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Thread: Big demand for Marina Bay towers

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    Default Big demand for Marina Bay towers

    http://www.businesstimes.com.sg/sub/...96412,00.html?

    Published September 11, 2008

    MARINA BAY FINANCIAL CENTRE

    Over 65% of Phase 1 leased out

    BHP Billiton and Macquarie take up total of more than 216,000 sq ft

    By KALPANA RASHIWALA


    (SINGAPORE) The first phase of Marina Bay Financial Centre is 65.6 per cent pre-leased, almost two years ahead of its completion in Q2 2010. Two big names from Australia, BHP Billiton and Macquarie Group, are among the latest tenants announced by the consortium developing the mega project.

    The BHP Billiton deal confirms a BT story last month.

    The resources giant will lease 142,000 sq ft on levels 44 to 50 of MBFC's Tower 2 under the project's first phase, while Macquarie will take more than 74,000 sq ft on levels 16 to 18 of the same tower. Both tenancies are for 10 years, with options for renewal and expansion.

    Murex Southeast Asia, which is involved in software development for trading, risk management and processing, has leased about 25,000 sq ft on level 19 of Tower 2 under a six-year tenancy agreement.

    With the latest signings, the total 2.92 million sq ft of Grade A office space in both phases of the MBFC development is 61 per cent pre-committed.

    The project is a symbol of Singapore's ambition to be a leading financial centre.

    The office component of MBFC's Phase 1 comprises Tower 1, fully let and anchored by Standard Chartered Bank, and Tower 2, which is now 45 per cent pre-leased. The second phase, slated for completion in Q2 2012, consists of Tower 3, which is 55 per cent pre-committed and anchored by DBS Bank with a 700,000 sq ft lease.

    MBFC marketing agent CB Richard Ellis's executive director Moray Armstrong said that while overall office leasing momentum in Singapore has eased in the past few months, the latest signings at MBFC are 'a good indicator that demand for quality office space remains in positive territory'.

    'There is, of course, some caution among occupiers, but across the majority of our client base we sense there is underlying confidence in Singapore's relative position,' he said.

    The MBFC project also includes two residential developments and 119,000 sq ft of retail space. The project is being developed by a consortium comprising Hongkong Land, Keppel Land and Li Ka-shing's Cheung Kong (Holdings)/ Hutchison Whampoa.

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    Default Big demand for Marina Bay towers

    http://www.straitstimes.com/Money/St...ry_277372.html

    Sep 11, 2008 Thursday

    Big demand for Marina Bay towers

    By Joyce Teo, Property Correspondent


    THE Marina Bay Financial Centre (MBFC) is filling up fast even though it is about two years from completion, as tenants look for prime space amid the supply crunch.

    Three foreign companies have just signed up for extensive office leases in Tower Two of the MBFC, helping to lift its occupancy level to two-thirds.

    Tower One is already fully let.

    Singapore's fast-rising office rents look to be peaking, but the shortage is expected to largely remain until the second quarter of 2010, when the first two of the three MBFC towers are due for completion.

    The latest tenants to sign up include two leading Australian companies.

    BHP Billiton, the world's largest diversified resources firm, will lease 142,000 sq ft on levels 44 to 50. Financial services firm Macquarie Group will lease more than 74,000 sq ft on levels 16 to 18. Both leases are for 10 years with options for renewal and expansion.

    The third tenant is French software company, Murex South-east Asia, which has been hit by the office shortage.

    It will move from its 12,000 sq ft office at Prudential Tower to its new 25,000 sq ft space on level 19 of MBFC's Tower Two in 2010. 'If we had found another 12,000 sq ft in Prudential Tower or nearby, we would not have to move,' said the firm's chief executive, Mr Guy Otayek.

    As the firm is looking for prime space with large floor plates, MBFC is its only choice, he added. It has signed a six-year tenancy agreement. 'The climate is not so positive now, but we are expanding for the long term,' he added.

    Overall, given the United States sub-prime crisis, financial institutions are postponing big pre-commitments, said a market watcher.

    'There is of course some caution among occupiers, but across the majority of our client base, we sense that there is underlying confidence in Singapore's relative position,' said Mr Moray Armstrong, executive director of CB Richard Ellis, MBFC's marketing agent.

    He added that the MBFC pre-leases were a good indicator that demand for quality space remained in positive territory, even though overall momentum had eased.

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