Property Update (13 April 2015)

Lee Hsien Yang, Wei Ling urge Singaporeans to respect Lee Kuan Yew’s wishes on Oxley home | channelnewsasia.com

SINGAPORE : Mr Lee Kuan Yew had stated in his will his wish that his house be demolished after his death, according to the statement issued on Sunday (Apr 12).

North Park Residences opens for walk-in sales | channelnewsasia.com

SINGAPORE : Frasers Centrepoint, developer of North Park Residences, says most of the units sold are the smaller ones. There is also a fair mix of those who buy to live in as well as investors.

Yishun Community Hospital to provide more than 400 beds from Dec 2015 | channelnewsasia.com

SINGAPORE : Health Minister Gan Kim Yong says the hospital will play an important role in providing sub-acute and rehabilitation care for patients. It will also serve dementia and palliative care patients.

Why GE Is Getting Out of the Real Estate Business? | bloomberg.com

US : GE plans to exit the bulk of its lending business, including a $26.5 billion sale of most of its real estate, as CEO Jeffrey Immelt refocuses the company on its industrial roots. Bloomberg’s Devin Banerjee and Rick Clough reports on “Market Makers.”

pic-150413-update-01-london

London Office Leasing Activity Back to Pre-Crisis 2007 Peaks | worldpropertyjournal.com

LONDON, UK : Based on new research by Cushman & Wakefield, Central London’s office leasing activity totaled 2.4 million sq ft in Q1 2015, on a par with the same period in 2014 which saw the highest first quarter volumes since 2007.

The momentum in the City of London office market continued in Q1 2015, with a total of 1.8 million sq ft let. This is 34% up on Q1 2014 and on a par with Q4 2014. With relatively few pre-let transactions signed this quarter, the focus of occupiers has been on completed Grade A stock – the volume of completed Grade A space leased in Q1 2015 is almost double that recorded in Q1 2014 and is the highest volume since Q4 2013.

In comparison, the West End recorded a relatively quiet quarter with leasing volumes down to just over 600,000 sq ft – the lowest level since mid-2013. This is, however, against a backdrop of falling vacancy rates which is constraining occupier activity and increasing the migration out of the West End. The current Grade A vacancy rate stands at 2.3%, which is back to levels last seen in 2000, when the Grade A vacancy rate averaged 2.0%. Rental values are also being pushed higher, boosted by the highest ever rent of £186.00 per sq ft paid in the West End at 8 St James’s Square. Read more here >>

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