Daimler moving from Centennial Tower to Westgate in Jurong
German group can expect rent savings of about 30% from move; GE Life also signs up at Westgate Tower
Singapore
GERMANY'S Daimler group, which owns the Mercedes-Benz brand, is moving from glitzy Centennial Tower in Marina Centre to Westgate Tower next to Jurong East MRT Station.
The move underscores the importance of saving in occupation cost for corporates, say market watchers. Daimler is expected to pay about S$6 psf in monthly rent at Westgate Tower, which would be about 30 per cent lower than what it could have expected to pay had it renewed its lease at Centennial Tower, which is said to expire in the first quarter of next year.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Blackstone strikes US$1.6 billion student housing deal with KKR
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further, as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
Lucrum Capital looks to sell Killiney hotel site for S$195 million