Over 40 per cent of the retail mall at the Capitol Singapore integrated development has been committed so far, ahead of its opening at the end of the year.
At its topping out ceremony on Thursday, developer Capitol Investment Holdings said the mall will have new-to-market brands and new concepts — which will be announced at a later date.
Capitol Investment Holdings is a joint venture company, comprising Perennial Real Estate Holdings, Pontiac Land Group and Osim’s Mr Ron Sim.
With a net lettable area of over 130,000 square feet, the retail space is much smaller than other malls in the vicinity — like Raffles City or Suntec City.
But the developer said the mall will be positioned to serve a niche market, targeting the upper-middle segment and above.
Meanwhile, of the 39 high-end apartments at the Eden Residences Capitol, about 40 per cent of units have been booked, with a unit sold recently for over S$11 million.
The developer said it is unfazed by the impact of recent property-cooling measures.
Pua Seck Guan, vice chairman and president of Perennial Real Estate Holdings, said: “Our main business is not to sell the residential units — this is a very small component of our project, so it doesn’t bother us.
“We are happy to achieve 40 per cent sales, and we have achieved what we want to achieve. We want to hold the balance of the project for long-term investment purpose.”
The residential component forms about 27 per cent of the entire Capitol Singapore development.
The hotel accounts for 29 per cent of the development, while the retail mall and theatre take up about 38 per cent and 6 per cent of the space respectively.
Source : Channel NewsAsia – 4 Apr 2014