Tower II coming on stream. Next year, we have CapitaGreen that will come on stream. Then we actually have a break of no Grade A product coming in 2015.
"So if someone is trying to take advantage of the current low Grade A rents, they might realize the Grade A stock coming online is quite limited."
One place where vacancies are not falling is in the suburbs, where vacancies are expected to rise to over 8 per cent through 2014.
The suburban vacancy rate was 2.7 per cent in 2012, and is expected to rise to 6.0 per cent this year and hit 8.2 per cent in 2014.
Sigrid Zialcita said: "In the suburbs, we're going to see some massive projects delivered and add space, but again we don't think it's a huge concern for the market because the take up we've seen has been brisk, and going forward we see very healthy leasing occurring in this properties."
There will be more options, but not necessarily better prices, as experts said despite rising vacancies, rental rates in the suburbs will remain stable at around S$5.50 per square foot this year to 2014.
- CNA/al
- wong chee tat :)
Thursday, January 24, 2013
CapitaMall Trust reports 2.6% rise in Q4 DPU
CapitaMall Trust reports 2.6% rise in Q4 DPU
By Kristie Neo | Posted: 18 January 2013 1821 hrs
SINGAPORE : CapitaMall Trust Management on Friday said its distribution per unit (DPU) was up 2.6 per cent to 2.36 cents in the fourth quarter of 2012.
For the full year, unitholders will receive a total of 9.46 cents for the fiscal year, compared to 9.37 cents in 2011.
CapitaMall Trust Management said that for the fourth quarter of 2012, its distributable income grew 5.7 per cent to over S$79 million.
For the full year, distributable income grew 5.1 per cent to more than S$316 million.
Gross revenue rose 10 per cent to S$173.67 million, while net property income increased 14.3 per cent to S$112.91 million during the same period.
The management attributed this to completed asset upgrades in malls like the "Atrium@Orchard", JCube and Bugis+.
Ongoing enhancements in IMM are also expected to contribute positively this year.
The management added that its new Westgate shopping mall at Jurong Gateway is on track to be completed later this year.
Moving forward, the management said that it will look at some of its older malls for possible upgrading opportunities.
Wilson Tan, CEO of CapitaMall Trust Management Limited, said: "This is something important because last year we (were) able to churn out three new asset enhancement exercises, and this is really going to bring us great profits...for 2013, so asset enhancement is an exercise we will continue to do."
- CNA/ms
- wong chee tat :)
By Kristie Neo | Posted: 18 January 2013 1821 hrs
SINGAPORE : CapitaMall Trust Management on Friday said its distribution per unit (DPU) was up 2.6 per cent to 2.36 cents in the fourth quarter of 2012.
For the full year, unitholders will receive a total of 9.46 cents for the fiscal year, compared to 9.37 cents in 2011.
CapitaMall Trust Management said that for the fourth quarter of 2012, its distributable income grew 5.7 per cent to over S$79 million.
For the full year, distributable income grew 5.1 per cent to more than S$316 million.
Gross revenue rose 10 per cent to S$173.67 million, while net property income increased 14.3 per cent to S$112.91 million during the same period.
The management attributed this to completed asset upgrades in malls like the "Atrium@Orchard", JCube and Bugis+.
Ongoing enhancements in IMM are also expected to contribute positively this year.
The management added that its new Westgate shopping mall at Jurong Gateway is on track to be completed later this year.
Moving forward, the management said that it will look at some of its older malls for possible upgrading opportunities.
Wilson Tan, CEO of CapitaMall Trust Management Limited, said: "This is something important because last year we (were) able to churn out three new asset enhancement exercises, and this is really going to bring us great profits...for 2013, so asset enhancement is an exercise we will continue to do."
- CNA/ms
- wong chee tat :)
Tuesday, January 8, 2013
Prime shopping space in CBD shrinks
Prime shopping space in CBD shrinks
By Lynda Hong | Posted: 07 January 2013 1843 hrs
SINGAPORE: Prime shopping space in the central business district (CBD) has shrunk.
As at end of September 2012, retail space - excluding that for drinking, eating and entertainment - has fallen by about 3 per cent, according to data by the Urban Redevelopment Authority (URA) which was analysed by real estate firm Colliers International.
Prints, an upmarket stationery retailer, has been looking to expand in the Orchard Road area. Its outlet at Chevron house has attracted a lot of corporate orders and bulk purchases from surrounding offices.
But its business is still lagging behind its other outlet at Ion Orchard. With space four times larger Chevron's, Ion brings in 20 per cent more business.
The company said expanding into the Orchard Road shopping belt may also open up new opportunities. Its third outlet at CityLink Mall sees the least business.
Prints' operation manager, Lim Fung Leng, said: "We're still looking at areas like Orchard and VivoCity because we would like to expand into the international market and we would like to attract more tourists and those area has a lot people from different walks of life it will get more exposure for our products."
More retail space in the CBD area has been converted for Food and Beverage purposes, according to a research by real estate agency Colliers International.
As a result, the available space for other retail use has become tighter.
Colliers International's research head, Chia Siew Chuin, said: "Why you see more retail space or rather more F&B space is because a lot of developers and owners of retail malls know that F&B outlets are actually magnets for people. Magnets for human traffic to be locked inside their retail malls. So gone are the days when you only see 15 per cent to 20 per cent F&B space. You can see as high as 40 or 50 per cent of your total space is F&B or leisure space."
Other analysts said prime space for F&B outlets may typically command lower rents.
Savills Singapore's research head Alan Cheong said: "F&B commands lower rentals on a dollar-psf, gross lettable area because you have a lot of non-revenue generating activities like your kitchen and in some instances you have to provide washroom compared to retail where every single space is for revenue generating purpose."
Except for the building housing the former DBS headquarters that will be redeveloped to include a sizeable retail space spanning 170,000 square feet, analysts don't see much office space being converted to retail space in the CBD.
In the next five to 10 years, new condominiums will create the need for more retail space.
But analysts said these would be F&B outlets and retail stores providing basic necessities like pharmacies, mini-grocers and supermarkets for affluent residents.
- CNA/ck
- wong chee tat :)
By Lynda Hong | Posted: 07 January 2013 1843 hrs
SINGAPORE: Prime shopping space in the central business district (CBD) has shrunk.
As at end of September 2012, retail space - excluding that for drinking, eating and entertainment - has fallen by about 3 per cent, according to data by the Urban Redevelopment Authority (URA) which was analysed by real estate firm Colliers International.
Prints, an upmarket stationery retailer, has been looking to expand in the Orchard Road area. Its outlet at Chevron house has attracted a lot of corporate orders and bulk purchases from surrounding offices.
But its business is still lagging behind its other outlet at Ion Orchard. With space four times larger Chevron's, Ion brings in 20 per cent more business.
The company said expanding into the Orchard Road shopping belt may also open up new opportunities. Its third outlet at CityLink Mall sees the least business.
Prints' operation manager, Lim Fung Leng, said: "We're still looking at areas like Orchard and VivoCity because we would like to expand into the international market and we would like to attract more tourists and those area has a lot people from different walks of life it will get more exposure for our products."
More retail space in the CBD area has been converted for Food and Beverage purposes, according to a research by real estate agency Colliers International.
As a result, the available space for other retail use has become tighter.
Colliers International's research head, Chia Siew Chuin, said: "Why you see more retail space or rather more F&B space is because a lot of developers and owners of retail malls know that F&B outlets are actually magnets for people. Magnets for human traffic to be locked inside their retail malls. So gone are the days when you only see 15 per cent to 20 per cent F&B space. You can see as high as 40 or 50 per cent of your total space is F&B or leisure space."
Other analysts said prime space for F&B outlets may typically command lower rents.
Savills Singapore's research head Alan Cheong said: "F&B commands lower rentals on a dollar-psf, gross lettable area because you have a lot of non-revenue generating activities like your kitchen and in some instances you have to provide washroom compared to retail where every single space is for revenue generating purpose."
Except for the building housing the former DBS headquarters that will be redeveloped to include a sizeable retail space spanning 170,000 square feet, analysts don't see much office space being converted to retail space in the CBD.
In the next five to 10 years, new condominiums will create the need for more retail space.
But analysts said these would be F&B outlets and retail stores providing basic necessities like pharmacies, mini-grocers and supermarkets for affluent residents.
- CNA/ck
- wong chee tat :)
Monday, December 24, 2012
Retail sector growth slows: Savills
Retail sector growth slows: Savills
Property GuruProperty Guru – Tue, Dec 18, 2012
by Cheryl Tay
The Christmas season has brought little joy to retailers as they face lacklustre sales, according to the Q4 2012 Retail Briefing by Savills Research.
Excluding motor vehicles, retail sales posted a growth of 1.3 percent. However, year-on-year growth slowed to -0.6 percent (4.1 percent since April 2012). At the same time, sales of jewellery and watches — a measure of discretionary spending — fell for six straight months in October.
Retailers were also generally cautious in expanding their stores in H2 2012, with several looking to consolidate their operations. Nevertheless, existing retailers and new entrants who increased their presence were offered space with attractive rents and strategic locations.
Stores that expanded include famous brands such as Uniqlo, Toys"R"Us, Sephora, Lowrys Farm, Isetan and H&M. The latter opened its second store in ION Orchard, while Babies"R"Us and Toys"R"Us opened two adjacent stores in City Square Mall (pictured), with a combined area of 25,000 sq ft.
In addition, two malls — Chinatown Point and Plaza Singapura's new wing — opened in November. Formerly known as The Atrium@Orchard, the new wing increased Plaza Singapura's net leasable area to 629,000 sq ft from 498,150 sq ft.
Average prime rents on Orchard Road slid to S$35.1 psf pm in Q4 from S$35.2 in the previous quarter, while rents in prime suburban areas remained at S$31.1 psf pm.
"In the absence of extreme shocks, such as the 2009 supply onslaught of nearly 1.3 million sq ft on Orchard Road and negative GDP growth, we expect just a mild rental correction of up to three percent in the main shopping belt," said Alan Cheong, Director at Savills Research Singapore.Cheryl Tay, Editor of CommericalGuru, wrote this story. To contact her about this or other stories, email cheryltay@allproperty.com.sg
- wong chee tat :)
Property GuruProperty Guru – Tue, Dec 18, 2012
by Cheryl Tay
The Christmas season has brought little joy to retailers as they face lacklustre sales, according to the Q4 2012 Retail Briefing by Savills Research.
Excluding motor vehicles, retail sales posted a growth of 1.3 percent. However, year-on-year growth slowed to -0.6 percent (4.1 percent since April 2012). At the same time, sales of jewellery and watches — a measure of discretionary spending — fell for six straight months in October.
Retailers were also generally cautious in expanding their stores in H2 2012, with several looking to consolidate their operations. Nevertheless, existing retailers and new entrants who increased their presence were offered space with attractive rents and strategic locations.
Stores that expanded include famous brands such as Uniqlo, Toys"R"Us, Sephora, Lowrys Farm, Isetan and H&M. The latter opened its second store in ION Orchard, while Babies"R"Us and Toys"R"Us opened two adjacent stores in City Square Mall (pictured), with a combined area of 25,000 sq ft.
In addition, two malls — Chinatown Point and Plaza Singapura's new wing — opened in November. Formerly known as The Atrium@Orchard, the new wing increased Plaza Singapura's net leasable area to 629,000 sq ft from 498,150 sq ft.
Average prime rents on Orchard Road slid to S$35.1 psf pm in Q4 from S$35.2 in the previous quarter, while rents in prime suburban areas remained at S$31.1 psf pm.
"In the absence of extreme shocks, such as the 2009 supply onslaught of nearly 1.3 million sq ft on Orchard Road and negative GDP growth, we expect just a mild rental correction of up to three percent in the main shopping belt," said Alan Cheong, Director at Savills Research Singapore.Cheryl Tay, Editor of CommericalGuru, wrote this story. To contact her about this or other stories, email cheryltay@allproperty.com.sg
- wong chee tat :)
Rent in Orchard Rd prime areas down 0.28% in Q4
Rent in Orchard Rd prime areas down 0.28% in Q4
By Lip Kwok Wai, Alice Chia | Posted: 22 December 2012 2141 hrs
SINGAPORE: Prime area rent for shopping malls and retailers in Orchard Road inched down 0.28 per cent this quarter, compared to the previous quarter.
In a report by Savills World Research, average monthly rent in prime areas in Orchard Road were S$35.1 per square foot in the fourth quarter.
This is a slight drop from the S$35.2 per square foot in Q3.
Analysts felt that this is due to adjustments in the market, as rent in the area were growing too fast previously.
Alan Cheong, director of Savills Research said the fall could be due to over-expecting the level of tourism in Singapore.
He said: "While (tourism) did increase, apparently the spending power did not quite live up to its expectation. Rent and performance in the Orchard Road belt will be dependent on tourism trade and on the state of the economy."
More retail spaces will also be available soon.
Recently, Plaza Singapura completed its expansion works, providing 80 more shops.
A larger scale development, Orchard Gateway, will provide 180,000 square feet of retail space next year.
Analysts also say that a gloomy economic outlook ahead could also see rent fall by up to 3 per cent, and if economic growth slows, people will spend less.
Retailers may then take a hit, in turn exerting a downward pressure on rent.
- CNA/xq
- wong chee tat :)
By Lip Kwok Wai, Alice Chia | Posted: 22 December 2012 2141 hrs
SINGAPORE: Prime area rent for shopping malls and retailers in Orchard Road inched down 0.28 per cent this quarter, compared to the previous quarter.
In a report by Savills World Research, average monthly rent in prime areas in Orchard Road were S$35.1 per square foot in the fourth quarter.
This is a slight drop from the S$35.2 per square foot in Q3.
Analysts felt that this is due to adjustments in the market, as rent in the area were growing too fast previously.
Alan Cheong, director of Savills Research said the fall could be due to over-expecting the level of tourism in Singapore.
He said: "While (tourism) did increase, apparently the spending power did not quite live up to its expectation. Rent and performance in the Orchard Road belt will be dependent on tourism trade and on the state of the economy."
More retail spaces will also be available soon.
Recently, Plaza Singapura completed its expansion works, providing 80 more shops.
A larger scale development, Orchard Gateway, will provide 180,000 square feet of retail space next year.
Analysts also say that a gloomy economic outlook ahead could also see rent fall by up to 3 per cent, and if economic growth slows, people will spend less.
Retailers may then take a hit, in turn exerting a downward pressure on rent.
- CNA/xq
- wong chee tat :)
Saturday, December 8, 2012
Retail rents narrowing between suburbs and Orchard Road, say analysts
Retail rents narrowing between suburbs and Orchard Road, say analysts
By Wong Siew Ying | Posted: 07 December 2012 2038 hrs
SINGAPORE: Renting retail space at a suburban mall these days may not be very much cheaper than renting one at Orchard Road, say analysts.
Colliers International said the gap between prime retail rents in the two segments have narrowed from 17 per cent in 2009 to 12 per cent this year.
Demand for retail space in suburban malls will continue to be strong, say analysts, citing the improving quality of suburban malls.
Rentals of prime space along Orchard Road are now only 12 per cent higher than neighbourhood malls, at about S$34 to S$37 per square foot on average.
Analysts expect rentals to stay fairly resilient in 2013, even though over two million square feet of retail space is set to come on stream.
Among them, over 400,000 square feet of space will be located in Orchard Road, with the rest located in suburban areas like Jurong.
"So many new international brands are coming in because they see Singapore as a gateway to the growth regions. Landlords will definitely not come down on rent when you get these names coming in," said Charles Ng, director of Retail Services at Colliers International.
Analysts also said that competition in the retail sector will be keen with newer malls in the market.
However they added that landlords should not have much problems finding tenants as the total vacancy rate is still at a healthy 6 per cent island wide.
Analysts have also pointed out the huge potential for growth in rental and capital value in Jurong East.
"The two new buildings, Jurong Gateway and Jem, will be seeing some relocation of jobs from Shenton Way into Jurong East… You are adding another 10,000 workers there. Within the next three years, the Jurong East retail scene will be significantly changed," said Ku Swee Yong, CEO of International Property Advisor.
Overall, analysts expect rentals of retail space in Singapore to fall by between 1 per cent and 3 per cent this year, compared to 2011.
- CNA/jc
- wong chee tat :)
By Wong Siew Ying | Posted: 07 December 2012 2038 hrs
SINGAPORE: Renting retail space at a suburban mall these days may not be very much cheaper than renting one at Orchard Road, say analysts.
Colliers International said the gap between prime retail rents in the two segments have narrowed from 17 per cent in 2009 to 12 per cent this year.
Demand for retail space in suburban malls will continue to be strong, say analysts, citing the improving quality of suburban malls.
Rentals of prime space along Orchard Road are now only 12 per cent higher than neighbourhood malls, at about S$34 to S$37 per square foot on average.
Analysts expect rentals to stay fairly resilient in 2013, even though over two million square feet of retail space is set to come on stream.
Among them, over 400,000 square feet of space will be located in Orchard Road, with the rest located in suburban areas like Jurong.
"So many new international brands are coming in because they see Singapore as a gateway to the growth regions. Landlords will definitely not come down on rent when you get these names coming in," said Charles Ng, director of Retail Services at Colliers International.
Analysts also said that competition in the retail sector will be keen with newer malls in the market.
However they added that landlords should not have much problems finding tenants as the total vacancy rate is still at a healthy 6 per cent island wide.
Analysts have also pointed out the huge potential for growth in rental and capital value in Jurong East.
"The two new buildings, Jurong Gateway and Jem, will be seeing some relocation of jobs from Shenton Way into Jurong East… You are adding another 10,000 workers there. Within the next three years, the Jurong East retail scene will be significantly changed," said Ku Swee Yong, CEO of International Property Advisor.
Overall, analysts expect rentals of retail space in Singapore to fall by between 1 per cent and 3 per cent this year, compared to 2011.
- CNA/jc
- wong chee tat :)
Tuesday, November 20, 2012
Orchard Rd shopping mall steps up measures to tackle rat problems
Orchard Rd shopping mall steps up measures to tackle rat problems
By Lim Wee Leng | Posted: 19 November 2012 2037 hrs
SINGAPORE: The management of 313 Somerset Shopping Mall said it has taken more measures to tackle the problem of rodents.
It said more mouse traps have been set up in the shopping mall since the National Environment Agency found signs of rat activity in its premises.
Lend Lease Retail, the mall's management, said it has been sealing up all potential access points to prevent the rodents from getting into the building.
It is also working with tenants on how to manage their waste properly and improve their housekeeping skills.
Ms Amy Lim, General Manager of Lend Lease Retail, said: "We have sent them a circular and in that circular, we have advised them on how they should keep their food when they leave the premises, how they should dispose their waste regularly, and how they should tie up any loose food that's visible. And also remove any food stains that would encourage any rats, any rodents to come."
It has also asked retailers to submit weekly pest control reports.
"On NEA's recommendations after the inspections, we've written to the retailers to seek their cooperation to submit weekly pest control reports to us. That's submitted by the pest control contractors. A copy of it is given to us, so that it helps us to monitor and ensure compliance by the retailers. They would usually report on what's been trapped in the premises," she said.
- CNA/de
- wong chee tat :)
By Lim Wee Leng | Posted: 19 November 2012 2037 hrs
SINGAPORE: The management of 313 Somerset Shopping Mall said it has taken more measures to tackle the problem of rodents.
It said more mouse traps have been set up in the shopping mall since the National Environment Agency found signs of rat activity in its premises.
Lend Lease Retail, the mall's management, said it has been sealing up all potential access points to prevent the rodents from getting into the building.
It is also working with tenants on how to manage their waste properly and improve their housekeeping skills.
Ms Amy Lim, General Manager of Lend Lease Retail, said: "We have sent them a circular and in that circular, we have advised them on how they should keep their food when they leave the premises, how they should dispose their waste regularly, and how they should tie up any loose food that's visible. And also remove any food stains that would encourage any rats, any rodents to come."
It has also asked retailers to submit weekly pest control reports.
"On NEA's recommendations after the inspections, we've written to the retailers to seek their cooperation to submit weekly pest control reports to us. That's submitted by the pest control contractors. A copy of it is given to us, so that it helps us to monitor and ensure compliance by the retailers. They would usually report on what's been trapped in the premises," she said.
- CNA/de
- wong chee tat :)
Monday, November 19, 2012
NEA finds signs of rat activity at 313@somerset
NEA finds signs of rat activity at 313@somerset
By Lian Cheong, Alice Chia | Posted: 18 November 2012 2106 hrs
SINGAPORE: The National Environment Agency (NEA) has found signs of rat activity at some food outlets in the 313@somerset shopping mall along Orchard Road.
Food sellers whom Channel NewsAsia spoke to said they have seen rats in the toilet, kitchen and even the ceiling in some areas.
A tenant at the mall said a glue board could trap about four rats in one night.
Following recent inspections, NEA said it will take action against eight food outlets in the mall.
NEA has requested the mall's management and food outlets to undertake a thorough clean-up, including false ceilings, and seal off all access points which could potentially allow rats in.
The management will also monitor the situation, to identify rat hotspots and take prompt action.
NEA has also inspected common areas of the nearby Somerset MRT station and underpass.
Checks were also done at the construction site of the proposed 20-storey hotel development next to the mall.
To date, no rat infestation has been detected.
- CNA/xq
- wong chee tat :)
By Lian Cheong, Alice Chia | Posted: 18 November 2012 2106 hrs
SINGAPORE: The National Environment Agency (NEA) has found signs of rat activity at some food outlets in the 313@somerset shopping mall along Orchard Road.
Food sellers whom Channel NewsAsia spoke to said they have seen rats in the toilet, kitchen and even the ceiling in some areas.
A tenant at the mall said a glue board could trap about four rats in one night.
Following recent inspections, NEA said it will take action against eight food outlets in the mall.
NEA has requested the mall's management and food outlets to undertake a thorough clean-up, including false ceilings, and seal off all access points which could potentially allow rats in.
The management will also monitor the situation, to identify rat hotspots and take prompt action.
NEA has also inspected common areas of the nearby Somerset MRT station and underpass.
Checks were also done at the construction site of the proposed 20-storey hotel development next to the mall.
To date, no rat infestation has been detected.
- CNA/xq
- wong chee tat :)
Monday, November 1, 2010
75% of units at The Glyndebourne snapped up over weekend
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 artist's impression |
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SINGAPORE : A 150-unit freehold condominium, The Glyndebourne, met with good response over the weekend's private preview.
City Developments (CDL) said in a statement that 75 per cent, or 112 units, of the development have been sold over the weekend.
The selling price ranged from S$1,900 to S$2,350 per square foot, giving an average price of about S$2,100 per square foot.
The development, which comprises eight towers of 5-storey residential apartments, is situated in District 11 on the site where the Copthorne Orchid Hotel Singapore currently stands on.
The site has an area of 180,000 square feet and is a mere 5-minute drive from the Orchard Road shopping belt, said CDL. It is also within walking distance to the upcoming Botanic Gardens and Stevens Road MRT Stations, which are scheduled for completion in 2015.
CDL's group general manager, Chia Ngiang Hong, said: "Based on feedback from our buyers, the development's excellent location and easy access to amenities is a key draw.
"Its freehold status, sizable plot of land and the array of well appointed, quality apartments with various sizes to cater to the differing needs of our clients are also plus points."
He added that "The Glyndebourne offers exceptional value for a prime property in District 11".
All 1-bedroom plus study, 2-bedroom and 3-bedroom plus study units have been snapped up. Ten out of the 23 penthouses have also been sold.
CDL said 70 per cent of the buyers are Singaporeans, with the remaining 30 per cent taken up by permanent residents and foreigners from Malaysia, US, Indonesia, China, India, Myanmar, Korea, Thailand, Taiwan and Brunei.
- CNA/al
- wong chee tat :)
Monday, April 13, 2009
3000 jobs at Ion Orchard
3000 jobs at Ion Orchard
About 3,000 jobs for shop assistants, customer service officers and even administrative managers are up for grabs at the soon-to-be opened Ion Orchard mall. --ST PHOTO: WANG HUI FEN
ABOUT 3,000 jobs for shop assistants, customer service officers and even administrative managers are up for grabs at the soon-to-be opened Ion Orchard mall.
The shopping centre, located above Orchard MRT station, is the latest outfit to tie up with the Workforce Development Agency (WDA) and the Employment and Employability Institute (e2i) to find the right people for the jobs.
On Monday, it launched a recruitment drive on behalf of its 300 tenants, such as Burberry, Club 21 and Muji.
From now until next Friday, jobseekers can register through the e2i hotline at 6474-3777 from 9am to 6pm on Mondays to Fridays.
People can also visit www.e2i.com.sg/events_ION_Orchard to register online.
WDA and e2i will screen applicants and match them with employers.
After registering, jobseekers may also be invited to attend networking sessions to meet with the brands' representatives.
| By Serene Luo | ||
 |  | |
About 3,000 jobs for shop assistants, customer service officers and even administrative managers are up for grabs at the soon-to-be opened Ion Orchard mall. --ST PHOTO: WANG HUI FEN
ABOUT 3,000 jobs for shop assistants, customer service officers and even administrative managers are up for grabs at the soon-to-be opened Ion Orchard mall.
The shopping centre, located above Orchard MRT station, is the latest outfit to tie up with the Workforce Development Agency (WDA) and the Employment and Employability Institute (e2i) to find the right people for the jobs.
On Monday, it launched a recruitment drive on behalf of its 300 tenants, such as Burberry, Club 21 and Muji.
From now until next Friday, jobseekers can register through the e2i hotline at 6474-3777 from 9am to 6pm on Mondays to Fridays.
People can also visit www.e2i.com.sg/events_ION_Orchard to register online.
WDA and e2i will screen applicants and match them with employers.
After registering, jobseekers may also be invited to attend networking sessions to meet with the brands' representatives.
- wong chee tat :)
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