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SLA tenders more office space in April
- Overall SLA office space supply will ease back on-half-year from 43,000 sqm in 1H 2007 to 34,200 sqm in 1H 2008.
The Singapore Land Authority, the State’s land agent and custodian of State properties, will launch tenders for office space in April and May. SLA is continuing to monitor the take-up and identifying more suitable sites for office use, in order to help meet expansion needs of financial institutions and facilitate relocations of back-of-house operations. Overall, SLA is expecting to release about 34,200 square metres (sqm) in Gross Floor Area (GFA) for office use in the first half of 2008. This is an easing back from some 43,000 sqm in the first half of 2007. Quarter-on-quarter, SLA is also tendering one property for dedicated office use so far, as compared to 6 properties in 1st quarter of 2007. The State property at Winstedt Road for only office use is the former Monk’s Hill Secondary School, and it is expected to generate strong interest from the market. The rest of the State properties are with office as one of the mixed uses.
10 Winstedt Road
2 Just launched is 10 Winstedt Road. The former Monk’s Hill Secondary School is situated in a prime district and its only approved use is that of office. The State property has a land area of about 15,000 sqm with a GFA of about 7,700 sqm.
3 This property comprises a three-storey block, a 2 storey block and 5 single storey blocks including a canteen and an auditorium. It is a short walk from a bus stop along Bukit Timah Road, Newton Circus Food Centre and Newton MRT Station. The tenancy is for an initial 3 years and renewable on terms up to 2017. The guide rent is $147,300 a month. The tender will close on 16 April 2008 at 11am.
696 Upper Changi Road East
4 Earlier, on 19 March 2008, SLA launched the tender for the former Siglap-Changi Community Centre at 696 Upper Changi Road East. It has a land area of about 9300 sqm with a GFA of about 1900sqm. The guide rent is $28,500 per month. Approved uses include foreign system and commercial schools, childcare centre and other educational and health and recreational purposes. The tenancy is for an initial 3 years and is renewable on terms up to 2017. The tender will close on 9 April 2008 at 11am.
100 & 102 Guillemard Road
5 This property is expected to be launched in April 2008. It was the former Singapore Badminton Hall and Association’s premises at 100 & 102 Guillemard Road. The property’s land area is 10,300 sqm with a GFA of about 11,000sqm. Besides office use, other approved uses include food & beverage and restaurant uses. It is located near the Aljunied MRT station. The tenancy is for an initial 3 years,and renewable on terms up to 2017.
6 SLA’s Director Land Operations (Private), Mr Teo Cher Hian (张子贤) said: “So far, our office tenders have been well-received with strong bids submitted and the ready onstream supply has met the immediate need of tenants decanting from prime locations. We understand from our tenants that the take-up rates from their sub-tenants have also been good. There is also a healthy take-up by local startups, MNCs, Financial Institutions and public-listed companies of all our prime, city-fringe and suburban locations. We will continue to monitor market take-up and identify more sites with office use, if demand is prevalent.”
Background on SLA’s initiative to help alleviate office crunch
7 Since February 2007, SLA started tendering out 15 former schools, vacant community centres, childcare centre and institutional buildings for office use only. Of these, there were former schools, former Government buildings, former community centres and a former childcare centre. SLA’s adaptive reuse of government buildings has helped to alleviate the tight office supply, which has offered some 104,000 square metres (sqm) of onstream dedicated office space supply in Q1 2008, as a result of 13 successful office tender awards last year. These properties were located on either the CBD fringes or within housing estates near MRT stations, public transport facilities and amenities. The tendered monthly rent ranged from $4 per sqm (psm) to $35.40 psm, depending on the location, size, condition of the property, accessibility, amenities, and other comparatives.
8 For more information on these properties, please visit SLA’s State Property and Information Online (SPIO) web portal (https://app1.sla.gov.sg/spio/), or call the SPIO hotline at 6323 9154. The tender documents are available on http://www.gebiz.gov.sg/. Tender applications may be deposited at Singapore Land Authority, 8 Shenton Way, #26-01, Singapore 068811.
-The End -
The Singapore Land Authority
1 April 2008
Annex A: Photos of the above-mentioned properties.