Exclusive
COMMERCIAL PROPERTY | Krisana Gallezo-Estaura, Singapore
view(s)

4 major office transactions in 1Q

Suntec City Towers2, Samsung Hub set record prices.

According to Savills, the office leasing market was active in Q1/2013. In the CBD, the market continued to be dominated by smaller deals of 10,000 sq ft and less, arising mainly from existing tenants’ expansions or flight-to- quality.

Here’s a rundown of major office transactions from Savills in 1Q 2013:

1. The remaining space in newly-completed prime office buildings, such as
Asia Square Tower 1 and Marina Bay Financial Centre (MBFC) Tower 3 has been promptly filled after the subdivision of entire floors. Tenants include private equity firms and China-based resources and trading companies.

2. Shell and Procter & Gamble leased 120,000 sq and 200,000 sq ft respectively in The Metropolis at one-north, bringing the pre-commitment level for the project to 60% half a year ahead of its completion.

3. Caveats showed that the whole 20/F and a unit on the 15/F of Suntec City Tower 2 were sold at S$2,750 per sq ft of strata area. This is the third highest unit price for Suntec City Towers since 2011.

4. A unit on the 13/F of Samsung Hub was transacted at S$3,150 per sq ft in March, setting another new high.
 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.