ISD's former headquarters up for tender
The Singapore Land Authority (SLA) has launched a public tender for the adaptive re-use of the former headquarters of the Internal Security Department (ISD) and Ministry of Home Affairs (MHA) at Phoenix Park, off Tanglin Road. Designated for office use, the 641,851-sq-ft site houses 24 low-rise blocks with a gross floor area of 143,160 sq ft. The guide rent is $165,000 per month or $1.15 psf per month. SLA is looking for a master tenant to take the whole site. Cushman & Wakefield reckons office rents there could be $4-5.50 psf per month. So the developer will need to achieve a break-even cost of $2.50-3.50 to see a good profit margin. SLA also revealed that the tender for 10 Winstedt Road, formerly Monk's Hill Secondary School, closed on April 16 with seven bids received. The 164,798.5-sq-ft site with a gross floor area of 83,889 sq ft drew a top bid of $211,328 per month or $2.52 psf per month from Allbest Equipments. Allbest intends to use 5-10% of the built-up area for its corporate office and lease out the rest at $7-$8 psf.
- The Business Times, P3
CapitaLand, US fund jostle for The Atrium
The race to snap up The Atrium @ Orchard is said to have narrowed to two parties: a US fund, and a unit of CapitaLand group, possibly CapitaMall Trust (CMT). The price is understood to be around $2,200-2,300 psf of net lettable area (NLA). Based on the Grade A office property's total NLA of around 370,000 sq ft, the asset would be priced at over $800 million. The Atrium comprises two office towers, 7 and 10 storeys high, with ground-floor retail space. The Singapore Land Authority (SLA) will issue a fresh 99-year leasehold tenure for the property from mid-2008. The Atrium's current average monthly rent (based on existing leases) is understood to be below $6 psf - translating to a passing net property yield of just over 2%.
- The Business Times, P1
Turmoil in markets is easing, says Fed chief
The US Federal Reserve chairman said the central bank's emergency liquidity measures have helped relieve strain in financial markets, but the recovery process remains incomplete. He noted a substantial improvement in the market for Treasury repurchase agreements and narrower spreads on agency mortgage-backed securities and corporate debt.
- The Straits Times, H20
Worries of worsened inflation: economists
As China reels from its earthquake, economists say the fallout could compound inflation in areas closest to the damage but price pressures are unlikely to be lasting or widespread. The quake increases upside risks to China's inflation outlook, due to disruptions to food supply and transportation.
- The Business Times, P2
SC Global Q1 profit rises 75% to $19.2 million
SC Global Developments has reported profit after tax and minority interest (Patmi) of $19.2 million for Q1 ended March 31 - an increase of 75% over $10.9 million a year earlier. SC Global said higher selling prices were achieved, resulting in a higher gross margin of 58% versus 38% a year earlier. SC Global said it expects to debut a new project in Martin Road and the second phase of its residential units at Kairong International Gardens in the second half of 2008.
- The Business Times, P6
Taiwan's Polaris plans to set up offices in S'pore
Taiwan's Polaris Financial Group plans to open a Polaris Securities branch office and a subsidiary of its asset management company, Polaris International Securities Investment Trust (PISIT) in Singapore in the third quarter. Along with this are plans to bring Taiwanese companies to list on the Singapore Exchange's secondary board Catalist and to launch exchange traded funds (ETFs) here.
- The Business Times, P8
Rodyk 8
- Freehold
- 3 views – garden, river or city
- Only 50 units
- Robertson Quay
- Developer: New Century Real Estate
- The Business Times, P7 - advertisement
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