Developer also gets first tenant for Tower Two of financial centre
RISING RATES: Both phases of Marina Bay Financial Centre will be completed in 2011. Prices are expected to be in line with - and even exceed - current market rates, says BFC Development. -- PHOTO: BUSINESS FINANCIAL CENTRE
AN ENTIRE tower of the Marina Bay Financial Centre has been fully leased about three years ahead of its completion.
Developer BFC Development said it recently secured two new tenants for the remaining space in the 33-storey Tower One and its first tenant for the 50-storey Tower Two.
This follows the developer's success in pre-leasing 24 floors in Tower One to its first tenant, Standard Chartered Bank, in April.
French corporate and investment bank Natixis, a Paris-listed company, will occupy three floors with a total area of 65,000 sq ft at Tower One.
Wellington International Management Company will take up one floor with an area of 21,000 sq ft.
Both contracts are for nine-year leases.
BFC Development's general manager, Mr David Martin, added that BFC Development has secured a major Swiss private bank as the first tenant for Tower Two, which has 50 storeys and one million sq ft of space.
The bank will occupy 25,000 sq ft.
Mr Martin said BFC Development's marketing team is in advanced discussions with a number of other potential tenants.
'There is a very healthy level of interest in the building,' said CB Richard Ellis' executive director for office services, Mr Moray Armstrong.
'Theoretically, there are enough tenants to complete the leasing of the buildings based on inquiries.'
Strong demand for prime office space is evident as phase one of Marina Bay Financial Centre is more than 40 per cent pre-leased, he said.
Rental rates, even at the pre-lease stage, are expected to be competitive.
Given the location and luxurious quality of the financial centre, prices are expected to be in line with - and even exceed - current market rates, said BFC Development.
Government data shows that median rents of new leases in prime office buildings have risen 13.9 per cent to $10.33 per sq ft per month in the second quarter.
The supply crunch looks set to ease only in 2010, when phase one of the 3.55ha Marina Bay Financial Centre is completed. The residential block was sold out in December.
The second phase will be completed in 2011. Its residential block will have about 250 luxurious and large three- and four-bedroom units, all with private lift lobbies.
'Potential buyers and existing home owners in Marina Bay Residences have already expressed strong interest in the new tower, which we are targeting to launch at the end of the year,' said Mr Martin.
Easing a supply crunch
TWO TOWERS
BFC Development has signed up two new tenants - France's Natixis and Wellington International Management Company - that will occupy the remaining space at Tower One of Marina Bay Financial Centre.
The developer has also secured a Swiss private bank as the first tenant of the 50-storey Tower Two. The private bank will occupy a 25,000 sq ft space.
STRONG DEMAND
Marina Bay Financial Centre's phase one is more than 40 per cent pre-leased, reflecting strong demand for prime office space, says Mr Moray Armstrong of CB Richard Ellis.
Government data shows that median rents of new leases in prime office buildings have risen 13.9 per cent to $10.33 per sq ft per month in the second quarter. The supply crunch looks set to ease only in 2010.
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