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singapore cbd buildings

Singapore cbd buildings

Address: 140 Telok Ayer Street, Singapore 068604

2. Nagore Dargah – Greek-inspired shrine for a saint

Address: 98 Telok Ayer Street, Singapore 048474

9. Makam Puteri Radin Mas Ayu – A shrine for a Javanese princess

From a former opium den to sacred sites that anchored our forefathers’ sea ventures, here’s a list of landmarks in the CBD that you’ll want to give a second look the next time you pass by.

Singapore cbd buildings

He said: “Many developments advertise their spaces around a year and a half before its completion. The period where CapitaSpring advertised their spaces probably collided with the Covid-19 pandemic. Work-from-home culture has become more prevalent among industries that provide this option for its white-collar workers.

Providing an update on the building’s progress on Tuesday (Jan 19), its owners – CapitaLand Limited, CapitaLand Integrated Commercial Trust (CICT) and Mitsubishi Estate Co – said that 38 per cent of CapitaSpring’s net lettable area of 647,000sq ft has been taken up.

Mr Tan said: “CapitaSpring represents CapitaLand’s vision for the future of work with fully integrated core-flex solutions, tech-enabled frictionless user experience and community-centric programming. As Covid-19 changes the norms of work, the forward-looking features of CapitaSpring have strengthened the development’s value proposition as a flexible, sustainable and connected workplace ecosystem.”

ERA Realty head of research and consultancy Nicholas Mak described CapitaSpring’s current occupancy rate as “decent” given the Covid-19 pandemic.

A company spokesman said completion had been pushed back from the first half of 2021, with the 280-metre-tall building at 88 Market Street on track to receive its Temporary Occupation Permit in the latter half of the year.

About 10 per cent of the building’s net lettable area has been set aside for flexible workspaces.

Under this model, tenants can opt for either in the building.

He added that the company was confident the development’s take-up rates will be similar to, or better than, CapitaLand’s 79 Robinson Road project in the Tanjong Pagar CBD micro-market, which should reach 90 per cent committed occupancy.

The skyscraper will have 29 floors of office space, with tenants like JP Morgan, which signed up in 2018 as the anchor tenant. It will be occupying seven floors from levels 24 to 30.

Singapore cbd buildings

At the end of the second quarter of this year, vacancy rates of office space in the Downtown Core have risen by a marginal 1.4 per cent – from 9.3 per cent in the fourth quarter of 2019 and first quarter of 2020 to 10.7 per cent.

The current slowdown in the economy presents an opportune time for owners of neighbouring small, old buildings to band together and redevelop them into brand new offices that offer larger floor plates for better space planning and with smarter building specifications.

READ: Commentary: Please don’t end work from home. It’s not that bad

On the other hand, although the residential property market has remained relatively resilient in general, the concept of inner-city living has failed to gain large-scale traction over the years, particularly due to its limited appeal.

Secondly, the limited supply of new CBD offices completing over the next one to two years, which prevents a supply glut from increasing vacancy rates.

READ: Commentary: COVID-19 will reshape the Singapore office property market outlook

Third, more than one million sq ft of office space have been or is due to be withdrawn for redevelopment, further reducing supply. These comprise of space from AXA Tower, Fuji Xerox Towers and Tower Fifteen.