The retail scene in the Jurong Gateway area is set to become more vibrant with the addition of Jem, developed by Lend Lease. Many expect its retail traffic to be supported by the heavy concentration of people living and working in the west. Suburban malls have always been a bit dowdy compared to the fancier malls in the city. But with Singapore growing rapidly, the retail landscape is also changing. The...
Retail Space
Singapore's retail leasing market remained active in the first half of this year, underpinned by stable economic growth, a low-unemployment rate and healthy consumer spending. According to property consultants, CB Richard Ellis, the monthly average rent for Prime Orchard Road space remained at $30.10 per square foot per month in the second quarter, unchanged from the previous quarter. On the whole, Prime...
Orchard Road has moved up one place in the global ranking of rents because of the strong Singapore dollar. It moved up a notch to 26th place in the Global Retail Survey 2011 carried out by Colliers International. However, Orchard Road moved down a spot to seventh place in the Asia Pacific region in 2011 with the inclusion of Hong Kong's Queen's Road in the latest survey on rents in the world's premier...
A new shopping mall and office block will spring up next to the Jurong East MRT station. Announcing the plans, CapitaMalls Asia, CapitaMall Trust and CapitaLand said the total development cost is expected to be about S$1.5 billion. They had submitted the top bid of about S$969 million for the site. Subject to planning approval from the Urban Redevelopment Authority (URA), the shopping mall is expected...
A number of shopping malls opened in Orchard Road in the last two years, increasing the prime shopping belt's retail space by about 30 per cent, but not everyone at these new spaces has been doing well. Only last week, tenants at 313 Somerset reportedly petitioned for lower rentals, complaining of poor business, raising questions over whether there is an oversupply of retail space in the area. Mr Colin...
Frasers Centrepoint Malls has officially opened its latest neighbourhood mall at Bedok Town Centre on Tuesday. Bedok Point features over 70 shops, with many F&B tenants located on the first level. Fraser & Neave Chairman Lee Hsien Yang graced the opening of the four-storey Bedok Point - which is the 9th in the companies' mall portfolio. The mall has a total net lettable area of 81,000 square...
The results of a recent survey of tourist destinations released by the Association of Singapore Attractions last week were an eye-opener. In spite of our island city receiving a record 11.6 million visitors last year - due in no small part to the debut of our two integrated resorts - nearly half of the 31 attractions surveyed reported a fall in the number of visitors - by up to 28 per cent in some...
The retail leasing market gave mixed signals in Q1 2011, said property consultants CB Richard Ellis (CBRE). It said monthly rents for prime Orchard Road averaged S$30.10 psf per month in the first quarter, reflecting a decrease of 0.5 per cent from a quarter ago. Prime suburban rents remained at S$29.10 psf per month, unchanged from the previous quarter. A few major leasing deals were concluded in the...
Shopping malls along Orchard Road are going for facelifts even though they are relatively new, due to rising competition from brand-new shopping centres - which are forcing the existing ones to spruce up their act. Instead of refurbishing a shopping centre after a decade or two, mall owners are tweaking the look and feel of even relatively new buildings. Analysts say this is because the ownership of many...
CapitaMall Trust Management (CMT) has entered into an agreement to buy Iluma shopping mall in the Bugis area. It is set to pay Jack Investments S$295 million for the property. The mall has a net lettable area of over 185,000 square feet and has an occupancy rate of nearly 84 per cent. CMT expects the acquisition to strengthen its foothold in the downtown core of Singapore. It currently owns four prime...