Ex Singapore Power Building refurnished to include retail and F&B space
THE former Singapore Power Building in Somerset Road will re-open in January 2010 as TripleOne Somerset – after a $50 million make-over.
The office building – acquired by Singapore-based Pacific Star Group in February 2008 for more than $1 billion – has been refurbished to include two floors of retail and food and beverage (F&B) space with a total area of 60,000 sq ft.
Pacific Star converted some of the net lettable area (NLA) into retail space, which has been leased out at better rents. Rents for office space in TripleOne Somerset are now $6-$8 per sq ft on average, while retail rents are at $15-$20 psf.
The conversion of lower value space to higher value retail use has enhanced the building, as with other properties in Pacific Star’s portfolio, such as Wisma Atria in Orchard Road, said Benett Theseira, Pacific Star’s president of direct investments.
‘By adding the additional retail space, we have improved our revenue (from the building) about 10 per cent,’ he said.
Looking ahead, the building should be able to command higher office rents with the new retail and F&B facilities in place, Mr Theseira said. Rents could climb by 5-10 per cent when current three-year leases expire, he said.
When it was acquired by Pacific Star, the building’s NLA was 550,000 sq ft – all designated for office use.
After refurbishment, there is about 500,000 sq ft of office space, 60,000 sq ft of retail space and an outdoor refreshment area of about 5,000 sq ft.
The retail and F&B extension was created by converting areas previously occupied by an auditorium, cafeteria and three office units, empty space in the lobby areas facing Somerset Road and void areas above the carpark.
Further NLA expansion will be explored in 18-24 months, Pacific Star said.
It has so far secured commitments for more than 75 per cent of the mall space and is confident the mall will be fully leased when it opens in January 2010.
Tenants signed up so far include dining chain Applebee’s, whose outlet at the mall will be its first in Southeast Asia. Singapore’s largest supermarket chain NTUC FairPrice will open a 14,500 sq ft gourmet supermarket at the mall to cater to tenants and people living nearby.
Besides creating retail and F&B space, Pacific Star is upgrading the office building’s common areas such as the lift and reception lobbies to appeal to a wider range of tenants.
The office space is now 95 per cent leased. Singapore Power, the anchor tenant, continues to occupy around 200,000 sq ft of office space under a lease-back arrangement.
Source: Business Times, 26 Nov 2009
Thursday, November 26, 2009
80 units sold at Marina Bay Suites preview
Developer not expected to release more units in the condo until 2010
ABOUT 80 of the 90 units previewed at Marina Bay Suites yesterday have been sold, at an average price understood to be slightly above $2,300 per square foot.
However, the consortium developing the project said that the ‘average price range was between $2,200 psf and $2,500 psf’. Only three and four-bedroom units on the low to mid- floors at the 66-storey development were released for yesterday’s preview.
‘Unit sizes range from 1,572 to 2,691 sq ft for the three to four-bedroom units,’ said a spokesman for Raffles Quay Asset Management, the asset manager for Marina Bay Suites.
BT understands that the consortium developing the 221-unit, 99-year leasehold condo, does not plan to offer any more units in the development until next year. The show suite for the condo will be completed in the first half of next year and housed in an office tower in the Marina Bay Financial Centre (MBFC).
The condo, MBFC and an earlier condo project, Marina Bay Residences, are being developed on a 99-year leasehold plot sold by the Singapore government in 2005 to a consortium controlled by Keppel Land, Cheung Kong Holdings and Hongkong Land Holdings.
Yesterday’s preview was held on the mezzanine level of One Raffles Quay, which was also developed earlier by the three partners. The project is being marketed by CB Richard Ellis and DTZ.
‘There are no immediate plans to officially launch Marina Bay Suites (MBS). This private preview was for invited clients, business associates, registered prospects, staff and directors. We will launch MBS at the appropriate time,’ the spokesman said.
Initially, the consortium had planned to release only 50 units but decided to add 40 more due to keen demand from potential buyers.
BT understands that at least a third of the buyers were foreigners (including permanent residents) and companies, with Indonesians being the predominant foreign buyers. Well-heeled Singaporeans also bought units in the condo.
Prices of three-bedders start from $3 million or about $1,908 psf, BT understands.
The least expensive four-bedder (a 2,045 sq ft unit) cost $4.3 million or $2,103 psf. For the larger four-bedroom apartments of 2,680 sq ft, prices start from $6.1 million or $2,276 psf.
Source: Business Times, 26 Nov 2009
ABOUT 80 of the 90 units previewed at Marina Bay Suites yesterday have been sold, at an average price understood to be slightly above $2,300 per square foot.
However, the consortium developing the project said that the ‘average price range was between $2,200 psf and $2,500 psf’. Only three and four-bedroom units on the low to mid- floors at the 66-storey development were released for yesterday’s preview.
‘Unit sizes range from 1,572 to 2,691 sq ft for the three to four-bedroom units,’ said a spokesman for Raffles Quay Asset Management, the asset manager for Marina Bay Suites.
BT understands that the consortium developing the 221-unit, 99-year leasehold condo, does not plan to offer any more units in the development until next year. The show suite for the condo will be completed in the first half of next year and housed in an office tower in the Marina Bay Financial Centre (MBFC).
The condo, MBFC and an earlier condo project, Marina Bay Residences, are being developed on a 99-year leasehold plot sold by the Singapore government in 2005 to a consortium controlled by Keppel Land, Cheung Kong Holdings and Hongkong Land Holdings.
Yesterday’s preview was held on the mezzanine level of One Raffles Quay, which was also developed earlier by the three partners. The project is being marketed by CB Richard Ellis and DTZ.
‘There are no immediate plans to officially launch Marina Bay Suites (MBS). This private preview was for invited clients, business associates, registered prospects, staff and directors. We will launch MBS at the appropriate time,’ the spokesman said.
Initially, the consortium had planned to release only 50 units but decided to add 40 more due to keen demand from potential buyers.
BT understands that at least a third of the buyers were foreigners (including permanent residents) and companies, with Indonesians being the predominant foreign buyers. Well-heeled Singaporeans also bought units in the condo.
Prices of three-bedders start from $3 million or about $1,908 psf, BT understands.
The least expensive four-bedder (a 2,045 sq ft unit) cost $4.3 million or $2,103 psf. For the larger four-bedroom apartments of 2,680 sq ft, prices start from $6.1 million or $2,276 psf.
Source: Business Times, 26 Nov 2009
TripleOne Somerset to open in January 2010
Singapore-based real estate investment house Pacific Star said on Thursday that the former Singapore Power Building is expected to open in January 2010.
Now renamed TripleOne Somerset, the building is undergoing a S$50 million comprehensive facelift.
The 32-year-old building, which Pacific Star acquired in February 2008, will introduce a revamped, striking frontage.
The refurbished facade includes the creation of two floors of 60,000 square feet retail space. To date, Pacific Star has secured commitments for more than 75 per cent of the mall space.
It is also in active talks with a number of new-to-market concept stores.
Pacific Star said it is confident the mall will be fully leased when it opens in January 2010.
Source: Channel News Asia, 26 Nov 2009
Now renamed TripleOne Somerset, the building is undergoing a S$50 million comprehensive facelift.
The 32-year-old building, which Pacific Star acquired in February 2008, will introduce a revamped, striking frontage.
The refurbished facade includes the creation of two floors of 60,000 square feet retail space. To date, Pacific Star has secured commitments for more than 75 per cent of the mall space.
It is also in active talks with a number of new-to-market concept stores.
Pacific Star said it is confident the mall will be fully leased when it opens in January 2010.
Source: Channel News Asia, 26 Nov 2009
Mandarin mall reopens
Mandarin Gallery reopens tomorrow promising a novel retail and dining experience for shoppers
It is only half complete, but Mandarin Gallery will open its doors to the public tomorrow after a $200-million facelift.
About 50 of the Orchard Road mall’s 103 tenants will open in time for the Christmas buying season, says Mrs Patrina Tan, 41, senior vice-president of retail, marketing and leasing at Overseas Union Enterprise, which owns Mandarin Gallery.
They include Japanese lifestyle shop atomi, local clothes label Trioon, multi-label clothes boutique BLVD Gallery One, French lingerie label huit lingerie and high-end fashion label Galliano.
Others to open when the mall is fully operational by the end of January are local fashion label a.i. by Ashley Isham and luxury telecommunications company Vertu.
Located in Meritus Mandarin hotel, the 35-year-old mall had previously housed retailers such as fashion label Esprit and leatherware boutique Braun Buffel.
But after an 18-month refurbishment, the four-level mall has doubled its retail space to 11,706 sq m by taking over the hotel lobby and function rooms. The new hotel lobby is now on Level 5.
A prominent design feature is the five duplex (two-storey) shops that dominate the mall’s facade. One occupant, the multi-label boutique Bread And Butter, will open tomorrow. The other four, which will house Emporio Armani, D&G, Montblanc and Marc by Marc Jacobs, will open by the end of January.
‘Malls in Singapore do not really make use of shopping space on their ground floors. Maximising the space we have with these duplexes also gives depth to the brands as feature labels,’ says Mrs Tan.
The mall’s interiors, conceptualised by Japanese design company AIM Create, are modelled after a Japanese tea house to give more warmth with the use of wood instead of white plaster ceilings, she adds.
In addition, each level has a different shopping cluster. Level 1 and 2 house international labels such as Just Cavalli, Folli Follie and Italian clothes brand Henry Cotton’s. Level 3 has sports brand Adidas & Taylormade and all-day breakfast eatery Wild Honey.
Serving up international fare such as salmon tamago balls with sushi rice, Mexican burritos as well as homemade breads and jam, Wild Honey is bullish about its novel approach.
Says Mr Guy Wachs, 30, director of Wild Honey: ‘We have looked at the food scene in Singapore and feel that having an all-breakfast concept can be a little crazy, but for a strategic location such as Mandarin Gallery, it’s a good idea and a good partnership.’
Level 4 has lifestyle stores including spas and eateries. Opening tomorrow is Thai Thai, a fine-dining Thai restaurant chain from Malaysia. Joining the line-up will be steak restaurant Lawry’s Prime Rib, which moves from Paragon to Mandarin Gallery on Jan 10.
Japanese food lovers can also look forward to the opening of the famous Japanese ramen restaurant, Ippudo, which will make its debut here on Dec 15. This will be the chain’s second venture outside Japan. Its other overseas outlet is in New York.
Source: Straits Times, 26 Nov 2009
It is only half complete, but Mandarin Gallery will open its doors to the public tomorrow after a $200-million facelift.
About 50 of the Orchard Road mall’s 103 tenants will open in time for the Christmas buying season, says Mrs Patrina Tan, 41, senior vice-president of retail, marketing and leasing at Overseas Union Enterprise, which owns Mandarin Gallery.
They include Japanese lifestyle shop atomi, local clothes label Trioon, multi-label clothes boutique BLVD Gallery One, French lingerie label huit lingerie and high-end fashion label Galliano.
Others to open when the mall is fully operational by the end of January are local fashion label a.i. by Ashley Isham and luxury telecommunications company Vertu.
Located in Meritus Mandarin hotel, the 35-year-old mall had previously housed retailers such as fashion label Esprit and leatherware boutique Braun Buffel.
But after an 18-month refurbishment, the four-level mall has doubled its retail space to 11,706 sq m by taking over the hotel lobby and function rooms. The new hotel lobby is now on Level 5.
A prominent design feature is the five duplex (two-storey) shops that dominate the mall’s facade. One occupant, the multi-label boutique Bread And Butter, will open tomorrow. The other four, which will house Emporio Armani, D&G, Montblanc and Marc by Marc Jacobs, will open by the end of January.
‘Malls in Singapore do not really make use of shopping space on their ground floors. Maximising the space we have with these duplexes also gives depth to the brands as feature labels,’ says Mrs Tan.
The mall’s interiors, conceptualised by Japanese design company AIM Create, are modelled after a Japanese tea house to give more warmth with the use of wood instead of white plaster ceilings, she adds.
In addition, each level has a different shopping cluster. Level 1 and 2 house international labels such as Just Cavalli, Folli Follie and Italian clothes brand Henry Cotton’s. Level 3 has sports brand Adidas & Taylormade and all-day breakfast eatery Wild Honey.
Serving up international fare such as salmon tamago balls with sushi rice, Mexican burritos as well as homemade breads and jam, Wild Honey is bullish about its novel approach.
Says Mr Guy Wachs, 30, director of Wild Honey: ‘We have looked at the food scene in Singapore and feel that having an all-breakfast concept can be a little crazy, but for a strategic location such as Mandarin Gallery, it’s a good idea and a good partnership.’
Level 4 has lifestyle stores including spas and eateries. Opening tomorrow is Thai Thai, a fine-dining Thai restaurant chain from Malaysia. Joining the line-up will be steak restaurant Lawry’s Prime Rib, which moves from Paragon to Mandarin Gallery on Jan 10.
Japanese food lovers can also look forward to the opening of the famous Japanese ramen restaurant, Ippudo, which will make its debut here on Dec 15. This will be the chain’s second venture outside Japan. Its other overseas outlet is in New York.
Source: Straits Times, 26 Nov 2009
New homes near former tomb of Raffles' 'mistress'
A NEW residential development is set to be built on prime land near the former tomb of a Chinese woman believed to have been the mistress of Sir Stamford Raffles.
Developer Tang City Homes is building a 20 unit residential block at 52, Stevens Road, next to the former resting place of Tan Chwee Neo, alleged to be the lover of Singapore's founder.
Her remains were left there for nearly 100 years before they were exhumed in 2003 and moved to a temple.
The new freehold Fifty-Two Stevens project, which is located opposite Stevens Close and near the Metropolitan YMCA and The Pines Club, is likely to be launched during the first quarter of next year, after Chinese New Year.
It comprises mainly one-bedroom apartments and is expected to be priced just below $2,000 per sq ft.
Despite claims at the time by family members that Tan was Raffles' mistress, some have cast doubt on the link.
In 2002, Professor Ernest Chew of the National University of Singapore's history department dismissed the notion on the grounds that she may not have been a contemporary of Raffles.
According to her ancestral tablet, she was born in 1818 and died in 1904.
This would have made her five years old during Raffles' final visit to Singapore in 1823.
However, her family claims the birth date records were inaccurate.
Source, Straits Times, 26 November 2009
Developer Tang City Homes is building a 20 unit residential block at 52, Stevens Road, next to the former resting place of Tan Chwee Neo, alleged to be the lover of Singapore's founder.
Her remains were left there for nearly 100 years before they were exhumed in 2003 and moved to a temple.
The new freehold Fifty-Two Stevens project, which is located opposite Stevens Close and near the Metropolitan YMCA and The Pines Club, is likely to be launched during the first quarter of next year, after Chinese New Year.
It comprises mainly one-bedroom apartments and is expected to be priced just below $2,000 per sq ft.
Despite claims at the time by family members that Tan was Raffles' mistress, some have cast doubt on the link.
In 2002, Professor Ernest Chew of the National University of Singapore's history department dismissed the notion on the grounds that she may not have been a contemporary of Raffles.
According to her ancestral tablet, she was born in 1818 and died in 1904.
This would have made her five years old during Raffles' final visit to Singapore in 1823.
However, her family claims the birth date records were inaccurate.
Source, Straits Times, 26 November 2009
Thumbs up for ending estate agents' dual role
A PROPOSAL to ban property agents from representing both the seller and buyer in the same transaction has generated strong public interest - with many giving the idea the thumbs up.
This practice, widespread in the HDB resale market, leaves the agent with a clear conflict of interest.
But there is likely to be resistance from some agents who stand to lose commissions if it is implemented.
The proposed ban is one of a series of possible changes in a planned industry overhaul after years of complaints about questionable practices by some agents.
A public consultation exercise on a planned real estate regulatory framework drew more than 200 comments and suggestions, said the Ministry of National Development (MND) yesterday.
The proposal most commented upon was the ban on dual representation
Many respondents also backed a plan to ensure agents have a minimum entry qualification - probably an entrance exam. They felt it was important for the exam to cover ethics, given that complaints often stem from unethical practices.
Most respondents were 'generally supportive' of the key proposals, MND said. These also include mandatory accreditation of agencies and agents, keeping a public central registry for accredited agents, setting up an independent tribunal to resolve real estate disputes, and introducing a demerit points system.
The views received during the exercise - conducted from Oct 13 to Nov 17 - were generally consistent with feedback gathered during industry consultations a month earlier, MND said. The respondents included property agents and clients who had been caught in unpleasant encounters with agents, said a spokesman.
The Government aims to better safeguard consumers' interests and raise the level of professionalism in the industry.
Some of the key proposals are long overdue, some industry players said.
Most would be welcomed by the industry, but some agents may not be happy if dual representation is disallowed.
An agent representing both sides in an HDB deal can get two commissions, even though there is clear conflict as sellers would want the highest price for their property while buyers want the lowest.
'This practice has been around since the first day HDB flats were traded. Obviously, there will be some resistance from property agents,' said C&H Realty managing director Albert Lu.
As HDB flat transactions can be complex, it is useful for buyers and sellers to have their own agents, to ensure that an unrepresented party does not delay or mess up the transaction, he said.
Some respondents suggested disallowing dual representation for rental deals.
There were suggestions to mandate co-broking, to stipulate that all buyers are to engage an agent and to require agents to inform sellers of all offers, regardless of the offer price or agent fees.
There were also calls for a standard commission guideline to curb undercutting among agents and to protect less educated consumers, for instance.
Respondents had also called for the licensing of individual agents. While the Government had called for industry-led accreditation, some respondents wanted the Government to handle this.
Some also wanted to see minimum educational qualifications. Mr Lu felt this was unnecessary. Having paper qualifications does not guarantee an agent will act ethically, he said. Passing an entrance exam is enough, even though it does not ensure ethical behaviour. A Government accreditation board could suspend errant agents, he added.
Mr Lu felt that the entrance exam should also be conducted in Chinese, for the benefit of a group of older, experienced agents who are Chinese-educated.
PropNex chief executive Mohamed Ismail expects a central registry to come in to help control rogue agents, who are now able to switch agencies unchecked. Some respondents suggested posting the names of blacklisted agents online to warn the public.
Suggestions from the public include the use of standard forms and contracts as well as disallowing agencies and agents from buying new properties from developers with a view to selling them.
MND expects to announce key elements of the framework early next year.
Source, Straits Times, 26 November 2009
Strong sales at Marina Bay Suites preview
Buyers snap up most of the 90 units released for sale yesterday
A one-day preview at the upmarket Marina Bay Suites development saw invited buyers snap up most of the 90 units released for sale at average prices ranging from $2,200 to $2,500 per sq ft (psf).
At least 81 units were bought yesterday at the 99-year leasehold, 221-unit condominium in Marina Bay, whose launch had been delayed by almost two years, said a spokesman for Raffles Quay Asset Management, which manages Marina Bay Financial Centre. The centre has two residential towers – Marina Bay Residences, which sold out in late 2006, and Marina Bay Suites.
Prices achieved were below the expectations the developers had early last year, before the property market slumped as the global crisis took hold.
It was then thought that the condo could be priced around $3,000 psf, given that the most expensive units in Marina Bay Residences and The Sail @ Marina Bay had then traded beyond that price level.
The invited group of buyers yesterday consisted of registered clients, directors and staff working for the developers – a consortium comprising Keppel Land, Hongkong Land and Cheung Kong Holdings.
The condo has units of three- to four-bedrooms ranging in size from 1,572 sq ft to 2,691 sq ft, as well as three larger penthouses.
Yesterday, the three-bedroom units went for between $3 million and $3.7 million.
The smaller four-bedroom units sold for around $4.3 million to $5 million, while the larger four-bedroom units achieved prices of $6.1 million to a shade below $7 million.
About two-thirds of the Marina Bay Suites buyers were Singaporeans, with the balance made up of foreigners, permanent residents and a few companies, said Mr Joseph Tan, executive director for residential properties at one of the marketing agents, CBRE.
Marina Bay Suites had been slated for launch early last year when there was talk that the three-bedroom units would command a price of $4 million to $5 million.
But the market downturn prompted the postponement and, said Mr Tan, the preview had to be pitched at today’s prices.
Cushman & Wakefield managing director Donald Han agreed that in today’s high-end market, ‘you need to provide a discount from the peak levels’.
‘The value proposition is there for investors keen on luxury properties,’ he said.
‘Generally, there may be more upside as prices in the high-end to luxury markets are still about 20 per cent to 25 per cent from the peak levels in early 2008.’
Mr Han said the market is seeing demand slowly returning in the $2,000 psf to $3,000 psf range, but not yet for those priced above these prices.
Experts also said Marina Bay Suites’ location is a major selling point.
‘The lure factor of Marina Bay properties is the proximity to the integrated resort, and the finite supply of homes there,’ said Mr Han.
Caveats lodged for The Sail @ Marina Bay this month showed deals done at between $1,744 psf and $2,800 psf, while Marina Bay Residences deals were done at $2,170 psf to $2,420 psf last month.
Sellers are hoping that values in the area will rise by the time the integrated resort in Marina Bay is completed, he said.
Indeed, Mr Tan said the plan was to launch the condo at ‘better prices’ in the first half of next year when the integrated resort opens.
The showflat would be ready by then.
Source: Straits Times, 26 Nov 2009
A one-day preview at the upmarket Marina Bay Suites development saw invited buyers snap up most of the 90 units released for sale at average prices ranging from $2,200 to $2,500 per sq ft (psf).
At least 81 units were bought yesterday at the 99-year leasehold, 221-unit condominium in Marina Bay, whose launch had been delayed by almost two years, said a spokesman for Raffles Quay Asset Management, which manages Marina Bay Financial Centre. The centre has two residential towers – Marina Bay Residences, which sold out in late 2006, and Marina Bay Suites.
Prices achieved were below the expectations the developers had early last year, before the property market slumped as the global crisis took hold.
It was then thought that the condo could be priced around $3,000 psf, given that the most expensive units in Marina Bay Residences and The Sail @ Marina Bay had then traded beyond that price level.
The invited group of buyers yesterday consisted of registered clients, directors and staff working for the developers – a consortium comprising Keppel Land, Hongkong Land and Cheung Kong Holdings.
The condo has units of three- to four-bedrooms ranging in size from 1,572 sq ft to 2,691 sq ft, as well as three larger penthouses.
Yesterday, the three-bedroom units went for between $3 million and $3.7 million.
The smaller four-bedroom units sold for around $4.3 million to $5 million, while the larger four-bedroom units achieved prices of $6.1 million to a shade below $7 million.
About two-thirds of the Marina Bay Suites buyers were Singaporeans, with the balance made up of foreigners, permanent residents and a few companies, said Mr Joseph Tan, executive director for residential properties at one of the marketing agents, CBRE.
Marina Bay Suites had been slated for launch early last year when there was talk that the three-bedroom units would command a price of $4 million to $5 million.
But the market downturn prompted the postponement and, said Mr Tan, the preview had to be pitched at today’s prices.
Cushman & Wakefield managing director Donald Han agreed that in today’s high-end market, ‘you need to provide a discount from the peak levels’.
‘The value proposition is there for investors keen on luxury properties,’ he said.
‘Generally, there may be more upside as prices in the high-end to luxury markets are still about 20 per cent to 25 per cent from the peak levels in early 2008.’
Mr Han said the market is seeing demand slowly returning in the $2,000 psf to $3,000 psf range, but not yet for those priced above these prices.
Experts also said Marina Bay Suites’ location is a major selling point.
‘The lure factor of Marina Bay properties is the proximity to the integrated resort, and the finite supply of homes there,’ said Mr Han.
Caveats lodged for The Sail @ Marina Bay this month showed deals done at between $1,744 psf and $2,800 psf, while Marina Bay Residences deals were done at $2,170 psf to $2,420 psf last month.
Sellers are hoping that values in the area will rise by the time the integrated resort in Marina Bay is completed, he said.
Indeed, Mr Tan said the plan was to launch the condo at ‘better prices’ in the first half of next year when the integrated resort opens.
The showflat would be ready by then.
Source: Straits Times, 26 Nov 2009
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