16 As majority of the commercial component of Guoco Midtown has attained TOP, CBRE has not included the details in the table above. MAJOR FUTURE INTEGRATED DEVELOPMENTS SUPPLY (2024 – 2026) Project Developer City Area Office Est. NLA (sq ft) Retail Est. NLA (sq ft) Residential Units Hotel / Serviced Apartment Units Est. Year of Completion IOI Central Boulevard Towers Wealthy Link Pte Ltd, IOI Properties CBD Core 1,258,000 30,000 Nil Nil 2024 Labrador Tower SP Group Decentralised Area 696,800 28,300 Nil Nil 2024 Pasir Ris 8 & Pasir Ris Mall Allgreen Properties & Kerry Properties Decentralised Area Nil 282,800 487 Nil 2024 (Retail) / 2026 (Residential) CanningHill Piers & CanningHill Square (Liang Court Redevelopment) City Developments Limited, CapitaLand, CapitaLand Ascott REIT Rest of Central Region Nil 96,900 696 475 hotel rooms, 192 service apartments 2025 Source: CBRE Singapore, 4Q 2023 In theCBDCore, a smallermarginof premiumisobserved in offices of integrated developments over single-use developments and mixed-use developments with no direct connectivity to transport (other developments), as premiums are largely dependent on the quality of the building, location and proximity to amenities. Most offices in the CBD Core, whether integrated or standalone, have good specifications and easy access to transport nodes and surrounding amenities. As such, the rental premiums between such Grade A offices in integrated developments and standalone buildings are likely to be less pronounced and largely dependent on the quality and specifications of the building. For the retai l component within integrated developments, rents are primarily driven by location, retail trade mix and amenities within the locality. The enhanced accessibility due to strong connectivity to transport nodes result in significantly higher footfall, which generates considerable retail sales. The rental premium due to these advantages are approximately 10% to 20%. Integrated developments in decentralised locations tend to have a larger premium as they have distinct advantages of a diverse catchment including office workers, residents, hotel guests or serviced apartment residents. Sited within large onsite catchments contributing to consistent footfalls, these integrated developments are also more attractive to prospective tenants. In addition, integrated developments are generally owned and managed by established companies with proactive leasing and property management teams. Active engagement with tenants which translates to confidence in landlords is one of the key factors that retail tenants typically look for and are attracted to. This helps to contribute in part to the rental premium observed. Future Supply Between 2024 and 2026, four new integrated development projects are expected to complete. This includes IOI Central Boulevard Tower (CBD Core), a partial retail component of Guoco Midtown (Fringe CBD)16, Labrador Tower (Decentralised) and Pasir Ris 8 (Decentralised) in 2024. In 2025, the Liang Court Redevelopment, known as CanningHill Piers and CanningHill Square, is expected to enter the CBD Fringe. Additionally, the redevelopments of Fuji Xerox Tower and AXA Tower which plan to include office, retail, residential, hotel and leisure components are scheduled to enter the CBD Fringe in 2027 and 2028. Overview Leadership Performance Framework Other Information ANNUAL REPORT 2023 107
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