Real estate fund manager M&G Real Estate will become the sole owner of Compass Point mall in Sengkang, after entering into a deed to buy the remaining 18.99 per cent of shares it does not already own. M&G said on Wednesday (Dec 16) it will be buying the shares from FCL Centrepoint, a subsidiary of Frasers Centrepoint. The transaction is expected to be completed in February next year, M&G added. FCL...
Retail Space
Orchard Central will be undergoing a revamp, its first since the mall opened in 2009. In a statement issued on Monday (Dec 14), Mr Eric Tong, assistant director of Far East Organization's Retail Business Group said works on the mall began in the fourth quarter of this year and will be completed in the third quarter of 2016. These include the introduction of new escalators and reconfigured walkways,...
The one-stop destination for electronic gadgets, Funan DigitaLife Mall, will close its shutters in the third quarter of next year as its owner, CapitaLand Mall Trust Management, has plans to turn it into a new integrated development over three years. The redevelopment of the shopping mall could potentially increase its floor area by as much as 80 per cent, according to property firm SLP International....
Funan DigitaLife Mall on North Bridge Road - a shopping centre primarily known for shops selling computers and other electronic gadgets - will be closed from the third quarter of 2016, to be redeveloped into a "creative hub". The mall will be closed for about three years, said CapitaLand Mall Trust Management in a press release on Thursday (Dec 10). The real estate investment trust had hinted at such...
As one of the smaller retail management companies in Singapore, AsiaMalls faces a challenge in keeping up with market leaders such as CapitaLand and Fraser. AsiaMalls manages six malls locally, including Tiong Bahru Plaza, White Sands and Liang Court. To grow traffic at its malls, the retail developer plans to roll out a slew of initiatives. These include introducing a loyalty programme, leveraging...
Hersing Centre, formerly Toa Payoh Entertainment Centre, is being offered for sale, with an indicative price around S$78 million, exclusive marketing agent JLL said on Monday. This translates to about S$1,750 psf on the total gross floor area of about 44,411 square foot, JLL added. The 3-storey commercial building with a mezzanine level, is strategically located in the heart of Toa Payoh Central,...
Singapore Post (SingPost) announced on Wednesday (Oct 28) that it would develop Singapore's first shopping mall offering a suite of eCommerce logistics solutions, combining both online and offline shopping. In their media release, SingPost said the mall will offer 25,000 square metres of retail space. Consumers will be able to shop online at the mall through e-merchants and choose delivery and pickup...
The prices of office space and retail space in the Republic both dipped slightly in the third quarter of 2015, the Urban Redevelopment Authority (URA) announced in a release on Friday (Oct 23). The prices of office space fell by 0.1 per cent in the third quarter, reversing the increase of 0.3 per cent in the previous quarter. Rentals of office space also fell by 2.9 per cent, following on from a fall of...
Suntec City officially reopened on Thursday (Oct 22) following a S$410 million enhancement. In a press release, ARA Trust Management (Suntec) Limited, the manager of Suntec REIT, said enhancement works began in June 2012 and were completed in June this year. The works involved decanting low-yielding spaces and converting levels one and two of the Suntec Singapore Convention & Exhibition Centre for...
Rivervale Mall at Sengkang will soon have new owners, following CapitaLand Mall Trust's (CMT) decision to sell the property to a private equity fund managed by AEW Asia for S$190.5 million. CMT, which announced the sale on Thursday (Oct 15), said it will realise a gain of about S$72 million, after taking into account the divestment fee and other expenses. The property had been valued at S$116 million in...