Mainboard-listed property and industrial services firm Tuan Sing said on Monday that it has sold Katong Mall for S$247.55 million. Its wholly-owned subsidiary, Golden Cape Investments, sold the property to an unrelated third party, Perennial Katong Retail Trust. Golden Cape secured 100 per cent ownership of Katong Mall through a successful bidding of S$219 million in an en bloc sale in June last...
Retail Space
The S$4-billion Marina Bay Financial Centre mega project is on target despite the global downturn. In a year, phase one of the Marina Bay Link Mall under the Centre will be up and running, with tenants moving into the offices above. Raffles Quay Asset Management (RQAM), who has revealed plans to make the 176,000-square-foot mall a place to "Shop, Dine and Play", said the response rate has been...
Singapore's Paragon Market Place has won the "Best Retail Concept Award" conferred by the Federation of Asia-Pacific Retailers Association (FAPRA). It is the first Singapore brand to win the title at one of the retail industry's biggest events. This is not the only accolade Paragon Market Place has received. Since its S$3 million revamp in 2008, the grocer has won awards within the retail industry in...
Prime retail rents on Orchard Road declined by 2.8 per cent to S$38.17 per square foot in the third quarter from the previous three months. That is smaller than the 3.7 per cent fall in the second quarter and the 4.4 per cent drop in the first, according to a report by Colliers International. Meanwhile, the average monthly retail rents in prime malls in the Tampines, Woodlands and Jurong areas posted an...
Orchard Central, one of Singapore's newest malls along Orchard Road, is having some issues with its tenants. Just four months after its opening, some tenants are complaining about slow traffic at the mall. Besides having Singapore's first indoor rock-climbing wall, the 12-storey mall has billed itself as a one-stop shopping destination for the modern individual, with its range of retail and F&B...
Luxury retailer Louis Vuitton will be opening a unique "island" store at the upcoming Sands Retail Asia at Marina Bay. The store will float on water in front of the Marina Bay Sands casino. Luxury French fashion house Chanel, renowned jeweller Tiffany & Co. and Singapore-based retail group F J Benjamin have also announced that they will have a presence at Singapore's new retail destination. Marina...
Property consultancy CB Richard Ellis said on Monday that prime Orchard Road rents averaged S$32.90 per square foot in the third quarter, down three per cent from the second quarter. For the full year, CBRE said it expects Orchard Road rents to fall between 10 and 12 per cent, and a further decline is not expected to exceed five per cent next year. This means the eventual rental trough should not be less...
MORE than half of the 86 retail tenants at Shaw Centre have moved out since early this year as the mall appears to be a casualty of the supply glut of retail space downtown. Tenants that Today spoke to say an exodus of retailers has led to a significant drop in foot traffic for Shaw Centre. "It looks eerie in the evenings," said a shop assistant whose employer is among a dwindling number of businesses...
Marina Bay Sands has leased about 75 per cent of its retail space, or 225 units of the 300 stores at the Marina Bay Sands Shoppes. The integrated resort provides over 800,000 square feet of retail and restaurant space. Sands said about half of the total retail space will be ready by the first phase of its opening in early 2010. And 80 per cent of the stores that are due to open has already been...
Retail landlords are turning to more creative ways to charge rent amid the current downturn and market watchers are also expecting changes in rental structures. This is due to factors such as the increased presence of institutional landlords. The economic slowdown is also expected to lead to falls in retail rentals by up to 20 per cent by the end of the year. An expected glut in retail space, especially...