[Scythian]

"One source involved in marketing Changi’s properties described the effect of Punggol Digital District as killing an already dying patient. "

Hansapoint is owned by CapitaLand Ascendas Reit, one of Singapore’s largest commercial landlords. The overall occupancy of the real estate investment trust’s more than 2.3 million square feet of lettable space in the park has dropped to about 76 per cent at end-2023, from nearly 94 per cent four years earlier. Some of its under-performing business park units in Changi and elsewhere are being offered at a “three-for-two” rate – meaning that tenants can get one year’s rent free if they sign a new three-year lease, according to sources familiar with the matter and a promotional campaign online.

A spokesperson for the Reit said it is in discussions with prospects for Changi Business Park, and that it employs a wide range of incentives to engage with potential clients and existing tenants. The firm’s overall business space and life sciences portfolio occupancy exceeds the industrial average in the country, the spokesperson said."
https://www.businesstimes.com.sg/propert...son%20said.