22 July 2015

Muted outlook for the Singapore commercial market

Rents and prices of office spaces in Singapore are expected to stay relatively flat in H2 2015 amid softening demand for office space and growing concerns over the rise in office space supply over the next two years, says the PropertyGuru Group in its property outlook report for the second half of 2015.

The Asian online property portal group predicted that transactional activity in H2 2015 is expected to pick up slightly due to supply-led demand from the launches of new strata-titled office units such as the 28-floor GSH Plaza, a remodelled building in the central business district with a total of 259 strata office units. The expected date of vacant possession: 31 August 2017 and the expected date of legal completion for the building is 31 August 2020 however.