Commercial expansion for PropertyGuru

PropertyGuru, Singapore’s leading property website, has debuted CommercialGuru.com.sg, a comprehensive portal dedicated to commercial properties in Singapore and the region, catering to the rising demand for office, retail and industrial space.

The move is timely given that Singapore’s commercial sector is gaining strength in leasing demand from both local and foreign companies, attributed to the strong economic recovery as well as rising business confidence. At the same time, an additional 38 million sq ft of additional business space is in the pipeline over the coming five years which will exert downward pressure on prices and occupancy rates. As a result, developers and agencies will be under increasing pressure to lease or sell space due to oversupply in certain areas of the market.

Steve Melhuish, Chief Executive Officer of Allproperty Media Pte Ltd, said: “There are already 40,000 business users searching 500,000 pages and generating 2,500 leads each month for commercial properties on PropertyGuru – this is expected to grow rapidly with the launch of CommercialGuru. We are excited about being the first portal in Singapore that is dedicated to commercial properties, and are confident that it will help developers and agencies close transactions faster, and make it much easier and faster for businesses to find space. To date, we have received very positive response from real estate developers and agencies in Singapore and overseas.”

The new site’s leading industry partners include SLP International, EL Development, LHN Group, Far East Business Space, Lian Beng Group, Sing Holdings, Sin Soon Lee Development, Wee Hur. Property agencies onboard include Propnex, Dennis Wee Group, CB Richard Ellis, OrangeTee and Knight Frank.