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.

  • Glitzy Malls of Asia – Bangkok

    Glitzy Malls of Asia – Bangkok

    Central Embassy is Bangkok’s latest challenge in the luxury retail sector, not only to older malls like the SiamParagon but also to Singapore and Hong Kong as a retail destination.

    It is big and spacious with very wide walkways to ensure that it does not get packed even on busy days. It positions itself as an “ultra luxury” mall. This means, among other things, that a movie ticket here costs upwards of 1,500 baht (US$45), prompting one blogger to wonder if it comes with butler service and gold-encrusted movie stubs.

    The high-end cinema on Level 8, however, is one of the few distractions. Most of the mall is focused on just fashion and food. Fashion, in this case, includes not just the usual big international brands. More significantly, Central Embassy showcases a good selection of Thai designers. This is fully in line with the owner’s stated vision to “introduce Thailand to a global audience of taste makers and opinion formers.”

    Also consistent with this vision, the sprawling 5,000sqm supermarket and foodcourt at the basement, called Eathai, features only Thai food, with cuisines from different regions clearly differentiated. There is also a section on street foods and a cookery school. Big, colourful murals, along with walls constructed from traditional Thai kitchen utensils, add to the ambience. Other cuisines can be enjoyed at standalone eateries on the upper floors.

    The mall’s architecture is spectacular, although it takes some imagination to see how it is inspired by wats (temples) and other traditional Thai architecture. It is in the details, where traditional patterns, materials and fabrication methods are interpreted in a modern setting. The façade spans 200m and has a skin of three-dimensional ceramic tiles and protruded aluminum to project a different view with each step. Central Embassy is a sight to behold.

    Luxury and more at Siam Paragon

    SiamParagon redefines luxury to include more than just fashion, watches or jewellery. It means you can buy a luxury car too. Choose from Aston Martin, Ferrari, Lotus, Lamborghini, BMW, Hammar, Maserati and more. Or how about a Bentley or a Rolls Royce?

    For tourists and the Thai elite, this is the premier shopping destination. With a gigantic Paragon Department Store covering 50,000sqm over six floors, plus some 270 other shops, SiamParagon is ranked one of the largest luxury malls in Asia. But if you are not in the league for luxury goods shopping, there are lots more to do – so much more that one writer considers it “demeaning” to call SiamParagon a mall.

    One big attraction is the Siam Ocean World. Occupying some 10,000sqm at the basement, this is one of the biggest walk-through aquariums in Southeast Asia where visitors can scuba dive to get up close and personal with sharks and rays. A new attraction called Kidzania allows children to get a realistic taste of adult careers, like being a dentist or a fire fighter.

    Then there is theCineplex with 14 halls, one of which has the biggest screen and highest seating capacity in Asia. The Krunsri IMAX theatre, at 8-storeys high, is also one of the biggest in the region. There is also a 38-lane bowling alley, a karaoke, an outdoor park, an exhibition hall, an opera house, a section devoted to traditional Thai arts and the Royal Paragon Hall, a 5,000-capacity venue for concerts, conventions and other special events.

    Plus, there is an incredible range of F&B outlets featuring cuisines from around the world, at prices that range from affordable to very expensive. Even if all you want is a Starbucks coffee, SiamParagon offers a choice of at least five Starbucks outlets.

  • Starhill Global REIT sells prime Tokyo retail property for $29.9m

    Starhill Global REIT sells prime Tokyo retail property for $29.9m

    Proceeds will be used to pay off Yen loans.

    Starhill Global REIT has divested Roppongi Terzo, a prime retail property located in Tokyo, for $29.9m.

    This is above the property’s last valuation of $29.2m, and the sale consideration translates to a yield of 4.4%.

    After the transaction, the REIT’s portfolio in Japan will be reduced to four properties.

    The net sale proceeds would be used to repay the Yen loans and/or for working capital purposes. SGREIT’s gearing is expected to decrease from 35.7%3 to 35.1% assuming that the net sales proceeds are substantially used to repay the Yen loans

  • Bookseller Dymocks to close flagship IFC Mall store and HK office

    Bookseller Dymocks to close flagship IFC Mall store and HK office

    Hong Kong’s largest English- language bookseller, Dymocks, is to end its 15-year local presence in an industry battered by high rents and shifting reading habits.

    To view the full article (note: you must be an scmp.com subscriber), visit scmp.com. (From seven days after publication, this article will appear in Archive Search.)

  • Inditex acquires New York property for new Zara store

    Inditex acquires New York property for new Zara store

    A new Zara store will rise in Inditex’s newly acquired 4,400-square metre commercial property in the heart of New York’s SoHo Cast Iron Historic District, one of the world’s best known shopping districts.

    The new store, to be located in a building at 503-511 Broadway, between Broome and Spring Streets, complements recent flagship store openings by Inditex in the US market.

    The company said it has invested USD280 million to acquire the property, but its store opening strategy remains focused on leased properties, while the commercial thrust is still to further enhance the integrated store & online sales model.

    “This opening marks a very significant milestone in the Group’s US growth strategy,” said Inditex’s Chairman & CEO, Pablo Isla. “The growth model for the US market consists of a combination of flagship store openings and online sales growth underpinned by strong support from American shoppers.”

    By the end of 2015, including the stores on Broadway on the Upper West side, at 666 Fifth Avenue and 750 Lexington Avenue, Zara will have eight stores in Manhattan as well as another seven in the greater metropolitan area.

    As for the overall US market, Inditex plans to open over a dozen new Zara stores in 2015 in major cities such as New Jersey, Las Vegas, Los Angeles, San Diego, Boston, Sacramento, Houston, Dallas, Chicago, Seattle and Puerto Rico.

  • Taiwan’s first outlet mall to open this year

    Taiwan’s first outlet mall to open this year

    Taiwan will see its first international outlet mall in Taoyuan in August, and 100 stores will open their doors in the first stage of the project.

  • TCC opens megamarket in Nong Khai

    TCC opens megamarket in Nong Khai

    TCC Logistics and Warehouse, a subsidiary of TCC Group, has opened the MM Mega Market in Nong Khai province to cash in on growing consumption spurred by increasing border trade with neighbouring countries.

    The company has leased space at Asawann Shopping Complex II for 30 years to open the MM Mega Market, which has a new concept blending a hypermarket and wholesale store under the same roof. Customers can but products either in bulk or just one piece.

    The market, covering 10,000 square metres, is 4.4 kilometres from the Thai-Lao Friendship Bridge, enabling it to attract customers from Laos.

  • Greater rental retail transparency in Singapore soon

    Greater rental retail transparency in Singapore soon

    Retailers and landlords in Singapore can look forward to greater retail rental transparency after the details of the Fair Tenancy Consideration Framework are unveiled, probably this month. The framework will comprise three components: data transparency, education and awareness, and a mediation process.

    The first component will make retail rent data transparent, likely pegged to street names, with a rough gauge of the size of the shop unit.

    “We tried to push for more rent details which give better transparency (down to per square foot rental),” said Kurt Wee, president of the Association of Small and Medium Enterprises (ASME). “But I think it’s not going to be easy to extract this data . . . If we ever want full transparency, we are talking about a new data bank. This means for every lease you sign, you have to fill up a set of obligatory information and file it with a certain data bank.”