Property consultancy CB Richard Ellis (CBRE) is revising its rental forecasts for 2009, given better-than-expected average rentals in the second quarter. The firm now expects Orchard Road rents to fall between 10 and 12 per cent this year, a less drastic decrease than its earlier estimate of 15 to 20 per cent. Suburban mall rents are likely to contract between 5 and 6 per cent, down from its earlier...
Singapore Retail
313@Somerset will be the last of the three new malls to open along Orchard Road this year. But it's promising a shopping experience that will keep customers coming back. The shops may be mid-range but 313@Somerset said the customer service will be top-notch. By November, the eight-storey mall, will have shops offering food, fashion and lifestyle treats. And it will be the newest kid on the block, hot on...
While several new malls are being built along Orchard Road, Meritus Mandarin Hotel has been quietly renovating its shopping wing. Mandarin Gallery will re-open in December, competing with new entrants on the prime shopping district for the retail dollar. Meritus Mandarin Hotel is turning its lobby, ballrooms and function rooms into retail space - offering four floors of shopping. The new mall will have...
Global luxury retailer Louis Vuitton has said it is in discussions to open a store at one of the two upcoming integrated resorts in Singapore scheduled to open next year. This was revealed at a preview of its latest global store, which will open at ION Orchard on Friday. Jean-Baptiste Debains, president of Louis Vuitton Asia Pacific, said: "We're looking at it seriously. No decision has been taken now,...
Singapore has moved a notch higher to 18th spot as the most expensive retail location in the world, despite easing rental rates for super prime retail space. Property consultancy firm CB Richard Ellis (CBRE) said prime retail rents have declined across the globe with the global financial crisis reducing consumer confidence and weakening spending. Yet super prime rents in Singapore stood at US$408 per...
ORCHARD Road, Singapore's most famous retail belt, is set to be the densest shopping street in the region, according to the Orchard Road Business Association. With three new mega-malls scheduled to open for business by the end of the year, about 1.8 million sq ft of new retail space will be added, bringing the total space available on Orchard Road to 8 million sq ft. And the 2.2km stretch of road is also...
ION Orchard is set to be only the second new mall to open on Orchard Road in the past decade on July 21, but it will face competition from new malls springing up along the iconic shopping belt in the next few months. The shopping centre said it is looking to stand out from the rest through the use of technology, such as a multi-media wall that can change the appearance of Orchard Road. It said it will be...
Almost all of ION Orchard's space has been leased out and it is eager to pull in the crowds with its fashion and lifestyle boutiques. The upcoming shopping mall above the Orchard MRT station is set to open on July 21. Some 94 per cent of the leasable space has been committed - 70 per cent of which is taken up by flagship stores and new or new-to-market concepts stores. Food will also be big on the plate....
Singapore's prime shopping belt Orchard Road will see its first new mall in more than a decade in about two weeks. The 12-storey Orchard Central is scheduled for a soft launch on July 2. Developer Far East Organisation said tenants have taken up about 80 per cent of the space launched for leasing so far, a total of 213,000 square feet. The Organisation said the new mall has already attracted the...
French beauty giant Sephora will soon be opening its largest store in Asia. The store will be opened in Singapore's soon-to-be-completed ION mall and is part of the firm's continued expansion in Asia. Sephora is pumping in over S$4 million into the new store – double of what it spent on its first Southeast Asian outlet in Singapore's Ngee Ann City shopping centre. So far, the beauty retailer said...