Local mall VivoCity on Wednesday (Apr 15) announced that nine retailers, including two new to Singapore, will occupy the expanded space at Basement 1. The introduction of the two retailers - US apparel brand American Eagle Outfitters and Weekends, a multi-brand lifestyle retailer - and the expansion of Basement 1 by 15,000 square feet are part of the mall's efforts to keep it relevant to shoppers, its...
Office / Retail Space
Shopping mall rents in Singapore fell during the first quarter and will likely decline further over the next 12 months, hurt by falling visitor arrivals and weak retail sales, property services firm Cushman & Wakefield said on Wednesday (Apr 8). Cushman said the biggest drop was seen in city fringe areas such as the City Hall and Marina Centre area, where rents fell 1.3 per cent quarter-on-quarter to...
Oversea-Chinese Banking Corporation (OCBC) is poised to divest a portfolio of more than 30 shophouses and strata shop units across Singapore which market watchers estimate could be worth around S$150-200 million. The shophouses are in locations such as Havelock, Geylang, Upper Thomson and Upper Serangoon roads, while the strata shop units are in places such as Jalan Besar Plaza, Hoa Nam Building along...
The Centrepoint along Orchard Road will soon go through another facelift to make itself more attractive to shoppers and tourists. But in an increasingly competitive landscape, malls along Orchard Road must also offer other leisure activities and facilities to complement the retail experience, according to property experts. Orchard Road receives more than seven million visitors each year, but it is...
Following news that long-time tenants are moving out, Frasers Centrepoint Malls has announced a S$50 million makeover for the Centrepoint mall. A news release from Frasers Centrepoint on Wednesday (Mar 18) said the 16-month makeover is scheduled to start in May, and will see “major renovation works” on the ground and basement levels. The Orchard Road entrance will be revamped to have wider street...
Property group Frasers Centrepoint (FCL) on Tuesday (Feb 17) unveiled plans for Frasers Tower, its latest project in downtown Singapore. Frasers Tower is a 38-storey premium Grade A office development located at Cecil Street in the Central Business District. It will have a total net lettable area of around 690,000 square feet (sq ft) with an open-space terrace on the fourth floor, and a roof...
Rents for shops and restaurants in Singapore are expected to fall this year, with prime rents on Orchard Road forecast to recede by 3 to 5 per cent and rents in suburban malls by up to 3.0 per cent, real estate services firm Savills said in a report on Wednesday (Feb 11). "It appears that landlords in the prime shopping districts are beginning to hold out olive branches to retailers, many of whom are...
In an exclusive interview with Channel NewsAsia, the Urban Redevelopment Authority’s (URA) Chief Planner and Deputy Chief Executive Officer Lim Eng Hwee said URA intends to intensify efforts to decentralise business activities and commercial centres outside the city. Decentralisation is a way to achieve a more sustainable growth by distributing commercial activities to various parts of the island,...
A consortium led by Perennial Real Estate Holdings (PREH) has acquired AXA Tower in downtown Singapore for S$1.17 billion. The 50-storey office tower with some retail space has a total net rental area of about 674,000sq-ft. This translates the acquisition price to about S$1,735sq-ft. Located within the Central Business District near Tanjong Pagar MRT station, AXA Tower has a total Gross Floor Area...
Shopping mall rents in Singapore are likely to stay flat for a second year in a row, held down by strong resistance on the part of retailers already struggling with high costs, property services firm Colliers International said on Tuesday (Jan 6). Colliers estimated that for the whole of 2014, the average monthly gross rents of prime retail space in Orchard Road slipped by 0.8 per cent year-on-year,...