After S$160 million makeover, SingLand eyes better take-up, higher rents at Singapore Land Tower
The upgrade will also set a new industry benchmark of how older properties can retain their existing structure and meet the changing demands of the workforce: CEO
SINGAPORE Land Group (SingLand) will complete a major upgrade of its iconic Singapore Land Tower by the end of 2024, after three years of extensive asset enhancement works. Built in 1980, the 47-storey building in the Central Business District (CBD) will have more lush green spaces, energy-efficient features, a double-glazed facade and new tenant amenity spaces after completion.
The S$160 million asset enhancement initiative (AEI) already appears to be paying off. Between the fourth quarter of 2021 and Q4 2023, rents in the building have risen, checks by The Business Times found.
Based on Colliers’ basket of properties, the average monthly rent for Grade A CBD office space rose 0.7 per cent quarter on quarter to S$11.57 per square foot (psf) in the first quarter of 2024.
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