COMMERCIAL PROPERTY | Staff Reporter, Singapore

Decentralising: 62% of commercial space released outside CBD

Move was also seen as an attempt to minimise volatility in prime rents.

CIMB noted:

Around 2.9msf of commercial space has been released, of which 1.8msf is outside the CBD area. We see this move as part of attempts to develop decentralised commercial hubs and minimise volatility in prime rents. In comparison, we believe demand/supply in the office sector is much more balanced and expect gradual increases in rents.

Meanwhile, amidst current price levels they do not see property policies loosening soon.

The MND has released additional land supply which can potentially yield 14.2k residential units in its latest 2H11 GLS Programme, similar to what was put out in 1H11. This had been expected by the market, and marks the new Minister's intention to curb rising property prices. We do not see property policies loosening anytime soon given current price levels.

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