JTC Corporation will lease out about 95,000 sq ft of office space at its headquarters near Jurong East MRT Station. A tender exercise was conducted recently to appoint a sole marketing agent to help it find tenants for the building.
The space to be leased represents around 21 percent of the building’s total net lettable area of 447,778 sq ft.
JTC occupies about 10 floors in the 32-storey building, while the rest of the building’s occupied space are being leased to other tenants.
The 95,000 sq ft of office space are believed to be from expiry of tenancies. JTC reduces space per head and regroups its staff according to industry clusters to intensify its space usage.
According to a JTC spokeswoman, “As part of JTC’s process for leasing space, JTC called a tender on Jan 29, 2010 for the appointment of a sole marketing agent to undertake the leasing of JTC Summit’s office space, for a period of one year.”
The tender was closed to the public on February 12. She added that JTC is evaluating the proposals, and the results are expected to be released by next month.
Five parties are said to have submitted their bid – United Premas, CB Richard Ellis, Savills (Singapore), Advanz International and DTZ Debenham Tie Leung (SEA).
Some of the space to be leased at JTC Summit covers entire floors, like the 27th and 28th levels.
Based on its website, JTC is looking for a monthly flat rent of $44 per sq m (or $4.09 per sq ft a month) for space on Levels 1 to 30.
The marketing proposals of the tenderers will be evaluated on their marketing concept and strategies, as well as their manpower commitment and track records on similar projects.