Category Archives: Singapore Retail

Retail concept store Dover Street Market to open at Dempsey Road

Dover Street Market, an edgy fashion retail and concept store conceived by Comme des Garçons’ Rei Kawakubo, will be opening its first Singapore outlet in Dempsey.

The multi-brand store will be opening in one of two blocks on Dempsey Road, Block 17 and 18, which have been awarded to COMO Lifestyle in a tender to develop the site for retail and food and beverage (F&B) use.

COMO Lifestyle scored the highest among the six bids received by the Singapore Land Authority (SLA) and the Singapore Tourism Board (STB), the two agencies said in a press release issued on Tuesday (Dec 15).

Bids for the two blocks were assessed “holistically”, with 60 per cent of the overall score for the quality of the concept and 40 per cent of the bid price, the press release said.

According to COMO Lifestyle’s bid, a new concept known as “COMO Dempsey” will be introduced integrating Dover Street Market with several F&B outlets, including a Jean-Georges Vongerichten restaurant and bar, new restaurant concept COMO Cuisine and local Peranakan restaurant Candlenut.

“The Dempsey cluster appeals to both locals and visitors because of its rustic character, diverse dining experiences and retail options. The agencies’ intention for the tender was to rejuvenate and bring new and exciting concepts to Dempsey,” said Mr Lee Seng Lai, Director of SLA’s Land Operations (Private) Division.

COMO Lifestyle was awarded the tender based on its concept, track record in F&B and retail industries, as well as its proposal to “nurture emerging Singapore talents” by providing internships, according to Ms Ranita Sundramoorthy, STB’s Director of Attractions, Dining and Retail.

“COMO Lifestyle’s international experience and competency are expected to significantly contribute to creating and sustaining the vibrant Dempsey atmosphere and Singapore’s tourism scene,” she added.

Source : Channel NewsAsia – 15 Dec 2015

Orchard Central to undergo revamp

Orchard Central will be undergoing a revamp, its first since the mall opened in 2009.

In a statement issued on Monday (Dec 14), Mr Eric Tong, assistant director of Far East Organization’s Retail Business Group said works on the mall began in the fourth quarter of this year and will be completed in the third quarter of 2016.

These include the introduction of new escalators and reconfigured walkways, Mr Tong said, adding that the mall “will be welcoming a major international brand which will be setting up their first Southeast Asia flagship at Orchard Central”.

Mr Tong also revealed that tenants were informed about these plans in June 2015.

“Those affected, which is about 15 per cent of the tenants, were offered to relocate within Orchard Central or to alternative Far East Organization malls to ensure business continuity,” he said.

F&B outlet at Orchard Central, EwF, put up a sign recently to inform patrons that it would be closing that outlet. The sign, placed outside its space in the mall, said its last day of business would be Dec 31, 2015.

The fast-food joint, which is an offshoot of popular restaurant Everything With Fries, said following the closure of its Orchard Central outlet, the only remaining EwF outlet would be located in Bugis.

Source : Channel NewsAsia – 14 Dec 2015

Redevelopment of Funan could yield up to 80% more floor area: SLP

The one-stop destination for electronic gadgets, Funan DigitaLife Mall, will close its shutters in the third quarter of next year as its owner, CapitaLand Mall Trust Management, has plans to turn it into a new integrated development over three years.

The redevelopment of the shopping mall could potentially increase its floor area by as much as 80 per cent, according to property firm SLP International. Property analysts have also said some uses for all that extra space could be in food and beverage retail, office leasing, and even serviced apartments.

Chestertons Managing Director, Donald Han said: “This building is about 30 years old. I think it’s timely for CapitaLand to relook into redeveloping it from scratch, rather than doing additions and alterations.

“There’s huge potential for them to look into integrated or mixed use, such as to look into potentially keeping some component of the retail, and then on the upper podium of the retail, there could be a combination of serviced apartment uses. It could also potentially be hotel use, potentially even some form of office.”

CapitaLand has remained tight-lipped on its plans, but it sees the new development as playing “a big part in the rejuvenation of the Civic District”, which is currently undergoing a S$740 million Government-funded makeover.

It is in the vicinity of the newly-opened National Gallery, which is housed in the City Hall and former Supreme Court buildings, and the refurbished Capitol Building, now known as Capitol Singapore, an integrated luxury lifestyle development.

Executive director of Research and Consultancy at SLP International, Nicholas Mak said: “Going forward, after the redevelopment, we may not see an identical IT mall, as what we have always known Funan to be. It may be a totally new building, perhaps there could be an IT component, but that will always very much depend on consumer tastes three to four years from now.”

Source : Channel NewsAsia – 11 Dec 2015

CapitaLand Mall Trust to redevelop Funan DigitaLife Mall

Funan DigitaLife Mall on North Bridge Road – a shopping centre primarily known for shops selling computers and other electronic gadgets – will be closed from the third quarter of 2016, to be redeveloped into a “creative hub”.

The mall will be closed for about three years, said CapitaLand Mall Trust Management in a press release on Thursday (Dec 10).

The real estate investment trust had hinted at such a move in July, when it suggested the mall could be sold or redeveloped.

Funan DigitaLife Mall has utilised 3.861 of its allowable Gross Plot Ratio of 7.0, and currently has an untapped Gross Floor Area (GFA) of about 388,000 square feet, said the trust.

Mr Wilson Tan, CEO of CapitaLand Mall Trust Management, said: “Given its excellent location and the strong potential for an integrated development on this site, we believe that the redevelopment of Funan DigitaLife Mall will create the greatest value for our unitholders.

“The new building on the Funan site will be an aspirational lifestyle destination that will enthrall shoppers and retailers. It will be an experiential creative hub within the city that engages communities to incubate new ideas and passions, and enables shoppers to enjoy retail in a technology-enabled environment. It will serve as a collaborative platform to connect retail, cultural, learning and business opportunities, and play a big part in the rejuvenation of the Civic District.”

More details on the new development will be announced at a later date, added the real estate investment trust, an indirect wholly-owned subsidiary of the Singapore-listed CapitaLand Limited.

Source : Channel NewsAsia – 10 Dec 2015

AsiaMalls to roll out new initiatives

As one of the smaller retail management companies in Singapore, AsiaMalls faces a challenge in keeping up with market leaders such as CapitaLand and Fraser.

AsiaMalls manages six malls locally, including Tiong Bahru Plaza, White Sands and Liang Court. To grow traffic at its malls, the retail developer plans to roll out a slew of initiatives. These include introducing a loyalty programme, leveraging mobile technology and social media, as well as new digital services such as E-concierge and E-reservations.

Mr Tan Kee Yong, managing director of AsiaMalls Management, said: “The shoppers are very well-connected and mobile these days. Everyone carries a mobile device. It is important that as a mall owner, we must be able to engage shoppers, not just in the physical space, but in the online space.

“In AsiaMalls, we are reviewing our current social media strategy. We want to enhance our current social media programmes and also implement social media listening programmes. We want to know the likes and dislikes of our shoppers so that we can then tailor our services, or improve our services (for) the shoppers.”

Source : Channel NewsAsia – 3 Dec 2015

Hersing Centre at Toa Payoh offered for sale

Hersing Centre, formerly Toa Payoh Entertainment Centre, is being offered for sale, with an indicative price around S$78 million, exclusive marketing agent JLL said on Monday.

This translates to about S$1,750 psf on the total gross floor area of about 44,411 square foot, JLL added.

The 3-storey commercial building with a mezzanine level, is strategically located in the heart of Toa Payoh Central, opposite HDB Hub and Toa Payoh MRT Interchange.

The property sits on a land area of about 14,988 sq ft. It is held under 99-year leasehold tenure and the eventual owner will have naming rights to the property. Under the 2014 Master Plan, the property is zoned for “Commercial” use.

As the property sits on land zoned for commercial uses, foreigners are eligible to purchase the property. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.

JLL is inviting offers through an Expressions of Interest (EOI) exercise, which closes on Friday, Nov 27, at 3pm.

Source : Channel NewsAsia – 2 Nov 2015

Two Dempsey Road blocks to be developed for retail, F&B use

A tender to develop Blocks 17 and 18 Dempsey Road was conducted by the Singapore Tourism Board (STB) and Singapore Land Authority (SLA) on Thursday (Aug 13).

The two blocks, within the Dempsey cluster of Tanglin Village, will be developed for retail and food and beverage (F&B) use, and the joint effort between both agencies aims to “strengthen the Tanglin Village’s position as a unique lifestyle enclave and encourage the development of interesting lifestyle concepts”. the joint press release said.

Currently, Block 18 houses retail and F&B outlets and its tenancy expires on Feb 29, 2016, while Block 17 is vacant, said SLA.

SLA will adopt the Price and Quality evaluation format to conduct the tender, with 40 per cent of the overall score for the bid price and 60 per cent for the quality of the concept. This means the site may not be awarded to the operator that submits the highest bid price. Rather, the quality of the proposed concept will be a key consideration in determining the winning bid, the press release said. The tender closes on Sep 15.

Mr Lee Seng Lai, Director of Land Operations (Private) Division at SLA, said: “The introduction of the Price and Quality tender will help bolster Tanglin Village’s unique character and charm as a popular lifestyle enclave for all Singaporeans.”

This is the first time the Price and Quality evaluation format is being used for commercial and F&B use, SLA told Channel NewsAsia. This follows the 2013 announcement when such a tender evaluation format was used to assess bids put in by child care and kindergarten operators for state-owned properties.

Mr Desmond Sim, head of research at CBRE, said: “Traditionally, if you look at these two blocks, it is the gateway to Dempsey, because it is the first two blocks you will encounter when you move into Peirce Road. So, definitely a good dining concept would definitely be accepted. And of course, any new concept on retail will never be shown the door. It will definitely be accepted as well.”

Source : Channel NewsAsia – 14 Aug 2015

Perennial gets go-ahead to enhance TripleOne Somerset, AXA Tower

Local property group Perennial Real Estate Holdings said on Tuesday (Aug 4) it has received planning permits for proposed enhancement works at TripleOne Somerset and AXA Tower.

The plans for TripleOne Somerset, a predominantly-office cum retail development off Orchard Road, include increasing the retail area and converting up to 32,000 square feet of gross floor area into medical suites. Perennial also intends sell office space by dividing the area into smaller strata units, commencing with one office tower.

As for AXA Tower in the Shenton Way area, the enhancement involves increasing total net lettable area by 85,000 square feet to about 760,000 sq ft.

The retail area at level 1 and basement 1 will be enlarged, and a new two-storey annex block will be built to house medical suites. The firm also intends to strata sale the office spaces to maximise the value of the prime asset.

Perennial focuses primarily on large scale mixed-use developments in China and Singapore. Besides TripleOne Somerset and AXA Tower, its other Singapore properties include CHIJMES and Capitol Singapore. The group also holds stakes in and manages 112 Katong mall and Chinatown Point mall.

Source : Channel NewsAsia – 4 Aug 2015

Upcoming Waterway Point mall 90% tenanted: Frasers Centrepoint

The upcoming Waterway Point at Punggol has secured committed occupancy for 90 per cent of its retail space, about six months before its opening, Frasers Centrepoint Malls said on Tuesday (Aug 4).

Frasers Centrepoint Malls said the 370,824 square feet (sq ft) Waterway Point will offer four levels of indoor shopping, leisure and alfresco dining spaces with a view of Punggol Waterway.

Key tenants include a 24-hour FairPrice Finest, which will take up nearly 30,000 sq ft of space, a 1,500-seat Shaw Theatres, and a 7,335 sq ft Times Bookstore, which will be its largest outlet in Singapore.

“Once underserved, Punggol today is a picture of rapid development,” Mr Christopher Tang, chief executive officer for Commercial and Greater China at Frasers Centrepoint, said in a statement: “The positive take-up underscores a healthy demand for retail space in this developing area.”

Waterway Point is part of Watertown, an integrated waterfront residential and retail development by Frasers Centrepoint, Far East Organization and Sekisui House.

Source : Channel NewsAsia – 4 Aug 2015

Prices of office space up, retail space down in Q2: URA

Prices of office space rose 0.3 per cent in the second quarter compared to the previous quarter, while prices of retail space fell 0.5 per cent, the Urban Redevelopment Authority (URA) said on Friday (Jul 24).

Rentals of office space fell 2.6 per cent in the second quarter, compared with the 0.6 per cent increase in the first quarter. Rentals of retail space decreased by 0.5 per cent, compared with the 0.3 per cent decline in the January to March period.

As of end-June, there was a total supply of about 962,000 sqm gross floor area of office space from projects in the pipeline, and a supply of 774,000 sqm of retail space, URA said.

The amount of occupied office space increased by 38,000 sqm, compared to the 19,000 sqm increase in the previous quarter, while occupied retail space remained unchanged. The stock of office space increased by 8,000 sqm, while retail space increased by 25,000 sqm.

The islandwide vacancy rate of office space at the end of second quarter fell to 9.8 per cent, from 10.2 per cent at the end of the first quarter. Vacancy rate of retail space rose to 7.2 per cent, up from 6.8 per cent in the previous quarter, URA said.

Source : Channel NewsAsia – 24 Jul 2015