18th April 2013, Thursday
Commercial
Marina Square gets $95m expansion Source: Business Times In its first major redevelopment since 2006, Marina Square shopping mall is adding two new wings to its premises. The first is a new gourmet dining zone, branded as The Dining Edition, which will be completed by June. The second is a retail wing slated for completion in 4Q next year. The $15 million dining wing and the $80 million retail area are two phases of Marina Square's $95 million revamp, which is aimed at repositioning the mall as an upscale destination. The Dining Edition will feature 16 food and beverage (F&B) outlets, of which six are new-to-market brands: Carnivore Appetite, Hamanoya, Lady M, Menzo Butao, Nuvo and Supreme Tastes Jiang Nan Cuisine. The Dining Edition has around 90 per cent committed occupancy, with 14 F&B tenants secured and already in the process of renovation. The new three-storey retail wing, when completed, will add 60 to 80 shops across 150,000 sq ft of net leasable space, which Ms Chan called the equivalent of "an entire suburban mall" in size. The retail wing, which would focus on upscale brands, will have 200m of frontage facing the Marina Bay area. Marina Square currently has around 250 shops and 600,000 sq ft of net leasable area, 75 per cent of which is used for retail, leisure and lifestyle purposes, while the remaining quarter consists of F&B stores.
Links to the story: http://www.businesstimes.com.sg/print/552644 http://www.straitstimes.com/st/print/1008922 http://www.todayonline.com/print/119036
Prime retail resale prices post highest rise in 5 years Source: The Straits Times Resale prices of prime retail space posted the strongest quarterly jump in slightly over five years in the first quarter, a consultancy said Wednesday. Pointing to increased interest from investors, prices for mall shops with large storefronts and heavy shopper traffic are likely to continue rising. Prime retail space in suburban areas saw the biggest surge in resale prices in the January-March period. Average capital values of resale shop units in those areas were 7.7 per cent higher than in the preceding quarter. In the Orchard Road and Scotts Road area, and other city areas, the average capital value of prime resale shop units climbed 5.8 per cent and 6.7 per cent respectively from the preceding October-December quarter. Overall, the increase in resale values is the largest since the fourth quarter of 2007. Prices were pushed up as more investors turned to shop units after a seventh round of cooling measures, which took effect on 12 Jan, imposed curbs on residential and industrial property. Another factor was cheap and abundant liquidity in the market owing to low interest rates. Resale prices may go up even further if investors decide to focus on the shop resale market instead of the new sales market after government guidelines last month that put a limit on the number of shoebox shop units in malls. Rental declines were the smallest for suburban prime retail space, which registered a 0.2 per cent drop quarter on quarter. In the Orchard Road and Scotts Road area, prime retail rents slid 0.3 per cent from the preceding quarter. The largest drop was in other city areas, where rents of prime shop space in the first quarter eased 0.7 per cent from October through December last year.
Link to the story: http://www.straitstimes.com/st/print/1008910
Investment Sales
Two industrial properties in Jurong for sale Source: Business Times Two adjoining JTC industrial sites for sale, one located at 1 Gul Avenue and the other at 3 Gul Circle have been put up for sale by expression of interest. Interested parties should submit their offer by 16 May 2013 at 1pm. The asking price for the properties was not disclosed. The sites will be jointly sold, and are zoned for "Business 2" use. They have a total land area of approximately 639,454 sq ft. There are two single-storey warehouses with ancillary office space and four workshop/showroom/office buildings on the sites, with a gross floor area of some 527,418 sq ft. The site at 1 Gul Avenue has a 24-year lease, while the site at 3 Gul Circle has a 16-year lease. Located within the Jurong Industrial Estate, the property is sited at the junction of Benoi Road. It is close to the Ayer Rajah Expressway, and the Pan Island Expressway. The sites' location will be enhanced by its proximity to the proposed Gul Circle MRT station, which will be completed in 2016.
Link to the story: http://www.businesstimes.com.sg/print/552772
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