Cooking and cleaning in Singapore’s commercial real estate

DEALS are cooking in Singapore’s commercial real estate sector. Several hospitality assets may be close to changing hands. Kalpana Rashiwala reports that potential buyers are in exclusive due diligence for Frasers Property’s Capri serviced apartments in Changi City, while the CapitaLand group’s Citadines Mount Sophia and Citadines Raffles Place are also up for sale. The Dorsett Singapore in the Outram area, owned by Far East Consortium, is on the market, too. 

Expressions of interest for Scotts Square, put up for sale by Wharf Estates Singapore, close next week. The freehold retail podium is being marketed at a S$450 million guide price.  

In his Hock Lock Siew column, Leslie Yee argues that Wharf has sound reasons to hold on to the 99-year-leasehold Wheelock Place and divest freehold Scotts Square. As Singapore’s brutal retail environment keeps the pressure on tenants and landlords alike, Scotts Square as it stands now may be lacking in scale and may not be in the right spot to stay competitive over the long term.