Market experts said Selegie road mall PoMo which was put for sale on Wednesday will see much interest from investors. Experts said this is due to its busy, city-fringe location but added that a new tenant mix is needed to attract more shoppers. PoMo underwent a S$20-million refurbishment to increase its retail space three years ago. Formerly known as Paradiz Centre, the retail and office development has...
Retail Space
Owners of Tanglin Shopping Centre in Tanglin Road have put the building up for collective sale, which could be the biggest of its kind in the area. The property now comprises 363 shop, office and medical units, but can be redeveloped to have homes, shops, offices, or hotel rooms. Reports have put the reserve price for Tanglin Shopping Centre at $1.25 billion. This works out to a record price of about...
The latest mall in Singapore, the Nex in Serangoon Central, is packing in the crowds. But those driving to mall are complaining there are not enough carpark lots. The mall claims it is attracting 70,000 customers daily since it opened last week. Shopowners are happy, with business exceeding targets. But outside the mall, shoppers are complaining of high traffic volume and tailgating cars right to the...
Rentals for primary, secondary and suburban shopping areas in Singapore are expected to remain stable with some marginal upside over the next 12 months, according to the latest report from Jones Lang LaSalle. It said vacancies of retail space are likely to stabilise as the market finds its equilibrium one year on, from the large addition of supply along Orchard Road. The property consultant noted that...
After two years of construction, the $1.3 billion NEX shopping mall in Serangoon, is slated to open by the end of this month. One unique feature of NEX is the pitting of retailers against each other: Cold Storage versus FairPrice, Food Republic versus Food Junction. While it may seem unusual for rival brands to co-exist under one roof, mall manager Guthrie Consultancy Services is confident that its...
Developer Wheelock Properties has secured Hermes as the maiden tenant for its Scotts Square retail podium which is slated to open by Christmas next year. Hermes will occupy a 3,000 sq ft ground-floor corner unit. This will be Hermes' fourth outlet in Singapore - after Liat Towers, Takashimaya Department Store, and The Shoppes at Marina Bay Sands. The Liat Towers store will remain open even after Hermes...
The year 2010 has been bittersweet for the Singapore retail property market. With the economic rebound, the slide in prime retail rentals has long since come to an end but the recovery of such rentals has so far been muted. As Singapore's recovery takes hold, one wonders if our retail sector will benefit. The prospects for the sector will be underpinned by several key long-term visions from stakeholders,...
The intersection of Choa Chu Kang and Woodlands Road looks set for a facelift as Far East Organization unveils a new mixed-development project that includes a shopping complex and a residential tower at the Ten Mile Junction site. Far East unveiled the commercial component of the development yesterday, eight months after the company won the tender for the site. The developer is investing $28 million in...
57 units of Hougang Green Shopping Mall is put for sale by developer Hiap Hoe Holdings. Hiap Hoe, which built the mixed residential and commercial development near the junction of Hougang Street 51 and Buangkok Green in 1997, still owns the 57 shops in the retail component. It is looking to sell the units for $78 million to $84 million, which works out to an average of $1,174 to $1,264 per sq ft of...
Frasers Centrepoint Trust (FCT), a wholly-owned unit of Fraser and Neave Group, will acquire Bedok Point Mall from its parent company by Q2 next year, said Chew Tuan Chiong, chief executive of FCT. In January, FCT paid Frasers Centrepoint approximately $290 million for two malls, the YewTee Point at Choa Chu Kang and an extension to Northpoint at Yishun through the issuance of new units and taking on more...