COMMERCIAL PROPERTY | Krisana Gallezo-Estaura, Singapore

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.

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