Frasers Centrepoint Trust is optimistic about the outlook for suburban malls in Singapore. It's just completed a major revamp of the Northpoint shopping centre in Yishun. Costing almost S$40 million, the renovations are part of Frasers Centrepoint Trust's plans to rejuvenate all its malls. More shops targeting youths and family attractions are part of the new tenant mix at Northpoint. This includes 20...
Retail Space
Investment buzz in shopping centre scene; Alpha takes stake in Katong Mall THE shopping centre investment scene seems to be abuzz. At least one property is being put on the market officially. Sun Plaza, located between Sembawang MRT station and bus interchange, will be marketed through an expression of interest exercise. The asking price for the 11-year-old mall, owned by Heeton Holdings and Koh...
An upcoming mall in Serangoon Central, called nex, has leased out about 90 per cent of its space some nine months ahead of its official opening in November. The mall's developer, Gold Ridge, said it has signed on the Serangoon Public Library as the newest anchor tenant at the complex. The new public library will occupy about 17,000 square feet of space and is scheduled to open to the public in March...
Visitors to Resorts World Sentosa will be able to shop there when the first of its retail belt opens in time, for its soft launch on Wednesday. The shopping strip makes up about 20 per cent of the entire retail space at the integrated resort. As for its casino and the Universal Studio theme park, the company is hoping to open both in time for the Lunar New Year. Last minute touches are being made to...
There is much to attract shoppers to Orchard Road this year-end shopping season. With three new malls open this year in the prime shopping district, retailers have pulled out all the stops to attract customers. And while the new malls enjoy the novelty factor, the more established ones appear to be holding their own. For instance, Palais Renaissance said it saw an initial drop in traffic of between 10...
Prime retail rents have picked up in the current fourth quarter as leasing activity gather steam on the back of improved confidence and economic recovery, according to DTZ Research. Its estimates showed that gross rents of prime first-storey retail space in Orchard and Scotts Road increased marginally by one per cent to S$39.10 per square foot per month, after falling 7.3 per cent in the last four...
Prime retail rents began to stabilise in many markets across the world in the third quarter of this year as economic and retail indicators started to show signs of greater stability. Retailer confidence had also gained positive momentum. According to property consultancy CB Richard Ellis' latest Global MarketView on the retail sector, retail rents globally fell by an average of one per cent in the third...
Singapore-based real estate investment house Pacific Star said on Thursday that the former Singapore Power Building is expected to open in January 2010. Now renamed TripleOne Somerset, the building is undergoing a S$50 million comprehensive facelift. The 32-year-old building, which Pacific Star acquired in February 2008, will introduce a revamped, striking frontage. The refurbished facade includes the...
MANDARIN Gallery is set for a soft launch this Friday after a $200 million makeover. About half of the 103 stores are open for business and the mall should be fully operational around the third week of January. 'It is almost completely leased out and we expect tenants to move in by January 2010,' said Patrina Tan, senior vice-president of retail, marketing and leasing for Overseas Union Enterprise...
A total of six bids have been submitted for the Clementi Mall development. The highest bid came from CM Domain Pte Ltd at S$541.898 million. CM Domain is a fully-owned subsidiary of Singapore Press Holdings, with investment holding being its principal business. The lowest bid came from Sim Lian Holdings at S$170 million. Other bidders included Titanium (AMT) Pte Ltd, Guthrie (Anshan) Pte Ltd, FC Retail...