Tuesday, March 9, 2010

95,000 sq ft of offices for lease at JTC’s HQ

Five parties said to have tendered for job of marketing Jurong East building

JTC Corporation is seeking to lease out about 95,000 square feet of offices at its headquarters building near Jurong East MRT Station. It recently conducted a tender exercise to appoint a sole marketing agent to help it find tenants for the building.

The space to be leased represents about 21 per cent of the building’s total 447,778 sq ft net lettable area.

BT understands that JTC itself occupies about 10 floors in the 32-storey building; the rest of the building’s occupied space is leased to other tenants.

The 95,000 sq ft of offices is believed to be from expiry of tenancies and JTC intensifying its space usage by reducing space per head and regrouping its staff according to industry clusters. The statutory board has been at JTC Summit for a decade.

‘As part of JTC’s process for leasing space, JTC called a tender on Jan 29, 2010 for the appointment of a sole marketing agent to undertake the leasing of JTC Summit’s office space, for a period of one year,’ a JTC spokeswoman told BT.

The tender closed on Feb 12. JTC is evaluating the proposals, and the results should be available by next month, she added.

Five parties are said to have tendered for the job – CB Richard Ellis, DTZ Debenham Tie Leung (SEA), Savills (Singapore), United Premas and Advanz International.

BT understands that some of the space to be leased at JTC Summit covers entire floors – such as the 27th and 28th levels.

According to its website, JTC is seeking a flat rent of $44 per square metre a month (or $4.09 per square foot a month) for space on Levels 1 to 30.

Industry observers point to limited supply of office space in the western part of Singapore, although there is business park space.

BT understands that landlords of newer office blocks in Tampines are seeking monthly rentals of $4-5 psf.

According to JTC’s tender documents for appointing a JTC Summit marketing agent, the commission rate will be one month’s gross rental for areas up to 5,000 square metres or 1.25 months gross rentals for areas above 5,000 square metres.

Tenderers’ marketing proposals will be evaluated on their marketing strategies and concept, as well as track records on similar projects and manpower commitment.

Source: Business Times, 9 Mar 2010

No comments:

Post a Comment