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Mingtiandi Username CapitaSpring will add 650,000 square feet of office space to the Singapore market upon completion in 2021 Despite a downturn in leasing this year due to the COVID-19 pandemic, property consultancy CBRE says office rents in Singapore are likely to rise in the second half of 2021, driven by a limited supply of new Grade A space and strong demand from Chinese tech firms and non-bank financial service providers. Five new projects are set for completion next year, adding 1.23 million square feet (114,271 square metres) to the overall office supply, CBRE said in a release. The five projects include only one Grade A office development, CapitaSpring, which will add 650,000 square feet of office stock to the core CBD market. ....
Mingtiandi Username Solaris in Singapore’s One North is Soilbuild REIT’s top asset As stable becomes sexy in Asia’s real estate markets, Blackstone is teaming up with the family controlling the sponsor of a Singapore-listed REIT for a S$700.3 million ($524.5 million) offer to buy out the industrial real estate trust. Funds controlled by Stephen Schwarzman’s private equity giant are making a joint offer with Soilbuild Group executive chairman Lim Chap Huat to purchase the units in Soilbuild Business Space REIT not controlled by Lim and his family, according to an announcement to the Singapore exchange. Soilbuild REIT owns 10 properties in Singapore and another three in Australia, with the manager of the trust presenting the buyout as a way to achieve value for unit-holders in a trust that has struggled to grow to a scale attractive to traders in the city’s fragmented industrial REIT market. ....