Is the office property market poised for a turnaround?

SINGAPORE (Nov 10): The depressed office property market appears to be turning a corner after the Central Boulevard white site tender saw keen interest from property developers.

The site has a potential gross floor area of 1.52 million sq ft for commercial use, and the highest bid came from IOI Properties at $2.6 million, or $1,689 psf.

According to DBS Group Research analyst Mervin Song, the winning bid was higher than $1,409 psf paid by Macquarie for the Asia Square 1 site in 2007, and “signals confidence on outlook for the Singapore office market”.

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