View Full Version : Westgate - (Jurong Gateway) | Due 2013(mall)/2014(office)
Mith252 January 12th, 2012, 12:41 PM Here is a new development by CapitaMalls Asia, CapitaMall Trust and CapitaLand.
It is right next to Jem.
New mall for S'pore shoppers
By Millet Enriquez | Posted: 12 January 2012 1843 hrs
http://www.channelnewsasia.com/components/display_image.php?id=478723
Mr Lee Yi Shyan (C) viewing a model of the 'Westgate', located at Jurong Gateway.
SINGAPORE: Residents at Jurong will soon have a retail mall that's more than half the size of ION Orchard right at their doorstep.
Located at Jurong Gateway, Westgate - a mixed development project is expected to offer international and high street fashion, dining options as well as office space.
The S$1.5 billion project broke ground on Thursday.
Jointly developed by CapitaMalls Asia, CapitaMall Trust and CapitaLand, the project is slated to open by end-2014 and it's expected to serve some one million people living and working in the area.
Lee Yi Shyan, Minister of State for Trade and Industry & National Development, said: "In the next 10-15 years, Jurong will become the largest commercial hub outside the city centre. Along with Tampines Centre, Paya Lebar Central and Kallang Riverside, Jurong will be the regional commercial centre for western Singapore."
The industrial estate's turnaround will get a further boost when a hotel site under the Government Land Sales Programme's Reserve List is released in May.
The one-hectare hotel site at the Jurong Town Hall Road is expected to yield over 500 rooms and have 3,150 square metres of commercial space.
To date, several commercial developments are coming on stream and a residential site in the area was also sold recently.
And despite the uncertain economic outlook, Westgate's developers are confident about the prospects for retail and office tenancy.
Lim Beng Chee, CEO of CapitaMalls Asia, said: "By itself, it's a very attractive proposition plus also in terms of the overall cost and ambience, it's going to be a lot better.
"The combination of the work-play will actually attract a lot of office users to come over to this location."
CapitaMalls Asia said rents at Westgate mall could hover around S$16 to S$18 per square foot.
The seven-storey shopping mall will open by the end of next year.
Design firm Benoy and RSP Architects Planners & Engineers - both consultants for ION Orchard and Jcube - were tapped to work on the development on the 594,000 sq ft mall.
Westgate will have direct connection to the MRT and bus interchanges.
- CNA/cc
source: http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1176369/1/.html
More images can be seen in the link below.
http://capitamall.listedcompany.com/newsroom/20120112_123200_C38U_1EC0CE565E449D4C482579830014A1AC.1.pdf
JoSin January 12th, 2012, 03:07 PM Wow thats an amazing development just right beside Jem. JE is going to be a mini orchard with all the malls beside one another, Jcube, IMM, Jem and now westgate. If Big Box had been successful, it would be heavenly.
Brandonn January 12th, 2012, 03:17 PM Are there any condominium developments around or within these developments?
y2koh January 12th, 2012, 03:41 PM The closest are Westmere and Ivory Heights
lauper January 12th, 2012, 04:04 PM I saw the news. The building looks huge, but the land area is not that huge.
spikeshamz January 13th, 2012, 01:56 AM Another square lookng buiding...?
Mith252 January 13th, 2012, 02:44 AM -deleted-
Kenzo76 January 13th, 2012, 10:49 AM JoSin,
It is heartening to see such a mega development with WestGate.
With Lend Lease JEM, there is possibly a synergy between the two developments and in addition to CapitaLand's 3-in-1 mega mall strategy with JCube, WestGate and IMM within the regional centre, there is much going here.
I think that wish for Big Box will come true, as TT International had reportedly entered an agreement to kickstart the stalled project with a partnership in Lucrum Capital.
Lucrum Capital had recently undertook the sale of 1 Finalyson Green at Raffles Place. Investment from Lurcrum Capital and details are to be finalized soon.
Kenzo76 January 13th, 2012, 11:26 AM Benoy is a well respected architectural firm and have designed many new malls and retail podiums across the world.
Their architecture is exciting, yet maintain a sense of modernity that is timeless.
Some of their works here: http://www.benoy.com/projects/155/all/all
A major property player, Sun Hung Kai have consistently chose Benoy for their newer retail malls with their ICC and IFC brands across some major Chinese cities and Hong Kong.
The design of the 20 storey curvy office tower is interesting and modern, and from the render, the elevated pedestrain walkway leading to Ng Teng Fong Hospital across Boon Lay Way can be seen.
ddes January 13th, 2012, 04:09 PM ^^ It's very... modern Chinese, which is a real compliment because Chinese projects have been really architecturally stunning.
xavierlwt January 14th, 2012, 07:19 PM So, will there be an aircon jurong east bus interchange? Is it part of the project?
Mith252 January 14th, 2012, 11:46 PM ^^ Nope, that looks set to be a separate project.
Mith252 February 8th, 2012, 03:33 AM -deleted-
cranefanho February 8th, 2012, 09:54 AM pilling works have start.....
Mith252 February 22nd, 2012, 11:33 AM -deleted-
Kenzo76 March 23rd, 2012, 10:08 AM Singapore's Jurong Lake District named by IBM as Smarter Cities Challenge Grant Recipient for 2012
March 23, 2012, SINGAPORE The Urban Redevelopment Authority (URA), Singapore Economic Development Board (EDB), and IBM are pleased to announce that the Jurong Lake District has been selected as one of the recipients for the IBM Smarter Cities Challenge grant for 2012.
Launched in 2011, the Smarter Cities Challenge is a three-year, 100-city, US$50 million philanthropic initiative that funds in-person engagements by teams of top IBM experts, who study and then make detailed recommendations addressing locally important urban issues.
Jurong Lake District is a 360ha mixed-use district in western Singapore and is intended to support the citys economic growth for the next 10 to 15 years. It will be the largest commercial node and regional centre outside the central business district, and will become one of Singapores new sustainable high-density districts. Developed as a smart district, Jurong Lake District will use resources more efficiently, optimise land, and enhance the quality of life for its workers, residents and visitors.
Jurong Lake District was selected based on the countrys ability to clearly articulate strategic issues with tangible impact on the lives of citizens, and which can potentially and reasonably be acted upon. Also considered is the nations track record of innovative problem solving, and commitment to the use of technology and open data.
The Smarter Cities Challenge grant will allow URA, EDB and their partner agencies, to work with a team of IBM experts to explore innovative solutions to enhance Jurong Lake District as a smart, sustainable, and connected high-density district. URA, EDB, and their partner agencies, look forward to working with the IBM team in the later half of this year when a team of specially selected IBM experts from different smarter city disciplines will immerse themselves for three weeks in local issues and provide city leaders with recommendations to support the objectives of the Jurong Lake District initiative in building a smarter business city marked by better delivery of municipal services, more citizen engagement, and optimised use of resources.
URA has been paying close attention to designing our new growth areas to be liveable, environmentally-friendly, and inclusive. With the Smarter Cities Challenge grant, we hope to work with IBM to find smarter solutions to strengthen these goals for the Jurong Lake District, said Ng Lang, Chief Executive Officer, URA.
As one of Asias most liveable cities, Singapore is leading the way in sustainable development by boldly tackling challenges common across many of todays urban centres, especially in Asia, said Beh Swan Gin, Managing Director, EDB. The Jurong Lake District project represents an exciting opportunity to realise our vision of Singapore as a living laboratory where companies and research institutes can collaborate with the government to create, prove, demonstrate, and commercialise innovative urban solutions in a real-life environment.
"Each of the 33 global cities selected is different. But in all of them, there is one clear similarity: a strong commitment by the citys leadership to put in place the changes needed to help the city make smarter decisions." said Ms Janet Ang, Managing Director of IBM Singapore. IBM has been in Singapore since 1953 and we remain fully committed to our partnership. We are particularly pleased that the Jurong Lake District has been awarded this grant and we look forward to working closely with the Singapore team to create an innovative approach to city building that will help Singapores goal of maintaining our global city status. IBM will leverage our proven heritage of innovation and the many smarter cities engagements to support Singapores objectives.
The IBM Smarter Cities Challenge is an outgrowth of IBMs Corporate Service Corps grant programme, in which IBM deploys teams of experts to cities around the world to work on projects that intersect business, society and technology for worthy outcomes. This challenge is sponsored by IBMs Corporate Citizenship Programme and IBMs International Foundation.
To find out more about IBM Smarter Cities Challenge grants, please visit http://smartercitieschallenge.org/ and http://www.youtube.com/user/citizenIBM
Source: EDB
Mith252 March 31st, 2012, 01:41 PM -deleted-
cranefanho April 30th, 2012, 03:26 PM some pictures taken today:)
http://i1168.photobucket.com/albums/r491/cnnnn12345/DSCN6250.jpg
http://i1168.photobucket.com/albums/r491/cnnnn12345/DSCN6255.jpg
Mith252 April 30th, 2012, 04:16 PM ^^ Nice!! Thanks for the pictures!! :)
Mith252 June 4th, 2012, 01:33 PM -deleted-
cranefanho June 4th, 2012, 03:33 PM good proggess!
Mith252 June 25th, 2012, 12:50 PM -delete-
Mith252 August 1st, 2012, 03:29 PM Some pics I took of the site.
https://fbcdn-sphotos-e-a.akamaihd.net/hphotos-ak-ash3/582120_10151117085312040_1111085406_n.jpg
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Kenzo76 August 16th, 2012, 03:11 AM CapitaLand moving headquarters to Westgate Tower, Jurong Lake District.
CapitaLand confirms shift to Jurong Gateway in 2015
AUGUST 15, 2012
CapitaLand Group employees will be relocating progressively from their current dispersed locations around the city to Westgate Tower in Jurong Gateway from early 2015.
This confirms an earlier report in The Business Times, published in June, that said CapitaLand was mulling over the relocation.
"We want to create a conducive environment that will help to further improve productivity across the group and achieve work-life integration," said president and CEO Liew Mun Leong.
The group will occupy 11 floors, a total of about 160,000 square feet of the new 20-storey prime office tower.
Westgate Tower is part of a mixed-development project called Westgate that also includes a 416,000 sq ft mall. The whole project is being jointly developed by CapitaMalls Asia, CapitaMall Trust Management Ltd and CapitaLand.
The lifestyle and family mall is expected to be opened by end-2013 while the 320,000 sq ft office tower is slated for completion at the end of 2014.
Presently, CapitaLand operates from different buildings in Singapore. CapitaLand's corporate office is at Capital Tower. It occupies a substantial part of Robinson Point, where staff of the managers of its real estate investment trusts (Reits) - such as CapitaMall Trust, CapitaCommercial Trust and CapitaRetail China Trust - are based.
Staff of the group's serviced residence business Ascott and CapitaLand Residential are located at AXA Tower. Wilkie Edge houses the IT staff.
Although the group will be relocated to Westgate Tower, CapitaLand will maintain a city office at Capital Tower as a flexible workspace for staff who need to liaise with clients of business partners in the city.
Close to Westgate are the J-Cube and IMM shopping malls, both owned by CapitaMall Trust and managed by CapitaMalls Asia.
The projects in Jurong Gateway are part of the Urban Redevelopment Authority's (URA) plans to transform the area into a regional commercial centre. It is more than two-and-a-half times the size of Tampines Regional Centre, which was created in 1995.
Other developments include a project by Lend Lease and its Asian Retail Investment Fund (ARIF). The retail-office mixed-development project, Jem, will be situated next to Westgate and is expected to be completed next year.
Property Edge
ZEINAB YUSUF SAIWALLA
Mith252 August 30th, 2012, 12:17 PM Some pics I took of the site.
https://fbcdn-sphotos-b-a.akamaihd.net/hphotos-ak-ash3/538922_10151180607317040_1676623059_n.jpg
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lauper September 1st, 2012, 03:05 PM Looks like they are using the same method as JEM for the pics you took ie build top & bottom at the same time.
Mith252 September 9th, 2012, 03:51 AM It seems that the shopping mall is projected to be completed by Christmas 2013 while the office building is set to be ready by late 2014. I think we can change the title to
Westgate - (Jurong Gateway)|Due 2013(mall)/2014(office)|U/C
http://sbr.com.sg/commercial-property/more-news/westgate-mall-and-office-openings-dated
Mith252 September 18th, 2012, 01:40 PM Some pics I took of the site. :)
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Mith252 October 16th, 2012, 12:23 PM Some pics I took of the site today.
https://fbcdn-sphotos-d-a.akamaihd.net/hphotos-ak-prn1/47234_10151246809187040_230929545_n.jpg
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lauper October 20th, 2012, 05:28 AM Wah, amazing to see that human created new technologies to speed up building buildings.
Mith252 October 30th, 2012, 07:46 AM Some pics I took of the site.
https://fbcdn-sphotos-c-a.akamaihd.net/hphotos-ak-ash3/149813_10151268963427040_1767410719_n.jpg
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Mith252 November 8th, 2012, 06:25 AM Some pics I took of the site today.
https://fbcdn-sphotos-e-a.akamaihd.net/hphotos-ak-prn1/533771_10151282663382040_1701104556_n.jpg
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Kenzo76 November 9th, 2012, 02:05 AM Thank you Mith252 for your efforts!
ありがとう!!(arigato gosaima-su)
Always looking forward to seeing your photos!
Mith252 November 18th, 2012, 02:35 AM An article on the Jurong Gateway.
https://fbcdn-sphotos-e-a.akamaihd.net/hphotos-ak-prn1/r90/550842_10151296301757040_1842317740_n.jpg
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Kenzo76 November 20th, 2012, 02:24 AM A new Isetan Westgate (Jurong East) will be opening in a year's time at Westgate!
A financial statement from Isetan (Singapore) as follow:
PROPOSED OPENING OF NEW ISETAN DEPARTMENT STORE WITH SUPERMARKET (ISETAN STORE) AT WESTGATE (JURONG EAST)
The Board of Isetan (Singapore) Limited (the Company) is pleased to announce that the Company has entered into a conditional agreement with JG Trustee Pte. Ltd., the landlord of Westgate (Jurong East), in its capacity as trustee of Infinity Mall Trust in relation to the lease of premises (the Lease) at Westgate (Jurong East) for the operation of a new Isetan Store.
The Lease is expected to commence in end 2013.
The new Isetan Store will occupy a total retail area of approximately 59,700 square feet spanning three storeys, and is consistent with the Company's strategic ventures into the suburban areas in Singapore which includes the opening of Isetan Katong in 1983, Isetan Tampines in 1995 and Isetan Serangoon Central in 2010. With these department stores, together with our flagship store Isetan Scotts at Shaw House and Isetan Orchard at Wisma Atria, the Company will have six retail premises catering to an even wider spectrum of customers across Singapore.
colourbox November 20th, 2012, 02:35 AM Wah, very good!
Mith252 November 20th, 2012, 07:31 AM That is definitely good news. I guess it is to cater to the Japanese expats in the western parts of Singapore. I am sure Singaporeans there would also love to have it there. :)
lauper November 21st, 2012, 05:25 AM Robinson, Marks & Spenser, H&M, Uniqlo, Cathay etc & now Isetan, coming to Jurong East.
Jurong peeps don't have to go to Orchard Road anymore!
Mith252 November 22nd, 2012, 01:09 AM Yup. It is great that this is happening. It took some time but finally, decentralization is starting to happen.
y2koh November 22nd, 2012, 02:03 AM Yeah, hopefully by the time the lease for the temporary offices in Tampines are up, there will be good demand to drive the development of what is left of Tampines Regional Centre, after the northern half has been taken up by residential developments instead of mixed use developments as previously planned. And of course finally Woodlands can be developed properly as a regional centre.
Mith252 November 27th, 2012, 08:19 AM Some pics I took of the site today.
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Mith252 November 28th, 2012, 02:31 AM Here is an article by mypaper on the mall.
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source: mypaper (www.mypaper.sg)
deskoh91 November 28th, 2012, 02:43 AM the takeup rate on Westgate is definitely being affected by JEM. I do hope they will offer pretty different brands instead of duplicating what is already available at IMM/JCube, honestly quite a tall order.
and from the renders, it appears a significant portion of the mall will adopt The Star Vista's design language of minimal airconditioning and maximising natural airflow. I hope it actually works given the height of buildings to its four sides. if it does turn out poorly, I can imagine JEM easily getting much higher patronage.
lauper November 28th, 2012, 09:02 AM CapitaMall Trust : Westgate Registers Strong Interest From Retailers
11/27/2012| 10:02pm US/Eastern
NEWS RELEASE For immediate release 27 November 2012
http://www.4-traders.com/CAPITAMALL-TRUST-6495217/news/CapitaMall-Trust-Westgate-Registers-Strong-Interest-From-Retailers-15553282/
Westgate registers strong interest from retailers; Mall is 50% leased ahead of opening by Christmas 2013 International brands such as Isetan and Paul Bakery opening their first stores outside downtown area at Westgate Singapore, 27 November 2012 - About half of the shopping mall, Westgate, has been pre-leased more than a year ahead of its targeted opening in December 2013. Located in Jurong Gateway and the only development directly connected to both the Jurong East MRT and bus interchanges, Westgate has drawn strong interest from retailers. Brands opening their first stores outside Singapore's downtown area at Westgate include popular French bakery and patisserie Paul Bakery and Isetan supermarket.
Westgate is an integrated retail and office development by CapitaMalls Asia Limited, CapitaMall Trust and CapitaLand Limited1. Set to be the premier destination in Singapore's West, the mall has a net lettable area of 416,000 square feet, similar to Raffles City Singapore's retail area. Westgate Tower, the office building in this mixed-use development is about 50% pre- leased to CapitaLand Group who will be moving there progressively from end-2014.
The mall will target middle income families, working professionals, residents in the vicinity, commuters, hospital visitors and students from nearby schools. Its offerings from Basement 2 to Level 5 will meet the varied needs of shoppers:
Level 5 - Fitness First Platinum and My First Skool childcare
Level 4 - Books & Stationery, Kids' Fashion, Toys, Hobbies & Gifts, F&B, Services, with music school Yamaha, children's fitness centre My Gym and a 12,000 square feet thematic wonderland children's playground
Level 3 - Electrical & Electronics, IT, Lifestyle, Sporting Goods & Apparel, F&B
Levels 1 and 2 - High Street & International Fashion, Fashion Accessories, Cosmetics & Skincare, Jewellery & Watches, Shoes & Bags, F&B
CapitaMalls Asia Limited (through its wholly owned-subsidiaries) has a 50% stake in the joint venture developing the site; HSBC Institutional Trust Services (Singapore) Ltd (in its capacity as trustee of CapitaMall Trust) has a 30% stake; and CapitaLand Limited (through its wholly owned subsidiaries) has a 20% stake.
Basement 1 - Casual & Local Fashion, Fashion Accessories, Shoes & Bags, Cosmetics & Skincare, F&B, Services, with Isetan Department Store and Food Republic
Basement 2 - Isetan Japanese Supermarket and Food Hall
Isetan's supermarket will be its first outside Orchard Road and will offer shoppers a different and unique supermarket experience. It will also operate a department store, bringing Japanese fashion to Westgate.
Mr Lim Tien Chun, Managing Director, Isetan (Singapore), said, "Isetan Singapore is looking forward to the opening of our store at Westgate - our sixth in Singapore. It will be our first store in the west of Singapore and also our first Japanese-style supermarket outside Orchard Road. The store will reflect Isetan's vision of Value and Quality and our customers can expect Excitement and Originality when they shop at Isetan Jurong East."
Food Republic will introduce a new thematic concept at Westgate, while Paradise Dynasty will expand its popular xiao long bao concept at ION Orchard to Westgate. Caf Crema will operate its second store at Westgate while the mall will also see a new entrant on the F&B scene, Steak
& Seafood Robatayaki Buffet.
Yamaha will operate a music school at Westgate for aspiring musicians. Yamaha Music (Asia) Pte Ltd said, "Since Yamaha's formation in Singapore in 1966, Yamaha has been the leading provider of music education and quality instruments to the local community. Yamaha Music (Asia) is proud to extend its reach to the residents in Jurong East with its new branch in Westgate. With the mall's central location plus accessibility via Jurong East MRT interchange, Yamaha is confident that this branch will effectively impart to the community the benefits of the Yamaha Music Education System with music courses for two year olds to popular music courses for all ages. The new branch will also feature a wide range of instruments, from our well known acoustic pianos, to our widely popular acoustic guitars and electronic drums."
The Courtyard - An alfresco shopping and dining zone
Tapping on the growing popularity of alfresco spaces, Westgate will feature a naturally ventilated area called The Courtyard. This low-rise block from Level 1 to Level 4 faces the Jurong East MRT station and will comprise F&B outlets (many with outdoor refreshment areas) and retail stores. This will be linked to the main retail podium by an inner street and bridges.
The Courtyard will house an intimate semi-outdoor pedestrian street, recreating the ambience of a vibrant shopping street. The area will feature lush landscaping with planting and water features, taking reference from the mangroves and rivers that were in Jurong. The Courtyard will be protected from the elements with a glazed canopy that lets in natural daylight. Ambient temperatures will be kept cool with mechanical means such as jet blowers and air diffusers, and water features with pre-cooled water.
Retailers at The Courtyard include Paul Bakery, Caf Crema and Japanese ramen restaurant Menya Musashi.
Themed playground to delight children of all ages
Located at Level 4 will be a one-of-a-kind thematic playground, set to delight children of all ages. The specially customised play area is designed by a US theme park designer whose previous work includes attractions at Universal Studios and Disneyland.
The playground will have different zones to cater to children of varying age groups. It includes a tree top adventure play area within a giant tree trunk with interactive panels, tunnels and bridges. There is also a giant flower pot, which children can scale, and a splash area.
Ms Wee Su Lin, General Manager of Westgate, said, "Westgate will be the catalyst for the transformation of the Jurong Lake District into a key regional hub, the largest outside the Central Business District. We are excited to bring retailers such as Paul Bakery and Isetan Supermarket to Singapore's West with their first stores outside Singapore's downtown core."
"With the influx of many major retailers, Westgate is poised to be a vibrant retail destination on its own. Together with the value-focused IMM Building and entertainment hub JCube nearby, Westgate, IMM and JCube will offer the equivalent of a unique three-in-one mall, meeting the varied needs of shoppers, all easily accessible and linked by a free shuttle bus service and more than 2,200 car park spaces."
About Westgate
Westgate is an integrated retail and office development located in the heart of Jurong Regional Centre, which is set to become the largest hub for commercial developments outside the city centre. Westgate is directly linked to the neighbouring Jurong East MRT and bus interchanges, and amenities such as the Ng Teng Fong General Hospital.
The 416,000 square feet family and lifestyle mall is set to be the premier destination in Singapore's West. Its stores from Basement 2 to Level 5 will meet the varied needs of residents in the vicinity, commuters, working professionals, hospital visitors and students from nearby schools. Retailers include Isetan's first supermarket outside the city centre, Paul Bakery, Food Republic and Paradise Dynasty. The mall is scheduled to start operations by Christmas 2013.
Westgate Tower, the office building of the Westgate development, is a 20-storey prime office tower with 320,000 square feet of lettable area. CapitaLand Group will be moving progressively to Westgate Tower from end-2014.
Westgate is a development by CapitaMalls Asia Limited, CapitaMall Trust and CapitaLand Limited.
Mith252 January 6th, 2013, 11:46 AM Some pics I took of the site today.
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jieshun January 23rd, 2013, 03:05 PM Revamped malls boost CapitaMall Trust's revenue
Published on Jan 21, 2013
By Cheryl Lim
CONTRIBUTIONS from newly revamped malls have helped lift CapitaMall Trust's full-year distributable income and revenue.
The real estate investment trust (Reit) recorded distributable income of $316.9 million for the 12months to Dec 31 last year, up 5.1 per cent from the year before.
This was mainly due to contributions from JCube, which reopened last April, Bugis+ and the completion of renovations in several malls, including Junction 8 and The Atrium@Orchard.
The renovations carried out last year at JCube, Bugis+ and The Atrium@Orchard are expected to contribute a net property income of close to $45 million on a stabilised basis.
Distribution per unit for the year was 9.46cents, up from the 9.37cents declared a year before.
Net property income rose 6.5 per cent to $445.3 million, while gross revenue was 4.9per cent higher at $661.6 million.
There were improvements in the fourth quarter as well. Distributable income grew from $75.5 million to $79.8 million for the three months to Dec 31. Distribution per unit for the period inched up 2.6 per cent to 2.36cents.
Net property income for the quarter jumped 14.3 per cent to $112.9million, while gross revenue rose 10per cent to $173.7 million.
Mr Wilson Tan, chief executive of CMT's manager CapitaMall Trust Management, said the focus in the year ahead will be on repositioning the IMM and leasing out space in Westgate, CMT's upcoming project at Jurong.
Outlet brands make up 10.9 per cent of IMM's retail net lettable area but CMT's manager is aiming to boost the number of outlet shops from 32 to 50 by May.
Mr Tan said the retail portion of the Westgate project is on track for completion in the fourth quarter this year. Several prominent tenants have already been secured, including department store Isetan, Food Republic, Yamaha and Paul, a bakery.
He said the firm will look at how to increase rental rates across its properties, invest in acquisitions and undertake renovations to boost mall values.
There were 446 leases renewed last year, with newly signed rents up 6 per cent over rates contracted three years ago.
Mr Tan said that while the malls have experienced a slight dip of 1.4 per cent in shopper traffic, people are still spending, helping boost tenant sales by 1.6 per cent last year.
cherlim@sph.com.sg
Source from: http://www.straitstimes.com/archive/monday/premium/money/story/revamped-malls-boost-capitamall-trusts-revenue-20130121
Mith252 February 17th, 2013, 09:57 AM Some pics I took of the site today.
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Mith252 May 1st, 2013, 09:42 AM Some pics I took of the site today.
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