Real Estate Investment Trusts (REITs) have no impact on retail rents, which are being driven up by the malls' location and enhancements instead of their ownership. This is according to a study conducted by the Ministry of Trade and Industry (MTI), following a growing perception that rental prices at retail malls acquired by REITs are rising at a faster rate. After removing factors such as location...
Singapore Retail
The Singapore Sports Hub's retail mall has been named the Kallang Wave. According to its mall manager SMRT Alpha at a media preview on Wednesday, the mall will open from June. Spread over 41,000 square metres, Kallang Wave will boast the tallest indoor climbing wall in Singapore and the first sports-themed hypermarket. The mall is part of the S$1.33-billion Singapore Sports Hub, and SMRT Alpha...
Three malls along Orchard Road - Singapore's premier shopping belt - are planning to work together to drive greater synergy between their tenant mix. New kid on the block orchardgateway, along with 313@somerset and Orchard Central, have formed a steering committee to look at ways to boost shopper traffic - a first among competing malls in Singapore, said analysts. orchardgateway straddles both sides...
Changi City Point at Changi Business Park looks set to become the next shopping mall to be acquired by a real estate investment trust. Frasers Centrepoint Trust (FCT) said on Tuesday it has entered into a conditional sale and purchase agreement to buy Changi City Point from Ascendas Frasers Pte Ltd for S$305 million. Ascendas Frasers is a 50-50 joint venture between Ascendas Development and Frasers...
Over 40 per cent of the retail mall at the Capitol Singapore integrated development has been committed so far, ahead of its opening at the end of the year. At its topping out ceremony on Thursday, developer Capitol Investment Holdings said the mall will have new-to-market brands and new concepts -- which will be announced at a later date. Capitol Investment Holdings is a joint venture company,...
Singapore's largest retail warehouse store is set to open in the fourth quarter of this year, adding to developments that have sprung up around Jurong East MRT station. Big Box will have some 400,000 square feet of shopping space, featuring brands such as Akira, Mod Living, Castilla, Barang Barang and Novena. The services include a drive-through service that allows shoppers to place orders in advance...
Prime Orchard Road rents are expected to dip slightly this year as some restaurants look for cheaper space on the fringes of the city-centre, Savills said in a report on Friday. Rising manpower costs in a tight Singapore labour market are also discouraging retailers from expanding, contributing to the downward pressure on rents, the UK property services firm said. Savills said it expects rents at...
Orchard Hotel Shopping Arcade on Claymore Road will be undergoing renovation works and rebranded as a new family-friendly mall. In a statement, CDL Hospitality Trusts (CDLHT) said the mall will be known as Claymore Link, and will be enhancing its retail offering, with supermarket retailer Cold Storage The Fresh Food People already selected as anchor tenant. The S$25 million redevelopment is expected...
CapitaLand, CapitaMalls Asia and CapitaMall Trust have signed an option to sell Westgate Tower for S$579.4 million. In a filing with the Singapore Exchange, CapitaLand said the option was granted to a consortium comprising Sun Venture Homes and Low Keng Huat (Singapore), which has up to January 24 to exercise it. Located at Jurong Gateway, Westgate Tower is the office component of the Westgate...
The government has launched a commercial site near the Woodlands MRT station for sale by public tender next month. This is the first site to be put up for sale in the Woodlands Regional Centre since detailed plans for the area were announced as part of the Draft Master Plan 2013 on November 20. In a statement on Tuesday, the Urban Redevelopment Authority (URA) said the proposed development on the...