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Demand for office space lifts prices in Singapore's CBD in Q2 2014

Published on Jul 7, 2014 1:52 PM
 
Continued interest in strata office units and en bloc office deals gave a boost to central business district (CBD) office prices in the second quarter of this year, property consultancy DTZ said in a report on Monday, July 7, 2014. -- ST PHOTO: LIM YAOHUI 

SINGAPORE - Continued interest in strata office units and en bloc office deals gave a boost to central business district (CBD) office prices in the second quarter of this year, property consultancy DTZ said in a report on Monday.

This interest was on the back of "expectations of further rental increases" in the sector, said Southeast Asia research head Lee Lay Keng.

Average office prices inched up 0.5 per cent in Raffles Place and 0.2 per cent in the area spanning Shenton Way to Cecil Street in April through June from the three months before, going by a basket of properties DTZ tracked.

Rents grew the fastest in the Marina Bay area, where the average gross rent rose 6.5 per cent to $12.25 per sq ft (psf) per month in the second quarter from the first.

 
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