PROPERTY group Soilbuild said yesterday its eight-storey Eightrium @ Changi Business Park is ready for occupation, having been granted a temporary occupation permit (TOP) three months ahead of schedule.
BT understands that some space has already been leased, after marketing began as early as March. Soilbuild said in its statement that the high-tech building, which has a net lettable area of 178,000 sq ft, has attracted strong interest from MNCs in the high-tech, research and development and knowledge-intensive sectors.
Property firms CB Richard Ellis (CBRE) and Jones Lang LaSalle (JLL) have been appointed joint leasing agents.
‘We have received many enquiries about the development, with several parties in various stages of negotiations,’ said CBRE, which started marketing the property in March. Eightrium is achieving an average rental rate of $3-$3.50 per sq ft (psf), it said.
Island-wide, median rents for business park space ranged from $2.79 to $3.70 psf in the first quarter of 2007, CBRE said.
‘Vacancy levels in the office sector have fallen dramatically and occupiers are searching for quality space to accommodate business growth,’ said CBRE’s executive director for office services Moray Armstrong.
‘It is apparent that fast-escalating rents in the tight office sector are encouraging occupiers to find solutions to help contain costs. This has certainly contributed to the surge of leasing activity at Eightrium,’ Mr Armstrong said.
Low Soon Sim, executive director of Soilbuild, said completion of Eightrium is a milestone for the group and a big boost to its business space portfolio. ‘In addition, the shorter cycle for the development of our business space projects complements our core residential property business which has a longer development cycle,’ he said.
The 7,957 sq m site for Eightrium was awarded to Soilbuild by JTC Corporation after a competitive request-for-proposal exercise in November 2005. The site has a 30-year lease, which started in February 2006, with an option to renew for a further 30 years.
Source : Business Times - 10 May 2007
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