New Reporter
17-07-23, 11:21
MOH Holdings said to be nearing office lease deal at Labrador Tower for about 140,000 sq ft
It is seen as exiting HarbourFront Centre; forthcoming lease at Pasir Panjang project follows earlier leases signed by group, related units at Elementum in one-north
Jul 15, 2023
MOH Holdings – the holding company of Singapore’s public healthcare clusters – is expected to lease about 140,000 square feet (sq ft) of office space at Labrador Tower, which will be completed next year, The Business Times (BT) understands.
MOH Holdings has since said, however, that it is not in any such leasing discussions.
MOH Holdings is currently at HarbourFront Centre.
BT also understands that insurer Prudential Singapore, which had earlier leased about 150,000 sq ft of office space at Labrador Tower, is likely to exercise an option to rent a further 50,000 sq ft in the project, which is being developed by SP Group.
Market watchers estimate that Prudential might be paying a higher monthly gross effective rental, in the low-S$8 per square foot (psf) region, for the second tranche of space, compared with the mid-S$7 psf region for the initial tranche.
Also heading to Labrador Tower is Anglo-Eastern Ship Management, which has taken a floor. It is currently at Southpoint in Cantonment Road.
Most of Labrador Tower’s office floors are 24,000-plus sq ft to 26,000-plus sq ft. Located along Pasir Panjang Road, the project will have about 700,000 sq ft lettable office space on 29 floors of a 34-storey tower. There will also be retail and F&B space on Levels 1 and 2 of a low-rise block in addition to some F&B space on the top level of the office tower.
The office tower will have panoramic views of the sea and greenery. The certified Green Mark Platinum Super Low Energy project will be directly linked to Labrador Park MRT station next door. Labrador Tower is being built above a large underground electrical substation.
Analysts keeping an eye on HarbourFront Centre
Market watchers are keeping an eye on just how much office space at HarbourFront Centre – owned by Mapletree Investments – will be released to the market, given that MOH Holdings is a major tenant in the building.
In addition to the 140,000 sq ft or so that it is poised to rent at Labrador Tower, MOH Holdings and a related entity that is also in HarbourFront Centre have rented about 60,000-plus sq ft of business park space at Ho Bee Land’s Elementum project in one-north. The 12-storey development near Buona Vista MRT station is slated for completion in Q4 this year.
Joining MOH Holdings and its related entity at Elementum will be health-technology agency Integrated Health Information Systems (IHiS), which is also a fully-owned subsidiary of MOH Holdings. IHiS is set to leave Mapletree Industrial Trust’s property at 6 Serangoon North Avenue 5, where it occupies some 140,000 sq ft. Its lease in the building expires in Q1 2024.
At Elementum, IHiS has leased 200,000-plus sq ft of business park space. In all, the trio in the MOH Holdings stable that will be at Elementum will occupy about 90 per cent of the 312,000 sq ft of business park space in the project. Market observers have estimated the trio would be paying a monthly rental of S$6-plus psf; this would be a preferential rate negotiated as anchor tenants.
Elementum will also have 50,000 sq ft of offices and 10,000 sq ft of retail space. The project is part of the Biopolis precinct of the one-north district.
In a recent report on its second-half 2023 Singapore property market outlook, property consulting group Cushman & Wakefield noted that with tight supply and ongoing active expansions of life-science firms, vacancy rates of business parks in Biopolis, a life-science precinct, remained tight at 4.2 per cent (as of Q2 2023) and could tighten further.
https://www.businesstimes.com.sg/property/moh-holdings-said-be-nearing-office-lease-deal-labrador-tower-about-140000-sq-ft
It is seen as exiting HarbourFront Centre; forthcoming lease at Pasir Panjang project follows earlier leases signed by group, related units at Elementum in one-north
Jul 15, 2023
MOH Holdings – the holding company of Singapore’s public healthcare clusters – is expected to lease about 140,000 square feet (sq ft) of office space at Labrador Tower, which will be completed next year, The Business Times (BT) understands.
MOH Holdings has since said, however, that it is not in any such leasing discussions.
MOH Holdings is currently at HarbourFront Centre.
BT also understands that insurer Prudential Singapore, which had earlier leased about 150,000 sq ft of office space at Labrador Tower, is likely to exercise an option to rent a further 50,000 sq ft in the project, which is being developed by SP Group.
Market watchers estimate that Prudential might be paying a higher monthly gross effective rental, in the low-S$8 per square foot (psf) region, for the second tranche of space, compared with the mid-S$7 psf region for the initial tranche.
Also heading to Labrador Tower is Anglo-Eastern Ship Management, which has taken a floor. It is currently at Southpoint in Cantonment Road.
Most of Labrador Tower’s office floors are 24,000-plus sq ft to 26,000-plus sq ft. Located along Pasir Panjang Road, the project will have about 700,000 sq ft lettable office space on 29 floors of a 34-storey tower. There will also be retail and F&B space on Levels 1 and 2 of a low-rise block in addition to some F&B space on the top level of the office tower.
The office tower will have panoramic views of the sea and greenery. The certified Green Mark Platinum Super Low Energy project will be directly linked to Labrador Park MRT station next door. Labrador Tower is being built above a large underground electrical substation.
Analysts keeping an eye on HarbourFront Centre
Market watchers are keeping an eye on just how much office space at HarbourFront Centre – owned by Mapletree Investments – will be released to the market, given that MOH Holdings is a major tenant in the building.
In addition to the 140,000 sq ft or so that it is poised to rent at Labrador Tower, MOH Holdings and a related entity that is also in HarbourFront Centre have rented about 60,000-plus sq ft of business park space at Ho Bee Land’s Elementum project in one-north. The 12-storey development near Buona Vista MRT station is slated for completion in Q4 this year.
Joining MOH Holdings and its related entity at Elementum will be health-technology agency Integrated Health Information Systems (IHiS), which is also a fully-owned subsidiary of MOH Holdings. IHiS is set to leave Mapletree Industrial Trust’s property at 6 Serangoon North Avenue 5, where it occupies some 140,000 sq ft. Its lease in the building expires in Q1 2024.
At Elementum, IHiS has leased 200,000-plus sq ft of business park space. In all, the trio in the MOH Holdings stable that will be at Elementum will occupy about 90 per cent of the 312,000 sq ft of business park space in the project. Market observers have estimated the trio would be paying a monthly rental of S$6-plus psf; this would be a preferential rate negotiated as anchor tenants.
Elementum will also have 50,000 sq ft of offices and 10,000 sq ft of retail space. The project is part of the Biopolis precinct of the one-north district.
In a recent report on its second-half 2023 Singapore property market outlook, property consulting group Cushman & Wakefield noted that with tight supply and ongoing active expansions of life-science firms, vacancy rates of business parks in Biopolis, a life-science precinct, remained tight at 4.2 per cent (as of Q2 2023) and could tighten further.
https://www.businesstimes.com.sg/property/moh-holdings-said-be-nearing-office-lease-deal-labrador-tower-about-140000-sq-ft