Results 1 to 6 of 6

Thread: SLA releases another 3 state properties for office space

  1. #1
    Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default SLA releases another 3 state properties for office space

    Published May 3, 2007

    SLA releases another 3 state properties for office space

    It has received expressions-of- interest for former CPIB Building

    By ARTHUR SIM


    THE Singapore Land Authority (SLA) has released another three state properties strictly for use as office space, bringing the total to six this year. So far, one site, a former school at River Valley Road, has received four bids with the highest tendered monthly rent at $75,555 a month.



    New use: The former Moulmein Community Centre is the first community centre that could be converted into an office


    Based on the the gross floor area of 47,253 sq ft for the River Valley site, the monthly rent works out to be about $1.60 psf.

    SLA said the bids are still being evaluated. Nevertheless, ERC Holdings - an investment holdings company - which put in the highest bid said it was keen enough to pump in another $3 million to $5 million to upgrade the building.

    Like many businesses today, ERC is facing a space crunch and needs the space urgently. Its CEO Andy Ong said that the company already occupies about 20,000 sq ft in the Central Business District (CBD) but needs 10,000-15,000 sq ft more.

    Rising rents are also putting increasing pressure on business here. 'Our current leases will expire and we are now looking at rental increases of about 300 per cent,' he added.

    Of the three new sites being offered for office use, SLA said one has already received expressions-of-interest from businesses such as financial institutions, real estate and software development companies. The site is the former CPIB Building on Cantonment Road, on the fringe of the CBD.

    The popularity of these old state buildings will depend on the severity of the office space crunch. CB Richard Ellis executive director (office services) Moray Armstrong said: 'The sites would apply to tenants who are not tied to prime locations and prime office buildings to the extent that companies are prepared to move out to these temporary sites. The space that these companies free up might then go some way to alleviate the tight office supply situation.'

    The other two sites that SLA has made available for office space are the former ITE Pasir Panjang building and the former Moulmein Community Centre, the first community centre that could be converted into an office. SLA also revealed that it is evaluating the possibility of including another four community centres for this purpose.

  2. #2
    Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Re: SLA releases another 3 state properties for office space

    SLA puts up six state properties for tender

    By Aaron W-Tan, Channel NewsAsia | Posted: 02 May 2007 2054 hrs


    SINGAPORE: The Singapore Land Authority (SLA) is making available three more state properties for dedicated office use.

    This brings to six the number launched for tender over the last two months.

    SLA says this is to increase the office space available to financial institutions and other business services.

    These six properties have an estimated total Gross Floor Area (GFA) of 46,000 square metres.

    Most of them are former schools or government offices.

    The latest three to be put up for tender are the former CPIB building at Cantonment Road, the former ITE Pasir Panjang at Alexandra Road and the former Moulmein Community Centre at Shan Road.

    The other three are the former River Valley Primary School and the former CAAS office at Changi and 195 Pearl's Hill Terrace.

    More information on the tenders is available on the SLA's State Property and Information Online (SPIO) web portal at www.spio.sla.gov.sg.

    You can also call the SPIO hotline at 6323-9154. - CNA/yy

  3. #3
    joe
    Guest

    Default SLA gets strong bidding for office space tenders

    June 7, 2007

    SLA gets strong bidding for office space tenders

    THE Singapore Land Authority (SLA) has received strong bidding for office space in its latest tender.

    While ERC Holdings was awarded the site of the former River Valley Primary School, three other tenders at Cantonment Road, Shan Road and Alexandra Road saw average bids as high as 68 per cent above the guide rents, the SLA said on Thursday.

    The River Valley site, with a land area of about 17,600 square metres (sqm) and gross floor area (GFA) of about 4,400sqm, was awarded to ERC Holdings. Tenancy is for an initial term of three years and is renewable up to 2013.

    'We have been bidding for such properties as they are a cost-efficient alternative for the private sector in the face of the high market rentals. We hope to be able to turn this site into an attractive option for our businesses and other potential tenants,' said ERC CEO Andy Ong.

    ERC Holdings had submitted the highest bid among four bidders from property management and hostel operations background.

    The current building, comprising one single storey block and two blocks of 3-storey buildings with 2-storey wings, 1-storey canteen and a substation, will be converted into a boutique office complex with support services like F&B outlets, meeting and training rooms.

    With an investment of $3 to $5 million to refurbish the property, ERC Holdings hopes to attract businesses with interesting concepts and ideas who will appreciate the innovative platform and vibrancy of the location. About half of the property's GFA may be sub-let.

    Record 15 bids
    The Cantonment Road site, which comprises two blocks of three-storeys, with covered link ways and a guardhouse, attracted 15 bids - the highest ever for a SLA public tender for rental of State property.

    The bids for the property with a land area of about 7,100sqm, slightly smaller than a football field, and GFA of about 4,500sqm, ranged between $27,000.00 and $91,731.00.

    Beating out the competition was Bravo Building Construction's bid, which was the highest at 68.6 per cent above the guide rent. The next 11 bids were all above the guide rent by at least 10 per cent.

    'The enthusiastic response came from businesses ranging from property management and real estate to wholesale trading and F&B,' SLA said.

    The tenancy is for an initial term of three years and is renewable up to 2016.

    Drawing bids from property management companies and securities firms were the former community centre (CC) at 3 Shan Road and former ITE at 991 Alexandra Road.

    Phillip Securities was one of two bidders for the former Moulmein CC. The former Pasir Panjang ITE also had two bids, with RichZone Properties Investment, a new property management company, offering almost 45 per cent more than the guide rent.

    New properties available for tender
    The SLA also announced three new properties available for tender.

    One of them is the former CID Training Centre, which was launched for public tender on May 29 under the RentDirect Scheme.

    Sitting on a land area of about 1,700sqm, one-fifth of a football field, and GFA of about 790sqm, half of the land area, it is atop a hill and close to a MRT station with many food places nearby, the SLA said.

    Comprising a block of 2-storey building with basic amenities, the property at 18 Pearl's Hill Terrace is 'suitable for companies who want small offices in a heritage building'.

    Tenancy is available until December 2009.

    Another site offered for public tender on June 1 is Raeburn Park, formerly Gan Eng Seng school.

    'Located at the fringe of the CBD, suitable for business expansion especially for companies located in the CBD,' the SLA said.

    The land area is about 28,000sqm, larger than three football fields, and GFA of about 14,900sqm, half the land area. The property comprises a 4-storey building with basement and a 2-storey building, connected by linkways.

    Tenancy is for an initial term of three years and is renewable up to 2016.

    The former Bukit Ho Swee CC is also up for public tender, starting June 8. Located at 300 Jalan Bukit Ho Swee, the CC sits on a land area of about 3,800sqm, about half of a football field, and GFA of about 2,550sqm, one third of the land area.

    Tenancy is for an initial term of three years and is renewable up to 2016.

    The SLA said that the information communications and travel businesses have expressed an interest in this property.

    More information on available properties for rental is available at SLA's State Property and Information Online (SPIO) web portal and at the SPIO hotline at 6323 9154.

  4. #4
    Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Re: SLA releases another 3 state properties for office space

    Published June 8, 2007

    Strong interest in rental of state properties

    ERC awarded former school site for boutique office complex

    By UMA SHANKARI


    THE Singapore Land Authority (SLA) yesterday said it has received strong interest for state properties it put up solely for lease as offices earlier this year.


    Former Moulmein Community Centre: Phillip Securities Pte Ltd topped the bid for this site

    SLA has so far awarded one site. The former River Valley Primary School site was awarded to ERC Holdings Pte Ltd, which submitted the highest of four bids.

    ERC, an investment holding company, intends to invest $3 million to $5 million to refurbish the property, which is in the Central Business District, the SLA said.

    The government agency also said that three other tenders which closed in May - for the former Corrupt Practices Investigation Bureau (CPIB) building in Cantonment Road, the former Moulmein Community Centre (CC) and the former ITE Pasir Panjang in Alexandra Road - saw average bids as high as 68 per cent above the guide rents.

    These tenders are under evaluation and further announcements will be made when the tenders are awarded, SLA said.

    Related article:

    Click here for SLA's press release

    In the meantime, three more properties for office use - at Pearl's Hill Terrace, Raeburn Park and Jalan Bukit Ho Swee - have also been launched for tender recently.

    For the former River Valley Primary School, ERC has plans for a boutique office complex with support services like food and beverage outlets, and meeting and training rooms.

    The complex is slated to open by the fourth quarter of 2007, and about half of it may be sub-let. 'We have been bidding for such properties as they are a cost-efficient alternative for the private sector in the face of the high market rentals,' said Andy Ong, chief executive of ERC.

    'In land-scarce Singapore, the interim use of state properties is a cost-effective way to optimise their use pending their long-term redevelopment.'

    The tender for the CPIB building also saw strong interest - attracting 15 bids, the highest number ever received for a SLA public tender for rental of state property. The bids ranged between $27,000 and $91,731, with Bravo Building Construction Pte Ltd's bid being the highest at 68.6 per cent above the guide rent. The next 11 bids were also all above the guide rent by at least 10 per cent.

    Elsewhere, the former Moulmein CC and former ITE Pasir Panjang drew bids from property management companies and securities firms.

    Phillip Securities Pte Ltd topped the bid for Moulmein CC with a tendered monthly rent of $35,000.

    And at the former Pasir Panjang ITE, RichZone Properties Investment Pte Ltd, a new property management company, offered $289,000 per month - almost 45 per cent more than the guide rent.

  5. #5
    Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Re: SLA releases another 3 state properties for office space

    June 8, 2007

    Demand for state properties rises on tight office supply

    SLA puts up 3 more govt buildings for tender, awards River Valley lease

    By Joyce Teo, Property Correspondent


    DEMAND for office space is so strong that firms in Singapore are scrambling for the chance to lease old state buildings such as a former primary school and a former police office.

    The Singapore Land Authority (SLA) has just put up three more vacant state buildings for use as office space.

    And it yesterday awarded the lease of the first of these old state buildings, the former River Valley Primary School, for use as office space.

    Prime office space is so scarce that rents are escalating and some companies have been forced to move out of the Central Business District (CBD) to look elsewhere.

    The SLA's move may help to ease the tight supply slightly as its properties may attract firms which want to avoid rising office rentals in the CBD, said Mr Nicholas Mak, the director of research and consultancy at Knight Frank.

    A DTZ Debenham Tie Leung report said prime occupancy costs in Raffles Place have escalated by 28 per cent in the first quarter to $10.90 per sf ft (psf) on average.

    A record 15 bids have been received by the SLA for a favourably located Cantonment Road property - the former Corrupt Practices Investigation Bureau (CPIB) office.

    Usually, only a few bids are submitted for tenders to lease such properties.

    The SLA first made some buildings available for office use in February. Nine buildings have been offered so far.

    One of them, the former primary school in River Valley Road, was awarded yesterday to investment holding company ERC Holdings. It won the tender with an offer to pay a monthly rent of $75,555 - the highest of four bids.

    Its chief executive, Mr Andy Ong, said the firm will spend $3 million to $5 million on refurbishments, such as the addition of carpark lots and air-conditioning.

    The building will have a boutique office concept, offering furnished, well-designed offices to meet tenants' needs.

    Mr Ong said ERC will keep one of the two blocks for its own use and sublet the other block, which will have a 2,500 sq ft food outlet.

    Already, he has had inquiries from parties such as publishing firms and a foreign bank on the lookout for backroom operation space.

    'It's a matter of whom we want as a tenant,' said Mr Ong, who intends to sublet his space for a monthly rent of $4.20 psf to $5 psf.

    He will keep half of his current space in the CBD, where his landlord tripled his rent.

    The SLA said the top bid for the former CPIB building was $91,731 a month - 70 per cent above the guide rent. It came from Bravo Building Construction. The lowest bid was $27,000.

    The SLA is now evaluating the bids for its other properties.

    The former Moulmein community centre attracted two bids. One of them came from Phillip Securities, which said it has no plans to move out of its current premises, regardless of the tender results.

    There were also two bids registered for the former Pasir Panjang ITE, with the highest coming in at $288,999 from a new property management firm, RichZone Properties Investment.

    Also, the SLA has received one bid for the former CAAS building in Upper Changi Road North. The tender for this property had closed earlier without any bids.

    Meanwhile, two more buildings - one in Pearl's Hill Terrace and the other in Raeburn Park - have been put up for lease.

    A third - the former Bukit Ho Swee community centre - will be tendered out for lease today.
    Attached Files Attached Files

  6. #6
    Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Re: SLA releases another 3 state properties for office space

    From a school to downtown offices

    By Leong Wee Keat, TODAY | Posted: 08 June 2007 0707 hrs


    The former River Valley Primary School looks set to be transformed into a hub for temporary offices, providing much-needed relief in the face of the office space crunch in the Central Business District (CBD).

    Tenancy for the site, a stone's throw from Great World City, was awarded to ERC Holdings by the Singapore Land Authority (SLA).

    ERC, a local company that trains and funds business start-ups, beat out three others when it submitted the highest monthly rent of $75,555. The lease is for an initial term of three years, renewable up to 2013.

    With a land area of about 17,600 sq m, ERC plans to convert the school's former classrooms into a cosy office building with well-furnished offices, designed to meet tenants' different spatial needs.

    Amenities such as F&B outlets, meeting and training rooms will dot the compound. Ample parking space will also be provided.

    Chief executive Andy Ong said response to ERC's plans has been "immediate and pretty intense" even though news of the winning tender was announced only yesterday.

    Already, ERC has received four enquiries, including one from an established bank which, according to Mr Ong, is keen to move its back-offices to River Valley.

    "The site has everything," he told TODAY. "It is in a convenient location two minutes away from the city area, yet outside the CBD and ERP areas."

    ERC wants to invest up to $5 million to refurbish the property and put in air-conditioning, with plans to occupy half of the site and sub-let the rest.

    It expects to draw rentals of between $4 and $5 per square foot (psf), and aims to have the first tenant move in by the end of September.

    Analysts say tendering out state buildings will give companies a cheaper option outside the CBD, where rentals have hit record levels of more than $10 psf.

    The SLA is also evaluating bids received for three other buildings, and has launched three more for tender, to alleviate the acute office space shortage in the city.

    The SLA said there was strong bidding for office space in the latest exercise. For example, the former CPIB Building at Cantonment Road attracted 15 bids the most ever for a SLA public tender for the rental of state property.

    The bid amounts ranged between $27,000 and $91,731, with the highest from Bravo Building Construction 68.6 per cent above the guide rent.

    Chesterton International Property Consultants' research director Colin Tan said the temporary office space released would provide relief for small and medium enterprises "forced out" of the city area by rising rentals.


    - TODAY/so

Similar Threads

  1. FOR RENT - Office Space
    By hmospace in forum District 7
    Replies: 0
    -: 16-11-16, 10:50
  2. To let: 400,000 sq ft shadow office space
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 1
    -: 14-06-09, 17:25
  3. Er, what's Grade A office space?
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 03-11-08, 16:32
  4. Three state properties to be converted into museums and galleries
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 16-10-08, 01:13
  5. Less office space for release in H1
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 02-04-08, 13:12

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •