Marina Bay Sands has leased about 75 per cent of its retail space, or 225 units of the 300 stores at the Marina Bay Sands Shoppes. The integrated resort provides over 800,000 square feet of retail and restaurant space. Sands said about half of the total retail space will be ready by the first phase of its opening in early 2010. And 80 per cent of the stores that are due to open has already been...
Singapore Retail
Retail landlords are turning to more creative ways to charge rent amid the current downturn and market watchers are also expecting changes in rental structures. This is due to factors such as the increased presence of institutional landlords. The economic slowdown is also expected to lead to falls in retail rentals by up to 20 per cent by the end of the year. An expected glut in retail space, especially...
A new S$1 million training centre for Singapore's retail industry has opened in the heart of the Orchard Road shopping belt. The 313@Somerset Training and Career Centre is run by Australian property firm Lend Lease with SPRING Singapore and the Workforce Development Council. The new Training and Career Centre is located across the road from the 313@Somerset retail mall and it aims to raise service...
Retail therapy takes an artistic twist along Orchard Road. Developers have commissioned multi-million dollar artworks to be put up at Singapore's newest mall. A two-tonne nutmeg greets shoppers at the entrance to ION Orchard. The sculpture by Singapore artist Kumari is a tribute to Orchard Road's history, when it was once a nutmeg plantation. "Urban People" is the name of six sculptures by a Swiss...
Mainboard-listed retailer Isetan (Singapore) will open its sixth Isetan department store here by end-2010 in the upcoming Serangoon mall called nex. To cost a reported $1.3 billion, the store is said to be Isetan's first in 15 years in Singapore. It will occupy a total retail area of about 53,000 square feet over three floors, Isetan said yesterday. Source : Today – 24 Jul...
The upcoming suburban mall Nex located at Serangoon Central has leased 60 per cent of its lettable space. Its developer Gold Ridge said retailers like Isetan, Courts and Challenger are among its key tenants. Gold Ridge added that Isetan has secured a 53,000-square foot space, spanning three floors. This will be Isetan's first new department store in Singapore since 1995. Another first, the developer...
ION Orchard will open its doors on Tuesday in its soft opening, with over 70 per cent of the shops ready for business. It is the second major mall to open in a decade along the prime Orchard Road shopping strip, with 96 per cent of its space leased. After two and a half years, and more than S$2 billion in investment and construction costs, the eight-storey mall, with a retail mix of established brands,...
A new five-star hotel with luxury shopping outlets will soon replace the former Crown Prince Hotel along Orchard Road. Set to open next year, the Grand Park Orchard Hotel and the Knightsbridge retail space linked to it will add to the buzz along the rejuvenated shopping district. Its retail space will almost double to about 83,000 square feet. It is part of Park Hotel Group's plan - which was conceived...
The Tampines 1 mall has attracted over six million visitors since it opened its doors about three months ago, according to property manager Asiamalls. The latest mall addition to the Tampines central area celebrates its official opening on Friday, which also marks its 100th day of business. The S$450 million mall is situated beside the Tampines MRT station. It has 173 tenants including Uniqlo, the...
Property developer Far East Organization has launched a scheme to encourage start-ups at its shopping malls. Instead of paying rent, these tenants can issue preference shares to the developer for up to three years. Tenants at six Far East Organization malls – including the new Orchard Central – can now pay rent in shares, instead of cash. The other participating malls are Central, Far East Square,...