Tag Archives: Retail Malls

New foreign brands to set up shop at 313@Somerset in 2009

Posted on by
Reply

Some popular international brands will come to Singapore by the end of 2009 when 313@Somerset opens its doors to shoppers for the first time.

The new mall opposite Centrepoint is being developed by Australia’s Lend Lease, which had put in a record bid for the site.

Now, six months into its leasing campaign, Lend Lease said that interest from both local and foreign retailers has been overwhelming. Work is still in progress, but about 200 local and foreign brands are waiting to call the place home.

Lend Lease is not revealing just yet about who are coming to town, but it said the names will be big.

Mike Kenderes, Development Director, Lend Lease Retail, said: “We are in very close discussions with major fashion retailers in the mid-range offer. We’re also looking to secure some international brands that are new to this market – which are taking a little longer.”

Lend Lease is putting together a strong fashion mix in the mid to upper mid-range price bracket. It hopes this will go some way in turning the spotlight onto the Somerset stretch, which has in recent months fallen behind new malls down the road.

Mr Kenderes continued: “There’s three shopping centres being developed at the moment. We’re excited as there will be a new critical mass at this end of Somerset Road.

“There are key department stores already existing – John Little, Marks & Spencer, Robinsons. We think they anchor the area and that’s why our offer is very much suited around speciality retail.”

Lend Lease is not planning to have an anchor tenant. Instead, it said that its largest space will go to a ‘food loft’. And already, four of Singapore’s main food outlet operators are competing to run it.

Lend Lease said that despite the number of recent retail developments here, Singapore still has the capacity for more.

Lend Lease also owns and manages Parkway Parade and said that it is open to looking at more opportunities around the island. – CNA/vm

Source : Channel NewsAsia – 21 May 2008

Frasers Centrepoint Trust plans to refurbish suburban malls

Posted on by
Reply

Following the S$13 million makeover of Anchorpoint Shopping Centre, Frasers Centrepoint Trust has plans to turn its attention to other suburban malls under its stable.

Anchorpoint’s new look appears to be getting the thumbs up from retailers.
Lee Hsien Yang, chairman of Fraser & Neave, said: “Anchorpoint used to be occupied by furniture shops, but I think we felt there was a niche in the market for this kind of concept, so we mixed it with food and beverage. We think people will come and try, and we think we have some interesting restaurants here.”

Rents have gone up by 40 percent following the makeover to as much as S$7.50 psf.

Since refurbishments were completed in March this year, the mall has seen a jump of almost 20 percent in shopper traffic and Frasers expects this to increase substantially going forward.

Frasers’ next step is an almost S$40 million expansion of Northpoint, which is due to complete in mid-2009. This will be followed by works on Yew Tee Mall, which comes under its wing next year, and Bedok Mall by 2011.

The REIT said it is continuing to look for overseas potential.

Christopher Tang, CEO of Frasers Centrepoint Trust, said: “We are looking into the emerging market of Vietnam. We are looking at some of the malls there and other than that, we already have two malls in China that are under development. We will be launching a smaller suburban mall in Australia soon.”

Despite the anticipated global economic slowdown, Frasers said it remains bullish about Singapore’s retail and urban mall sector.

The latest numbers show that retail sales rose by a better-than-expected 5.6 percent in March, compared to a year ago. – CNA/so

Source : Channel NewsAsia – 15 May 2008