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Here’s how OUE office spaces are priced
DBS Towers is the cheapest of the three topnotch commercial buildings at $5.70 psf/month.
Here’s a takeaway at OUE’s analyst briefing according to MayBank kimEng:
OUE bayfront and DBS Towers have passing rents of SGD10.39 psf/mth and SGD 5.70 psf/mth respectively. Occupancy stood at 85.9% and 94.6% respectively.
Asking rents for OUE Bayfront and DBS Towers stand at SGD12-13 psf/mth and SGD6-7 psf/mth presently.
Anchor tenant DBS at DBS Towers is paying average rent of only SGD 4.90 psf/mth. DBS will be progressively shifting out of DBS Towers (~55% of NLA) to MBFC Tower 3 by end of the year.
Management remains upbeat that it will be able to command higher rentals from new tenants for the space vacated by DBS.
Committed occupancy to date of One Raffles Place Tower 2 (ORP T2), meanwhile is 60% (prev. 55% and 42% in 1Q12 and 4Q11 respectively) with asking rents of SGD9-10 psf/mth.
Mandarin Gallery achieved 99.9% occupancy and average passing rent of SGD21.56 psf/mth in 2Q12. Cap rate used in the last valuation round was 5.25%.
The asking rents for ground floor are typically ~SGD40-55 psf/mth while higher floors get around SGD10-15 psf/mth.
38% of Mandarin Gallery’s NLA is expiring this year.
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