Tag Archives: Compass Point

Compass Point to be renamed 1 Sengkang Mall

Compass Point will have a new name when it re-opens with a new look next year. The shopping centre said on its Facebook page on Tuesday (Dec 22) that the name 1 Sengkang Mall has been approved by Government authorities.

In the Facebook post, Compass Point said the mall was renamed to Sengkang Mall before updating the post and changing it to “1 Sengkang Mall” at about 10am on Wednesday.

It also announced the winner of the naming contest, who walks away with a S$1,000 cash prize. However, many on Facebook were unimpressed by the choice of the name and urged its owners to stick with Compass Point. Some called the new name “simplistic” and “boring”, or even something a 3- to 4-year-old could come up with.

The mall had narrowed down its list of suggested names to eight choices. The other options were: Sengkang Central Mall, One Sengkang, Sengkang Square, One Sengkang Square, Sengkang One, #1 Sengkang Square and 1SM.

The mall shut for renovations on Oct 25 and Frasers Centrepoint said it will re-open in a year “with a strong mix of retailers, more educational facilities and an increased selection of food and beverages options”. In June, anchor tenant Metro said it was moving out of the mall after being there for 12 years.

Source : Channel NewsAsia – 23 Dec 2015

M&G Real Estate buys remaining stake in Compass Point

Real estate fund manager M&G Real Estate will become the sole owner of Compass Point mall in Sengkang, after entering into a deed to buy the remaining 18.99 per cent of shares it does not already own.

M&G said on Wednesday (Dec 16) it will be buying the shares from FCL Centrepoint, a subsidiary of Frasers Centrepoint. The transaction is expected to be completed in February next year, M&G added. FCL Centrepoint will cease management of Compass Point once the transaction is completed.

The mall, located in the heart of Sengkang New Town Centre, is closed for refurbishment and is expected to reopen next year under a new name and new management, M&G said.

The revamped mall is expected to have new shops, more food outlets and an expanded library which will occupy two levels in the building, the company said.

Source : Channel NewsAsia – 16 Dec 2015

Metro to close Sengkang outlet after 12 years

Metro will shut its Sengkang department store at Compass Point as the lease is expiring in August and will not be renewed, ending a 12-year association with the mall.

“On the exact date of closure, Metro’s management is still working on the matter,” a Metro spokesman said in response to a query from Channel NewsAsia.

He said Metro would like to continue serving residents in the Sengkang area, but added: “The opening of a new store, not just within Sengkang, depends on opportunities present and whether it is a suitable location with the right conditions.”

Following the closure of the Sengkang outlet, Metro will be left with four stores in Singapore: Centrepoint, Paragon, City Square and Woodlands.

Metro, whose main business is property development, had described the Singapore retail scene as challenging during its results briefing last month.

The latest announcement hints at Compass Point closing its doors for renovations by the end of the year.

At least three tenants that Channel NewsAsia spoke to said they would be shutting their stores as early as August, when the lease expires.

When contacted, the management of Compass Point said it continually reviews and adjusts its tenant mix, and that it will provide more details about what it will do with the space currently occupied by Metro at a later date.

Compass Point is part of Frasers Centrepoint and was opened in 2002. It is the largest shopping mall in Sengkang. Frasers Centrepoint, meanwhile, is one of the largest owners and operators of shopping malls in Singapore.

The company also has shares in 12 other malls here.

Source : Channel NewsAsia – 19 Jun 2015

Compass Point Shopping Centre up for sale by public tender

Compass Point Shopping Centre is up for sale by public tender.

Sengkang Mall Ltd, the owner of the mall, revealed that the proceeds from the sale will go towards a full redemption of its outstanding bonds totalling $335 million due in November 2012.

The $201 million secured fixed rate senior bonds and $134 million secured fixed rate junior bonds are secured against Compass Point Shopping Centre.

There is no official asking price for the five-storey mall located in Sengkang New Town.

Sale manager CBRE says it “anticipates that the successful tender price could be in excess of $645 million”. This works out to approximately $2,393 per square foot on the existing net lettable area and a net yield of about 4.5 per cent based on the estimated net operating income of almost $29 million.

CBRE is offering 100 per cent of the shares which Sengkang Mall Ltd owns in the 5 SPVs (special purpose vehicles) which own 100 per cent of Compass Point Shopping Centre.

“This asset class has seen yield compression over the years from 6 to 7 per cent 10 years ago to sub 5 per cent now.” said Jeremy Lake, Executive Director, Investment Properties.

Compass Point Shopping Point has about 269,546 square feet over five storeys and is almost 100 per cent occupied, with anchor tenants including Metro, Best Denki, Cold Storage, National Library and Kopitiam. The current gross rent is about $11.71 per square foot per month.

The shopping mall occupies 134 strata lots — with a share value of approximately 74 per cent — of the strata-titled Compass Point property.

The tenure is 99 years from April 30, 2000.

Frasers Centrepoint developed Compass Point and holds a stake in the property, which received its TOP (temporary occupation permit) on May 18, 2002.

The public tender closes on 3 May 2012.

Source : Channel NewsAsia – 21 Mar 2012