The Office. A review of the Singapore office market. Index. May Singapore Hong Kong

Transcription

1 May 2014 Singapore Hong Kong The Office A review of the Singapore office market Index Page 02 New Downtown / Raffles Place Demand 03 Edge of Raffles Place / Robinson Road Tanjong Pagar / Demand (cont) 04 City Hall / Marina Bay / Orchard Road Rental Table 05 Outside CBD Rental Table 06 Business Space (East/Central) Supply 07 Business Space / Science Parks (West) Rentals 08 Special Feature CapitaGreen & South Beach Tower Forecasts Corporate Locations (S) Pte Ltd License No. L A T / contact@corporatelocations.com.sg /

2 New Downtown The Center 99 Queen s Road Central 02 *All rents quoted are estimated target effective rates subject to negotiations and are not the landlords quoted figure Asia Square Tower 1 / Tower 2 Marina View Marina Bay Financial Centre Tower 3 Marina Boulevard $ $15.00 psf* Units from 2,000 50,000 sq ft $ $15.00 psf* Units from 5,000 30,000 sq ft Raffles Place $9.00 psf* $13.00 psf ($8.30 psf sublease) Units from 3,057 33,519 sq ft Units from 1,729 40,000 sq ft Units from 4,200 sq ft Units from 1,948-2,303 sq ft Income@Raffles Collyer Quay 6 Battery Road Bank Of China Building Battery Road Chevron House Raffles Place $9.50+ psf* Rates on application $ $11.50 psf* $9.80 psf* Units from 1,000 6,283 sq ft Units from 5,000-22,000 sq ft Units from 1,291-21,000 sq ft Units from 1,500-13,326 sq ft OCBC Centre Chulia Street CapitaGreen Market Street One Raffles Place T1 & T2 Republic Plaza 1 Raffles Place Demand: which companies have moved where This is an important section of our market review as it highlights the real trends in the market. It outlines which buildings have attracted the most new tenants and which locations have seen the most activity. This in turn indicates themes in the market showing how tenants with specific requirements found the solution to their space needs. This can help other tenants with similar requirements. It is also useful to note from which buildings tenants are moving from, as this often frees up substantial space in secondary buildings. Leasing activity has been healthy across the board in all sectors and all locations, but it has been the leasing activity in the major new schemes that have taken the limelight. New Downtown Area. It is Asia Square Tower 2 that has seen the most activity, and since Mizuho Bank confirmed their commitment to lease around 100,000 sq ft (moving from Capital Tower) Mercuria Energy has agreed to lease 21,000 sq ft (moving from Republic Plaza), premium spirits company Edrington is expanding from Asia Square Tower 1 to lease approximately 15,000 sq ft in Tower 2, and Nikko Asset Management (20,000 sq ft) are moving in from PWC Building. Raffles Place is still offering good value for money and has been a popular choice for many MNCs who don t need the mega sized floor plates, but are looking for good quality space in a prime address. China Merchants Bank has just opened its first Singapore office in One Raffles Place Tower II. Maybank Tower is one of the most expensive buildings in Raffles Place, but is high quality and has magnificent views. New whole floor tenants here include Actavis Asia Pacific. Straits Law Practice has leased a whole floor in Republic Plaza, relocating from City House. Kowa South East Asia has leased a floor at Income@Raffles (fka 16 Collyer Quay). Bank of Singapore Centre has secured HDH Capital Management as a new tenant. The Embassy of Portugal has moved into Equity Plaza and CBS Interactive, formerly from The Centrepoint, moved into Chevron House recently. Edge of Raffles Place has been busy as it offers even better value for money. CapitaGreen has secured its first major tenant in the form of Cargill International Trading, who have committed to lease some 50,000 sq ft and will relocate from The Concourse at the end of the year. Another new tenant to this scheme is Swiss private banking firm Border & Cie, who will relocate from GB Building and will take around 12,000 sq ft. Shipping company Oldendorff has leased some 20,000 sq ft in One George Street, expanding from their previous address in The Central at Clarke Quay. Accounting firm Towers Watson has leased a floor (13,000 sq ft) at OCBC Centre East. Research company Forrester Singapore has moved into PWC Building. Education group FTMS relocated around the corner from Equity Plaza to PWC Building, and IRESS Marketing is moving from Wilkie Edge into Samsung Hub. Robinson Road / Shenton Way. Activity in this area has been more limited. ChemOne Holdings (from Robinson Centre) and Etiqa Insurance Berhad both have found space in ORQ North Tower. Finexis has expanded to lease a floor at The Octagon close to their HQ on Robinson Road. William Lea / TAG Worldwide leased 7,000 sq ft in Robinson 77. Castlewood Group has leased space in OUE Downtown 2 (fka 6 Shenton Way). Tanjong Pagar. Activity in this district has also been steady. Kelly Services has expanded

3 Demand (continued) 03 into sizeable space in Twenty Anson. China Taiping Insurance and H & CS Holdings have both purchased a floor each in Springleaf Tower. Tata NYK Shipping has also moved here from International Plaza across the road. Seraphimhub has moved into AXA Tower. Watsons Personal Care Store have moved their HQ from The Adelphi to lease a whole floor at Fuji Xerox Towers. Marina Bay / City Hall. The last remnants of space given up by Citibank in Millenia Tower has been leased out, with NetApps taking further expansion space and Luxottica leasing 17,000 sq ft (moving from Great World City). Suntec City remains in demand. New tenants to Tower 4 include Astellas Pharma Singapore, BMS Coal Sales/Banpu. New tenants to Tower 2 include Phicom Technology and JX Nippon Oil & Energy Corporation. Lixil International has just moved into Tower 1. Finally in this district it is worthy of note that Rabobank is the first tenant to secure space (25,000 sq ft) in South Beach, Beach Road /City Hall. Orchard Road. Demand for this location comes from a variety of industries that do not need to be in the heart of the financial district, but still want a respectable, convenient and well recognized address. Ipsos Singapore has leased a 14,000 sq ft space at Winsland House, Aptina has leased half a floor at Haw Par Centre (11,500 sq ft) and High Tech Computer has leased 7,000 sq ft in Triple One Somerset. Regus serviced offices has leased 2 floors at Orchard Gateway@ Emerald. Further up Orchard Road, share International Trade took space in Wheelock Place. Vihari Jewels leased office space in Ngee Ann City. Microchip Technology moved from Burlington Square to lease the penthouse floor at The Forum. Mozaic Hotels & Resorts moved from Parkview Square to Tourism Court. Outside the CBD several substantial leasing transactions have taken place. MNCs with very large requirements still have limited choice and this is why Canon Singapore have committed to lease some 150,000 sq ft in Galaxis in One North over a year before their current lease in Keppel Bay Towers expires later in Several Government ministries will be moving to JEM in Jurong (345,000 sq ft) including the Agri-Food and Veterinary Authority, Building and Construction Authority and eventually the Ministry of National Development. They are currently subleasing some 70,000 sq ft of surplus space. Elsewhere, Boston Scientific have leased 17,000 sq ft in The Metropolis in Buona Vista moving from Winsland House. This scheme already boasts major anchor tenants such as Shell, Proctor & Gamble, NOL and SGX. Edge of Raffles Place $ $8.30 psf* Units from 3,100 15,134 sq ft Units from 1,001-2,530 sq ft Units from from 2,476 6,351 sq ft Units from 1,000 4,882 sq ft PWC Building Cross Street Equity Plaza Cecil Street 1 Finlayson Green 6 Raffles Quay Robinson Road / Shenton Way $7.50 psf* Units from 2,347 20,000 sq ft Units from 2,000-11,194 sq ft Units from 1,150-16,404 sq ft Units from 1,249-7,061 sq ft SGX Centre 1 Shenton Way 80 Robinson Road Robinson Point Robinson Road 112 Robinson Road Tanjong Pagar $8.80 psf* $7.20 psf* $ Units from 1,400 8,062 sq ft Units from 1,750 14,766 sq ft Units from 1,862-10,000 sq ft Units from 2,443 13,455 sq ft Anson House Anson Road AXA Tower Shenton Way 78 Shenton Way Fuji Xerox Towers Anson Road

4 City Hall / Marina Bay 04 $ $ psf* $ $9.50 psf* Units from 2,297 15,400 sq ft Units from 5,000 60,000 sq ft Units from 3,057 33,519 sq ft Units from 1,023 2,900 sq ft Parkview Square North Bridge Rd South Beach Beach Road Suntec City Twrs 1-5 Temasek Boulevard The Adelphi Coleman Street Orchard Road $7.50+ psf* $9.00 psf* Units from 5,109 9,634 sq ft Units from 1,000 23,724 sq ft Units from 5,000 15,000 sq ft Units from 1,000-12,522 sq ft 182 Clemenceau Ave 51 Cuppage Road VisionCrest Commercial Penang Road Triple One Somerset Somerset Rd $10.50 psf* $6.80 psf* Units from 1,024 22,300 sq ft Units from 10,000 21,500 sq ft Units from 1,231 5,265 sq ft Units from 3,090 19,548 sq ft Winsland House 1 Penang Road Haw Par Centre Clemenceau Ave Shaw Centre Scotts Road UE Square / Shell Hse Clemenceau Ave Rental Guide - Summary of Target Effective Rates Raffles Place / Marina Bay 6 Battery Road $ Market Street $7.00-$7.50 Asia Square Tower 1 & 2 $14.00-$15.00 Bank of China Building $8.00 Bharat Building $7.50 Bank of Singapore Centre $8.00-$9.00 Chevron House $8.50 Clifford Centre $8.00 Equity Plaza $7.50-$8.50 Income@Raffles $9.00 Maybank Tower MBFC Tower 1, 2 & 3 $14.00-$15.00 OCBC Centre $9.50+ OCBC Centre East $7.50 Ocean Financial Centre $12.00 One Finlayson Green $8.30 One George Street $9.70 One Marina Boulevard One Raffles Place Tower 1 $10.50-$11.50 One Raffles Place Tower 2 $10.50-$11.50 One Raffles Quay North Tower $11.00 OUE Bayfront $15.00 RB Capital Building Republic Plaza 1 $9.80 Republic Plaza 2 Royal Group Building Royal One Phillip Singapore Land Tower $10.00 Straits Trading Building $9.00 The Arcade $6.50 Tung Centre $9.00-$11.50 UOB Plaza 1 UOB Plaza 2 Robinson Road / Shenton Way 4 Robinson Road 6 Raffles Quay $8.00 OUE Downtown 1 (6 Shenton Way Tower 1) OUE Downtown 2 (6 Shenton Way Tower 2) $ Robinson Road 71 Robinson Road $ Robinson Road $ Robinson Road $ Cecil Street $ Telok Ayer Street $ Robinson Road $ Cecil Street $5.50-$ Cecil Street $7.00 AIA Tower ASO Building Bangkok Bank Building Capital Square $10.00 Capital Tower Cecil Court China Square Central $8.50 City House $8.00 CPF Building Far East Finance Building Far Eastern Bank Buidling $6.30 Finexis Building GB Building $7.00 Grace Global Raffles Great Eastern Centre Hong Leong Building Keck Seng Tower $6.30 PIL Building PWC Building $8.00 Prudential Tower Robinson 77 $8.00 Robinson 112 $7.00 Robinson Centre $8.00 Robinson Point $8.00 Samsung Hub SGX Centre 1 & 2 $8.50 SIF Building Shenton House $6.20 The Globe $6.00 The Octagon $ Tokio Marine Centre Tong Eng Building Tanjong Pagar 260 Tanjong Pagar Road 78 Shenton Way $ Anson Road $7.50 ABI Plaza $6.00 Amara Corporate Tower Anson Centre Anson House $8.80 AXA Tower $8.50 Fuji Xerox Towers $6.50-$7.50 Hub Synergy Point $5.50 International Plaza $6.50-$7.00 Jit Poh Building $6.00 Keppel Towers $6.00 Mapletree Anson $8.50 MAS Building St. Andrew s Centre Southpoint Springleaf Tower $8.00-$8.50 Tower Fifteen TBC Twenty Anson $8.50 City Hall / Marina Centre / Beach Road 11 Beach Road $6.50-$ Hill Street 67 High Street Bugis Junction Towers Centennial Tower $11.00-$12.00 Keypoint $4.00 Millenia Tower Odeon Tower $8.50 One Raffles Link Parkview Square $7.50-$8.00 Peninsula Plaza $6.50 Raffles City Tower Shaw Tower $5.50-$6.50 South Beach Tower $10.00-$11.00

5 Outside CBD 05 *All rents quoted are estimated target effective rates subject to negotiations and are not the landlords quoted figure $7.50 psf* $ $7.20 psf* $6.50 psf* Units from 5,000 50,000 sq ft Units from 1,140 8,021 sq ft Units from 1,000 25,543 sq ft Units from 2,100 19,828 sq ft Novena Square Thomson Road United Square Thomson Road Harbourfront Centre Maritime Square Alexandra Point Alexandra Road $6.90 psf* $5.60 psf* $6.00 psf* $ psf* Units from 4,000 32,000 sq ft Units from 5,000 34,000 sq ft Units from 4,000 60,000 sq ft Units from 2,000-23,000 sq ft NOL Building Alexandra Road JEM Jurong Gateway Road Westgate Gateway Drive San Centre Chin Swee Road $5.60 psf* $ psf* Units from 1,295 69,000 sq ft Units from 2,000 42,000 sq ft $6.00 psf* Units from 2,702 11,723 sq ft Units from 4,000 22,000 sq ft Nucleos Buona Vista 223@Mountbatten Mountbatten Road Singapore Post Centre Eunos Road 8 The Metropolis Towers 1 & 2 North Buona Vista Drive * Light industrial space Edge of CBD Stamford Court $7.20 Suntec Towers 1-5 $8.50-$9.50 The Adelphi $7.00 The Concourse $7.50 The Gateway East and West $7.30 Orchard Road / Dhoby Ghaut 50 Scotts Road 51 Cuppage Road $ Clemenceau Ave $7.00 Albert Complex Burlington Square $7.00 Faber House $8.50 Fortune Centre Forum Goldbell Towers Haw Par Centre $6.80 Haw Par Glass Tower International Building $7.50 Liat Towers $8.00 Manulife Centre $7.50 Ngee Ann City $10.00-$11.00 Orchard Building $8.00 Palais Renaissance $8.30 Park Mall Regency House Shaw Centre $8.00 Shaw House $9.20 Singapore Pools Building Sunshine Plaza $6.00 Tanglin Shopping Centre $6.00 The Atrium@Orchard The Bencoolen $6.00 The Heeren The Paragon Thong Teck Building $6.00 Tong Building $7.50 TripleOne Somerset $8.50 VisionCrest Commercial $9.00 Wheelock Place $12.00 Wilkie Edge $8.00 Winsland House 1 & 2 $10.50 Wisma Atria $11.50 Chinatown / River Valley Road 2HR (Havelock Road) Central $8.60 Central Mall Chinatown Point $6.00-$6.50 China Square Central $8.50 Great World City A&B $6.80 King s Centre $6.00 Royal Merukh S.E.A Building Shell House $7.00 Valley Point $6.00 Alfa Centre $6.00 Boon Siew Building Central Plaza Goldhill Plaza $5.50 Newton 200 Novena Square $9.00 Rex House SLF Building The Metropolis Tower 1 & 2 $7.00 United Square $8.30 West / Others Alexandra Point $6.50 Alexandra Techno Park* $4.00 Harbourfront Centre $6.50-$7.20 Harbourfront Tower 1 $8.00 Harbourfront Tower 2 $6.50 Harbour Link TBC Int l Biz Park (Jurong)* $4.50 JEM $5.60 Keppel Bay Tower The Mapletree Business City* $6.50 New Tech Park* $4.00 Pacific Tech Centre* $3.30 PSA Building PSA Vista $4.00 S pore Science Park I, II &III* $4.00 Sime Darby Biz Centre* Tech Point* $3.00 The Signature* $3.50-$4.00 UE BizHub East* $4.20 Westgate $6.00 East Abacus Plaza $5.00 AIA Tampines TBC Changi Business Park* $4.00 Cisco Centre II $5.00 CPF Tampines Building $4.80 KA Centre* KA Place* $3.00 NTUC Tampines Junction $5.00 NTUC Tampines Point $5.00 Parkway Parade $6.00 S pore Post Centre $6.00 Tampines Concourse $4.50 Tampines Grande $5.70 Tampines Plaza $5.00 Techlink* $3.00 Chai Chee* $3.20 Tech View* $3.00 *All rents quoted are estimated target effective rates subject to negotiations and are not the landlords quoted figure

6 Qualification for Business Space Business Space (East) 06 Important Note: to qualify for business space, tenants must be involved with software development, research and development, datacenter management, design functions or customer support services. For industrial space a 60:40 ruling applies where 60% of the space must be used for industrial purposes and 40% can be used for offices. If in doubt checks should be made through the URA providing detailed information of your specific operations and use of the premises. Nonqualified users may be required to vacate the premise on immediate notice. UE BizHub East Changi Business Park 1 Changi Biz Park Ave 1 $4.20 psf* Units from 15,000 56,000 sq ft Units from 1,000-45,000 sq ft $ Units from 1,596 50,000 sq ft The Signature Changi Business Park $3.20 psf* Units from 5,080 52,743 sq ft Technopark@Chai Chee Chai Chee Rd Business Space (Central) $5.00 psf* $4.50 psf* $4.50 psf* $3.00 psf* Units from 13,000 80,000 sq ft Units from 1,770 29,632 sq ft Units from 5,000 24,108 sq ft Units from 4,544 12,165 sq ft Hyflux Innovation Centre Bendemeer Rd Starhub Green Ubi Avenue 1 Aperia Kallang Avenue Techpoint Ang Mo Kio Street 65 Supply The supply of office space is becoming noticeably tighter and the vacancy rate in the new downtown area has dropped 6 points in just the last quarter from 12% to 6% following a surge in leasing activity, particularly in Asia Square Tower 2. Raffles Place has pockets of space in most buildings, but the overall vacancy rate here is only 3.5%. City Hall and Orchard have the tightest supply with vacancy rates around 1.5%. Tanjong Pagar has the highest vacancy rate of around 8% with many relocations, either upgrades to the new downtown district or moves to decentralized offices, coming from this district. Tanjong Pagar has the highest vacancy rate at around 8% There are only 2 office schemes in the CBD scheduled for completion this year, namely CapitaGreen Market Street (700,000 sq ft) and South Beach (500,000 sq ft). Both schemes will not be ready until the end of the year so in the meantime we expect the vacancy rates to drop even further with the existing developments filling up until the new space comes on stream. Whilst the lack of future supply and its effect on rental levels is a concern for many, particularly for those tenants considering moving in 2015, other opportunities will arise through space freed up from other known major relocations. Therefore we expect a good choice of space to be coming available in 2015 in Novena Square, Thomson Road (Proctor & Gamble); UE Square/Shell House, Clemenceau Avenue (Shell); Keppel Bay Towers, Harbourfront (Canon); NOL Building, Alexandra Road (NOL); SGX Centre, Shenton Way (SGX); Robinson 77 (Rabobank); and The Concourse, Beach Road (Cargill). One should note though that many of these opportunities are not in the prime financial district. Another interesting opportunity to lease space on the edge of the CBD will becoming available in Q with the major refurbishment of San Centre,Chin Swee Road. The total space coming available will be around 84,000 sq ft on 10 floors with an average floor plate of 8,600 sq ft. A lull in new supply in 2015, but the next wave of new supply will soon come in 2016 with some 3.5M sq ft There will be a lull in new supply later in 2015, but the next major wave of new supply will not be far away coming in 2016 with the completion of Guoco Tower in Tanjong Pagar (850,000 sq ft), Marina One, New Downtown (1,880,000 sq ft) and Duo on Beach Road (688,000 sq ft). The overall total new supply for that period will be nearly 3.5Million sq ft that will certainly on alleviate concerns about lack of choice and spiralling rents. Guoco Tower

7 Business Space (West) 07 *All rents quoted are estimated target effective rates subject to negotiations and are not the landlords quoted figure $6.50 psf* Units from 15,822 sq ft Units from 4,682 14,930 sq ft Mapletree Business City Pasir Panjang Alexandra Technopark Alexandra Road $4.20 psf* $3.90 psf* Units from 1,238-18,118 sq ft Units from 1,184-9,634 sq ft Units from 1,000-32,000 sq ft Units from 1,281-9,935 sq ft The Strategy IBP Jurong The Synergy IBP Jurong Creative IBP Jurong Acer IBP Jurong Singapore Science Park I, II & III $4.50 psf* $3.70 psf* Units from 6,000-22,731 sq ft Units from 1,862 to 3,184 sq ft Units from 1,099-14,160 sq ft Units from 1,222-5,965 sq ft The Capricorn Science Park Road Kendall Science Park Road The Alpha Science Park Road The Rutherford Science Park Drive Rentals Prime rates are definitely firming whilst secondary rates remain static The pick-up in demand and the dwindling supply has not gone unnoticed by landlords and many of them are becoming far more bullish in the way they negotiate and the terms they are sticking to. Average rates for prime Grade A office space in Raffles Place / New Downtown rose by around 3.5% quarter on quarter. We are witnessing more regular increases in asking rental rates in the popular locations and prime rates are definitely firming whilst secondary rates remain static. This is a typical pattern of a rising market and the gap between prime rates and secondary rates has already begun to widen. We are witnessing more regular increases in asking rental rates in the popular locations and prime rates are definitely firming whilst secondary rates remain static. Average rates in Raffles Place / New Downtown rose by 3.5% last quarter The most expensive developments are now quoting $ $16.00 per sq ft (although effective rates range from $11.50 to $13.50 per sq ft) and buildings in secondary locations remain around $ $8.50 per sq ft. Raffles Place still offers reasonable value, on average between $8.00 and $10.00 psf effective and the edge of Raffles Place offers even better value between $7.50 to $9.00 psf. Tanjong Pagar rates have stopped dropping but activity has been modest and rents remain between $7.00 and $8.00 per sq ft. The gap between prime rates and secondary rates has already begun to widen Orchard Road sees a wide spread of rates because there is such a diversity in the age and quality of buildings in this district. Rents range from $7.00 to $11.50 per sq ft. Beach Road is still one of the most competitive locations ranging from $ $8.00 psf, but supply is limited. Marina Bay / Suntec City has remained popular and activity has been good and rates range from $8.00 to $9.00 psf. Edge of CBD locations have a wide range such as Novena Square at $8.50 per sq ft and Shell House / UE Square at $7.50 to $8.00 psf. Business parks still range from $4.00 to $5.00 psf. Mapletree Business City is at $6.50 psf. Top of the range space outside the CBD like The Metropolis near Buona Vista MRT are quoting $7.50 per sq ft. Beach Road is still one of the most competitive locations ranging from $ $8.00 per sq but supply is limited.

8 Market Forecast 08 Top Grade A rates to firm by around 10% over the next twelve months Global economic conditions are likely to continue to improve during 2014 with the Eurozone and US economies looking as if their recoveries are taking hold and Asia still seems to be where most MNCs see the greatest growth potential. Singapore has reinforced its position as the financial hub for South East Asia, and has continued to enhance its competitiveness against its arch rival Hong Kong as an Asian financial centre. There are though some potential risks on the horizon for the global economy including the tapering off of US quantitative easing, leading to a possible increase in interest rates, together with the slowdown in the China market which has caused many companies to be cautious about the immediate future. Indeed the hiring outlook remains uncertain and some firms are being conservative with their expansion plans but many are also wary of rising rents knowing that delaying expansion could result in even higher rent overheads 12 months down the road. Larger companies that plan 5-8 years in advance are already advancing their growth proposals for Singapore and more large space users are evaluating their future leasing options at this very moment. An imbalance / bottleneck effect could appear in 2015 before the new supply arrives in 2016 With demand remaining healthy and supply in the prime market becoming more restricted, rates are bound to advance and we expect top Grade A rates to firm around 10% over the next twelve months. Conversely rates in the secondary market will be slower to move forward and may even remain stagnant with much second hand supply coming on stream later in the year, particularly in the Tanjong Pagar and Shenton Way / Robinson area. The same story is true for office schemes on the edge of the CBD that will see several of their anchor tenants move to other decentralized locations. The gap between the prime market and secondary market is likely to widen further and this will improve the choices for tenants with more modest budgets. The prime market will be most effected in 2015 by the lack of supply and this could cause an imbalance / bottleneck effect until the massive new supply comes on stream in The colossal input of new stock in 2016 of some 3.5 M sq ft will have a stablising effect, but for the next 2 years it will definitely be a landlords market. Special Feature CapitaGreen 138 Market Street Building height: 245m (40 storeys) Total lettable area: 700,000 sq ft Estimated TOP: December 2014 Typical floor plate size: Average 22,668 sq ft, other floors with sky gardens range from 6,211 to 12,432 sq ft Allowable density: 300 ppl per floor for larger floors Floor to ceiling height: 3.2m Raised flooring: 150mm Passenger lifts: 21 passenger lifts in 3 lift lobbies Car parking: 180 space (EPS) Telecommunications: 4 x 100 per floor Office lighting: 500 lux level Other features Sky terraces on levels 5, 14 and 25 Gymnasium and swimming pool on level 38 Sky forest and restaurant on level 40 Dual power and telecom risers Additional room for tenants own generator Rates on application Space already pre-leased to Cargill (50,000 sq ft) and Bordier & Cie (12,000 sq ft) South Beach Tower 38 Beach Road Building height: 34 storeys Total lettable area: 500,000 sq ft Estimated TOP: December 2014 Typical floor plate size: 15,600 19,200 sq ft Floor to ceiling height: 2.8m for office / 3m for trading floors Raised flooring: 150mm for offices / 300mm for trading floors Other features Overall scheme designed by Foster + Partners Mixed use development includes 654 room hotel conceptualized by Philippe Stark Residential accommodation in upper half of South Tower Retail space and an exclusive arts club Estimated Effective Rate $ psf Space already pre-leased to Rabobank (26,000 sq ft) Disclaimer The information in this publication should be regarded as a general guide only. Whilst every care is taken in it preparation, no representation is made or responsibility accepted for its accuracy or completeness. The rentals mentioned are neither asking rentals nor rentals agreed by property owners, but only represent the writers views on estimated rentals and is intended as reference only. Finding Office Space For You, With You 100 Beach Road, #17-07 Shaw Tower Singapore T