City Development’s City Square Mall to open by end 2009
A sprawling 700,000 square foot mall will open in Little India by the end of next year. City Square Mall’s launch will coincide with that of other major retail shopping centres along Orchard Road like 313@Somerset.
But its developers remain confident that the new malls won’t pose a threat. Going by the numbers, it seems retailers agree. They have already committed to about 70 per cent of City Square’s tenancy.
At about half the size of VivoCity, it’s located two streets away from the popular Mustafa centre.
While some worry about how it will stand up against competition from the mainstream shopping belts, its developer City Developments is confident of its niche appeal.
Corrine Yap, deputy general manager, City Developments, said: “Our mall is at the fringe and we position ourselves like a suburban mall even though it’s at the city fringe. There will be a regular pool of customers coming to the mall because we are providing convenient shopping.”
Bucking the trend of forsaking anchor tenants for smaller shops, City Dev has signed nine anchor tenants, taking up about half of the mall’s lettable area.
Set in the middle of a park, City Square Mall also incorporates green features into its design. For example it has an eco-friendly roof that harnesses solar power and rain water. It also comes with restrooms that save water and electricity.
CityDev is positive on the outlook for retail going forward and is looking to open more malls.
Chia Ngiang Hong, group general manager, City Developments, said: “It’s quite site specific in the sense we need to look for right place for the mall. If opportunities arise we will be looking actively.”
However, for now, its focus will be on its upcoming South Beach project. - AFP/vm
Source : Channel NewsAsia - 1 Sept 2008
Loading ...
Post a Comment
Tell me a bit about yourself; who you are, where you're from, what information you would like to see on this site. As I continue to provide you with Singapore property happenings, your feedback will encourage me to post more frequently. Thank you.