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    EdgeProp

    Metro acquires two properties in Singapore and Australia, appoints Ascott to manage Indonesia serviced residences

    Photo: MetroSINGAPORE (EDGEPROP) -- Metro, along with its joint venture partner Sim Lian has announced the acquisition of a shopping centre in New South Wales, Australia, for a purchase consideration of about A$132.8 million ($133.9 million).In a release, Metro says Cherrybrook Village Shopping Centre is a freehold property with a site area of 29,540 square metres, a total net lettable area of 9,381 square metres and approximately 441 carpark spaces.It is 30 kilometres away from Sydney CBD and i

  • Business
    EdgeProp

    Office price index falls 2.4% y-o-y; office rental index declines 3.5% y-o-y in 3Q2021: URA

    SINGAPORE (EDGEPROP) – Singapore’s Office Price Index fell 2.4% y-o-y in the 3Q2021, reversing from the 0.9% y-o-y increase in the 2Q2021, according to the real estate statistics released by the Urban Redevelopment Authority (URA) on Oct 22.The price index, which fell to 118.2, marks the lowest level since 2011, notes Leonard Tay, head of research at Knight Frank Singapore.“This was likely the result of a k-shaped recovery in the office market, with grade A and B buildings bottoming out due to f

  • Business
    EdgeProp

    Retail rents fall 2.7% in 3Q21; prices stay flat

    Credit: Albert Chua/The Edge SingaporeSINGAPORE (EDGEPROP) - Retail rents fell 2.7% q-o-q in 3Q20201, while prices of retail properties stayed flat, based on statistics released by URA on Oct 22.Source: URAThis marks the seventh consecutive quarter of decline in retail rents, widening from the 0.5% fall in 2Q2021. Retail rents have fallen 21% from pre-Covid-19 levels in 4Q2019, notes Tricia Song, head of research, Southeast Asia, at CBRE.“The continued fall in rents reflects the evolving Covid-1