Definition of Office

singapore skyline day timeUrban Redevelopment Authority (URA) is the planning authority for Singapore. Its mission is "To make Singapore a great city to live, work and play". In carrying out this mission, URA plans and facilitates the physical development of Singapore to create a vibrant, sustainable and cosmopolitan city of distinction. Their area planning and guidelines will have a long term impact on the value of your properties.

URA facilitates the physical development of Singapore by constantly co-ordinating and balancing between various competing needs to ensure a high quality and attractive physical environment. This framework of careful development co-ordination, proactive planning and evolving development controls that are sensitive to the needs of businesses has resulted in an exemplary urban environment that is conducive and responsive to the various activities and needs of a global city in the 21st century.

URA prepares long term strategic plans,as well as detailed local area plans,for physical development,then co-ordinates & guides efforts to bring these plans to reality.Prudent land use planning has enabled Singapore to enjoy strong economic growth,social cohesion & ensures that sufficient land is safeguarded to support continued economic progress & future development. As stipulated by URA, Offices are premises used as a place of business and for conducting administrative work.

office building singaporeSome examples are Class II Office or Commercial School, such as:

- Bank
- Finance office, insurance company, stock exchange.
- Real estate housing agency.
- Contractors, transport office.
- Professional, consultant, architect, engineer, lawyer, accountant, advertising agency, research and marketing office.
- Employment agency, secretarial services.
- Astrologers/palmists.
- Security office.
- Political party office.

Commercial School: Premises used for the purpose of teaching, training or imparting of knowledge or skill. Some examples are:
- Tuition centre
- Language school
- Computer school
- Dress-making school
- Baking and cooking school
- Music school
- Dance school
- Acting school
- Speech and drama school
- Child development centre, or play school
- Art school.

Locations where a new office can be considered for approval:
- Shopping centres, commercial buildings, hotels and shophouses.
- Check Land Use Zoning in the Master Plan 2014.

shoppers SingaporeLocations where a new office is unlikely to be approved:
- Non-commercial premises (e.g. residential premises, industrial premises).
- Units located along pedestrian routes or facing public roads at the first and basement levels of commercial developments (e.g. shopping centre, commercial buildings and hotels) in activity generating areas.
- Check Activity Generating Uses Plan in the Master Plan 2014.

Looking at Release of 4th Quarter 2017 real estate statistics from URA. The prices of office space rose 2.7 per cent in the fourth quarter compared to the previous quarter. Rentals of office space increase by 2.6 per cent in the second quarter, compared with the 2.4 per cent increase in the first quarter.  As of end December 2017, there is a pipeline supply of 597,000 sqfm of office space.

The office price index in the Central Region increased for the second consecutive quarter.  URA’s office price index for Central Region (All Areas) increased 2.7% Quarter On Quarter to 131.4 in fourth quarter of  2017, as compared to 0.4% Quarter to Quarter in third Quarter 2017.  On yearly basis, prices of office space in 2017 decreased by 2.4%, compared with the decline of 2.8% in 2016.

Opportunity rates ought to decrease steadily over 2018-2019, as we solidly move on from the over-supply circumstance of 2016/17. Proceeded desires of modern request all through 2018 and more advantageous worldwide financial sees will advance boost certainty among proprietors and occupiers and lift showcase assumption. It is anticipated to see more worldwide companies homing in on Singapore in the midst of rosier financial prospects.

Disclaimer

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  • Desmond Tan

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