Visitors to Resorts World Sentosa will be able to shop there when the first of its retail belt opens in time, for its soft launch on Wednesday. The shopping strip makes up about 20 per cent of the entire retail space at the integrated resort. As for its casino and the Universal Studio theme park, the company is hoping to open both in time for the Lunar New Year. Last minute touches are being made to...
Singapore Retail
It is just some two weeks to go before Resorts World Sentosa opens it doors, and retailers at neighbouring shopping mall VivoCity are expecting better business from spillover human traffic. Some estimate that business may go up about 20 per cent. About 6,000 visitors take the monorail from VivoCity to Sentosa everyday. Many hang around in the mall even after returning to the mainland. One tourist said:...
Mainboard-listed Frasers Centrepoint Trust (FCT) plans to acquire two shopping malls in Singapore for S$290.2 million. It will buy Northpoint 2 and YewTee Point from Yishun Development, a wholly-owned subsidiary of its parent, Fraser and Neave. FCT is proposing an equity fund raising of up to 152 million new units to partly finance the acquisitions, with the balance to be funded by borrowings. The...
There is much to attract shoppers to Orchard Road this year-end shopping season. With three new malls open this year in the prime shopping district, retailers have pulled out all the stops to attract customers. And while the new malls enjoy the novelty factor, the more established ones appear to be holding their own. For instance, Palais Renaissance said it saw an initial drop in traffic of between 10...
Prime retail rents have picked up in the current fourth quarter as leasing activity gather steam on the back of improved confidence and economic recovery, according to DTZ Research. Its estimates showed that gross rents of prime first-storey retail space in Orchard and Scotts Road increased marginally by one per cent to S$39.10 per square foot per month, after falling 7.3 per cent in the last four...
Prime retail rents began to stabilise in many markets across the world in the third quarter of this year as economic and retail indicators started to show signs of greater stability. Retailer confidence had also gained positive momentum. According to property consultancy CB Richard Ellis' latest Global MarketView on the retail sector, retail rents globally fell by an average of one per cent in the third...
Singapore-based real estate investment house Pacific Star said on Thursday that the former Singapore Power Building is expected to open in January 2010. Now renamed TripleOne Somerset, the building is undergoing a S$50 million comprehensive facelift. The 32-year-old building, which Pacific Star acquired in February 2008, will introduce a revamped, striking frontage. The refurbished facade includes the...
MANDARIN Gallery is set for a soft launch this Friday after a $200 million makeover. About half of the 103 stores are open for business and the mall should be fully operational around the third week of January. 'It is almost completely leased out and we expect tenants to move in by January 2010,' said Patrina Tan, senior vice-president of retail, marketing and leasing for Overseas Union Enterprise...
A total of six bids have been submitted for the Clementi Mall development. The highest bid came from CM Domain Pte Ltd at S$541.898 million. CM Domain is a fully-owned subsidiary of Singapore Press Holdings, with investment holding being its principal business. The lowest bid came from Sim Lian Holdings at S$170 million. Other bidders included Titanium (AMT) Pte Ltd, Guthrie (Anshan) Pte Ltd, FC Retail...
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...