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Offices flock to Singapores outskirts

one are the days when people flood into the central business district to look for office jobs now that the government has increased the supply of office space in decentralised areas to locate jobs near population centres in the outskirts. About 10.4msf of office space is expected to materialise from 2012-16, averaging 1.9msf over 2013-15, in line with the 20-year average and the average annual supply from 2008-11. CLSA analyst Yew Kiang Wong reckons the pressure point will come from 2.6msf of space in 2013 contributed mainly by Hobees decentralised office, The Metropolis, at 1.18msf and MGPAs Asia Square Tower 2. Together, these projects account for 77% of 2013s supply. With the bulk of future supply coming from decentralised new buildings, we believe rental pressure in fringe, Grade-B and decentralised offices will be more pronounced than in Grade-A offices in 2013, says Wong. Developing the fringe The sub-regional centres that are seeing increased attention from the government are the Jurong Lake RETAIL WATCH:

Singaporeans want $5-7K wage

District, One-North, Paya Lebar Central, North Coast Innovation Corridor, Southern Waterfront City, and Changi Business Park. Vikrant Pandey, an analyst with UOB Kay Hian believes the impact of decentralisation will fall on older offices. Although higher islandwide office supply will curb rental upside, Pandey believes that the impact of the new supply will fall more on Grade-B and older offices as tenants shift to take advantage of more efficient floor plates and newer office amenities. For example, Shell and Procter and Gamble, which both signed new leases at The Metropolis in 1Q13, have occupied their current offices on the periphery of the CBD for over 10 years.

About 10.4msf of office space is expected to materialise from 2012-16, averaging 1.9msf over 2013-2015.

Modern meets classic in Roche Bobois

Singaporeans are never behind the pack when it comes to design as evidenced by its fine architecture -and clever use of space. To complement this rising design industry is the recently opened showroom of French luxury furniture brand Roche Bobois. Present in 45 countries, Roche Bobois features two collections: Les Contemporains and Nouveaux Classiques. Each will offer a range of designs that span modern and classic. They will be showcased on a surface area of approximately 7,500 sq ft where guests can revel in a slew of collaborations from such design greats as Jean Paul Gaultier, Sonia Rykiel, Missoni and Ungaro.

Workers in Singapore are becoming more ambitious and are seeking out new, higherpaying job roles, even in their later years. Four out of ten workers are seeking positions with salaries between S$1,500 to S$3,499, compared to 38% of Hong Kong workers who demand a higher salary between S$2,449 to S$4,899, according to a survey by JobsDB. The study also showed a significant increase in respondents from Singapore searching for roles in the S$5,000 to S$7,499 salary range, up 7% from last October. 69% of neighbouring Malaysian job seekers, however, sought a salary between S$400 and S$2,000. From October 2012 to present, now Singapore saw a small 3% decrease in job seekers aged 20 - 24; age bracket, however there has been a 4% increase in the 45 - 49 This trend also affected Hong Kong where there was a smaller 2% rise. JobsDB said that this increase seen by both Singapore and HK suggests that people are seeking out higher-paying job roles as they approach retirement.

14 SINGAPORE BUSINESS REVIEW | SEPTEMBER 2013