CBRE has launched a public tender for the sale of a 4,079 square foot coffee shop in a central Singapore residential estate with an asking price of S$16.8 million.
Investment in Singapore shophouses has stabilised and shows signs of picking up after taking a hit following the introduction of a loan curb in 2013.
Rents and prices of commercial space in Singapore fell at a faster clip last year compared to 2015, with office vacancies rising to a near five-year high since Q1 2012 after some large projects were completed.
Challenging market conditions continued to hit office and retail rents in the fourth quarter, although there are signs pointing to a brighter outlook for some landlords.
Office and shop rents fell by more than 8 per cent in 2016, as their vacancy rates continued to rise, figures from the Urban Redevelopment Authority on Thursday (Jan 26) showed.
After a tough patch, prime office rents could find respite in 2018, likely boosted by tighter supply of new buildings and still-healthy leasing demand, said consultancy Cushman & Wakefield yesterday.
As yet another sign of tough times facing businesses, new office leases this year - by companies that previously did not have a presence here or were not in the building where the new lease is inked - made up only 10 per cent of all office leases inked this year, down from 20 per cent in 2015.
The total value of big-ticket retail properties that have changed hands so far this quarter has surged to S$731.3 million, up 22.4 per cent from S$597.4 million in the preceding quarter and more than double the S$320.3 million in Q4 last year.