HIGH-END BENT
Robinsons Orchard (above) re-imagines the mass market concept in merchandising with names such as LF Unique Gipsy shoes, displayed in dazzling new digs. - PHOTO: ROBINSONS
Robinsons Orchard (above) re-imagines the mass market concept in merchandising with names such as LF Unique Gipsy shoes, displayed in dazzling new digs. - PHOTO: ROBINSONS
IT'S been a tale of modern-day consumerism, a historical shopping haven aimed at filling the emotional and sartorial void of any cash-wielding shopaholic. But in recent years, just like the sepia-toned images of its grand abode in Raffles Place in the 1960s, the romance of local department store giant Robinsons seemed to have faded.
Despite facelifts over the years (a $7 million makeover of its outlet at The Centrepoint in 2005; the opening of an upscale outpost at Marina Bay Sands in 2011 which closed in May), the shopping institution was nevertheless better known for marked-down pillows and figure-forgiving clothing that mum and gran would gravitate towards.
With shoppers milling to on-trend fashion chains, luxury boutiques and online sales sites, one would have thought that the decline of the department store was inevitable. But the retailer's new $40 million flagship, located where The Heeren Shops used to reside, is poised to breathe glamour into the department store concept. Sure, its line-up of 380 new brands, including hyped labels such as The Kooples and Elevenparis, as well as designer names such as Manolo Blahnik and Roland Mouret, may pique the purse strings of those in the know.
But the truly inspired features of the 186,000 sq ft store lies in its exercises in sheer indulgence that one would never have associated with a mass-market store. Imagine a sprawling personal shopping gallery with changing rooms, espresso machines and even an in-house hair and beauty salon; a section dedicated to furs; a vintage department with Birkins and Chanel classic flap bags nestled in a glass cabinet; and a champagne bar featuring a glass table supported by oversized fluted stemware.
http://www.businesstimes.com.sg/premium/top-stories/marina-bay-rents-head-north-over-longer-term-20130527
PUBLISHED MAY 27, 2013
Marina Bay rents to head north over longer term
Average gross rents for Grade A offices in the Marina Bay area have commanded a premium of 17.5 per cent over those at Raffles Place in the first quarter of this year, reports MINDY TAN
- ST FILE PHOTO
EVEN as businesses are drawn south to Marina Bay from the "traditional" central business district (CBD), rents are expected to head north following a period of consolidation. Average gross rents for Grade A offices in the Marina Bay area commanded a premium of 17.5 per cent over those at Raffles Place in the first quarter of this year, at $10.12 per square foot (psf) per month, according to Cushman and Wakefield, versus $8.61 psf per month in the traditional CBD.
"Last year, the premium was about 16 per cent for the whole of 2012, but was more volatile," noted Sigrid Zialcita, managing director for Cushman and Wakefield's Asia-Pacific research team. "We believe that in current market conditions, the market is reverting to a premium of around the 17 per cent level, which is expected to rise once we see a sustained recovery in overall economic sentiment."
Moray Armstrong, executive director, office services at CBRE, noted that Marina Bay has historically commanded higher office rents. One of the factors driving demand is the large contiguous floor plates of more than 30,000 sq ft, which are ideally suited to the requirements of major multinational companies and financial institutions.
"Generally, the Grade A office market, which includes Marina Bay, has been enjoying relatively healthy take-up over the past few quarters," said Mr Armstrong. "Occupier demand has diversified, with industries such as insurance, commodities, business services and the legal sector driving demand, complementing the financial industry which has remained relatively quiet. While the Grade A market rents have corrected close to 15 per cent from their previous peak in Q3 2011, most occupiers have taken advantage of this relative cost competitiveness to relocate into the best quality new developments."
PUBLISHED MAY 21, 2013
Foreigners' share slips in private home deals
April's fall to 20.8% follows recovery to 26.7% in March from Feb's 23.3%
High rise: Singaporean buyers' share in private home transactions increased from 72.5 per cent in March to 78.3 per cent in April - highest monthly share in a year.- FILE PHOTO
THE proportion of private home transactions involving foreign buyers (including Singapore permanent residents, or PRs) slipped to 20.8 per cent in April, after recovering to 26.7 per cent in March.
In February, their share dived to 23.3 per cent following the seventh round of property cooling measures that took effect on Jan 12.
In January, foreigners had accounted for 28 per cent of caveats lodged for private homes purchased in Singapore, shows Knight Frank's analysis.
Conversely, Singaporean buyers' share increased, from 72.5 per cent in March to 78.3 per cent in April - highest monthly share in a year.
http://www.businesstimes.com.sg/specials/property/foreigners-share-slips-private-home-deals-20130521
PUBLISHED MAY 17, 2013
49-room Berjaya Hotel sold for $50m
Buyer of Duxton Rd asset is believed to be Satinder Garcha's Elevation Group
Berjaya Hotel: |The
asset comprises eight adjoining conservation shophouses, all three
storeys high with a loft, sitting on land with a balance lease tenure of
about 74 years. - PHOTO: ARTHUR LEE
49-room Berjaya Hotel in Duxton Road has been sold for $50 million,
pricing the asset at slightly over $1.02 million per room.
The
asset comprises eight adjoining conservation shophouses, all three
storeys high with a loft, sitting on land with a balance lease tenure of
about 74 years.
The
buyer is believed to be Satinder Garcha's Elevation Group. The
shophouses are being sold on vacant possession. Word on the street is
that Mr Garcha is expected to continue running the property as a hotel
and the existing staff will be retained, although Berjaya is unlikely to
continue managing the hotel.
The
eight shophouses - Nos 80-87 Duxton Road - have a land area of 9,558 sq
ft and gross floor area (GFA) of around 32,000 sq ft.
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