The Wisma Atria shopping mall at Orchard Road is poised to undergo redevelopment. The manager of Starhill Global REIT said it plans to redevelop the shopping mall to boost its positioning on Singapore's shopping belt. Starhill said phase one of the redevelopment is expected to cost about S$31 million. This will in turn generate an additional net property income of around S$2.5 million a year. The REIT...
Retail Space
The Clementi Mall is on track to obtain its first temporary occupancy permit early next month and its second in mid-March, according to Singapore Press Holdings (SPH). Shoppers can look forward to having a new department store next year, with BHG opening its fifth Singapore outlet at The Clementi Mall. The store will open 'within the next couple of months', said SPH. SPH's unit Times Properties has a 60...
Singapore Press Holdings (SPH) is eyeing further investments in real estate, in particular shopping malls that will provide recurring income, its chief financial officer said. Cash-rich SPH has been investing in new areas, from outdoor advertising to property, to offset falling circulation at its main publications. SPH reported a 14-per-cent rise in advertising revenue growth in its last fiscal year,...
Chinatown Point's retail mall and office tower will undergo a major asset enhancement programme worth S$75 million. The renovation works were approved at an Annual General Meeting on Thursday following a unanimous vote by its subsidiary proprietors. The proposed plans include the relocation of car parks from Basement 1 and 2. This will free up retail space to give shoppers a more continuous shopping...
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...
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...
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...
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...