25 Feb 2008
Almost everyone is trying to take a slice of action at Marina Bay Financial Centre (MBFC) which will be fully completed by 2012.
American Express International (Amex) is the latest new tenant at Marina Bay Financial Centre (MBFC), which means that slightly more than half of the total 2.9 million square feet of offices in the entire development has been taken up.
Barclays is said to have agreed to lease about 100,000 sq ft or four floors in the tower, Icap is taking 35,000 sq ft and Pictet around 25,000 sq ft.
Standard Chartered is taking 24 floors or 508,298 sq ft out of its 600,000 sq ft of net lettable area at the first phase 33-storey Tower One.
Smaller tenants in that tower include French corporate and investment bank Natixis, which is taking 65,000 sq ft, and Wellington International Management Co (21,000 sq ft).
DBS has leased about 700,000 sq ft in MBFC's Tower 3 - which will be in the project's second phase and slated for completion by early 2012.
CBRE, the leasing agent of MBFC, said that Grade A office rents in Singapore rose 96.5% last year to hit $17.15 psf a month.
There is still much upside because of the severe shortage of available office space. But a sharp hike is unlikely given the current cautious moods among prospective tenants. A moderate growth in rent is a more likely scenario.