Daily Briefing: Empty storefronts multiply on Orchard Road; CCT snaps up CapitaGreen

And Singapore investors rescue beleaguered LendingClub.

Empty storefronts in Singapore’s prime shopping district may become a more common sight. Vacancies in the city’s main Orchard Road area, a magnet for tourists lured by malls and Japanese department stores such as Takashimaya, have risen to a five-year high and across the island, they’ve soared to the highest since 2009. Read more here.

CapitaLand Commercial Trust (CCT) is set to become the sole owner of the 40-storey office tower CapitaGreen, following its announcement in an SGX filing on Monday (23 May) that it will acquire the remaining 60 percent interest it does not already own in the office tower for S$393 million. Read more here.

LendingClub finally got the vote of confidence it sorely needed. For all the speculation that a bank or a peer in the brave new world of online lending who would swoop in and buy the beaten-down company whole, so far the biggest bet has come from someone who made his fortune in a different corner of the Internet: video games. Read more here.

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