Located near Tengah Town and Jurong Innovation District, Altura EC Bukit Batok Altura EC is a 99-year leasehold development with 375 executive condo units. Its highest bid of $266 million was submitted jointly by Qingjian Realty and Santarli Construction.

Fit-out costs across Asia Pacific have increased substantially in recent years, meaning major occupiers are absorbing the cost to improve return-to-office rates. Grant Carter, head of project & development services Singapore at Cushman & Wakefield, affirms that cost remains a high priority for many occupiers.

In light of this trend, occupiers are attempting to understand the implications of flexible working practises and new fit-out designs. The aim is to provide both collaborative and individual-focused workspaces that promote innovation and employee satisfaction. To do this, best-in-class fit-outs must consider several key factors, including workplace strategy and change implementation, technology, sustainability, and ESG factors.

Singapore has the most expensive fit-out costs in Southeast Asia, with inflation, tight labour markets, and supply chain delays all playing a role in driving up prices. Despite this, Cushman & Wakefield’s 2023 Asia Pacific Office Fit-Out Cost Guide indicates that there are signs of easing pressure and a 0.8% quarter-on-quarter increase in CBD Grade A office rents in 1Q2023.

Overall, occupiers need to be mindful of fit-out costs while understanding and addressing the ever-changing needs of their employees. This will ensure an effective, satisfactory, and cost-conscious solution.