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 overall consumer sentiment. Show all posts
Showing posts with label overall consumer sentiment. Show all posts
Thursday, August 8, 2013
Tuesday, October 13, 2009
Singaporeans cautiously upbeat after 2009 GDP forecast upgraded
Singaporeans cautiously upbeat after 2009 GDP forecast upgraded
By Cheryl Lim, Channel NewsAsia | Posted: 12 October 2009 2207 hrs
SINGAPORE: Singapore has raised its 2009 gross domestic product (GDP) outlook, after the economy grew 0.8 per cent in the three months to September from a year ago.
While the GDP will fall in 2009, the government revised its full-year forecast to a contraction of 2.0 to 2.5 per cent, better than the previous estimate of negative 4.0 to 6.0 per cent growth.
The new GDP forecast indicates Singapore's economy may be in the clear. But many Singaporeans are cautiously optimistic about the next few months.
The Indian Chamber of Commerce and Industry is advising members to gear up in terms of capacity and manpower, and seize the opportunities that will hopefully start emerging by mid-next year.
Meanwhile, the Singapore Malay Chamber of Commerce and Industry says the situation may be improving. But some of its members feel the economy is not recovering as fast as it should.
Small and medium enterprises (SMEs) say they have yet to see the trickle-down effects of the changes.
Inderjit Singh, MP for Ang Mo Kio GRC, said: "Companies are starting to see a pickup in demand and improvement in financial performance, but this is not reflected in increases in salaries so quickly.
"So retailers can expect to see a similar amount of sales or level of sales compared to the past because people don't suddenly feel very rich."
As such, Mr Inderjit expects next quarter's GDP to remain in negative territory.
Despite that, one analyst is predicting a positive outlook for the year-end.
Song Seng Wun, CEO and regional analyst, CIMB-GK Research, said: "The economy shrank quite significantly towards the end of last year. This will mean year-on-year numbers could look quite impressive.
"We could see year-end GDP in the region of two to five percent, depending on how manufacturing performs.
"For the full year, we could end up with a figure that is slightly better than the revised government estimate."
The Monetary Authority of Singapore expects next year's GDP growth to be slower than in previous post-recession periods.
It said inflation is likely to be around zero per cent this year, before rising to one to two per cent in 2010.
- CNA/ir
- wong chee tat :)
By Cheryl Lim, Channel NewsAsia | Posted: 12 October 2009 2207 hrs
SINGAPORE: Singapore has raised its 2009 gross domestic product (GDP) outlook, after the economy grew 0.8 per cent in the three months to September from a year ago.
While the GDP will fall in 2009, the government revised its full-year forecast to a contraction of 2.0 to 2.5 per cent, better than the previous estimate of negative 4.0 to 6.0 per cent growth.
The new GDP forecast indicates Singapore's economy may be in the clear. But many Singaporeans are cautiously optimistic about the next few months.
The Indian Chamber of Commerce and Industry is advising members to gear up in terms of capacity and manpower, and seize the opportunities that will hopefully start emerging by mid-next year.
Meanwhile, the Singapore Malay Chamber of Commerce and Industry says the situation may be improving. But some of its members feel the economy is not recovering as fast as it should.
Small and medium enterprises (SMEs) say they have yet to see the trickle-down effects of the changes.
Inderjit Singh, MP for Ang Mo Kio GRC, said: "Companies are starting to see a pickup in demand and improvement in financial performance, but this is not reflected in increases in salaries so quickly.
"So retailers can expect to see a similar amount of sales or level of sales compared to the past because people don't suddenly feel very rich."
As such, Mr Inderjit expects next quarter's GDP to remain in negative territory.
Despite that, one analyst is predicting a positive outlook for the year-end.
Song Seng Wun, CEO and regional analyst, CIMB-GK Research, said: "The economy shrank quite significantly towards the end of last year. This will mean year-on-year numbers could look quite impressive.
"We could see year-end GDP in the region of two to five percent, depending on how manufacturing performs.
"For the full year, we could end up with a figure that is slightly better than the revised government estimate."
The Monetary Authority of Singapore expects next year's GDP growth to be slower than in previous post-recession periods.
It said inflation is likely to be around zero per cent this year, before rising to one to two per cent in 2010.
- CNA/ir
- wong chee tat :)
Monday, October 12, 2009
MAS keeps policy stance for Singdollar
MAS keeps policy stance for Singdollar
Posted: 12 October 2009 0828 hrs
SINGAPORE: The Monetary Authority of Singapore (MAS) said on Monday it will maintain its current policy of zero appreciation of the Singapore dollar.
It said it will continue to be vigilant over developments in the external environment, including the medium-term risk of stronger global inflationary pressures.
Looking ahead, the central bank said the Singapore economy is not expected to sustain the strong pace of expansion seen in second and third quarter of this year.
While prospects for the external economies have improved, final demand in Singapore's key export markets, including IT products, has yet to recover decisively.
Significant challenges remain in the transition to private sector-driven growth as governments prepare to exit from their expansionary policies.
Household spending, particularly in the US, continues to be constrained by weak labour market, sluggish income growth and lower housing wealth. Businesses also remain cautious in their investment decisions.
Against this backdrop, the Singapore economy is likely to settle at a more gradual pace of expansion.
MAS said gross domestic product (GDP) growth in 2010 is expected to be slower than in previous post-recession periods. Consumer price index (CPI) inflation is likely to be around 0 per cent in 2009, before rising to 1 to 2 per cent in 2010.
- CNA/so
Posted: 12 October 2009 0828 hrs
SINGAPORE: The Monetary Authority of Singapore (MAS) said on Monday it will maintain its current policy of zero appreciation of the Singapore dollar.
It said it will continue to be vigilant over developments in the external environment, including the medium-term risk of stronger global inflationary pressures.
Looking ahead, the central bank said the Singapore economy is not expected to sustain the strong pace of expansion seen in second and third quarter of this year.
While prospects for the external economies have improved, final demand in Singapore's key export markets, including IT products, has yet to recover decisively.
Significant challenges remain in the transition to private sector-driven growth as governments prepare to exit from their expansionary policies.
Household spending, particularly in the US, continues to be constrained by weak labour market, sluggish income growth and lower housing wealth. Businesses also remain cautious in their investment decisions.
Against this backdrop, the Singapore economy is likely to settle at a more gradual pace of expansion.
MAS said gross domestic product (GDP) growth in 2010 is expected to be slower than in previous post-recession periods. Consumer price index (CPI) inflation is likely to be around 0 per cent in 2009, before rising to 1 to 2 per cent in 2010.
- CNA/so
Monday, July 20, 2009
New H1N1 strain found
June 17, 2009
H1N1 FLU PANDEMIC
New H1N1 strain found
SAO PAULO - BRAZILIAN scientists have identified a new strain of the H1N1 virus after examining samples from a patient in Sao Paulo, their institute said on Tuesday.
The variant has been called A/Sao Paulo/1454/H1N1 by the Adolfo Lutz Bacteriological Institute, which compared it with samples of the A(H1N1) swine flu from California.
The genetic sequence of the new sub-type of the H1N1 virus was isolated by a virology team lead by one of its researchers, Terezinha Maria de Paiva, the institute said in a statement.
The mutation comprised of alterations in the Hemagglutinin protein which allows the virus to infect new hosts, it said.
It was not yet known whether the new strain was more aggressive than the current A(H1N1) virus which has been declared pandemic by the World Health Organization.
The genetic make-up of the H1N1 virus and its subvariants are important for scientists.
Pharmaceutical companies are working to mass produce a vaccine against the current A(H1N1) flu.
There are fears though that it could mutate into a deadly strain, much in the same way as the 1918 Spanish flu - also an A(H1N1) virus type - did when it killed tens of millions around the planet.
According to the WHO, 36,000 people in 76 countries have been infected with the H1N1 virus, causing 163 deaths.
-- AFP
- wong chee tat :)
H1N1 FLU PANDEMIC
New H1N1 strain found
SAO PAULO - BRAZILIAN scientists have identified a new strain of the H1N1 virus after examining samples from a patient in Sao Paulo, their institute said on Tuesday.
The variant has been called A/Sao Paulo/1454/H1N1 by the Adolfo Lutz Bacteriological Institute, which compared it with samples of the A(H1N1) swine flu from California.
The genetic sequence of the new sub-type of the H1N1 virus was isolated by a virology team lead by one of its researchers, Terezinha Maria de Paiva, the institute said in a statement.
The mutation comprised of alterations in the Hemagglutinin protein which allows the virus to infect new hosts, it said.
It was not yet known whether the new strain was more aggressive than the current A(H1N1) virus which has been declared pandemic by the World Health Organization.
The genetic make-up of the H1N1 virus and its subvariants are important for scientists.
Pharmaceutical companies are working to mass produce a vaccine against the current A(H1N1) flu.
There are fears though that it could mutate into a deadly strain, much in the same way as the 1918 Spanish flu - also an A(H1N1) virus type - did when it killed tens of millions around the planet.
According to the WHO, 36,000 people in 76 countries have been infected with the H1N1 virus, causing 163 deaths.
-- AFP
- wong chee tat :)
Tuesday, January 20, 2009
Employment outlook for fresh graduates less rosy this year
Employment outlook for fresh graduates less rosy this year
Channel NewsAsia - Wednesday, January 21
SINGAPORE: The employment outlook for new graduates this year will be less rosy compared to previous years.
Acting Manpower Minister Gan Kim Yong said despite the weak economic outlook, there are still growth areas that will see continuing demand for workers.
For example, the healthcare sector and civil service are continuing to hire while integrated resorts are expected to create 20,000 jobs for the tourism sector.
In his written reply to a parliament question from Holland—Bukit Timah MP Liang Eng Hwa, Mr Gan said the Manpower Ministry and the Workforce Development Agency will work with the education institutions to organise job fairs for graduating students.
Universities and polytechnics are also stepping up their efforts to secure job placements for graduates.
Mr Gan said some of the graduating students could consider continuing with post—graduate studies and defer entering the job market until the situation improves.
— CNA/vm
For those who are graduating this year (2009), what are your plans? Continue to study?
- wong chee tat :)
Channel NewsAsia - Wednesday, January 21
SINGAPORE: The employment outlook for new graduates this year will be less rosy compared to previous years.
Acting Manpower Minister Gan Kim Yong said despite the weak economic outlook, there are still growth areas that will see continuing demand for workers.
For example, the healthcare sector and civil service are continuing to hire while integrated resorts are expected to create 20,000 jobs for the tourism sector.
In his written reply to a parliament question from Holland—Bukit Timah MP Liang Eng Hwa, Mr Gan said the Manpower Ministry and the Workforce Development Agency will work with the education institutions to organise job fairs for graduating students.
Universities and polytechnics are also stepping up their efforts to secure job placements for graduates.
Mr Gan said some of the graduating students could consider continuing with post—graduate studies and defer entering the job market until the situation improves.
— CNA/vm
For those who are graduating this year (2009), what are your plans? Continue to study?
- wong chee tat :)
Friday, January 16, 2009
Singapore wage council calls for wage freeze, cut
Singapore wage council calls for wage freeze, cut
Reuters
SINGAPORE, Jan 16 - Singapore's National Wages Council said on Friday unemployment will be "substantially higher" this year, and recommended firms affected by the economic downturn institute a wage freeze or wage cuts to stay competitive and save jobs. (Link, pdf & this ,pdf)
The council, which comprises representatives from government, employers and unions, however, ruled out cutting employers' contribution to the Central Provident Fund, the retirement fund for Singapore workers.
"It's not an ideal instrument, we don't want to use it," NWC Chairman Lim Pin said at a media conference.
He said cutting pensions hurt workers at firms that were doing well and also created longer-term problems since Singaporeans used the funds to cover medical costs and for their retirement.
The government had cut CPF contributions in a bid to lower labour costs during previous recessions.
Singapore was the first Asian economy to fall into a recession in 2008 and the government has warned that the economy may shrink as much as 2 percent this year.
Recommendations by the NWC are not binding on employers but are usually followed by state-linked firms such as Singapore Telecommunicationsand DBS Group .
The council usually meets in May but was convened four months ahead of time to set wage guidelines amid a worsening economic outlook.
- wong chee tat :)
Reuters
SINGAPORE, Jan 16 - Singapore's National Wages Council said on Friday unemployment will be "substantially higher" this year, and recommended firms affected by the economic downturn institute a wage freeze or wage cuts to stay competitive and save jobs. (Link, pdf & this ,pdf)
The council, which comprises representatives from government, employers and unions, however, ruled out cutting employers' contribution to the Central Provident Fund, the retirement fund for Singapore workers.
"It's not an ideal instrument, we don't want to use it," NWC Chairman Lim Pin said at a media conference.
He said cutting pensions hurt workers at firms that were doing well and also created longer-term problems since Singaporeans used the funds to cover medical costs and for their retirement.
The government had cut CPF contributions in a bid to lower labour costs during previous recessions.
Singapore was the first Asian economy to fall into a recession in 2008 and the government has warned that the economy may shrink as much as 2 percent this year.
Recommendations by the NWC are not binding on employers but are usually followed by state-linked firms such as Singapore Telecommunications
The council usually meets in May but was convened four months ahead of time to set wage guidelines amid a worsening economic outlook.
- wong chee tat :)
Thursday, November 20, 2008
Nielsen survey shows consumer confidence in Singapore at all—time low
Nielsen survey shows consumer confidence in Singapore at all—time low
Channel NewsAsia - Thursday, November 20SINGAPORE: Consumer confidence in Singapore has fallen to an all—time low, according to a Nielsen survey.
The survey showed that consumer confidence fell 10 points to 92 points amid the global financial crisis.
This is the second double—digit decline this year.
Last year, consumer confidence was at its peak of 114 points.
Held twice yearly, the latest Nielsen Global Consumer Confidence polled over 26,000 people in 52 countries between September 23 and October 6.
Singapore now ranks 14th in the world in terms of overall consumer sentiment and 8th in Asia Pacific.
Findings showed that one—third of Singaporeans have started feeling the heat of the economic downturn [and here], even before the government announced that the country was in a technical recession.
Conversely, Singapore also has one of the lowest proportions of consumers who think that the domestic economy is already in recession.
The survey showed that seven in 10 Singaporeans will be more cautious with spending during this period.
To cope with the tougher times, Singaporeans are spending less on clothing, tech gadgets, out—of—home entertainment while saving on gas and electricity.
Nearly half of the Singaporeans polled said they will switch to cheaper grocery brands and cut down on holiday breaks.
The only countries which recorded marginal increases in consumer confidence were Brazil, the Philippines, New Zealand, China [also here], Venezuela, Thailand and South Africa.
— CNA/yt
- wong chee tat :)
[Not related to CNA, in case you may be wondering]
Channel NewsAsia - Thursday, November 20SINGAPORE: Consumer confidence in Singapore has fallen to an all—time low, according to a Nielsen survey.
The survey showed that consumer confidence fell 10 points to 92 points amid the global financial crisis.
This is the second double—digit decline this year.
Last year, consumer confidence was at its peak of 114 points.
Held twice yearly, the latest Nielsen Global Consumer Confidence polled over 26,000 people in 52 countries between September 23 and October 6.
Singapore now ranks 14th in the world in terms of overall consumer sentiment and 8th in Asia Pacific.
Findings showed that one—third of Singaporeans have started feeling the heat of the economic downturn [and here], even before the government announced that the country was in a technical recession.
Conversely, Singapore also has one of the lowest proportions of consumers who think that the domestic economy is already in recession.
The survey showed that seven in 10 Singaporeans will be more cautious with spending during this period.
To cope with the tougher times, Singaporeans are spending less on clothing, tech gadgets, out—of—home entertainment while saving on gas and electricity.
Nearly half of the Singaporeans polled said they will switch to cheaper grocery brands and cut down on holiday breaks.
The only countries which recorded marginal increases in consumer confidence were Brazil, the Philippines, New Zealand, China [also here], Venezuela, Thailand and South Africa.
— CNA/yt
- wong chee tat :)
[Not related to CNA, in case you may be wondering]
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