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THE office leasing market recorded another quarter of strong take-up during Q1 this year, with average gross rental rates in the central business district (CBD) rising between 3.9 to 4.5 per cent quarter-on-quarter from higher occupancy rates, according to research by DTZ.
Average monthly per square foot rents ranged between $8 in Shenton Way, Robinsons Road and Cecil Street, to around $11.50 in Marina Bay. Occupancy rates at these areas, at 97.9 per cent and 88.1 per cent respectively, were higher than the previous quarter.
A new wave of iconic integrated mixed- development projects coming up, with a total development value of more than $15 billion, are set to enhance Singapore's luxury residential property landscape.
Among them will be some firsts such as the collaborations between the two sovereign wealth funds Temasek Holdings and Khazanah Nasional for the Marina One and DUO developments.