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Category: Real Estate

Retail News Asia is committed to providing both local and global retailers with the latest Real Estate news throughout the Asian market. This on a daily base.

  • Lotte Shopping closing down

    Lotte Shopping closing down

    Lotte Shopping is trying to offload its department store annexed to Anyang train station, 20km from Seoul.

    It is said to be in the final stage of closing a deal with shopping mall group Enter Six to either sell or transfer its lease rights on the store, reports Pulse.

    With nine floors above ground and one below, Lotte Department Store Anyang is connected to the Anyang station and is within walking distance of an intercity bus terminal.

    After opening in 2002, the branch was the only major shopping mall in the area, but sales nosedived after Lotte Department Store’s Pyeongchon branch opened in March 2012. The two Lotte department stores are only 2.8km apart. The retailer still has nearly half of its 30-year lease term left on the Anyang building.

    Lotte Shopping is shutting down its poor-performing stores. Meanwhile, E-mart, the big-box store chain of Shinsegae, also has been scaling back.

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  • Studio 0321 offer diners blooms in a box

    Studio 0321 offer diners blooms in a box

    Shenzhen-based Studio 0321 has inserted a rose-tinted box containing a flower shop into the front of a restaurant in Dongguan, giving diners and passers-by an impression of the blooms inside.

    Nous restaurant offers both a dining space and florist, and visitors are encouraged to explore the connection between different flowers and food ingredients. The owners tasked Studio 0321 with creating a space that “solves the relationship between flora and dining in a visual, functional and emotional way”.

    To achieve this, the studio decided to house the florist within a pink translucent box, visually connecting it to the restaurant. At its centre is a long counter where flowers are displayed, creating a partial screen between the street and diners in the restaurant.

    “We like this kind of conflict and interference, rather than a mediocre and harmonious coexistence,” says Studio 0321.

    Storage is provided by matching pink cabinetry, all echoed by rosy-hued tiles on the restaurant facade.

    The restaurant interior is almost entirely in dark grey terrazzo with oversized white aggregate for an “extreme visual experience”. This is complemented by metal tabletops and slate-coloured cushions on the bench seats.

    Other than a mirrored panel along a peripheral wall, decoration has been kept to a minimum.

    Continuing the palette of the flower shop, a staircase with a pink glass balustrade and terrazzo steps leads to the second floor.

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  • Stable quarter for CapitaLand Mall Trust

    Stable quarter for CapitaLand Mall Trust

    With its well-located shopping malls, CapitaLand Mall Trust (CMT) has continued to deliver stable results in its first quarter.

    This was despite industry headwinds, says CEO Tony Tan of CapitaLand Mall Trust Management (CMTML), CMT’s manager.

    “Portfolio occupancy was resilient at 98.9 per cent as at 31 March.”

    During the quarter, Raffles City Singapore completed interior enhancement works with the revamped Level 3 Atrium featuring a new garden-themed cafe. Meanwhile, the next phase of upgrading Tampines Mall has started and will include a new F&B duplex. This work is expected to be complete before year’s end.

    Meanwhile, says Tan, the group has signed an agreement to divest Sembawang Shopping Centre, with the sale proceeds expected to enhance CMT’s financial flexibility.

    CMT achieved net property income of S$125.7 million for the quarter to the end of March, up 4.7 per cent. Gross revenue grew 1.8 per cent, mainly because of higher occupancy for IMM Building, Clarke Quay, The Atrium@Orchard and Plaza Singapura, as well as higher car-park income.

  • Suntec City retail assets grow

    Suntec City retail assets grow

    Retail data from Suntec City shopping centre shows growth by every measure in the first quarter of this year.

    Suntec City REIT has recorded a modest increase in gross revenue for the first quarter, as rising retail rents made up for declining office income.

    “The Singapore retail market remained stable in the first quarter of this year as the growth in

    Singapore’s economy lifted business sentiments and helped bolster occupier demand,” the trust said in a statement.

    “Suntec City mall continued to show strong operational performance in the first quarter. Footfall and tenant sales per square foot registered 12.7 per cent and 5.2 per cent year-on-year growth respectively.”

    Suntec City REIT says its retail portfolio was 98.4 per cent occupied as at March 31.

    “For the Singapore retail portfolio, the committed occupancy for the entire Suntec City was 98.6 per cent, while the committed occupancy for Marina Bay Link Mall stood at 98.9 per cent.

    In Australia, where the trust owns Melbourne’s for Southgate retail complex, occupancy was 91 per cent.

    The trust recorded gross revenue of $90.7 million, an increase of $2.3 million or 2.6 per cent for the quarter. Suntec Singapore revenue rose by $3.4 million to $21.9 million and retail revenue from Suntec City mall rose by $700,000 to $26 million, up 2.7 per cent. It was partially offset by lower office revenue, down 4 per cent to $42.9 million.

    Suntec Singapore’s revenue comprised $16.8 million from convention facilities and $5.1 million from retail.

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  • CRCT’s 1Q 2018 distributable income up 9.6% year-on-year

    CRCT’s 1Q 2018 distributable income up 9.6% year-on-year

    CapitaLand Retail China Trust Management Limited (CRCTML), the manager of CapitaLand Retail China Trust (CRCT), today announced that it posted higher distributable income of S$26.7 million for 1Q 2018, an increase of 9.6% from S$24.4 million a year ago. Distribution per unit was 2.75 cents, 0.4% higher than 1Q 2017. Based on CRCT’s closing price of S$1.55 on 26 April 2018, the annualised distribution yield for the quarter was 7.2%.

    In 1Q 2018, CRCT’s multi-tenanted malls registered a robust rental reversion of 12.8%. Portfolio occupancy as at 31 March 2018 remained strong at 95%. Tenants’ sales and shopper traffic for the quarter increased year-on year by 2.1% and 7.7% respectively.

    Mr Tan Tze Wooi, CEO of CRCTML, said: “Since completing the acquisition of Rock Square on 31 January 2018, we have been strengthening the mall’s appeal through active tenant mix adjustments. By the end of 1Q 2018, Rock Square’s occupancy improved to 97.1% from 96.4% as at 30 June 2017, with an encouraging rental reversion of more than 20%. We made progress in enhancing the mall’s operational efficiency by replacing its manned carpark payment booth with an electronic system, and achieved significant cost savings by working with CapitaLand to manage the mall. We will be further finetuning Rock Square’s tenant mix and retail layout to maximise the potential of this well-located mall.”

    “The reconfiguration of the recovered space at CapitaMall Wangjing is on track and the space is almost fully leased. Opening progressively from 2Q 2018, shoppers can look forward to more than 20 retail, lifestyle and dining concepts including Sisyphe Book Cafe, YID cooking studio and Lao Wang Hotpot – several of which are new-to-market in the Wangjing subdistrict. These new stores will almost double the recovered space’s rental income and diversify the mall’s offerings to draw in more shoppers.”

    “We have been proactively curating new concepts in our malls that are refreshing and relevant to shoppers. An example is CapitaMall Grand Canyon’s unmanned convenience store – a retail trend that is catching on in Beijing – that is operated by Bianlifeng. We have also introduced trendy gourmet concepts P.Plus Bakery Club and Greybox Coffee to CapitaMall Xinnan and CapitaMall Wangjing respectively. Other new concepts in our portfolio include China’s first standalone C&A Kids apparel store in CapitaMall Xinnan and Wuhan’s first indoor simulated counter strike gaming centre in CapitaMall Minzhongleyuan. To enhance shopper engagement, we continue to embrace digital initiatives such as robotic concierge and augmented reality gaming. Looking ahead, we will further build on our strong foundation and proactively look at further optimising our portfolio to create more value for Unitholders.”

  • CapitaLand to explore investments in high-tech business park and new-gen township in Zhejiang

    CapitaLand to explore investments in high-tech business park and new-gen township in Zhejiang

    CapitaLand is set to broaden its master planning and urban design capabilities in China through new strategic partnerships in Ningbo and Jiaxing – two fast-growing cities in Zhejiang Province, east China.  Through its wholly owned subsidiary CapitaLand China, CapitaLand has signed two Memoranda of Understanding (MoUs) to explore developing and managing large-scale business park and township projects in line with a new direction in China’s urbanisation drive emphasising integration between industrial and urban development (产城融合). The signings took place this morning in Zhoushan at the 13th Singapore-Zhejiang Economic and Trade Council meeting witnessed by Ms Sim Ann, Singapore’s Senior Minister of State for Trade and Industry, and Culture, Community and Youth; and Mr Zhu Congjiu, Zhejiang’s Vice Governor.

    Under the MoU with Ningbo’s Haishu District Government, CapitaLand will explore investing in a business park comprising research & development facilities, offices, residences and civic & community facilities that supports Ningbo’s push to attract higher-tech manufacturing industries under China’s Made in China 2025 blueprint.  In another MoU with Zhejiang Communications Investment Group Co., Ltd., CapitaLand will explore investing in a new-generation township comprising integrated developments, offices, residences and serviced residences built around Jiaxing’s highspeed rail (HSR) station in Yuxin area.

    Mr Lim Ming Yan, President & Group CEO of CapitaLand Group, said: “In tandem with China’s rapid urban development, CapitaLand has grown our real estate business across asset classes, and sharpened our development and operational capabilities to address China’s urbanisation needs.  Our extensive track record in integrated developments has honed our expertise in making the most efficient use of limited land supply to create vibrant communities with an optimal mix of quality live-work-place spaces that are seamlessly integrated and interconnected.  As one of Asia’s largest real estate fund managers, our experience in capital management is also a key success factor for mega projects with a longer development horizon.  CapitaLand is in a strong position to continue playing an active role in China’s next phase of urbanisation.”

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  • The Mall Group spends 17 billion THB in a facelift

    The Mall Group spends 17 billion THB in a facelift

    The Mall Group plans to spend up to THB17 billion (US$544.2 million) initially to overhaul its Bangkok complexes.

    After 35 years it is aiming for a fresh image as e-commerce buffets the retail industry.

    “We are confident the new look will pave the way for a new chapter in Thailand’s retail
    landscape, as store design, shopping ambience, and product and service offerings become more cool and chic,” said The Mall Group senior executive VP Achara Umpujh in an interview.

    With its tenant leasing agreement about to expire, The Mall Ngam Wong Wan will be first up for a facelift in August, pegged to cost THB3.5 billion and take nearly two years to complete.

    The company will also spend THB6 billion to demolish The Mall Ramkhamhaeng and rebuild it. Work starts next month and is expected to take about two and a half years.
    Finally, major renovations for The Mall branches in Bang Kapi, Bang Khae and Tha Phra will be done in parallel and be completed within the next five years.

    After completing its remodelling work, the company will update other business units such as Be Trend, Power Mall and Sports Mall.

    Meanwhile, group chairwoman Supaluck Umpujh will launch the EmSphere retail project near The Emporium shopping complex this year following two years of delay.

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  • CapitaLand Mall Trust divests Sembawang Shopping Centre for S$248.0 million

    CapitaLand Mall Trust divests Sembawang Shopping Centre for S$248.0 million

    CapitaLand Mall Trust Management Limited (CMTML), the manager of CapitaLand Mall Trust (CMT), announced today that CMT, through its trustee HSBC Institutional Trust Services (Singapore) Limited, has entered into an agreement to sell Sembawang Shopping Centre to a joint venture between Lian Beng Group Ltd and Apricot Capital Pte. Ltd. for S$248.0 million.

    Based on the latest independent valuation, Sembawang Shopping Centre was valued at S$126.0 million as at 31 December 2017. The divestment is expected to generate net proceeds of about S$245.6 million and a net gain of about S$119.6 million when the transaction is completed by June 2018.

    Mr Tony Tan, CEO of CMTML, said: “The divestment of Sembawang Shopping Centre is in line with our portfolio management strategy of maximising returns for our unitholders. By unlocking the value of Sembawang Shopping Centre at this stage, it will realise the optimal value for CMT’s unitholders. As the mall accounts for only about 1% of CMT’s total asset value, its sale will have minimal impact on CMT’s financial performance and distribution per unit. The net proceeds from the divestment will further enhance and strengthen CMT’s financial flexibility.”

    Upon completion of this transaction, CMT’s portfolio will comprise 15 properties located in suburban areas and downtown core of Singapore. They are Tampines Mall, Junction 8, Funan, IMM Building, Plaza Singapura, Bugis Junction, JCube, Raffles City Singapore, Lot One Shoppers’ Mall, Bukit Panjang Plaza, The Atrium@Orchard, Clarke Quay, Bugis+, Westgate and Bedok Mall.

    Located along Sembawang Road, Sembawang Shopping Centre reopened to shoppers in 2008 following CMT’s acquisition in 2005. It comprises four levels of retail space – three levels above ground and one basement level – with a net lettable area of 143,631 square feet. The mall registered a committed occupancy of 99.4% as at 31 December 2017. Its major tenants include Giant, Yamaha Music School, Food Junction and Daiso Japan.

  • Hanoi studio Le House takes goes green

    Hanoi studio Le House takes goes green

    Hanoi studio Le House has designed An Garden Cafe in the Vietnamese capital as a relaxing space featuring greenery, trees and a pond.

    It is in the newly redeveloped Van Quan urban area, part of Hanoi’s densely populated Ha Dong district. The building features a structural framework and angular concrete shell that encloses a large glazed facade facing the street.

    The windows are interspersed with steel frames that resemble spreading tree branches. These shapes provide the first hint of the cafe’s natural theme, which is intended to soften the otherwise robust and industrial aesthetic of the architecture.

    “While a steel frame may sound dry and heavy, An Garden’s hanging plant pots conjure up a vision of a dreamlike hanging garden,” says Le House.

    A low concrete wall separates the building from the pavement, and planters built into the walls create a welcoming entrance. Inside the cafe, a pared-back palette of concrete, wood, black metal and patterned tiles creates a neutral backdrop for a variety of green plants.

    There are several levels, with the ground floor providing the greatest amount of space for open seating. Tables and chairs are arranged around a pond filled with aquatic plants, which is next to a staircase. A tree reaches up from a planter toward the upper levels.

    A pair of mezzanine floors provide extra seating overlooking the pond, while the top floor offers a view of the sky through a feature window and glazed roof partly covered by timber louvres to protect the interior from direct sunlight.

    This level features a covered terrace lined with bamboo-filled planters.

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  • Centara Hotels & Resorts Celebrate Thai New Year in Traditional Style

    Centara Hotels & Resorts Celebrate Thai New Year in Traditional Style

    Centara Hotels & Resorts, Thailand’s leading hotel operator, will observe the upcoming Songkran Thai New Year period by wearing colorful traditional dress. Visitors and guests to the company’s properties are treated daily to graceful Thai service and cultural traditions that have become Centara’s hallmark; this Songkran, 13th – 15th April, they can enjoy the added delight of seeing staff dressed in the beautiful costumes of historic Siam.

    “Thailand’s world-famous, genteel hospitality is at the heart of our company culture,” said Centara’s Chairman of the Board Suthikiati Chirathivat about the idea. “What better way to emphasise our unique Thai-ness than trading our uniforms for charming, traditional costumes over the Thai New Year. It is our way of wishing our guests, partners, and friends a happy and healthy festive season.”

    All 33 of Centara’s hotels and resorts within Thailand are taking part in this celebration and guests are invited to enjoy festive dining options or a relaxing stay over the Songkran period, where they will receive the inimitable Centara Thai welcome.

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  • Florentia Village ready to build seventh China site

    Florentia Village ready to build seventh China site

    Luxury outlet group Florentia Village is to invest RMB1 billion (US$159 million) in building an outlet in Chongqing, its seventh China location.

    Anticipated to be ready within 12 months, the new outlet will be in the Shapingba area of Chengdu, southwest China. It follows Florentia Villages in Shanghai, Beijing-Tianjin, Guangzhou-Foshan, Wuhan, Chengdu and Hong Kong.

    “With Florentia Village Chongqing, we will have completed our strategic enterprise growth in China’s main cities,” says MD Maurizio Lupi.

    He says the enterprise, which provides reductions of up to 80 per cent on high-end goods will next target lower-tier cities.

    Florentia Village will be seeking locales within a 60-minute drive from town centres but accessible by highways, public transport and airports.

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  • Paragon dip hits SPH Reit income

    Paragon dip hits SPH Reit income

    Lower revenue at Paragon mall hit net property income for SPH Reit Management for its second quarter to the end of February.

    The return of S$42.2 million (US$32 million) dipped 1.1 per cent from the same period last year. This reflected a rental reversion of -7.1 per cent for new and renewed leases at Paragon in the first half, mainly because of negotiations during the retail sales downturn since 2014. The decline was more moderated in the second quarter, says SPH.

    There were only three changes in tenancies at Clementi Mall, representing 1.4 per cent of the mall’s net lettable area.

    However, tenant sales have grown in the malls in tandem with the recovery in retail sales since June. Both properties also continued their track record of full occupancy.

    “In keeping with our philosophy of treating tenants as business partners, we work closely with them to ride through both cyclical and structural challenges in the retail environment,” says SPH Reit Management CEO Susan Leng.

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  • Hanoi retail development spreading beyond CBD, says CBRE

    Hanoi retail development spreading beyond CBD, says CBRE

    Hanoi’s retail supply is growing outside the CBD area, reports real-estate company CBRE.

    With a total of 157,000sqm of retail coming from eight projects under development in fast-growing residential areas with good connecting infrastructure, CBRE says the suburban growth is expected to be attractive to both retailers and consumers.

    Malls inside residential complexes will continue to thrive, thanks to a high level of supply in the condominium market. Eight out of 12 future projects up to 2020 are retail podiums. “This format has certain advantages such as potential customers on site and increased traffic because of the residential component, providing extra services and amenities, and improving the image for the whole project,” says the CBRE report.

    The company predicts an emerging CBD will soon form in the western area of Hanoi. As the largest retail cluster outside the CBD with 41 per cent of total supply, the Cau Giay, Tu Liem and Thanh Xuan district will maintain its position in the next few years with 83,300sqm of supply in the pipeline.

    In the next three years, Aeon Mall Ha Dong, FLC and Vincom shopping centres will supply space to the east, while the north will have a new project from Lotte.

    The CBRE report also shows that only 7 per cent of total retail supply in Hanoi is in the CBD, and there has been nothing new since 2013. As a result, retailers have been finding alternatives in shop houses and old buildings around Hoan Kiem Lake (such as the first McDonald’s Hanoi), creating demand for more space.

    The CBD’s retail rent is predicted to rise in the coming years.

  • Citygate Outlets announces four exciting pop-up stores

    Citygate Outlets announces four exciting pop-up stores

    Cutting-edge Hong Kong streetwear store JUICE will be one of the four exciting pop-up stores coming to Citygate Outlets this month.

    Hong Kong’s leading retail outlet mall, featuring more than 80 international fashion and lifestyle brands offering 30% – 70% year-round discounts, is celebrating the change in seasons with this latest announcement, as well as limited-time pop-ups by PANDORA, LeSportsac and ORIGINS.

    Polo Ralph Lauren will also introduce their latest collection at Citygate Outlets, giving shoppers even more reasons to refresh their spring wardrobes.

    JUICE

    Cutting-edge Hong Kong streetwear store JUICE, owned by Kevin Poon and Edison Chen, will pop-up at Citygate Outlets this season, marking the store’s first outlet in Hong Kong.

    Cool kids can get up to 90% off on selected items from CLOT, YEEZY, SOMEWARE and PAN, among others.

    PANDORA

    Jewellery brand PANDORA has also announced a Citygate Outlets pop-up for Spring.

    Featuring a wide range of their timeless charms, rings and earrings, discounts of up to 60% will surely be too tempting to resist for savvy shoppers looking to add some sparkle to their spring wardrobe.

    Sporty American bag brand LeSportsac pop-ups this Spring at Citygate Outlets, and feature up to 60% off selected items from its classic collection as well as its “Tokidoki” collection, a crossover with internationally renowned illustrator Simone Legno, and its “We Love ZoolooZooloo” collection, an exclusive crossover with Ocean Park.

    As a special offer at Citygate Outlets, all shoppers who spend over HKD600 will receive a complimentary key chain. The gifts-with-purchase are available only while stocks last.

    ORIGINS

    The changing weather means it’s time to update the skincare routine. Citygate Outlets take care of things this Spring with an ORIGINS pop-up.

    Guided by the ethos of Nature + Science = Happy Skin, the American skincare brand will offer an exclusive discount at Citygate Outlets, whereby 2 items purchased will receive a 10% discount off the total price, while 2 items (including 1 serum product) or any 3 items will receive a 15% discount. Exclusive skincare sets will also be available at the pop-up so that every need will be covered.

    POLO RALPH LAUREN

    In addition to the four pop-up stores, leading international brands in Citygate Outlets will unveil the latest in Spring fashion. One to look out for is Polo Ralph Lauren’s new collection, which will be available exclusively in Citygate Outlets.

    Mix and match the hottest looks right now with up to 50% off the price of other classic items by the premium American lifestyle label.

     

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  • The new LL Bean Urban store will open soon

    The new LL Bean Urban store will open soon

    US outdoor retailer LL Bean will open its first LL Bean Urban concept store on April 6.

    While the backbone of the famous brand’s physical store presence comprises large format, warehouse style stores, usually located in bulky-goods centres, rather than in high street precincts, the company believes an offer tailored more to city consumers will expand its customer base and sales.

    The 8600sqft LL Bean Urban store, smaller than its mainstream stores, will open at One Seaport in Boston, featuring a range of active and casual apparel as well as the traditional outerwear and footwear for which it is best known. The stock will be tailored to Bostonians’ most-favoured recreational preferences.

    As part of its overall national retail growth plan, LL Bean made the decision to expand its presence into Boston’s Seaport because of the high degree of awareness and affinity Boston residents have for the brand – and to capitalise on its relationship with the Boston Red Sox team.

    “The new Seaport store will allow the people of Boston and beyond to experience first-hand everything the legendary outdoor retailer offers: quality merchandise, exemplary customer service, excellent outdoor programming, a welcoming shopping environment and an ethos to always do what’s right by its customers, employees, the environment and the community,” said Greg Elder, VP of stores.

    “Boston is a city that’s as passionate about the outdoors as we are. We’re excited to bring the outdoor spirit to the heart of Boston at our first city store, and get to know the vibrant Seaport community.”

    LL Bean was founded in 1912 by Leon Leonwood Bean, in a single room, selling a single product: the Maine Hunting Shoe. Still family owned, LL Bean now operates 39 stores in 17 states across the US, along with 25 in Japan.