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Tag: Mall

  • 9 upcoming retail mall projects in Singapore

    9 upcoming retail mall projects in Singapore

    According to a Savills report, there are at least nine major mall projects in the pipeline from Q4 2016 to 2020, totalling around 6.2 million sq ft of retail supply.

    The upcoming retail supply for 2016 is mainly from the new mixed-use developments in the Central planning region, mainly from two new integrated projects: Downtown Gallery and Tanjong Pagar Centre.

    From 2017 to 2020, approximately 6.2 million sq ft of new retail space is expected to enter the physical stock. Major developments consist of the new retail mall at Singapore Post Centre and The Heart at Marina One.

    Hillion Mall in the Bukit Panjang planning area is the only significant development in 2017 that is not located within the Central planning region.

    9 upcoming mall projects in Singapore

    1. Downtown Gallery
    Location: Shenton Way
    Estimated NLA (sq ft): 160,000
    Estimated completion: 2016

    2. Singapore Post Centre AEI
    Location: Eunos Road 8
    Estimated NLA (sq ft): 269,100
    Estimated completion: 2017

    3. Hillion Mall
    Location; Jelebu Road
    Estimated NLA (sq ft): 152,500
    Estimated completion: 2017

    4. Marina One (The Heart)
    Location: Marina Way/Straits View
    Estimated NLA (sq ft): 140,000
    Estimated completion: 2017

    5. Paya Lear Quarter
    Location: Paya Lear Road/Sims Avenue
    Estimated NLA (sq ft): 340,000
    Estimated completion: 2018

    6. Northpoint City
    Location: Yishun Central 1
    Estimated NLA (sq ft): 315,250
    Estimated completion: 2018

    7. TripleOne Somerset Podium AEI
    Location: Somerset Road
    Estimated NLA (sq ft): 88,500
    Estimated completion: 2018/9

    8. Jewel Changi Airport
    Location: Airport Boulevard
    Estimated NLA (sq ft): 576,000
    Estimated completion: 2019

    9. Funan
    Location: North Bridge Road
    Estimated NLA (sq ft): 324,000
    Estimated completion: 2019

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  • YCH Group launches four-storey retail hub in Xiamen

    YCH Group launches four-storey retail hub in Xiamen

    A new retail hub has launched in Xiamen, China, which will host retail majors Sam’s Club and Red Star Macalline.

    Spanning 55,000 square metres with a built up space of 100,000 square metres, the four-storey retail hub is a “lifestyle-centric’ outfit, designed to support the Pilot Free Trade Zone as the first major mall in Xiamen region.

    Already confirmed as “anchor tenants”, Sam’s Club and Red Star Macalline will occupy some 85% of the retail space. Sam’s Club’s will open its first Xiamen store here, marking the 15th location for the Walmart-owned retailer in China.

    The hub will also house popular eateries such as McDonald’s and Ajisen Ramen. Mall developers XPD-YCH Logistics, a joint venture between YCH Group and Xiamen Port Development, hope the new mall will boast Xiamen’s tourism profile in China.

    The new mall is also conveniently situated within the Pilot Free Trade Zone, meaning it is in close proximity to both air and sea ports and hotels.

    “This will enable them to remain competitive while simultaneously boosting trade and facilities investment for China with the Pilot Free Trade Zone,” he added.

    Xiamen is currently one of the fastest growing cities in China, growing at 6.7% with a population of 4.4 million. Xiamen received 1.63 million tourists from home and abroad, and taking in 1.853 billion RMB in tourism revenue according to statistics released by the Xiamen Tourism Bureau in late 2015.

    As a domestic market, China has also overtaken the US to become the world’s largest retail market in 2016 with total sales of US$4.886 trillion. The new Xiamen mall opened its doors December 15.

     

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  • SPH Reit keen on Seletar Mall

    SPH Reit keen on Seletar Mall

    Shareholders at the SPH Reit annual general meeting yesterday asked if the real estate investment trust sponsored by media group Singapore Press Holdings (SPH) would add Seletar Mall to its portfolio.

    The threat of online shopping was among other queries during the 90-minute meeting.

    In response, chairman Leong Horn Kee said the Reit is always on the lookout for accretive yield.

    He said the Reit, whose portfolio comprises Paragon and The Clementi Mall, is interested in Seletar Mall, which is now owned by SPH, but the question is when SPH wants to sell it and, more importantly, at what price.

    As for the rise of online shopping and e-commerce, 
Dr Leong said that while this trend is getting more prominent, brick-and-mortar stores are still relevant, given that consumers still prefer to feel and look at the actual product before purchase.

    In his opening remarks, 
Dr Leong also said that the retail environment remains challenging amid the economic slowdown in Singapore and the uncertainties of the global environment.

    “Consumers’ sentiment is muted. Retailers are also facing structural impediments such as labour constraints and competition from e-commerce,” said Dr Leong.

    He added that the Reit would continue to seek chances to create value and strengthen long-term sustainability of the properties.

    About 150 shareholders attended the meeting and all resolutions raised were passed.

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  • 90% of retail space at upcoming Bukit Panjang mall taken up

    90% of retail space at upcoming Bukit Panjang mall taken up

    Retail space is filling up at Bukit Panjang’s upcoming shopping centre called Hillion Mall, announced Sim Lian Group on Friday.

    It said in a press release that 90 percent of the approximately 174,730 sq ft of lettable area has been taken up by about 100 retail as well as food and beverage (F&B) tenants.

    There are five anchor tenants – NTUC FairPrice, PCF Sparkletots Preschool, Amore Fitness and Boutique Spa, Kopitiam and Best Denki.

    The mall along Petir Road, which is slated to open in the first quarter of 2017, is part of Bukit Panjang’s upcoming integrated transport hub. The Land Transport Authority (LTA) had announced that the hub will seamlessly connect the existing Bukit Panjang LRT station and the future Bukit Panjang MRT station with retail, F&B and residential developments at the same site.

    Basement 2 of Hillion Mall will be directly linked to the MRT station via an underpass, said Sim Lian Group.

     

    Above the mall is the 546-unit Hillion Residences. It is expected to receive its Temporary Occupation Permit (TOP) by September 2018.

    This is Sim Lian Group’s first mixed-use development in Singapore. When complete, the mall will serve more than 220,000 residents and 760,000 commuters, it said.

  • GIC snaps up a Korean shopping mall

    GIC snaps up a Korean shopping mall

    It invested $192.4m in the 28-floor retail complex. Singapore’s state-owned investment firm GIC invested $192.4m (USD 136m) in G-Square City Retail Complex in Seoul Korea.

    Tha complex, which was completed in 2012, spans 238,248 sqm across 8 floors. The building is well-situated in a prime location in the centre of Anyang City, a metropolitan area of Southern Seoul. It has a direct access to a subway line.

    “A 34,681 sqm office tower is also part of the complex, and is one of the preferred office buildings within the Anyang city district given its landmark status and building quality,” GIC said.

    The said mall is operated by Lotte Shopping Co. With the aquisition, it will be managed by IGIS Asset Management, one of the country’s largest real estate management companies with a good track record of managing retail assets.

    GIC Real Estate Chief Investment Officer Lee Kok Sun said G-Square is in line with the group’s strategy of acquiring income-generating assets.

    “As a long-term investor, we remain confident in the continued growth of the Korean economy and its retail sector,” Lee said.

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  • Shinsegae Group to Run COEX Mall

    Shinsegae Group to Run COEX Mall

    Shinsegae Property, a unit of South Korea’s conglomerate Shinsegae Group, has solely bid and likely won the 10-year operation right over Convention & Exhibition Mall (COEX Mall), the largest underground shopping center in Asia, according to the industry and Korea International Trade Association (KITA).

    Hyundai Department Store Co., which had been regarded as a strong candidate, gave up entering the bid. Another potential candidate Aekyung Co. also was absent. Shinsegae Property would likely be consigned to run the shopping mall.

    The company would operate COEX Mall consisting of 247 stores on a site of 48,359 square meters and Cultmall composed of 80 stores on a site of 10,579 square meters over the next 10 years.

    The mall with convention and exhibition is close to the Hyundai Global Business Center whose construction will be completed in 2021, making the area a promising tourist destination.

    Shinsegae has so far made efforts to target commercial areas in Gangnam, southern Seoul. It remodeled the Gangnam branch of Shinsegae Department Store earlier this year and bought an additional stake in Seoul Express Bus Terminal last month to set a foundation to establish a Shinsegae Town by combining the current Shinsegae Department Store, the Central City shopping district, and others to be built in the block.

    It is also ready to open Starfield Hana, which would be one of the nation’s largest complex shopping malls, in September. It is considered the ambitious work of Chung Yong-jin, vice chairman of the group.

    Shinsegae plans to differentiate COEX Mall as an urban-style shopping mall. COEX Mall is the nation’s first underground shopping mall but it saw its visitors decline after remodeling costing 300 billion won ($266 million) in 2014.

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  • Proposed sale of Jurong Point mall draws mixed views

    Proposed sale of Jurong Point mall draws mixed views

    Experts in the property industry are divided on how much interest Jurong Point — which has been put up for sale with a price tag of more than S$2 billion — will garner, given the current retail climate and hefty price tag.

    The mixed views come after reports that the mall has been put up for sale at more than S$3,000 per sqf based on the commercial net lettable area of about 658,000sqf that is being offered for sale by its owners Guthrie GTS Limited and Lee Kim Tah Holdings.

    Several experts told that the price is too high for the 21-year-old mall, particularly in the current weak economic and retail climate. Others say that market conditions are cyclical and that the strong attributes of the mall, including its size and location, will help it attract healthy interest.

    According to the mall’s website, Jurong Point — located between Boon Lay MRT Station and Boon Lay Bus Interchange — is the largest suburban mall in Singapore, housing about 450 retailers. The mall, which opened in December 1995, was expanded twice: Once in December 2000 when it expanded to 450,000sqf and again in December 2008 to 750,000sqf.

    Mr Ku Swee Yong, chief executive of International Property Advisor, said that the asking price is high for a mall that is more than two decades old, and that interest from buyers “will be limited”.

    “Looking at the recent Paya Lebar Quarter, even though it is priced at S$3.2 billion, it is a mixed development which includes commercial, retail and residential spaces. Jurong Point is not a new mall and to ask for that value is steep,” said Mr Ku.

    “There may be a few interested parties from institutional funds (insurance or pension-related), but they would probably require some sweeteners in the deal such as rental guarantees.”

    Other deals that have been transacted in recent years include Bedok Mall, which was divested by CapitaLand to CapitaLand Mall Trust for S$783.1 million last year. Bedok Mall has a net lettable area of 222,500sqf.

    Meanwhile, Mr Alan Cheong, research head at Savills Singapore, said that he expects interest in the mall to be healthy.

    Including the 44,000sqf of space under the Government’s Community/Sports Facilities Scheme, Guthrie and Lee Kim Tah are divesting a total net lettable area of 702,000sqf in the mall through the sale of shares in companies that own this space, the Business Times reported yesterday. At more than S$2 billion, the price tag translates to a sub-4 per cent net yield.

    “We believe that this is a fair price given that the availability of a prime mall for sale is a rarity here.

    “Also, it seems surprising that with office yields trending towards the sub-3 per cent levels, we still can have retail mall yields at around the 4 per cent levels. Although over the past five years, yields have fallen from the high 4 per cent levels to about 4 per cent, interest rates have also been trending down.”

    Mr Desmond Sim, head of CBRE Research in Singapore and South-east Asia, also said that although the retail industry is under pressure currently, malls with strong characteristics still be popular.

    “Malls with strong retail attributes (residential catchment, transport node location) still instil confidence from retailers. Investors will look beyond the current market which is largely cyclical and look at the longer term,” Mr Sim said.

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  • MPPA opens its new Hypermart G7 store at Citimall Baturaja in South Sumatera

    MPPA opens its new Hypermart G7 store at Citimall Baturaja in South Sumatera

    PT Matahari Putra Prima Tbk (MPPA), a multi-format modern retailer in Indonesia, which operates Hypermart, SmartClub, Foodmart, Boston Health & Beauty and FMX, today (October 27, 2016) proudly opens its new Hypermart G7 store at Citimall Baturaja in South Sumatera.

    MPPA keeps continuing to execute and deliver its expansion strategy throughout the country with a series of new store openings across its business formats. The Hypermart Baturaja Citimall is 20th store within Sumatra Island.

    The new store is strategically located within the growing province of South Sumatera along with other existing Hypermart stores already operating in the city of Palembang and other areas within the province. The store has adopted the latest G7 concept with gross selling area of ± 6,500 m². This format features a new and improved store design. The new retail offering from Hypermart G7 will certainly add the MPPA’s strength as the dominant modern retail player in Sumatera.

    MPPA’s Director of Public Relations and Communications, Danny Kojongian stated, “We are delighted to open our latest new Hypermart G7 store at Baturaja, South Sumatera. We would ensure that our quality product assortments and unparalleled retail services would bring a positive impact of modern retail offerings in Baturaja and South Sumatera, support the positive impact toward regional economy as well as provide the best services for the modern lifestyle in the region.”

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  • LIU JO Open at Paragon Mall in Singapore

    LIU JO Open at Paragon Mall in Singapore

    Italian fashion brand Liu Jo is pleased to announce the opening of its new boutique in the prestigious Paragon Mall in Singapore. It is also the key flagship boutique for South East Asia region.

    The impressive vast 3,305 square feet boutique marks an important milestone in Liu Jo’s fast-growing expansion in the Asia region and continues the new exciting Curiosity retail concept which aims to create an exclusive but warm and homely ambience for its shoppers. The new layout highlights precious metals in a modern, intriguing design, presenting a minimalist, sleek and sophisticated décor to give pride of place to its collections. Complemented with the recognisable Liu Jo brand codes and signature eclectic style, the new boutique presents a refreshed expression of the brand’s mission to celebrate feminine elegance and quality.

    Previously located at Wisma Atria Mall, loyal followers of the brand will be pleased to know that the new Paragon boutique boasts a larger retail space, and will house an extensive selection of the Italian brand’s ready-to-wear and accessories offering. Liu Jo Black Label Collection, Liu Jo White Label Collection, Liu Jo Blue Denim Collection, Liu Jo Gold Label Collection, Liu Jo Sport, Les Plumes de Liu Jo, Liu Jo Accessories, Liu Jo Shoes and the Liu Jo Eyewear and, Liu Jo Fragrances will be available at this flagship boutique.

    This new Paragon boutique is a key step to the development of the Italian company to increasing and strengthening its global market share. Singapore will play a strategic key role: it will be a key platform for further focus on the rapid growth of the South East Asia market.

    Presenting a new interpretation of accessible luxury shopping, this new boutique marks the continuation of the steady success and popularity the brand enjoys in Asia. The international fashion brand currently has presence in 50 countries and 3 different continents – Europe, Africa and Asia – through a distribution network including over 350 mono-brand points of sales and 5000 multi-brand points of sales world-wide.

  • Govt asked to freeze shopping mall licences

    Govt asked to freeze shopping mall licences

    The Malaysia Retail Chain Association (MRCA) has asked the government to temporarily freeze issuing licences for new shopping malls to curb the oversupply of retail space.

    Its deputy president, Valerie Choo, said the number of shopping malls was likely to grow between 2017 and 2018 and this would strain the retailers’ margins.

    “There will be over 50 per cent increase in shopping mall space (once the new shopping malls are ready).

    “Too many shopping malls can be tough on the retailers as well,” she told reporters at the “MRCA Engaging with the Media” session here today.

    Choo said the retail industry has been impacted by the economic slowdown and the weakening ringgit had led to an increase in overhead costs.

    “We depend on imported goods, which have increased tremendously. We have been trying our best not to raise prices, but how long can we do it,” said Choo.

    She said Indonesia had decided to freeze shopping mall development to curb oversupply, which has slowed the growth of its retail industry.

    Choo also urged the government to spur the tourism industry to help boost sales of retailers in shopping malls.

    “The tourists can take advantage of the weaker ringgit. It will help to increase spending in shopping malls,” said Choo.

    MRCA represents over 300 retailers in Malaysia covering over 20,000 outlets and who provide over 100,000 jobs.

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  • Calvin Klein Opens First Accessories Store in Hong Kong at IFC Mall

    Calvin Klein Opens First Accessories Store in Hong Kong at IFC Mall

    Calvin Klein, Inc., a wholly owned subsidiary of PVH today announced the opening of the first Calvin Klein accessories store in Hong Kong at ifc mall at Central Waterfront.

    Considered one of the country’s iconic world-class shopping malls, ifc mall is the destination for an extraordinary shopping, dining and entertainment experience. The new Calvin Klein accessories store is located on level 1, and offers both men’s and women’s Calvin Klein Platinum accessories and leather goods.

     The new store’s interior is marked by simple geometric forms that create a strong but neutral framework for product display. The crispness of the store’s geometry contrasts with the muted palette of oiled wood, lustrous rose-toned metal, honed stone and concrete. 

    Calvin Klein, Inc. is one of the leading fashion design and marketing studios in the world. It designs and markets women’s and men’s designer collection apparel and a range of other products that are manufactured and marketed through an extensive network of licensing agreements and other arrangements worldwide. Product lines under the various Calvin Klein brands include women’s dresses and suits, men’s dress furnishings and tailored clothing, men’s and women’s sportswear and bridge and collection apparel, golf apparel, jeanswear, underwear, fragrances, eyewear, women’s performance apparel, hosiery, socks, footwear, swimwear, jewelry, watches, outerwear, handbags, small leather goods, and home furnishings (including furniture). For more information, please visit calvinklein.com. 

    With a heritage going back over 130 years, PVH Corp. has excelled at growing brands and businesses with rich American heritages, becoming one of the largest apparel companies in the world. We have over 30,000 associates operating in over 40 countries with over $8 billion in 2015 revenues. We own the iconic Calvin Klein, Tommy Hilfiger, Van Heusen, IZOD, ARROW, Speedo*, Warner’s and Olga brands and market a variety of goods under these and other nationally and internationally known owned and licensed brands.

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  • Shopping malls generate HK$1.3b rental income for Swire Properties

    Shopping malls generate HK$1.3b rental income for Swire Properties

    Shopping malls generate HK$1.3b rental income for Swire Properties

    Swire Properties (1972) shopping malls including The Mall at Pacific Place, Cityplaza in Taikoo Shing and Citygate Outlets at Tung Chung generated gross rental income of HK$1.35 billion in the first half, the company reported today. At June 30, 2016, the retail properties in Hong Kong were valued at HK$52.79 billion. Of this amount, Swire Properties’ attributable interest represented HK$46….

    Swire Properties (1972) shopping malls including The Mall at Pacific Place, Cityplaza in Taikoo Shing and Citygate Outlets at Tung Chung generated gross rental income of HK$1.35 billion in the first half, the company reported today.
    At June 30, 2016, the retail properties in Hong Kong were valued at HK$52.79 billion. Of this amount, Swire Properties’ attributable interest represented HK$46.46 billion.

  • SM Seaside City Cebu recognized in ULI Philippine Healthy Places Awards

    SM Seaside City Cebu recognized in ULI Philippine Healthy Places Awards

    SM Prime’s SM Seaside City Cebu was recognized recently by the Urban Land Institute (ULI) Philippines Building Healthy Places Awards in the Commercial-Retail category.

    Building Healthy Places Awards recognize outstanding and innovative projects that add value to the community, promote healthy life choices and enhance the environment.

    SM Seaside City Cebu is the center of a future 30-hectare mixed-use masterplan which will hold office, residential, and hospitality components. It provides not only convenient retail, food and beverage outlets, services, and leisure activities, but also public transport access, outdoor roof-gardens, and a green inner courtyard in which social and communal activities can take place.

    The mall holds outlets for several physical and leisure activities, such as fitness centers, bowling-lanes and ice-skating. It also contains medical clinics, health-food outlets, drug-stores and spas. Outdoor playgrounds and water-playgrounds in the roof-garden provide physical outlets for kids, while a perimeter jogging path allows visitors, workers, and residents to stay fit.

    Aside from the mall’s content, its architecture aim to promote human interaction in the mall, which is considered critical to its success. SM Seaside City Cebu is not just a place to shop; it is designed to be the social hub of the local community, and the architecture aims to reflect this role, with its grand entrances, central courtyard, and sweeping gardens.

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  • Dubai Mall named world’s best for shopping experience

    Dubai Mall named world’s best for shopping experience

    Dubai Mall has ranked higher than London’s Regent Street, New York’s Fifth Avenue and the Champs-Elysees in Paris in terms of the overall quality of its retail facilities and amenities, according to the latest Global Retail Destination Index 2016 from Savills.

    The report measures the various retail attributes held by London’s West End and compares them to six other leading cities – Dubai, New York, Paris, Milan, Hong Kong and Singapore.

    The Dubai Mall locations were based on their brand positioning in comparison to the key retail destinations in the West End. As a result, each strip of the mall – Star/Grand Atrium strip, Fashion Catwalk and Fashion Avenue – was treated like a ‘street’.

    The report said: “Dubai is forecast to report the strongest growth in retail sales over the next five years of the seven global cities examined, potentially challenging London’s West End’s current global position.”

    The top ranking global retail city from the analysis was New York. London’s West End ranked second alongside Hong Kong, followed by Dubai.

    According to the Mastercard Global Destination Cities Index 2015, there were 14.3 million overnight visitors to Dubai last year, which commanded a total spend of $11.7 billion, an average of $819 spent per visitor. This was some way behind New York’s average spend of $1,416.

    Dubai Mall was named the least expensive in terms of indicative prime total occupational costs as of Q4 2015 – prime rent per sq ft $240; additional occupational costs per sq ft $60; total occupational costs per sq ft $300. This compared to the total occupational costs per sq ft in New York’s Fifth Avenue of $3,900.

    According to a survey response in the report, 88.4 percent of people said Dubai has the best choice and quality of shops in the world.

    Dubai outperformed London, Paris, Singapore and Milan for shopper experience, which included ease of shopping, connectivity, service levels and directional signage.

    David Godchaux, CEO of Core Savills, said: “Dubai is now perceived as a top global retail destination. But this is only the tip of the iceberg as we now start seeing developers trying to improve the shopping experience not only for tourists as in the past 15 years, but also for residents.

    “This trend of moving away from the ‘bigger is better’ approach, to more user and resident friendly retail developments, bringing a real city experience and European-style shopping to areas of Dubai similar to those found in London, Paris and Milan, is something that was much awaited by the market and that we see finally happening.”

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  • Croesus Retail Trust buys Hiroshima mall for over $40m

    Croesus Retail Trust buys Hiroshima mall for over $40m

    It is expected to provide stable income.

    According to KGI Fraser, Croesus Retail Trust (CRT) is acquiring Fuji Grand Natalie, a suburban retail property in Hiroshima Prefecture.

    It added, “The NPI yield of the acquisition is 6.3 percent using the purchase consideration of JPY3.3b. The total acquisition cost is JPY3.63b (S$44.3m), funded by equity using part of the net proceeds from the private placement raised earlier.”

    In its report KGI Fraser cited steady income stream as the property “is master-leased to Fuji Co Ltd/Ehime (8278 JP) till end-March 2024 on a fixed monthly rent basis.”

    RHB meanwhile described Fuji Grand Natalie as an income-producing large scale suburban retail mall in Hatsukaichi City with 100 percent level of occupancy.

    The acquisition, according to RHB, will be accretive to CRT’s shareholders.

    – See more at: https://sbr.com.sg/retail/more-news/croesus-retail-trust-buys-hiroshima-mall-over-40m#sthash.6auQqA0v.dpuf

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