Jurong's retail space almost doubles with opening of new mall JEM
By Yvonne Chan
POSTED: 05 Aug 2013 9:07 PM
The supply of retail mall space in Jurong has almost doubled from the second quarter of last year with the opening of the new shopping mall JEM in June this year.
SINGAPORE: The supply of retail mall space in Jurong has almost doubled from the second quarter of last year with the opening of the new shopping mall JEM in June this year.
The retail mall space jumped by 573,600 square feet in June, to nearly 1.2 million square feet.
Including the IMM Building and JCube, retail mall space in Jurong had amounted to 613,000 square feet in terms of net lettable area at the second quarter 2012.
And it is expected to increase by another 35 per cent by the end of this year, with the opening of Capitaland's new mall Westgate, which has a net lettable area of 416,000 square feet.
Analysts said asking rents for retail malls in Jurong is expected to remain relatively stable at around S$10 to S$15 per square foot.
Still, as the Jurong area becomes more saturated with shopping malls, experts said mall operators must tweak their tenant composition to stay ahead of the competition.
One such mall operator is the IMM Building, which was first opened to the public in 1991 and is one of the oldest malls in the Jurong district.
IMM is re-positioning itself from a mall that sells mostly furnishings, to one that also boasts the largest number of outlet stores in Singapore.
The mall has a home and furnishing section on Level 3 called “I'MM Home”, which houses more than 50 furniture and interior design stores that meet almost all home renovation needs.
CapitaMalls Asia, which acquired the mall in 2003, said “I'MM Home” will continue to be a key feature of IMM's offerings.
IMM's makeover comes hot on the heels of the latest addition to the Jurong Gateway area, JEM, which is developed by Lend Lease.
With the onslaught of new malls, competition for the consumer dollar will get tougher.
Alan Cheong, the senior director of research and consultancy at Savills, said: “What would sell are the traditional suburban malls, where the F&B component is about 30 per cent. And over time, that composition could also rise to 40-45 per cent.
“The core of this Jurong East district is where you see the interchange, where it is now JEM, Westgate will probably be one of the key anchor malls.
"They're positioned slightly differently. JEM is more mid-upper but Westgate is more on the mid to higher end.”
Under the Urban Redevelopment Authority's (URA's) masterplan, the Jurong Lake district, which comprises Jurong Gateway and Lakeside, will be transformed into a unique lakeside destination for business and leisure.
Jurong Gateway is also set to be Singapore's largest regional centre -- 2.5 times the size of Tampines Regional Centre.
Other than Westgate's debut before the end of the year, another retail mall, Big Box, with an area measuring 230,000 square feet, is also expected to open in 2014.
As the Jurong Lake district continues to mature, it is expected to attract more residential and commercial property developers over the next few years.
Experts said that means existing retail mall developers must revamp their tenant mix or move towards more mixed development projects.
Chua Yang Liang, the head of research at Jones Lang LaSalle, said: "In the past, the catchment income population was more working class at the time. Increasingly, you've seen a rise of mid- to high-income groups moving back to the Jurong area, so that is the population that is under-served.
"So for the other emerging groups, you have to start looking at where's their niche, which sector is under-provided. With a growing population there, one thing you can look towards is really specialised services -- towards the growing family with children, ageing population, childcare, daycare, nursery care, etc.”
With more malls and more stores, one thing is certain, the consumer is spoilt for choice.
- CNA/nd
- wong chee tat :)
Showing posts with label IMM. Show all posts
Showing posts with label IMM. Show all posts
Thursday, August 8, 2013
Thursday, January 24, 2013
CapitaMall Trust reports 2.6% rise in Q4 DPU
CapitaMall Trust reports 2.6% rise in Q4 DPU
By Kristie Neo | Posted: 18 January 2013 1821 hrs
SINGAPORE : CapitaMall Trust Management on Friday said its distribution per unit (DPU) was up 2.6 per cent to 2.36 cents in the fourth quarter of 2012.
For the full year, unitholders will receive a total of 9.46 cents for the fiscal year, compared to 9.37 cents in 2011.
CapitaMall Trust Management said that for the fourth quarter of 2012, its distributable income grew 5.7 per cent to over S$79 million.
For the full year, distributable income grew 5.1 per cent to more than S$316 million.
Gross revenue rose 10 per cent to S$173.67 million, while net property income increased 14.3 per cent to S$112.91 million during the same period.
The management attributed this to completed asset upgrades in malls like the "Atrium@Orchard", JCube and Bugis+.
Ongoing enhancements in IMM are also expected to contribute positively this year.
The management added that its new Westgate shopping mall at Jurong Gateway is on track to be completed later this year.
Moving forward, the management said that it will look at some of its older malls for possible upgrading opportunities.
Wilson Tan, CEO of CapitaMall Trust Management Limited, said: "This is something important because last year we (were) able to churn out three new asset enhancement exercises, and this is really going to bring us great profits...for 2013, so asset enhancement is an exercise we will continue to do."
- CNA/ms
- wong chee tat :)
By Kristie Neo | Posted: 18 January 2013 1821 hrs
SINGAPORE : CapitaMall Trust Management on Friday said its distribution per unit (DPU) was up 2.6 per cent to 2.36 cents in the fourth quarter of 2012.
For the full year, unitholders will receive a total of 9.46 cents for the fiscal year, compared to 9.37 cents in 2011.
CapitaMall Trust Management said that for the fourth quarter of 2012, its distributable income grew 5.7 per cent to over S$79 million.
For the full year, distributable income grew 5.1 per cent to more than S$316 million.
Gross revenue rose 10 per cent to S$173.67 million, while net property income increased 14.3 per cent to S$112.91 million during the same period.
The management attributed this to completed asset upgrades in malls like the "Atrium@Orchard", JCube and Bugis+.
Ongoing enhancements in IMM are also expected to contribute positively this year.
The management added that its new Westgate shopping mall at Jurong Gateway is on track to be completed later this year.
Moving forward, the management said that it will look at some of its older malls for possible upgrading opportunities.
Wilson Tan, CEO of CapitaMall Trust Management Limited, said: "This is something important because last year we (were) able to churn out three new asset enhancement exercises, and this is really going to bring us great profits...for 2013, so asset enhancement is an exercise we will continue to do."
- CNA/ms
- wong chee tat :)
Monday, June 6, 2011
New shopping mall to be built in Jurong East
New shopping mall to be built in Jurong East
By Jo-ann Huang | Posted: 01 June 2011 1034 hrs
SINGAPORE: Property group CapitaLand and two of its subsidiaries CapitaMalls Asia and CapitaMall Trust Management will build a S$1.5 billion retail and office property on their newly acquired land site in Jurong Gateway.
They said the 25-storey property will complement offerings from their nearby malls IMM and JCube.
The White site was acquired for S$969 million or S$1,012 per square foot per plot ratio, based on a plot ratio of 4.9.
The site is the second one to be released as part of the development of Jurong into a work-live-play hub in the West.
The first site was acquired by Australian developers Lend Lease for S$748.8 million in June last year.
Lend Lease is building a mixed-use development on the site.
The firms said the property's retail and office components will ride on retail rental growth, as well as the development of the surrounding Jurong Lake District.
The 957,780 square feet retail and office property would be built right beside Jurong MRT Station.
The shopping mall component of the property is five-storeys high and is expected to open by December 2013.
The mixed-use property lies between IMM Building and JCube - which are also developed by CapitaLand's retail and trust units.
It will have 575,000 square feet of retail space and 383,000 square feet of office space.
CapitaMall Trust Management chief executive officer Simon Ho said: "We think there is still room for retail in Jurong East.
"We already operate IMM and JCube in this area but we find that another mall will be useful to serve the one million population catchment in Jurong, Clementi, Bukit Batok and so on".
Together with IMM Building and the upcoming JCube, there will be a total of one million square feet of net lettable area in the Jurong Gateway area, offered by CapitaLand's retail and trust units.
The project is also in the heart of the Jurong Lake District, slated to be a new regional hub in the west of Singapore.
The Jurong Gateway area is also about 2.5 times larger than the Tampines Regional Centre.
Analysts said Jurong Gateway holds much potential for retail malls.
Chesterton Suntec International head of research and consultancy Colin Tan said: "Its main attraction is the interchange... at the crossroads of MRT lines.
"That alone should ensure there will be crowds there. It will have enough shopping and commercial space to be an attraction in itself".
CapitaMall Trust Management said its new development should ride on steady retail rental growth.
The project's retail rentals are expected at S$16 to S$18 per square foot.
It will target mini-anchor and specialty tenants, in order to complement Lend Lease and the upcoming JCube's anchor tenants.
"For the first quarter, CapitaMall Trust renewed about 145 leases and we got a 7.5 per cent increase over the previous rent. That's pretty decent and that's leases spread out through surbuban malls and city malls," Mr Ho said.
The project's 20 floors of office space should be fully operational by end-2014.
By then, its developers said its office rentals should reach S$8 per square foot.
CapitaLand's retail and trust units said the project's yields, which are based on both office and retail rentals, should come up to about six per cent annually once it is up and running.
-CNA/wk
- wong chee tat :)
By Jo-ann Huang | Posted: 01 June 2011 1034 hrs
SINGAPORE: Property group CapitaLand and two of its subsidiaries CapitaMalls Asia and CapitaMall Trust Management will build a S$1.5 billion retail and office property on their newly acquired land site in Jurong Gateway.
They said the 25-storey property will complement offerings from their nearby malls IMM and JCube.
The White site was acquired for S$969 million or S$1,012 per square foot per plot ratio, based on a plot ratio of 4.9.
The site is the second one to be released as part of the development of Jurong into a work-live-play hub in the West.
The first site was acquired by Australian developers Lend Lease for S$748.8 million in June last year.
Lend Lease is building a mixed-use development on the site.
The firms said the property's retail and office components will ride on retail rental growth, as well as the development of the surrounding Jurong Lake District.
The 957,780 square feet retail and office property would be built right beside Jurong MRT Station.
The shopping mall component of the property is five-storeys high and is expected to open by December 2013.
The mixed-use property lies between IMM Building and JCube - which are also developed by CapitaLand's retail and trust units.
It will have 575,000 square feet of retail space and 383,000 square feet of office space.
CapitaMall Trust Management chief executive officer Simon Ho said: "We think there is still room for retail in Jurong East.
"We already operate IMM and JCube in this area but we find that another mall will be useful to serve the one million population catchment in Jurong, Clementi, Bukit Batok and so on".
Together with IMM Building and the upcoming JCube, there will be a total of one million square feet of net lettable area in the Jurong Gateway area, offered by CapitaLand's retail and trust units.
The project is also in the heart of the Jurong Lake District, slated to be a new regional hub in the west of Singapore.
The Jurong Gateway area is also about 2.5 times larger than the Tampines Regional Centre.
Analysts said Jurong Gateway holds much potential for retail malls.
Chesterton Suntec International head of research and consultancy Colin Tan said: "Its main attraction is the interchange... at the crossroads of MRT lines.
"That alone should ensure there will be crowds there. It will have enough shopping and commercial space to be an attraction in itself".
CapitaMall Trust Management said its new development should ride on steady retail rental growth.
The project's retail rentals are expected at S$16 to S$18 per square foot.
It will target mini-anchor and specialty tenants, in order to complement Lend Lease and the upcoming JCube's anchor tenants.
"For the first quarter, CapitaMall Trust renewed about 145 leases and we got a 7.5 per cent increase over the previous rent. That's pretty decent and that's leases spread out through surbuban malls and city malls," Mr Ho said.
The project's 20 floors of office space should be fully operational by end-2014.
By then, its developers said its office rentals should reach S$8 per square foot.
CapitaLand's retail and trust units said the project's yields, which are based on both office and retail rentals, should come up to about six per cent annually once it is up and running.
-CNA/wk
- wong chee tat :)
Subscribe to:
Posts (Atom)