Office portion of Marina One about 30% pre-leased

The lobby of Marina One's office portion (above).
The lobby of Marina One's office portion (above). PHOTOS: M+S
The huge project (above) by M+S, a joint venture between Malaysia's Khazanah Nasional and Singapore's Temasek Holdings, is set for completion next year - contrary to earlier market talk that it would be ready in the second half of this year.
The huge project (above) by M+S, a joint venture between Malaysia's Khazanah Nasional and Singapore's Temasek Holdings, is set for completion next year - contrary to earlier market talk that it would be ready in the second half of this year. PHOTOS: M+S

The office portion of Marina One - one of three major office projects set to come onstream in the next year or so - is about 30 per cent pre-leased.

The huge project by M+S, a joint venture between Malaysia's Khazanah Nasional and Singapore's Temasek Holdings, is set for completion next year - contrary to earlier market talk that it would be ready in the second half of this year. It had its topping-off ceremony yesterday.

The development comprises two Grade A office towers of about 1.88 million sq ft in net lettable area; 1,042 apartments and 140,000 sq ft of retail space.

So far, M+S has sold about 368 apartments and has launched 401 units in one tower for sale. More apartments will be launched for sale when the project is completed.

The retail portion is about 50 per cent pre-leased; its tenants include Virgin Active, Cold Storage and Cookhouse by Koufu, according to earlier reports.

Ms Kemmy Tan, M+S chief executive, said it has secured "some of the largest office leasing deals" this year. She added: "We continue to be in active negotiations with many other multinational companies which are looking at securing office spaces over multiple floors."

One tenant said to have signed a deal for several floors is PwC Singapore, which is taking up more than 200,000 sq ft of space.

The developer's other large integrated project is DUO in Bugis, which comprises a Grade A office tower of about 570,000 sq ft in net lettable area; 660 apartments; 56,000 sq ft of retail space and a 342-room hotel. It will be completing next year as well.

An M+S spokesman said it secured at DUO the largest office leasing deal of nearly 100,000 sq ft last year as well as pre-commitments from multinational companies in finance, biomedical, serviced offices and other industries.

Market leasing activity has gathered momentum, focused on the upcoming developments, said Mr Moray Armstrong, CBRE managing director for Singapore, advisory and transaction services.

"Occupiers are increasingly cognisant that there is clear value offered by these market opportunities after the recent pullback in rents," he said.

A version of this article appeared in the print edition of The Straits Times on June 22, 2016, with the headline 'Office portion of Marina One about 30% pre-leased'. Print Edition | Subscribe