The intersection of Choa Chu Kang and Woodlands Road looks set for a facelift as Far East Organization unveils a new mixed-development project that includes a shopping complex and a residential tower at the Ten Mile Junction site.
Far East unveiled the commercial component of the development yesterday, eight months after the company won the tender for the site. The developer is investing $28 million in Junction 10, a new mall, which will take up two storeys on the site.
Junction 10 will adopt a “new rail lifestyle” concept that is set for completion by the end of next year. The mall will sport a trendy decor theme that uses rail elements like timber sleepers, runners and rivets, the firm said.
“We are catering to community around the vicinity there. There are four major areas we are looking at, and together we are looking at maybe almost 400,000 residents around the area,” said Mr Kelvin Ling, chief operating officer of Far East’s Retail Business Group.
These areas include the Bukit Panjang, Upper Bukit Timah, Bukit Batok and Choa Chu Kang area.
Far East hopes to attract the middle income group between the age of 25 and 45 through the mall’s shopping and dining options.
About 30 per cent of the space will be taken up by Giant hypermarket, while 40 to 60 per cent will be for F&B outlets and the rest for other lifestyle enrichment products and services.
“It’s a viable concept for a mixed development within the area,” said DMG analyst Brandon Lee.
The area has a high catchment of both HDB and private property residents, and the mall could generate good traffic, he said.
Junction 10 has 121,000 sq ft in gross floor area, with a net lettable area of 92,000 sq ft.
The current Ten Mile Junction has a net lettable area of about 81,000 sq ft.
Construction cost for the entire development including the commercial and residential component is estimated at about $100 million. It will consist of 16-storeys in total.
The residential portion of the project will have 338 chic Soho apartments located above the Junction 10. It will occupy levels five to 16 and will be launched in the first quarter of next year.
Far East Organization’s Dollar Land Singapore unit won the Ten Mile Junction site in February with a bid of $164 million.
Source : Today – 3 Nov 2010