Robust 1Q 2022 Portfolio Performance
Singapore Office Market
Average core CBD Grade A office rents increased to $10.95 psf pm in 1Q 2022 and average occupancy in
core CBD increased to 93.8%
Grade A Rent and Core CBD Occupancy
Demand and Supply
2.1
1.9
1.7
1.3
95.8%
93.8%
94.8%
95.8%
93.8%
93.3%
93.8%
0.8 0.8
0.9
0.4
0.3
0.7
0.2
0.8
0.5
0.6
$11.55
2016
2017
2018
2019
2020
2021
2022
2023
2024
$10.80
$10.40
$10.80
$10.95
-0.8
$9.10
$9.40
■Net Supply (¹) ■Net Demand (1) ■Forecast Supply (2)
Key Upcoming Supply in CBD (2)
Guoco Midtown
2022
Hub Synergy Point Redevelopment
2023
IOI Central Boulevard Towers
Dec 2016 Dec 2017
Dec 2018 Dec 2019 Dec 2020 Dec 2021
Mar 2022
333 North Bridge Road
2024
Keppel Towers Redevelopment
Source: CBRE, 1Q 2022.
Average Grade A Rent ($ psf pm)
Core CBD Average Occupancy (%)
Keppel REIT
sf
709,100
131,200
1,258,000
40,000
526,100
(1) Based on URA data as at 4Q 2021, on historical net demand and supply of office space in
Downtown Core and Rest of Central Area. Supply is calculated as net change of stock over the
year and may include office stock removed from market due to demolitions or change of use.
(2) Based on CBRE data on CBD Core and CBD Fringe.
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