mr funny
24-11-10, 23:55
http://www.businesstimes.com.sg/sub/news/story/0,4574,414555,00.html?
Published November 24, 2010
Asia Square's Tower 1 over 50% leased at premium rents
ASIA Square's Tower 1 is more than 50 per cent leased at rents which are a premium over the market rate, developer MGPA said in an update yesterday.
For example, new tenants looking to take up space in one of the mid-rise floors at the 43-storey Tower 1 will pay 'double-digit' rents, said John Saunders, chief executive of MGPA's Asia unit.
MGPA, or Macquarie Global Property Advisers, is a private equity real estate fund management firm.
Market watchers pegged the current market rate for prime office rents for the area at $9-10 per square foot (psf) per month.
But newer buildings such as Asia Square, which is in the new Marina Bay commercial district, command a premium because of features such as large floorplates, said Chris Archibold, head of markets at Jones Lang LaSalle.
Mr Saunders likewise said that Asia Square is not just a great address but also a great working and business environment.
'Commercial buildings today have to offer more than just location and connectivity to amenities. There are so many choices that tenants have become much more discerning and exacting in standards,' he said.
Asia Square's Tower 1, which will offer some 1.2 million sq ft of office space, is slated for completion in June 2011. The integrated commercial development also has a second tower, Tower 2, which will yield 780,000 sq ft of office space when it is completed in 2013. MGPA is also building a hotel with about 300 rooms and 70,000 sq ft of retail space.
Asia Square project is built on two adjacent sites the group won in government land tenders in 2007.
MGPA also confirmed yesterday that banking group Citi has inked a 10-year lease to take up more than 250,000 sq ft of office space from levels 17 to 24, as well as a 5,000 sq ft retail banking hall, in Tower 1. Citi, which will occupy nearly a quarter of the net lettable office space at the tower, will be Asia Square's largest tenant.
The bank will spend some $85 million in capital expenditure related costs for the renovation and relocation to Asia Square from its current location at Centennial Tower and Millenia Tower, it said.
Published November 24, 2010
Asia Square's Tower 1 over 50% leased at premium rents
ASIA Square's Tower 1 is more than 50 per cent leased at rents which are a premium over the market rate, developer MGPA said in an update yesterday.
For example, new tenants looking to take up space in one of the mid-rise floors at the 43-storey Tower 1 will pay 'double-digit' rents, said John Saunders, chief executive of MGPA's Asia unit.
MGPA, or Macquarie Global Property Advisers, is a private equity real estate fund management firm.
Market watchers pegged the current market rate for prime office rents for the area at $9-10 per square foot (psf) per month.
But newer buildings such as Asia Square, which is in the new Marina Bay commercial district, command a premium because of features such as large floorplates, said Chris Archibold, head of markets at Jones Lang LaSalle.
Mr Saunders likewise said that Asia Square is not just a great address but also a great working and business environment.
'Commercial buildings today have to offer more than just location and connectivity to amenities. There are so many choices that tenants have become much more discerning and exacting in standards,' he said.
Asia Square's Tower 1, which will offer some 1.2 million sq ft of office space, is slated for completion in June 2011. The integrated commercial development also has a second tower, Tower 2, which will yield 780,000 sq ft of office space when it is completed in 2013. MGPA is also building a hotel with about 300 rooms and 70,000 sq ft of retail space.
Asia Square project is built on two adjacent sites the group won in government land tenders in 2007.
MGPA also confirmed yesterday that banking group Citi has inked a 10-year lease to take up more than 250,000 sq ft of office space from levels 17 to 24, as well as a 5,000 sq ft retail banking hall, in Tower 1. Citi, which will occupy nearly a quarter of the net lettable office space at the tower, will be Asia Square's largest tenant.
The bank will spend some $85 million in capital expenditure related costs for the renovation and relocation to Asia Square from its current location at Centennial Tower and Millenia Tower, it said.