SG Office property: Demand for office space in Singapore has recovered from a negative net take-up of ~236k sq ft last year to positive net demand of ~635k sq ft in 1H10. Sectors underpinning this demand are mainly banking and finance, professional services and consultancy practices…
Leasing interest from banks and MNCs, which are seeking to expand operations and move into new Grade A office buildings, is spurring positive sentiment. Eg.
i) Citigroup is considering taking more than 200k sq ft at Asia Square Tower 1.
ii) BOA is apparently in talks to lease 120k sqft at 50 Collyer Quay.
iii) Julius Baer may also be considering taking space at a new location, possibly OFC…
iv) Russian O&G group Gazprom, is believed to be negotiating to rent one of the top few floors at OFC.
We highlight Keppel Land, OUE, CCT as key beneficiaries of the office thematic play.
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