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Tag: sim lim square

  • Police seized counterfeit goods at Sim Lim Square

    Police seized counterfeit goods at Sim Lim Square

    Singaporean police have found $1.03 million worth of fake goods at Sim Lim Square.

    The counterfeit products were seized from four retail outlets in the high-profile shopping centre.

    Some 6000 pieces of trademark-infringing items including laptop power adaptors, batteries, LCD screens, power supply units, cables and earpieces were seized in the raid and three men were arrested.

    According to Criminal Investigation Department, selling or distributing goods with falsely applied trademarks can attract fines of up to $100,000, and jail terms of up to five years.

    “Police take a serious view of intellectual property right (IPR) infringements and will not hesitate to take action against perpetrators who show blatant disregard for our IPR laws and at the expense of legitimate businesses,” said Florence Chua, director and deputy commissioner of police (investigations and intelligence).

  • What businesses occupy the most expensive retail space?

    What businesses occupy the most expensive retail space?

    At least 51 strata retail transactions have crossed the $10,000 psf mark, based on URA’s caveat data so far. These transactions took place as far back as 2005 at just nine developments: Alexandra  Central, Centrepoint, Far East Plaza, Lucky Plaza, Novena Regency, Pavilion Square, People’s Park Complex, Sim Lim Square and The Arcade.

    A 43 sq ft, ground-floor unit at The Arcade is by far the most expensive on price psf terms. The unit changed hands for $1.4 million, or $32,516 psf, in December 2015. The shop is prominently located at the entrance facing Raffles Place Park and enjoys high footfall. It is currently occupied by a money changer. Only two transactions at The Arcade crossed the $10,000 psf mark. The second transaction was that of a 65 sq ft shop on the second floor that fetched $780,000, or $12,077 psf, in February 2015. It is tenanted by a florist. The Arcade is a 99-year leasehold office-cum-retail development, with three levels of retail space, located within walking distance of Raffles Place MRT station. The Edge Property could not trace the profitability of these two transactions at The Arcade as there were no prior caveat records for the units.

    A new-sale transaction for a 161 sq ft unit at Alexandra Central that sold for $2.87 million, or $17,820 psf, in January 2013 ranks second on The Edge Property’s list of most expensive strata retail space psf. The unit is currently leased to an F&B business. According to the business’ director, who wished to remain anonymous, the monthly rent is $7,000 and the business is stable despite the low occupancy rate at the mall. Based on this, the monthly rent is $43.48 psf and gross rental yield is 2.9%.

    Transactions at Alexandra Central accounted for eight of the 51 top-dollar deals. All eight were new-sale transactions for ground-floor units that were sold in 1Q2013 at between $10,498 and $17,820 psf. Six of the eight units were unoccupied when The Edge Property visited Alexandra Central on Jan 5; two were occupied by F&B businesses Toast Box and 1-Box Bento.

    The third-most-expensive shop in terms of price psf is a 151 sq ft unit located on basement one of Lucky Plaza. The unit changed hands for $2.65 million, or $17,550 psf, in May 2011 and is occupied by a jewellery business.

    Based on the matching of caveats, the previous owner enjoyed a profit of $1.79 million, or 19% annualised capital gains, from the sale of this unit bought at $860,700 in April 2000.

    Lucky Plaza plays host to 14 of the 51 top- dollar cases that crossed the $10,000 psf mark. There were 58 transactions at Lucky Plaza between 2011 and 2015, with 11 above the $10,000 psf mark. The price ranged from a low of $1,490 to $17,550 psf, with the average at $6,994 psf.

    Far East Plaza is another location with some of the priciest retail space, with 14 transactions crossing the $10,000 psf mark. The most expensive is a third-storey, 344 sq ft unit sold at $4.45 million, or $12,919 psf, in December 2012. Along with the two adjacent units, which are also on our list of pricey units at $12,533 and $12,514 psf respectively, the space is occupied by a consignment store offering micro retail “cubes” and shelf space.

    Of the 14 transactions at Far East Plaza, 13 were for units located on the third floor. The sole exception was a second-storey, 215 sq ft unit transacted at $2.65 million, or $12,310 psf, in April

    2014. According to the tenant, Suresh of Master Tailors, the monthly rent is $8,200. This puts the monthly rent at $38.14 psf and gross rental yield at 3.7%. “This location close to the escalators is important for my business as tailored suits are impulse buys. Although we have many repeat clients, we cannot move to another unit, as they will think that we have closed,” Suresh says.

    The most expensive unit at Far East Plaza is occupied by a consignment store. 

    far east plaza shop thousand lattice

    Six of the entries on the list of priciest retail space are at Pavilion Square, a residential and commercial development located on Geylang Road and slated for completion later this year. All six were new-sale transactions for first-floor units that took place in April 2013. The most expensive was a 118 sq ft unit sold at $1.29 million, or $10,879 psf. There have been 25 new-sale transactions for first-floor units at Pavilion Square, with the lowest price being $7,000 psf and the average at $8,658 psf. For the 25 second-storey units that were transacted, the price ranged from $5,097 to $5,791 psf and the average was $5,523 psf.

    Of the 51 transactions that crossed the $10,000 psf mark, 24 were resale cases whose previous caveats can be traced.  All 24 sellers reaped profits ranging from $132,000 to $11,680,000, or $3,047,871 on average.

    The transaction with the highest profit in absolute quantum was for a 1,281 sq ft, third-floor unit at Far East Plaza that is currently occupied by a fashion boutique. The previous owner bought the unit for $1.32 million in April 2005 and sold it for an $11.68 million profit in October 2014, resulting in an annualised profit of 93%.

    Among the 24 transactions, the highest annualised profit of 155% was for the 549 sq ft, third-floor unit at Far East Plaza occupied by the consignment store. This unit was purchased at $600,000 in March 2006 and subsequently resold at $6.88 million in December 2012.

    Three most expensive retail units over $10,000 psf mark per development

    No. Location Floor Type of business Area (sq ft) Type of sale Price ($ psf)  Price ($) Contract date
    1 Alexandra Central 1 F&B 161 New Sale        17,820 2,869,000 Jan-13
    2 1 Unoccupied 140 New Sale        17,221 2,411,000 Feb-13
    3 1 Unoccupied 161 New Sale        15,646 2,519,000 Feb-13
    1 Centrepoint 1 Department store 344 Resale        15,988 5,500,000 Jun-14
    1 Far East Plaza 3 Consignment store 344 Resale        12,936 4,450,000 Dec-12
    2 3 Accessories/Salon 549 Resale        12,750 7,000,000 Nov-12
    3 3 Consignment store 549 Resale        12,532 6,880,000 Dec-12
    1 Lucky Plaza B1 Jewellery 151 Resale        17,550 2,650,000 May-11
    2 B1 Perfume 151 Resale        17,351 2,620,000 Jul-11
    3 B1 Souvenir 151 Resale        16,424 2,480,000 Oct-10
    1 Novena Regency 1 Unoccupied 161 New Sale        10,298 1,658,000 Apr-13
    1 Pavilion Square 1 Uncompleted 118 New Sale        10,916 1,288,128 Apr-13
    2 1 Uncompleted 118 New Sale        10,492 1,238,048 Apr-13
    3 1 Uncompleted 118 New Sale        10,492 1,238,048 Apr-13
    1 People’S Park Complex 1 Bakery 291 Resale        10,997 3,200,000 Feb-13
    1 Sim Lim Square 1 Electronics 420 Resale        12,024 5,050,000 Nov-12
    2 1 Electronics 355 Resale        11,268 4,000,000 Jun-11
    3 1 Unoccupied 420 Resale        10,714 4,500,000 Mar-13
    1 The Arcade 1 Money changer 43 Resale        32,558 1,400,000 Dec-15
    2 2 Florist 65 Resale        12,000 780,000 Feb-15
    Source: URA, The Edge Property
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  • Funan mall to close next year for major renovations

    Funan mall to close next year for major renovations

    Landmark in North Bridge Road to close next year for major renovations to convert it into a new creative hub. His first job as a draftsman was to draw Funan Centre.

    Mr Mark Yan’s voice lit up when he talked about his pride and joy in being part of the team that worked on the 30-year-old mall, an icon of Singapore’s IT retail history. The mall on North Bridge Road is set to undergo a major renovation. It will make way for the development of a new “experiential creative” hub, said CapitaLand Mall Trust Management in a press release.

    The mall will be closed for three years, from June 30 next year. Mr Yan had just completed his national service when he joined a Urban Redevelopment Authority team that worked on the construction of the Funan Centre in 1983.

    Funan Centre was opened in 1985, two years before Sim Lim Square. It was renamed Funan DigitaLife Mall in 2005. Mr Yan, then a URA structural technician, said: “When the team first sketched out the plan for Funan Centre back then, we had a vision of a bustling shopping destination.

    “Back in the day, if people didn’t want to go to Orchard Road, they would walk around North Bridge Road, visit Peninsula Plaza or catch a movie at the Shaw Towers,” said Mr Yan, now 55 and the father of two.

    He was very proud of Funan Centre when it was completed. “It was a huge privilege for me to be part of the team. So much work was put into it and I felt honoured that I got to contribute.” He is now a real estate agent.

    In the early 90s, Mr Yan recalled an influx of electronics and IT retailers to the mall that catered to the surge of digital technology. “In those days, everyone was very excited about owning electronic gadgets like handphones or Walkmans, so the mall was really convenient because everything was under one roof,” said Mr Yan.

    These days, he frequents the mall whenever he needs to buy accessories for his electronic gadgets or service them. When The New Paper told him about the closure of the mall next year, Mr Yan said the news was “a long time coming”.

    “It’s about time for the mall to be revamped so that it can keep up with its surroundings. In the meantime, I will have to live with buying my stuff from Sim Lim Square,” he said.

    SENTIMENT

    Logistics executive Mohd Faizal Osman, 31, said: “When my friends or relatives from out of town come to Singapore and ask me for places to get electronic goods, I immediately tell them to go to Funan DigitaLife mall.

    “It’s reputable and, most importantly, safe. I really hope they will sustain the vibe of the mall after the development,” he said.

    Another regular patron of the mall, full-time national serviceman Joseph Chai, said that the atmosphere at Funan DigitaLife Mall is different from Sim Lim Square.

    The 19-year-old, who is an avid fan of computer games and action figures, goes to the mall almost every weekend with a group of friends.

    “I like to hang around the mall because it has everything that I need. I can find all the latest games and action figures without anyone rushing me or giving me the side-eye,” said Mr Chai.

    “Once Funan closes, I will need to start sourcing for other places to find the things I need. Hopefully it doesn’t include going to Sim Lim Square.”

    Retailers scrambling to find alternatives

    Even though the rumours have been flying about for the past six months, yesterday’s confirmation that Funan DigitaLife Mall will be closed next year has left retailers scrambling.

    Mr Muthiah Nagappan, managing director of Worldwide Computer Services, said that the closure will result in big losses to his company. His shop is one of more than 170 shops at the mall. He spent $80,000 on renovations for his shop, which was opened two years ago.

    “When I received the e-mail from the landlord yesterday, I was quite taken aback.

    “Even if I open my shop every single day from now till the mall closes, it will not cover my expenses,” said Mr Muthiah, 53, who also has a shop at Sim Lim Square.

    “Now I’m really trying to find an alternative solution to this. Maybe I’ll just open another shop at Sim Lim Square,” he added.

    In an e-mail to tenants, CapitaLand Mall Trust Management Limited (CMTML) said it would endeavour to find alternative spaces at its other properties for the Funan tenants, subject to conditions such as availability and rental rates. Mr Muthiah said he will consider the offer.

    Mr Jeffrey Phua, owner of gaming computer and accessories retailer GameproSG, said that the move will be a hassle but the bigger concern is the customers. “Since all the retailers have to relocate, the shops in Funan will be scattered all over Singapore.

    “So the challenge is to retain regular customers,” said Mr Phua. Fortunately for Mr Phua, he has another branch in Sim Lim Square but is not looking to expand it.

    “I’d rather relocate my shop than expand the one in Sim Lim Square because it caters to different customers. “I’m very doubtful that customers from Funan would actually shop at Sim Lim Square,” said Mr Phua.

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  • Sim Lim Square scammers jailed

    Sim Lim Square scammers jailed

    Crooked retailers have been served a warning after a judge jailed four Sim Lim Square scammers.

    The freelance salesmen worked for the collapsed Mobile Air mobile phone shop for notorious conman Jover Chew Chiew Loon have been sent to jail for between four and 14 months for their part in duping customers of a proven $16,147 between April and October last year.

    Chew goes to trial next week.

    According to a Straits Times court report, the four convicted are Koh Guan Seng, 38, (14 months); Kam Kok Keong, 31, (11 months); Lim Hong Ching, 34, (six months); and Kelvin Lim Zhi Wei, 32 (four months).

    The newspaper reports they would lure unsuspecting customers with attractive pricing for new phones, then add hidden charges to extort additional cash from the customers. Such charges included bogus extended warranties

    Mobile Air is the store featured in footage which went viral on social media last November showing a Vietnamese tourist who used his life savings to buy his girlfriend a new phone begging for a refund after he could not pay an extra $1000 demanded for a ‘warranty’ before he could take the phone away.

    District Judge Toh Yung Cheong said that while they had been trained in how to dupe customers, the four convicted had made conscious decisions to offend.

    “In committing the offences, they behaved like thugs rather than sales assistants and they must bear personal responsibility for their conduct,” he said.

    Prosecutors said the victims were mostly foreigners on low wages and with limited English skills – thus easy targets for the conmen.

    The judge noted their actions had caused wider harm by damaging the reputation of Singapore as a tourist and shopping destination, apart from the impact on Singapore’s retail industry.

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  • Coaching, CTV for Sim Lim Sq.

    Coaching, CTV for Sim Lim Sq.

    Sim Lim Sq., Singapore’s infamous electronics mall the place overseas vacationers have been ripped off in dodgy cell phone offers, appears to have turned a nook.

    The Shoppers Affiliation of Singapore (Case) says it has acquired solely 12 complaints towards the mall’s electronics retailers within the first 4 months of this yr – about one third the quantity it fielded throughout the identical interval final yr.

    Final November the mall acquired international information and social media publicity after a Vietnamese vacationer was left in tears after spending his life financial savings to purchase his girlfriend an iPhone – which with an pointless ‘guarantee’ payment he was required to pay ended up costing him 3 times the worth of the identical telephone in Ho Chi Minh Metropolis.

    That retailer shut up store and deserted the mall – together with a number of others ‘outed’ by Case and native information media for comparable unconscionable conduct and since then the mall’s administration has labored onerous to enhance its popularity.

    On the core of the development is an accreditation program recognising dependable and reliable retailers. To realize accreditation, tenants should attend a subsidised coaching program run by Nanyang Polytechnic’s Singapore Institute of Retail Research. The coaching will give employees expertise in coping with clients in addition to finer factors of shopper legal guidelines.

    That follows information of the introduction of CCTV cameras and recording units in entrance of outlets topic to 3 or extra complaints to Case or the Singapore Tourism Board, together with stickers warning would-be clients to be cautious of the shops.

    A mall administration spokesman informed The Straits Occasions newspaper: “Our council members instructed this and it received unanimous approval throughout our annual assembly final month.”

    Case president Lim Biow Chuan, Central Singapore District mayor Denise Phua and Singapore commerce and business minister Teo Ser Luck met at Sim Lim Sq. on Friday for a walkabout of the centre and discussions with mall administration about progress on cleansing up the centre’s picture.