SOUTH Beach Tower, with about 500,000 square feet net lettable area of office space, is currently 80-90 per cent leased and has achieved rents of S$9-S$12 per square foot a month, according to South Beach Consortium Pte Ltd CEO Aloysius Lee.
"We are expecting to achieve TOP (Temporary Occupation Permit) for the office tower at the end of this year, with the first tenants commencing business in February 2015," he said at a media briefing on Thursday.
South Beach Tower is part of a mixed development by South Beach Consortium, a joint venture between City Developments and Malaysia's IOI Group. The consortium said on Thursday that the hotel is expected to soft open in April next year, with the official opening planned for September 2015.
The South Beach Club, housed in the former NCO Club building, is also slated to open in April next year. This is one of four conserved buildings in the project.
The project's retail and residential components are expected to be completed in Q4 2015.