COMMERCIAL PROPERTY | Krisana Gallezo-Estaura, Singapore

Ho Bee's The Metropolis now 82% pre-committed ahead of October completion

But MayBank estimates lower-than expected $80m annual profit.

The Metropolis is on schedule to be completed by Oct 2013. MayBank KimEng analyst Wilson Liew that the commercial property is now already 82% pre-committed.

Management has indicated a plausible S$80mn annual recurrent income when the development is fully leased in 2015.Ho Bee stated an average price of $6-7 psf for office leases and $8-15 psf for retail.

MayBank however only expects net profit contributions of ~SGD50m annually when fully-

The Metropolis will be an integrated development comprising of 2 office towers which is well supported by amenities such as retail and food & beverage outlets.

The property being marketed by Jones LangLaSalle is strategically located within one-north which is Singapore's icon of the knowledge economy and an emerging decentralized location of choice for corporate occupiers.

The development is directly link to Buona Vista MRT station and future circle line MRT station.

Jones Lang LaSalle notes that the development will yield a net lettable area of over 1 million sf spread over large and efficient floor plates of 25,000 to 30,000sf and will be a distinctive landmark development within one-north upon its completion. 

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