Last Friday's completion of the acquisition of Liang Court mall along River Valley Road by CapitaLand and City Developments Ltd (CDL) brings together two property groups that have adopted somewhat different business strategies in the past. With their S$400 million purchase of the mall from an entity linked to PGIM Real Estate, control of the overall Liang Court mixed-development complex has narrowed...
Retail Space
After a three-year redevelopment, Funan is set to reopen its doors to shoppers on Jun 28, developer CapitaLand announced in a press release on Monday (Jun 3). More than 180 brands, including new-to-market brands, new concept stores and flagships, will feature at Funan. Among the mall’s new tenants is tech company Dyson, whose first standalone store in Singapore will be dedicated to its Supersonic...
Oxley Holdings will complete asset enhancement initiative (AEI) works on Chevron House and expects to achieve final completion of the sale of the 32-storey Raffles Place commercial building no later than the first quarter of 2020. It will also divest the retail and banking units "as soon as practicable, taking into consideration market conditions" but will do so before the final completion, the...
Frasers Centrepoint Trust (FCT) is looking to acquire a one third interest in Waterway Point, a large suburban mall located in Punggol, from its sponser Frasers Property in a S$440.6 million deal, it announced on Thursday. At the same time, FCT is launching an equity fund raising exercise, S$245.3 million of whose total proceeds will go towards partly financing the acquisition. The acquisition of...
Singaporeans are not spending like they used to, at least not in shopping malls. There are too many already and more are being built. But investors still have good reasons to back mall owners. Singapore has 6.1 million square metres of retail space, of which 8.7 per cent is vacant. Yet companies are forecast to add a further 364,000 sq m, with the biggest chunk hitting the market this year. This is...
Isetan Singapore will not renew the lease for its "loss-making" store at Westgate mall, the company announced in an SGX filing on Monday (May 6) before the market opened. The Japanese department store operator said its lease with JG Trustee (JGT) will expire on Dec 22 this year, after both parties were unable to reach an agreement on the lease renewal terms. "The rationale for the company’s...
Isetan Singapore will not renew the lease for its "loss-making" store at Westgate mall, the company announced in an SGX filing on Monday (May 6) before the market opened. The Japanese department store operator said its lease with JG Trustee (JGT) will expire on Dec 22 this year, after both parties were unable to reach an agreement on the lease renewal terms. "The rationale for the company’s...
A number of shop owners at Queensway Shopping Centre have banded together to resist the proposed collective sale of the 45-year-old development, even as residents at the adjacent housing apartment Queensway Tower seem geared up for a sale. This is the first time the mixed development site - which sits on a land area of about 100,000 sq ft - is being put up for sale, said Ms Suzie Mok, senior director of...
Sim Lim Square on Rochor Canal Road has been put up for collective sale via public tender at a reserve price of S$1.25 billion on April 29, marketing agent SLP International Property Consultants announced on Monday. The retail strata mall, one of Singapore’s largest IT shopping centres, comprises six floors and two basements, housing 492 commercial units. It sits on a 99-year leasehold site with a...
Office space rental in the central region of Singapore slipped by 0.6 per cent in the first quarter of 2019 from the previous three months, figures from the Urban Redevelopment Authority (URA) showed on Friday. The drop was in contrast with the increase of 0.5 per cent in the fourth quarter of 2018. This was the first quarter-on-quarter decline in office rents since the second quarter of 2017. The...