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URA should whet the appetite of developers with a prime CBD office site in Singapore

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Kalpana Rashiwala

Kalpana Rashiwala

Published Tue, Jan 28, 2025 · 03:12 PM
    • It may be better to let market forces operate, and leave developers to decide whether to trigger the release of a reserve-list site with an office component in Jurong Lake District or the Core CBD.
    • It may be better to let market forces operate, and leave developers to decide whether to trigger the release of a reserve-list site with an office component in Jurong Lake District or the Core CBD. PHOTO: BT FILE

    A POTENTIAL shortage may be on the horizon for Singapore’s Core Central Business District (CBD) Grade A office market.

    Following the completion of IOI Central Boulevard Towers (IOICBT) in 2024, with 1.26 million square feet net lettable area of offices, no new significant supply in this segment is slated for completion over the three years from 2025 to 2027, according to property consulting group CBRE.

    That seems like good news for Singapore’s prime CBD office landlords such as Keppel Real Estate Investment Trust , Hongkong Land and CapitaLand Integrated Commercial Trust , among others.

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