office-rental
Orchard Road Rejuvenation
Commercial & Industrial Properties Singapore - Sales & Rental
(65) 6100 8123
Introduction to Orchard Road Renewal:
Orchard Road, widely recognized as Singapore's premier shopping and entertainment district, is set to undergo a major revitalization to enhance its appeal as a lifestyle destination. The Urban Redevelopment Authority (URA) has announced detailed plans to transform Orchard Road into a dynamic, green, and multi-functional area that caters to a variety of interests and age groups.
Key Aspects of the Rejuvenation Plan:
1. Green Corridor Development:
- Integration of Lush Greenery: Orchard Road will be transformed into a green corridor that connects the Singapore Botanic Gardens, Istana, Fort Canning Park, and the Singapore River. This six-kilometer stretch will feature abundant greenery, creating a serene and visually appealing environment.
- Expansion of Istana Park: Istana Park will be expanded to three times its current size, adding new park areas and green attractions. This expansion aims to offer more recreational spaces and enhance the overall green landscape of Orchard Road.
- Creation of Orchid-Themed Garden: The Penang Road Open Space nearby will be developed into an Orchid-themed garden, adding botanical charm and providing a tranquil retreat for visitors.
2. Enhanced Public Spaces:
- Pedestrian-Friendly Enhancements: The plans emphasize pedestrian-friendly initiatives, including wider sidewalks, shaded walkways, and more seating areas. These improvements aim to create a comfortable and enjoyable experience for pedestrians.
- Interactive Installations: New interactive installations and art pieces along Orchard Road will add a dynamic and engaging element, attracting tourists and locals alike. These installations will celebrate Singapore's culture and heritage with a modern twist.
- Transformation of Dhoby Ghaut: Dhoby Ghaut will be reimagined as a family-friendly lifestyle zone. Lush greenery will be extended from Penang Open Spaces to Dhoby Ghaut Green, creating a continuous green belt. Nature play gardens and activity spaces will be introduced to cater to families and children.
3. Retail and Lifestyle Enhancements:
- Diversified Retail Experience: The rejuvenation aims to diversify the retail experience by incorporating a mix of traditional and modern retail concepts. Pop-up stores, experiential retail, and flagship stores of global brands will add vibrancy to Orchard Road.
- Integrated Lifestyle Concepts: Orchard Road will evolve into a multi-functional precinct with integrated lifestyle concepts. This includes the introduction of wellness centers, co-working spaces, and cultural hubs, providing a holistic experience for visitors.
- Nightlife and Entertainment Improvements: The plans also focus on enhancing Orchard Road’s nightlife and entertainment options. The introduction of rooftop bars, live music venues, and night markets will create a bustling atmosphere and attract a diverse crowd.
4. Sustainability Initiatives:
- Sustainable Design Principles: The rejuvenation incorporates sustainable design principles, including energy-efficient lighting, rainwater harvesting systems, and the use of eco-friendly materials. These initiatives aim to reduce environmental impact and promote sustainability.
- Solar Energy Integration: Solar panels will be installed on rooftops (such as the one at VisionCrest Orchard Office Building) and other suitable areas to harness solar energy, contributing to the precinct’s sustainability goals and reducing reliance on conventional energy sources.
5. Improved Connectivity:
- Enhanced Transport Links: The rejuvenation will improve transport links within Orchard Road, making it more accessible. This includes better integration with MRT stations, bus stops, and cycling paths, facilitating seamless connectivity for commuters.
- Introduction of Shuttle Services: New shuttle services and electric buses will provide convenient transport options within the precinct, reducing traffic congestion and promoting eco-friendly travel.
Future Impact:
The comprehensive rejuvenation of Orchard Road is expected to have a transformative impact on the precinct, making it a world-class lifestyle destination. The enhancements will attract more visitors, boost tourism, and create a vibrant community space that caters to various interests. The integration of green spaces, innovative retail concepts, and sustainable practices will ensure that Orchard Road remains a dynamic and appealing destination for years to come.
As Orchard Road becomes a more vibrant, accessible, and attractive destination, both residential and commercial properties in the area are likely to experience significant value appreciation. This will make Orchard Road a prime location for real estate investment, attracting both local and international investors and further driving up property values.
Overall, the rejuvenation of Orchard Road represents a forward-thinking approach to urban development, blending tradition with modernity and sustainability, and reinforcing its status as an iconic landmark in Singapore.
Have a Chat With Us
CosySingapore Consultants
Commercial Properties Singapore
8.00 am to 10.00 pm
Hotline: +65 6100 8123
Email: CosySingapore@gmail.com
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What to take note in renting an office space in Singapore?
Commercial & Industrial Properties Singapore - Sales & Rental
(65) 6100 8123
Renting an office unit involves careful consideration of several key factors. Here are some points to note:
- Caution in the use of Office in an Industrial Space:
- The Urban Redevelopment Authority (URA) mandates that at least 60% of the total floor area in an industrial development should be allocated for core industrial activities.
- Ancillary activities, including offices, staff canteens, and showrooms, supporting the primary industrial functions, can collectively occupy up to 40% of the total floor area.
- Rental and Service Charge:
- Rental rates are typically expressed as gross rent in Singapore dollars per square foot per calendar month (S$psf/mth), comprising Base Rent plus Service Charge.
- Tenants are generally required to pay rent on a monthly basis, and this amount is subject to Goods and Services Tax (GST).
- A Service Charge, usually ranging from S$1.00 to S$1.30 per sq ft per month, may be imposed to cover centralized air-conditioning during office hours, maintenance, security of common areas, and other building-related expenses. Adjustments may apply based on changes in maintenance costs.
- Lease Period:
- The standard lease period is typically two to three years. However, negotiations for longer leases are possible for multiple floor tenancies or anchor tenants.
- Leases extending beyond seven years are required to be registered with the Singapore Land Authority.
- Option to Renew:
- The option to renew is generally for a period of two to three years and is typically subject to agreement on the rent or its review based on prevailing market rates.
- Rental caps, though not commonly practiced in Singapore, may be agreed upon between the tenant and the landlord in the Lease Agreement.
- Fitting Out Period:
- The fitting-out period is the duration between the Possession Date and the Lease Commencement Date, allowing tenants to renovate their new premises.
- Depending on the size and prevailing market conditions, this period can vary from two weeks to three months. During this time, landlords often waive the payment of the Service Charge, although exceptions may exist.
- Security Deposit:
- A security deposit, usually equivalent to three to six months of gross rent, is payable upon lease confirmation. This deposit is refundable (without interest) at the end of the lease.
- The specific amount depends on the financial standing and paid-up capital registered under the Accounting and Corporate Regulatory Authority (ACRA).
- Letter of Intent (LOI):
- The LOI is a non-legally binding document outlining the principal terms and conditions negotiated by both the tenant and the landlord.
- The landlord responds to the submitted LOI and may propose counter-terms.
- Letter of Offer (LOO):
- After mutual agreement on the main terms and conditions, the landlord issues the legally binding LOO and a copy of the Lease Agreement, detailing all terms and conditions.
- Upon agreement on the details, the tenant signs the LOO and pays a booking fee equivalent to one month's rental (subject to prevailing GST).
- Lease Agreement:
- The landlord's legal counsel presents the tenant with the Lease Agreement, outlining the terms and conditions agreed upon in the LOO
Have a Chat With Us
CosySingapore Consultants
Commercial Properties Singapore
8.00 am to 10.00 pm
Hotline: +65 6100 8123
Email: CosySingapore@gmail.com
Scan this code for Whatsapp