CapitaMall Trust Management (CMT) has entered into an agreement to buy Iluma shopping mall in the Bugis area. It is set to pay Jack Investments S$295 million for the property. The mall has a net lettable area of over 185,000 square feet and has an occupancy rate of nearly 84 per cent. CMT expects the acquisition to strengthen its foothold in the downtown core of Singapore. It currently owns four prime...
Singapore Retail
The Wisma Atria shopping mall at Orchard Road is poised to undergo redevelopment. The manager of Starhill Global REIT said it plans to redevelop the shopping mall to boost its positioning on Singapore's shopping belt. Starhill said phase one of the redevelopment is expected to cost about S$31 million. This will in turn generate an additional net property income of around S$2.5 million a year. The REIT...
The Marina Bay Link Mall, one of Singapore's newest underground malls, is reporting brisk business after just a month of opening. Some tenants said sales have doubled since they started operations. The mall has a catchment of about 55,000 workers and residents in the area. The number is expected to grow with additional condominiums being built. Currently, four in 10 of the retail space is occupied by...
Access to nex shopping mall in Serangoon is now much easier. Those taking the MRT can access the mall's basement from the Circle Line side of Serangoon MRT interchange. The entrance was opened last week. The entrance from the North-East Line side is expected to open at the end of March, said a spokesman for mall manager Guthrie Consultancy Services. There is also good news for those who drive. Openings...
The Clementi Mall is on track to obtain its first temporary occupancy permit early next month and its second in mid-March, according to Singapore Press Holdings (SPH). Shoppers can look forward to having a new department store next year, with BHG opening its fifth Singapore outlet at The Clementi Mall. The store will open 'within the next couple of months', said SPH. SPH's unit Times Properties has a 60...
Singapore Press Holdings (SPH) is eyeing further investments in real estate, in particular shopping malls that will provide recurring income, its chief financial officer said. Cash-rich SPH has been investing in new areas, from outdoor advertising to property, to offset falling circulation at its main publications. SPH reported a 14-per-cent rise in advertising revenue growth in its last fiscal year,...
Chinatown Point's retail mall and office tower will undergo a major asset enhancement programme worth S$75 million. The renovation works were approved at an Annual General Meeting on Thursday following a unanimous vote by its subsidiary proprietors. The proposed plans include the relocation of car parks from Basement 1 and 2. This will free up retail space to give shoppers a more continuous shopping...
Most heartland malls have reported significant profits this year, compared to profits recorded last Christmas. That's because many customers are snapping up traditional Christmas items there. At Thomson Plaza, for instance, last-minute shopping is a breeze. Supermarket giant FairPrice says the sale of traditional favourites like turkey and ham has gone up by at least 30 per cent compared to last...
Analysts say malls across Singapore will be stepping up their game next year, now that retail spending looks set to increase due to robust growth and higher tourism arrivals. More landmark developments will be open from next year, on the stretch of the iconic Orchard Road. Orchard Road Business Association executive director Steven Goh said: "...Orchard Road is a street where it continues to reinvent...
Everitt Building - a four-storey commercial property at 116 Changi Road - has been sold to Roxy-Pacific Holdings' subsidiary Roxy-Pacific Developments for S$35.5 million or S$877 per square foot. The sale of the property, which has a net lettable area of 40,468 square feet, was conducted via a private treaty deal, said marketing agent CKS Property Consultants in a statement. Everitt Building is near the...