Orchard Hotel Shopping Arcade on Claymore Road will be undergoing renovation works and rebranded as a new family-friendly mall. In a statement, CDL Hospitality Trusts (CDLHT) said the mall will be known as Claymore Link, and will be enhancing its retail offering, with supermarket retailer Cold Storage The Fresh Food People already selected as anchor tenant. The S$25 million redevelopment is expected...
Retail Space
CapitaLand, CapitaMalls Asia and CapitaMall Trust have signed an option to sell Westgate Tower for S$579.4 million. In a filing with the Singapore Exchange, CapitaLand said the option was granted to a consortium comprising Sun Venture Homes and Low Keng Huat (Singapore), which has up to January 24 to exercise it. Located at Jurong Gateway, Westgate Tower is the office component of the Westgate...
The government has launched a commercial site near the Woodlands MRT station for sale by public tender next month. This is the first site to be put up for sale in the Woodlands Regional Centre since detailed plans for the area were announced as part of the Draft Master Plan 2013 on November 20. In a statement on Tuesday, the Urban Redevelopment Authority (URA) said the proposed development on the...
The atrium shop space at Sim Lim Square has been put up for sale by expression of interest. In a statement on Thursday, its marketing agent CBRE said the atrium shop at the ground floor of Sim Lim Square comes with a strata area of approximately 2,756 square feet. The unit attracts a high volume of shoppers due to its open concept. CBRE expects the property to attract strong interest from...
In time to catch the year-end shopping crowds, Singapore-listed CapitaMalls Asia is launching two of its projects in the suburbs this week. Westgate opened its doors on Monday and Bedok Mall will start business from Tuesday. But analysts told Channel NewsAsia it is not all joy for some landlords of retail property. With all its shop space fully leased, Bedok Mall is abuzz with retailers hurrying...
The supply of retail mall space in Jurong has almost doubled from the second quarter of last year with the opening of the new shopping mall JEM in June this year. The retail mall space jumped by 573,600 square feet in June, to nearly 1.2 million square feet. Including the IMM Building and JCube, retail mall space in Jurong had amounted to 613,000 square feet in terms of net lettable area at the...
Average rentals of prime retail space in Orchard/Scotts Road and suburban areas stayed constant in the second quarter of 2013, following a slight dip in the previous quarter. DTZ said prime retail rents in Orchard/Scotts Road are expected to fall marginally in the second half of the year as new developments in the area are completed. Together, the completion of Orchard Gateway and the addition and...
The Urban Redevelopment Authority (URA) has come out with a set of guidelines for shoebox shops in all new developments with retail floor area. A minimum average retail unit size and minimum corridor widths are required. In a blog post, National Development Minister Khaw Boon Wan said the guidelines were done in consultation with industry players and said that the guidelines take a fair, balanced...
Real estate investment trusts (Reits) have become an investment darling in Singapore giving investors attractive returns. But for retailers, Reits are causing them to cough out more in rents. This is because Reits act mainly to boost returns for their shareholders. President of the Singapore Retailers Association (SRA), Jannie Chan, says the higher rentals are adding to the woes in the retail sector...
Singapore's prime shopping belt Orchard Road is set to welcome a new mall, Orchard Gateway, around November this year. Its marketing agent Savills said 80 per cent of the retail space has already been pre-committed. And there will be a few new-to-market brands that will appeal to fashion-forward shoppers. The mixed-development straddles both sides of Orchard Road and has 172,000 square feet of net...