06 Apr '11, 2pm

Keppel Land sees double-digit rise in office rentals this year

SINGAPORE : Singapore office rentals will likely rise by double-digits this year amid expectations that foreign companies will scale up investments in the city-state given improved economic conditions, according to Keppel Land. "As the office upturn continues to run its course, property consultants are predicting another year of double-digit rental growth, barring unforeseen circumstances," said the property arm of the Keppel Group in its latest annual report issued on Tuesday. It cited estimates made by consultancy firm CB Richard Ellis, which expects Grade A office rents to rise to S$11.50 per square foot per month by the end of this year, up by 16.2 per cent from a year-ago's S$9.90 per square foot per month. Still, that forecast is below the S$18.80 per square foot per month rental hit in the third quarter of 2008, just shortly before a global downturn which hurt prope...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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