Orchard Road is about to see more retail competition. A new concept store ALT is aiming to target young female shoppers who love fashion from the current staple of malls on the prime shopping strip. ALT will be spread over three levels at the Heeren shopping mall on Orchard Road. It is hoping to attract shoppers with its slate of Asian brands. Its merchandise mix includes fashion, beauty and lifestyle...
Singapore Retail
Rents at suburban malls in Singapore are fast catching up with those for prime Orchard Road retail space as neighbourhood malls draw increasing shopper numbers and more interest from tenants. The difference between prime Orchard Road rents and suburban rents narrowed to just 9 per cent in Q2 2010 - from as much as 24 per cent at the start of 2009 and 21 per cent in Q1 2005 - according to CB Richard Ellis...
The opening of the Esplanade Xchange underpass shopping area will result in more shopping choices and a shorter walking distance between City Hall MRT Station and Suntec City. SMRT, which runs Esplanade Xchange, said it will only take five minutes to walk from the MRT to Suntec City, which is much shorter than the current route by CityLink Mall. The Esplanade Xchange will officially open on July 8. One...
Rental values for retail space across Singapore ended on a mixed note in the second quarter of this year. That's according to estimates by property consultancy DTZ Research. The report found that retail rents at Orchard and Scotts Road stood unchanged for the second consecutive quarter, as the performance of retailers was mixed in light of new supply that came on-stream since last year. Gross rents of...
Developer secures Cold Storage, Kopitiam as tenants FAR East Oganization is building what it hopes will be a chic, two-storey mall on a Seletar site it bought in a state tender last year. Behind the mall will be a 319-unit, low-rise condo, The Greenwich, which could be launched for sale within two months. The developer will hold the mall, named Greenwich V, as an investment property for rental income. It...
Having more retail outlets in the underpass linking ION Orchard and Tangs Plaza will not threaten the businesses above ground in the malls. Analysts said that's because shops along the underpass might likely cater to basic needs like an automated teller machine lobby. But some have called for more creative use of the underground space like having interchanging upscale retail booths. The underpass today...
Millennium & Copthorne Hotels said its unit has signed a collective sales agreement to put Tanglin Shopping Centre up for sale. Under the terms of the agreement, a sales committee has been authorized to negotiate and finalize the collective sale of the shopping-cum-office development situated at Tanglin Road. This sales committee has also been authorised to enter into a sale and purchase agreement on...
A proposed mixed-hotel-and- retail development on the site of the former Specialists' Shopping Centre and Hotel Phoenix may face stiff competition, as it will be a latecomer in the revamped Orchard Road shopping strip, said industry players. But experts also believe the new development will benefit from synergies with nearby shopping malls once the linkway, Discovery Walk, is complete. Discovery Walk is...
Singapore prime Orchard Road shopping belt has been ranked the 27th most expensive retail street in the world by property consultant Colliers International. The city moved up one notch from the 28th spot last year in the Colliers annual global ranking of rents for prime retail space. Colliers said prime retail space along Orchard Road is US$330.19 per square foot per year on average. This was up about 2...
Marina Bay Link Mall said it has leased 80 per cent of the retail space for phase one of its development, while phase two has also seen healthy take-up at 66 per cent. The mall which will open in November this year is expected to serve over 50,000 workers and residents in downtown Marina Bay. More high-end homes like The Sail and Marina Bay Residences are being built in the downtown area, and Marina Bay...