OfficeWise. Insights. April savills.com.sg. Showcasing the best commercial properties in Singapore. Office Rental Outlook

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1 April 2014 Wise Showcasing the best commercial properties in Singapore Insights Featured Property: CapitaGreen Q1/2014 Market Briefing Key Projects Property Highlights Landlord s Asking Rent Rental Outlook Q2/2013 Q4/2013 Q1/2014 savills.com.sg

2 OFFICE MARKET BRIEFING 2013 is a recovery year for the Singapore office leasing market with a broad based improvement of demand across all sectors. Real economy sectors, such as companies from resources, oil & gas and professional services industries continued to account for the largest share of the office take-up. Encouragingly, we have also seen an increased demand from the banks and financial institutions; although they have not yet fully nursed themselves back to health post global financial crisis. Within this context, demand for smaller space (less than 10,000 sq ft) from real economy companies continued to dominate the market. Net demand, net supply and vacancy rate of CBD Grade A offices, Source: Savills Research & Consultancy Although the take-up slowed down in Q4 as compared with previous quarters in 2013, the whole year net absorption ended with 974,000 sq ft, close to the historical average of 1 million sq ft. On the supply side, there was only one office building completed in 2013, namely Asia Square Tower 2, and this introduced about 780,000 sq ft of space to the CBD Grade A market. With limited new supply and a growing demand, occupancy levels were driven up. The overall vacancy rate of Grade A office in the CBD tracked by Savills has declined for four consecutive quarters, from 7.8% by end 2012 to 3.4% as end of Q4/2013. In Q4/2013, the average rents for Savills basket of CBD Grade A office buildings stood at S$8.64 per sq ft per month, representing a 1.9% increase quarter-on-quarter (QoQ). Rental growth has accelerated rapidly during this quarter, driven by the higher rents achieved in leasing deals concerning smaller space, especially in the AAA Grade office buildings located in the Marina Bay area saw a turnaround with a positive 3.9% growth for the overall CBD Grade A office rentals, after a contraction of 4.7% in Moving into 2014, Singapore s economic outlook remains positive and will benefit from the improving external economic conditions in the US, Europe and China. The future supply pipeline of CBD Grade A office space remains relatively constrained in 2014, with only about 1.2 million sq ft from CapitaGreen at Market Street and South Beach Tower on Beach Road being scheduled for completion by year end. Therefore, there are very few landlords holding new supply of CBD Grade A office space, while older stock in, Shenton Way, Tanjong Pagar and City Hall are sporting low vacancy rates. As such landlords can easily manage this vacancy, allowing them to hold up rents. On the demand side, hiring outlook is not certain over the next half year and companies will continue to be conservative in their expansion plans according to the latest surveys. Therefore, we expect the office leasing market to be dominated by small lettings, with tenants holding the negotiation power as there are plenty of options from pockets of space in various buildings. Therefore, Savills expect the recovery phase to continue over the coming year with moderate rental growth in the CBD market. Savills (Singapore) Pte Ltd 30 Cecil Street, #20-03 Prudential Tower, Singapore Company Reg. No D CEA No. L B MICA (P) No. MCI (P) 180/06/2013 Disclaimer: Subject to contract and availability. This document is prepared by Savills Singapore Pte Ltd for information only. It is subject to change and these particular do not constitute nor constitute part of an offer or contract. Savills Singapore Pte Ltd makes no representation as to its truth, accuracy or completeness and accordingly cannot be held responsible for liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. All content copyright 2014 Savills (Singapore) Pte Ltd. All rights reserved.

3 FEATURED PROPERTY (CAPITAGREEN) CapitaGreen Located in at 138 Market Street, CapitaGreen is a 40-level premium Grade A office development by CapitaLand, CapitaCommercial Trust and Mitsubishi Estate Asia. Scheduled for completion by end 2014, this stunningly designed office tower by 2013 Pritzker Architecture Prize Laureate Toyo Ito offers large efficient floor plates with a ceiling height of 3.2m. Green sky terraces on three levels, along with a façade of extensive vertical greenery, will enhance the feeling of the great outdoors, indoors. Other key features include a modern gymnasium with swimming pool facilities, and a rooftop sky forest and restaurant. The idea of well-being is central to CapitaGreen s design philosophy. Among the many innovative features to promote this, is the double-skin façade which is designed to reduce solar heat gain for the office by up to 26 percent. The amenities are complemented by a carefully appointed art programme which will present the works of four internationally acclaimed artists:- Olafur Eliasson, Ju Ming, Antony Gormley and Etienne. A prestigious ground floor lobby that will feature a one-of-its-kind handcrafted Kakiotoshi (earth plaster) lobby wall, will greet tenants and visitors. Covered Plaza The building is steps away from and Telok Ayer MRT stations as well as a plethora of food, retail and hotel options. Car parking facilities are available on site. Building facts: A 40-storey premium Grade A office tower with net lettable area of approximately 700,000 square feet Typical floor area of approximately 22,000 square feet (column free) Awarded Green Mark Platinum and Universal Design Gold Plus Main Lobby Swimming pool on level 38 Sky Terrace All images of CapitaGreen contributed by MSO Trust.

4 KEY PROJECTS JEM West A brand new 11-storey office building located in the heart of Jurong East. The site is well connected to the Jurong East Bus Interchange, Mass Rapid Transit (MRT) station and easily accessible via major expressways like PIE & AYE. Direct access from Jurong East MRT Ample car park lots Raised floor Typical floor plate of 24,000 sq ft Availability: 5,000 / 10,000 / 15,000 sq ft Robinson Point Shenton Way Robinson Point is a 21-storey freehold office building strategically located along Robinson Road in the heart of the CBD. It is near various eateries. 10 minutes walk from Tanjong Pagar and MRT Taxi stand along Robinson Road Raised floor Typical floor plate of 8,300 sq ft Availability: 3,400 / 5,600 / 7,500 / 8,300 / 16,000 sq ft Anson House Tanjong Pagar A 13-storey premium grade office tower located in the financial district. The building has a retail podium on the ground floor and is near to various eateries. 5 minutes walk from Tanjong Pagar MRT height windows with raised floor 3.4m clear ceiling height Typical floor plate of 8,700 sq ft Availability: - From 1,500 to 8,700 sq ft Retail - 2,000 sq ft Agnes Heu Agnes Tay Barbara Lee Hazel Wong

5 Thong Sia Building Orchard Road Thong Sia Building consists of a 7-storey commercial podium located in the heart of Orchard Road and is well served by public transportation and via Central Expressway (CTE). Walking distance from Orchard & Somerset MRT Opposite Paragon & next to upcoming Ascott serviced apartments Floor to ceiling windows Typical floor plate of 2,000 / 4,500 / 6,100 / 8,100 sq ft Availability: From 2,000 to 8,100 sq ft KH Kea Building City Hall A 9-storey building located next to Singapore s financial and shopping district with both and Orchard Road being a stone s throw away. It is near various eateries. Highly accessible with City Hall MRT situated across the road Direct lift access to the unit Individually controlled air conditioning Typical floor plate of 2,500 sq ft Availability: From 2,500 sq ft OUTSIDE CBD Mountbatten East 3-storey office building located along Mountbatten Road. With great accessibility to public transport and within 5 minutes drive from the CBD, 223 offers a modern alternative to central CBD office space. 8 minutes walk from Mountbatten MRT Ample car park lots Regular and efficient floor plate Typical floor plate of 40,000 sq ft Availability: From 1,167 to 40,000 sq ft Kevin Murtagh Kimberly Seow Sally Fan Darrell Chia Geraldine Teo

6 PROPERTY HIGHLIGHTS CBD Republic Plaza SGX Centre 1 Shenton Way 1,500 to 14,000 sq ft High floor Sea view MRT Sally Fan ,000 / 10,000 / 20,000 sq ft Excellent frontage Well-fitted / Tanjong Pagar MRT Available Q Agnes Tay PWC Building GB Building Cecil Street 3,000 / 4,200 / 5,200 sq ft Raised floor MRT Agnes Heu ,425 sq ft Lift lobby frontage Fitted office Tanjong Pagar MRT Available March 2014 Barbara Lee Winsland House Killiney Road Marina Bay Financial Centre Tower 2 1,024 to 10,118 sq ft Close proximity to Orchard Bare / Fitted Somerset MRT Darrell Chia ,300 sq ft Nicely fitted Lobby frontage Scenic port view Kevin Murtagh One Tower 1 Suntec Tower Four City Hall/Marina 2,314 sq ft Regular and efficient floor plate MRT Kimberly Seow ,300 / 6,000 sq ft y fitted Good view City Hall MRT Hazel Wong

7 Outside CBD Nucleos For Lease Biopolis Road Business Park Located within one-north and in close proximity to the National University of Singapore, Nucleos is a seven-storey twin-tower and is the centre for world-class biomedical companies to setup their R&D hub. Suited for Research / Laboratory / Ready-fitted labs and office stations with shared services and facilities Features: High ceiling height Modular, column-free unit Typical floor plate of approx. 32,000 sq ft to 66,600 sq ft Barbara Lee Artist s impression Nexus West Novena Square Novena 2,000 / 5,800 sq ft One-North MRT Suitable for IT, media, R&D Hazel Wong ,100 to 10,200 sq ft Novena MRT Raised floor Available March 2014 Agnes Heu Science Centre Road West 11 Tampines Concourse East 3,000 / 17,000 / 30,000 sq ft Jurong East MRT High ceiling Available May 2014 Agnes Tay ,000 /4,000 / 9,700 sq ft Tampines MRT Raised floor Regular floor plate Geraldine Teo

8 LANDLORD S ASKING RENT Building 1 Finlayson Green 3 Pickering Street 6 Battery Road 6 Raffles Quay 18 Cross Street 55 Market Street Bank of Singapore Centre Bharat Building AIA Tower ASO Building Bank of China Building Capital Square Chevron House China Square Shophouse Clifford Centre Royal Group Building Equity Plaza Far East Square Grace Global Raffles Great Eastern Centre Hong Leong Building Income@Raffles MBFC Tower 2 MBFC Tower 3 MayBank Tower OCBC Centre OCBC Centre East Ocean Financial Centre One George Street One Marina Boulevard Royal One Phillip One Raffles Quay One Tower 1 One Tower 2 OUE Bayfront Prudential Tower PWC Building Republic Plaza Republic Plaza II Samsung Hub Singapore Land Tower Straits Trading Building The Arcade 20 Collyer Quay UOB Plaza 1 UOB Plaza 2 Chinatown / River Valley 2HR Central Mall Tower Central Square Great World City King s Centre UE Square Valley Point Asking Rent (S$psf) Asking Rent Building (S$psf) Orchard Road/Scotts Road 50 Scotts Road Faber House Goldbell Towers Haw Par Centre Haw Par Glass Tower International Building Liat Towers Ngee Ann City Tower Orchard Building Palais Renaissance 8.80 Park Mall 7.80 Regency House Shaw Centre Shaw House Cuppage Road Tanglin Shopping Centre The Forum The Heeren TripleOne Somerset 9.50 VisionCrest Commercial 9.50 Wheelock Place Winsland House I Winsland House II Wisma Atria City Hall/Marina 30 Hill Street Centennial Tower Millennia Tower Odeon Towers Raffles City Tower Stamford Court Suntec Towers - Beach Road/Middle Road 700 Beach Road Bugis Junction Towers City Square Mall 7.50 Fortune Centre Gateway East & West Keypoint OG Albert Complex Parkview Square Manulife Centre NTUC Prinsep House Shaw Towers Sunshine Plaza The Bencoolen Tower The Concourse Wilkie Edge Tanjong Pagar 20 Anson Road 78 Shenton Way - Tower Anson Road 260 Tanjong Pagar Road Amara Corporate Tower Building Anson Centre Anson House AXA Tower Capital Tower Fuji Xerox Tower Hub Synergy Point International Plaza Keppel Towers Mapletree Anson Springleaf Tower Tower Fifteen Shenton Way The House of Eden 71 Robinson Road 80 Robinson Road 108 Robinson Road 110 Robinson Road 120 Robinson Road 135 Cecil Street 137 Telok Ayer Street 150 Cecil Street 158 Cecil Street Asia Square Tower 1 Bangkok Bank Bldg Bank of East Asia Building Cecil Court City House CPF Robinson Far Eastern Bank Bldg GB Building Keck Seng Tower OUE Downtown Tower 2 Robinson 77 Robinson 112 Robinson Centre Robinson Point SGX Centre 1 SGX Centre 2 SIF Building The Globe Tokio Marine Centre The Octagon Tong Eng Building North CPF Bishan Goldhill Plaza Newton 200 Novena Square SLF Building United Square East 9 Tampines Grande 11 Tampines Concourse Abacus Plaza Singapore Post Centre Asking Rent (S$psf) Our Commercial Team Agnes Tay CEA No. R022707F atay@savills.com.sg (65) (65) Agnes Heu CEA No. R022687H aheu@savills.com.sg (65) (65) Barbara Lee CEA No. R022674F blee@savills.com.sg (65) (65) Kimberly Seow CEA No. R022690H kseow@savills.com.sg (65) (65) Sally Fan CEA No. R022695I sfan@savills.com.sg (65) (65) Kevin Murtagh CEA No. R022686Z kevin.murtagh@savills.com.sg (65) (65) Hazel Wong CEA No. R040257I hazel.wong@savills.com.sg (65) (65) Geraldine Teo CEA No. R050916J geraldine.teo@savills.com.sg (65) (65) Darrell Chia CEA No. R050914D darrell.chia@savills.com.sg (65) (65) ENQUIRY :