News roundup: Singapore’s Grade A office rents to go up despite supply increase, and more news

For PropertyGuru’s real estate news roundup, Singapore’s Grade A office rents are expected to increase by 3 percent despite new supply entering the market. In other headlines, retail price growth of construction materials in Metro Manila was at the slowest pace in over four years back in March, while Vietnam’s Deputy Prime Minister Tran Hong Ha requested the prompt building of documents guiding the implementation of the Land Law 2024.

​​Grade A office rents in Singapore are expected to rise slightly this year despite increased supply

Grade A office rents are expected to increase slightly this year by about 3 percent, despite a new supply of such office space entering the market.

In a CNA report, industry observers said smaller companies are driving this demand, even as several larger firms give up their prime area offices.

Grade A offices are described as the highest quality office space available, with most of them located in the Central Business District (CBD) of Singapore.

The gross effective rent for Grade A office space in the CBD reached a 15-year high of SDD11.42 (USD8.39) per sq ft per month in the first quarter of this year, according to global real estate consultancy JLL.

“We are seeing a lot more enquiries coming from small- and medium-sized occupiers, from the professional and financial services as well as the consumer goods sectors,” said Ms. Tay Huey Ying, head of research and consultancy at JLL Singapore.

Metro Manila construction material retail price growth slowest in over four years

Retail price growth of construction materials in Metro Manila eased in March, the slowest pace in over four years, the Philippine Statistics Authority (PSA) reported on 15th April and featured by BusinessWorld.

Preliminary data from the PSA showed that the construction materials retail price index (CMRPI) slowed to 0.6 percent year-on-year in March, slower than the 1.1 percent recorded in February and 4.1% in March last year.

Growth in the CMRPI in the National Capital Region (NCR) was the weakest since 0.1 percent in December 2019.

Analysts attributed the slowdown in CMRPI to the slower demand in construction amid elevated interest rates.

Vietnam Deputy PM asks for prompt building of documents guiding the implementation of Land Law 2024

Documents guiding the implementation of the Land Law 2024 must be built promptly in the motto of “early and from afar,” thoroughly dealing with issues with different opinions, and ensuring their coherence, Deputy Prime Minister Tran Hong Ha requested at a meeting with leaders of some ministries and sectors on 16th April.

According to VietnamPlus, he noted that the Prime Minister has directed ministries and sectors to build documents detailing and guiding the implementation of the law to make sure that it can take effect on 1st July 2024, instead of 1st January 2025, as previously planned.

This means they must work harder with higher determination in the work, ensuring that the Land Law 2024 is coherent with relevant laws.

The Property Report editors wrote this article. For more information, email: [email protected].