The largest to-date has leased an estimated 210,000sf.

According to UOB Kay Hian, office demand will continue to surprise in 2013, with multiple large leasing contracts signed by multinationals Shell, Procter and Gamble, Neptune Orient Lines and the Singapore Exchange back office committing to a combined demand of over 600,000sf of space at The Metropolis in Buona Vista in 1Q13.

This,it said, follows the higher-than-anticipated office demand of 1.9m sf in 2012, which is higher than the average 1.2m sf p.a. of demand over the past decade. This came despite weaker 2012 GDP growth of 1.3% and slower demand from the banking sector.

Here's more from UOB Kay Hian:

Demand was driven by smaller firms in the commodities, trading, legal, IT and manufacturing space. Although larger banks such as Credit Suisse, Citigroup andUBS have announced plans to downsize, smaller banks such as CIC and SumitomoMitsui and insurers such as Allianz Group have been expanding their office space requirements.

Singapore is expected to benefit from a nascent recovery in the US and China in 2013, with GDP growth forecast to hit 3.0%, according to UOB-ETR. Office demand is set to normalise to 1.6m sf this year, based on our office regression-demand analysis.

Here's what a successful bidder could expect.

International property consultant, Colliers International is re-launching for collective sale Lam Soon Industrial Building, which is located at 63 Hillview Avenue.

The tender will close on 3 April 2013 at 2.30 pm.

Sitting on a 230,915 sq ft freehold site, Lam Soon Industrial Building is a 10-storey light industrial development comprising a total of 154 warehouses and light industrial factories.

Under the 2008 Master Plan, the subject site is zoned for “Residential” use with a gross plot ratio of 1.92. Ms Tang Wei Leng (邓慧玲), Executive Director of Investment Services of Colliers International, says, “The Hillview area is an interesting vicinity – having transformed from an area that used to house industrialists into a residential enclave that is surrounded by Bukit Timah Hill, Bukit Timah Reserve and Dairy Farm Nature Park. The area is now undergoing further rejuvenation works, and connectivity to the rest of the island will soon be boosted by the upcoming Hillview MRT station that is slated for completion.

Hence, we are optimistic that the subject site will appeal to developers who are on the lookout for available freehold sites. The successful buyer could re-develop the site into a 10-storey residential development comprising 403 units of 1,100 sq ft each.

In fact, the neighbouring developments – The Hillier and The Lanai – saw healthy transactions, with unit prices exceeding some S$1,700 per sq ft and S$1,500 per sq ft, respectively.”

Located off Upper Bukit Timah Road, the subject site is surrounded by mainly residential developments – such as Hillington Green, Hillview Green, HillVista and The Lanai, among others. Amenities are readily available at the nearby The Rail Mall, Bukit Timah Plaza and Beauty World.

The subject site also enjoys easy access to other parts of the island via Bukit Timah Road, Bukit Timah Expressway and Pan Island Expressway. Apart from the upcoming Hillview MRT station, Bukit Batok and Bukit Gombak MRT stations are also in proximity to the site.

75% of 186 units released have been sold since Feb 25 preview.

Far East Organization  will be launching SBF Center on Thursday 14 March. Since its successful preview sales from 25 February, 75% out of 186 units released have been sold at this mixed-use commercial development.

“The positive take-up underscores a healthy demand for strata-titled space in Singapore’s prime Central Business District (CBD) area. As Singapore’s core financial and commercial district, it is home to the largest cluster of commercial buildings and skyscrapers. Its live-in population is also set to grow with a pipeline of new developments and the upcoming Tanjong Pagar Waterfront City,” said Mr Chia Boon Kuah, Executive Director, Far East Organization.  

Guess who the buyer is.

According to Cushman & Wakfield, Ultra Mansion located at No 4 Derbyshire Road within the prime district 11 Novena commercial and medical hub has been sold enbloc for $149,130,000.

The Buyer is Fantasia (Novena)  a subsidiary of listed Hong Kong company Fantasia Holdings Group Co. Ltd. The sale was brokered by International property consultant, Cushman & Wakefield.

Ultra Mansion, located within the prime district 11 Novena commercial and medical hub, is a freehold residential re-development site. It is within some 5 minutes walk to the Novena MRT Station.

Completed in 1970, it comprises a total of 48 apartments within a 13-storey block.

Here's more from Cushman & Wakefield:

The locality of Novena has traditionally been popular amongst investors and homebuyers as an alternative to Orchard Road because of its proximity to good schools, shopping malls, offices and specialist beauty and lifestyle stores such as Velocity.

Certainly, the main draw is the reputation for Novena as an exclusive medical hub. With the new S$2-billion dollar ‘state-of-the-art’ Mount Elizabeth Novena Hospital opened for business in July 2012, the locale of Novena has become the commercial and medical hub of Singapore therefore attracting investors from across Asia.

This site can potentially yield some 140,000 sqft of gross floor area. It can be developed into an up-market residential block comprising some 170 units of 1 and 2 bedroom SOHO/apartments ranging from 600 sqft.