The S$4-billion Marina Bay Financial Centre mega project is on target despite the global downturn. In a year, phase one of the Marina Bay Link Mall under the Centre will be up and running, with tenants moving into the offices above.
Raffles Quay Asset Management (RQAM), who has revealed plans to make the 176,000-square-foot mall a place to “Shop, Dine and Play”, said the response rate has been positive.
“So far, the take up rate has been very good,” said Wilson Kwong, chief executive officer of RQAM. “We are one year away from completion and we are honoured to have 45 per cent pre-commitments for phase one alone, not to mention that the office segments we have also received very good take up rates.”
Since no development can be complete without two favourites amongst Singaporeans – food and shopping – 40 per cent of the mall will be occupied by food and beverage shops, while the remaining will be retail outlets.
The first phase of the mall is scheduled to receive its temporary occupation permit by the second quarter of next year, while the second phase will be ready by the middle of 2012.
The developer of the Marina Bay Financial Centre said that on average, about 50,000 people are expected to patronise the Marina Bay Link Mall once it is completed.
While it did not name the key tenants, the developer promised lifestyle brands and convenience services to cater to those who work and live there. However, RQAM said it would be difficult to avoid duplicating some of what other nearby malls in the area already offer.
“You do need essential services in all the retail malls and that is common, not just in Marina Bay Link Mall but in all other malls as well,” explained Kwong. “But in doing that, we made sure they are new to market concepts. But essentially, all the concepts will cater for the residences and the people working in the office towers.”
The mall will also be well-connected through underground pedestrian networks and the future Downtown MRT station.
Source : Channel NewsAsia – 27 Oct 2009