Most heartland malls have reported significant profits this year, compared to profits recorded last Christmas. That's because many customers are snapping up traditional Christmas items there. At Thomson Plaza, for instance, last-minute shopping is a breeze. Supermarket giant FairPrice says the sale of traditional favourites like turkey and ham has gone up by at least 30 per cent compared to last...
Office / Retail Space
Analysts say malls across Singapore will be stepping up their game next year, now that retail spending looks set to increase due to robust growth and higher tourism arrivals. More landmark developments will be open from next year, on the stretch of the iconic Orchard Road. Orchard Road Business Association executive director Steven Goh said: "...Orchard Road is a street where it continues to reinvent...
Everitt Building - a four-storey commercial property at 116 Changi Road - has been sold to Roxy-Pacific Holdings' subsidiary Roxy-Pacific Developments for S$35.5 million or S$877 per square foot. The sale of the property, which has a net lettable area of 40,468 square feet, was conducted via a private treaty deal, said marketing agent CKS Property Consultants in a statement. Everitt Building is near the...
Rentals in the Singapore office market have continued its upswing, growing strongly in the final quarter of the year, according to property consultancy Jones Lang LaSalle (JLL). Based on its preliminary estimates, average Central Business District (CBD) Prime Grade A gross effective rent in the fourth quarter increased 7.5 per cent on-quarter to S$9.35 per square foot per month. This translates to a 19.9...
Liat Towers has installed and tested a new anti-flood system, in time for the wetter weather ahead. This is to prevent another episode of flooding, which caused severe damages to its basement shops in June. So the building's management has installed a S$200,000 flood barrier system. Liat Towers receives heavy rain warnings from PUB through SMS alerts. A security officer will then do a visual check to...
Rents along Orchard and Scotts Road edged higher in the fourth quarter after staying flat for four straight quarters. According to real estate consultancy DTZ, the average gross rent of first-storey space in the Orchard/Scotts Road area increased by a marginal 0.3 per cent or 10 cents on-quarter to S$39.80 per square feet per month. DTZ said there will be very little new supply coming on-stream in 2011...
Demand for Grade A office space in Singapore will grow next year, pushing rents up by between 15 and 20 percent. Some analysts believe the office segment might do better than the residential property sector next year. Rising employment and the growing financial and services sectors are some of the factors prompting companies to continue expanding their operations next year. Donald Han, Vice Chairman,...
A Malaysian lifestyle furnishing store has estimated that it suffered some S$800,000 worth of losses due to a late handover of premises by nex shopping mall. King and King Wong said it was handed the premises more than a month late - on December 1, instead of mid-October. The delay saw the lifestyle furnishing store missing out on the early crowds and potential revenue. The store said the delay was due...
ainboard-listed Amara Holdings has announced that it plans to give a $32 million face lift to its shopping mall at 100 Tras Street and re-brand it as "100 AM". Amara said the additions and alteration works to its existing four-storey Amara Shopping Centre is slated for completion in the second quarter of 2012. The revamp will add another 22,000 square feet of supermarket space at Basement 1 to the...
The single-biggest attraction of PoMo, the Selegie Road mall formerly known as Paradiz Centre that has been put up for sale, is its busy, city-fringe location. But converting footfall into shopping revenue may need a new tenant mix, analysts say. "At this moment, the tenant mix of the mall is not attractive," said Mr Samuel Tan, course manager for retail management at Temasek Polytechnic. "It does not...