THE Clementi Mall, a six-storey shopping complex boasting about 190,000 sq ft of retail space is scheduled to be operational by January next year, with Fairprice Finest, Foodfare and the National Library Board (NLB) as its anchor tenants.
The 99-year leasehold property is owned by a joint venture of Times Properties, NTUC FairPrice Co-Op and NTUC Income Insurance Co-op.
Level one and basement one – comprising the supermarket and shops – are scheduled to begin business by January and levels three to five by March 2011. Level two, to be taken up by the Land Transport Authority, will be completed in mid-2011.
Fairprice Finest will take up about 20,000 sq ft of basement one, and the Foodfare foodcourt will occupy 10,000 sq ft on the fourth level. The 20,000 sq ft NLB will sit on the fifth floor.
The mall will also have a basement carpark with about 144 lots. The mall will be linked directly to the Clementi MRT station on the third storey and it will be linked to the bus interchange through the first level.
Jones Lang LaSalle head of investments Stella Hoh had said then that the SPH-led consortium’s bid works out to $2,797 per square foot (psf) based on the maximum allowable retail net floor area (NFA) of 193,750 sq ft. Jones Lang LaSalle handled the tender exercise for the mall for the HDB. She added that including an estimated fitting-out cost of about $50 million, the unit price works out to $3,055 psf of retail NFA.
Knight Frank using a lower fit-out expenditure assumption of $40 million, said then that the top bid worked out to about $3,003 psf of retail NFA. To achieve a 5.5 to 6 per cent net property yield that most investors would want today for such an asset, an average gross monthly rental of about $18 psf would be required, he said.