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Old January 1st, 2005, 09:26 AM   #1
babystan03
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Singapore likes them BIG

The New Paper - 23 Dec 2004

NUS SURVEY: MEGA MALLS OR BOUTIQUE SHOPS?
S'pore likes them BIG

By Desmond Ng
desmondn@sph.com.sg

IS bigger always better?

Yes, it seems, if you are talking about shopping malls.

Singaporeans like their malls big, according to a new study by a National University of Singapore lecturer.



And shoppers here want variety too - more retail stores, more atrium fairs, more food, the list goes on and on.

A survey of 1,000 shoppers here showed that they like mega malls such as Suntec City for their cinemas and entertainment elements, a good tenant mix and restaurants, said assistant professor Muhammad Faishal, of the NUS Department of Real Estate.

His research paper, Mega Mall Attractions - An Image And Preference Analysis, investigates the image of such shopping centres here and the preference of shoppers for certain retail elements.

A mega mall typically offers about 1 million sq ft of retail space, said Dr Faishal.

This would include Suntec City Mall, Ngee Ann City and the new VivoCity coming up near HarbourFront. (See report in box.)

The survey confirms some popular perceptions: People love malls but hate the experience of going there, especially when the carparks are packed and MRT stations are crowded.

Dr Faishal said most of those surveyed would spend less than $100 on each visit to a mega mall.

But they visit the malls at least once a month because of the hypermarkets, fashion stores, restaurants and food courts.

Dr Faishal felt his findings would help retailers and shopping centre managements improve the shopping experience.

VARIETY COUNTS

He said: 'People we spoke to said they love the malls for the varied experiences such as cinemas, shopping, food courts.

'Suburban malls such as Tampines Mall and Junction 8 still serve their purpose as travelling to these malls is convenient.

'But the mega malls belongs to a different market, with shoppers spending more time there.'

While the advantage of mega malls is the array of choice and space, the downside is that it may be difficult to find parking lots during peak periods as their different attractions draw more shoppers, said Dr Faishal.

He thinks it's difficult to sustain too many mega malls in Singapore because of our small size, but felt one near the Causeway would attract both locals and Malaysians.

Ms Sherene Sng, associate director (retail) at Knight Frank, said mega malls fulfil the desires of many Singaporeans who love shopping.

'The mood, the crowd, the variety in a downtown mega mall is quite different from the surburban malls,' she said.

She feels there's space for one or two more mega malls here, given Singaporeans' love for shopping.

She added: 'But there must be something good to draw us to the mall, such as a good tenant mix.

HARDWARE COUNTS TOO

'And hardware is also important. For example, Ngee Ann City has their big Christmas tree to attract shoppers while Berjaya Times in Kualu Lumpur has their in-house theme park.'

Ms Desiree Chen, 28, a keen shopper, said she usually spends the whole day at Suntec City Mall when she goes there.

Said the secretary: 'I'll have a meal there, do some shopping and end it with a movie. By then, the whole day would have gone.

'It's not like the neighbourhood shopping centres, which don't have that many shops.'

Mall, resort, market... all-in-one

VIVOCITY is set to be Singapore's largest shopping and leisure and destination with up to 450 retail, food and entertainment outlets.

This is spread over one million sq ft of leaseable floor space - about 1 1/2 times the size of Kallang Stadium. It is slated to be completed by the end of 2006.



The name VivoCity is derived from the word 'vivacity', and is meant to evoke a modern, stimulating lifestyle, said developer Mapletree Investments, a fully-owned subsidiary of Temasek Holdings.

VivoCity will have three storeys and two basements with retail and F&B outlets.

It will have Singapore's largest multiplex cinema, with 15 halls, by Golden Village and a new 120,000 sqft hypermarket by Diary Farm. There will be a 1,000-seat amphitheatre on the rooftop and a large playground and playhouse on the second level.

It will be linked to Sentosa by a new light rail system.

And if you were in the habit of taking long, romantic walks next to the former World Trade Centre, facing Sentosa island, don't think you will no longer be able to do anything of the sort.

VivoCity will have an excellent waterfront walkway from which couples can gaze out to Sentosa island.

Copyright © 2004 Singapore Press Holdings Ltd. All rights reserved.
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Old January 1st, 2005, 09:27 AM   #2
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Which area in Singapore do you think has the potential for another mega malls??
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Old January 1st, 2005, 11:08 AM   #3
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Pulau Ubin!
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"My Settlement of Singapore continues to thrive most wonderfully - it is all and everything I could wish and, if no untimely fate awaits it, promises to become the Emporium and the pride of the East" - Sir Thomas Stamford Raffles, 10th September 1820
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Old January 1st, 2005, 11:10 AM   #4
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Originally Posted by huaiwei
Pulau Ubin!
Possible.......but if ppl into environment and preservation would scream.....
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Old January 2nd, 2005, 11:11 AM   #5
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REVAMPS, RENOVATIONS, REPOSITIONING — S’PORE MALLS GO ALL OUT TO LURE SHOPPERS

CMT, Singapore’s first listed retail property trust, plans to add more ground floor retail space in IMM

Soon after established malls such as Parkway Parade and Far East Plaza underwent facelifts and repositioning last year to better capture their target audiences, five more malls have announced plans for revamps.

CMT, the country’s first listed retail property trust, is adding more space to Tampines Mall and Bishan Junction 8 to capitalize on potential rental returns from the malls’ prime locations in major housing estates, according to a report by The Edge Singapore.

The redevelopment will cost CMT a total of S$32.9 million (US$18.8 million), S$27 million of which will be spent on eight-year old Junction 8. About 74,000 sqf will be added to the mall’s basement, ground and second floors with the majority of the space going to the second level.

The additional space will bring Junction 8’s retail space to 274,000 sqf. A transparent canopy will also be built to link the shopping center to Bishan MRT station. Work on the mall has already started and is expected to be completed by next December. A total of 25 new shops will be built, and tenants have been secured for eight units.



Pacific Plaza, which has 53,000 sqf of retail space is repositioning itself as a mall for the young, hip, trendy and stylish people with purchasing power
New tenants will also be moving in to Tampines Mall when renovation works are completed by this November. The redevelopment involves decanting space from the fourth floor of the mall to create seven new shops on the ground facing Century Square. A covered walkway linking the two malls will also be built. Five of the seven new shops have already been taken up by “well-known food and beverage tenants” at rents above S$25 psf, according to the report.

CMT, which also owns Funan The IT Mall, expects the extra space in both complexes to pull in an additional S$5 million annually and to recover its investment in about six years.
Meanwhile, Pacific Plaza—jointly owned by Hong Kong-listed LET Pacific and Tawian’s Pacific Electric Wire and Cable, which has just 53,000 sqf of retail space and is managed by Jones Lang LaSalle, is repositioning itself as a mall for the young, hip, trendy and stylish people with purchasing power.

The mall, which has prime frontage on Scotts Road, has seen many of its tenants move out over the past two years due to flagging customer traffic. Once home to music store Tower Records, it had made unsuccessful attempts to go upmarket with tenants such as fashion labels Helmut Lang, Calvin Klein, Miu Miu and Prada Sports.

As part of the repositioning exercise, new tenants have been secured. Sports label Adidas will be opening a 1,500 sqf concept store on the ground floor space fronting Scotts Road that was previously occupied by Prada Sports, while homegrown music store That CD Shop will move into more than 5,000 sqf of space on the ground and second floor space vacated by Miu Miu, as well as the second floor lot previously taken up by Helmut Lang. Current rents at the mall are said to start at S$14 psf, with prime ground floor space going for between S$20 and S$22 psf.

Another mall that has gone niche is Tiong Bahru Plaza, which will be given a S$10 million facelift and repositioned as a one-stop center for shoes. With the redevelopment, the number of tenants in the shoe retail business will double from eight to 16. The mall has about 130 tenants.

It will also be renovated with some retail areas reconfigured to face the atrium while a portion of the basement car park will be converted into shops. Access to Tiong Bahru MRT station will also be improved. The renovations will bump up the mall’s space by 7,000 sqf to 192,000 sqf. Retail Mall Management, which runs the mall, expects to see customer traffic grow from 650,000 monthly to 750,000 monthly by the end of the year. It also hopes that average rents will go up by about 20%, from the current S$8 psf, when the works are completed, The Edge Singapore reported.

Meanwhile, CMT is completing the purchase of its fourth shopping mall, the IMM Building in Jurong, for S$264.5 million.

And like CMT’s Tampines Mall and Bishan Junction 8, IMM is set to undergo a major revamp starting in 2005. This will involve the redistribution of some 54,000 sqf of warehouse space onto more valuable ground floor retail area.

There are now more than 530 tenants in IMM, including hypemarket Giant and electronics retailer Best Denki. The mall also attracts around 1.2 million shoppers per month, mostly residents from the western part of Singapore.

With IMM on board and its asset enhancement programs in the works, CMT’s management firm says its unit-holders can expect yearly distributions per unit (DPU) to rise by more than 9.3% to 8.03 cents this year and 8.13 cents next year. This is significant when seen against the backdrop of the Australian real estate investment trust market—often used as a comparison to Singapore’s—where a 2-3% DPU rise resulting from a similar acquisition would be a typical benchmark. CMT’s current DPU generated by its three malls is 7.35 cents.

The firm says that it will continue to acquire profit-making mall across the island, especially the suburban malls near MRT stations, to its portfolio.

http://www.icsc.org/srch/sctA/6.htm
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Old January 2nd, 2005, 11:36 AM   #6
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Woerd fetish for big malls. Maybe they are too used to those big malls in Malaysia thats y?
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"My Settlement of Singapore continues to thrive most wonderfully - it is all and everything I could wish and, if no untimely fate awaits it, promises to become the Emporium and the pride of the East" - Sir Thomas Stamford Raffles, 10th September 1820
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Old January 2nd, 2005, 11:38 AM   #7
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That is one big shopping centre.
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Old January 2nd, 2005, 11:39 AM   #8
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Quote:
Originally Posted by huaiwei
Woerd fetish for big malls. Maybe they are too used to those big malls in Malaysia thats y?
Well.....i think the mall management will be more than happy......(more rents)....
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Old January 2nd, 2005, 04:56 PM   #9
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Aiyah, our neighbour has so many mega malls also wat...
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Old January 2nd, 2005, 05:15 PM   #10
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Personally, I don't give a damn how big a mall is. I'm not a walker and I go straight to the stuffs that I need to get and that's it. All in all, I need a mall to have the stuff I'm after, a place to eat and toilets that doesn't smell.
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Old January 2nd, 2005, 05:16 PM   #11
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Hmm...actually I cant stand some malls because I need to walk a big round just to go to the store I want...
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"My Settlement of Singapore continues to thrive most wonderfully - it is all and everything I could wish and, if no untimely fate awaits it, promises to become the Emporium and the pride of the East" - Sir Thomas Stamford Raffles, 10th September 1820
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Old January 2nd, 2005, 05:18 PM   #12
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We nearly got lost at MidValley and MINES once... On the same trip!
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Old January 2nd, 2005, 05:24 PM   #13
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Come to think of it.... why did we decentralised the malls in the first place? And why are we thinking of doing the opposite now? Just because some other people did it? Geez, when will they ever learn?
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Old January 2nd, 2005, 05:27 PM   #14
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and BTW, I really hate Suntec for what it is. I wouldn't bother going there if not for 2 or 3 shops that I frequent, which is miles from the carparks.
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Old January 2nd, 2005, 05:30 PM   #15
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Quote:
Originally Posted by Kit
Come to think of it.... why did we decentralised the malls in the first place? And why are we thinking of doing the opposite now? Just because some other people did it? Geez, when will they ever learn?
Decentralise the malls? You mean those in the suburbs?
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"My Settlement of Singapore continues to thrive most wonderfully - it is all and everything I could wish and, if no untimely fate awaits it, promises to become the Emporium and the pride of the East" - Sir Thomas Stamford Raffles, 10th September 1820
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Old January 2nd, 2005, 05:34 PM   #16
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Having malls in the suburbs is a must. Every town centre should have one.
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Old January 2nd, 2005, 05:34 PM   #17
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Ya, what was the idea behind these malls? Isn't it to get people out of bursting Orchard Road?
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Old January 2nd, 2005, 05:39 PM   #18
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Think so....they reversing the trend meh?
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Majulah Singapura 前进吧,新加坡!Onward Singapore முன்னேறட்டும் சிங்கப்பூர்

"My Settlement of Singapore continues to thrive most wonderfully - it is all and everything I could wish and, if no untimely fate awaits it, promises to become the Emporium and the pride of the East" - Sir Thomas Stamford Raffles, 10th September 1820
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Old January 2nd, 2005, 05:41 PM   #19
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I don't know....... Vivo whatever seems to be like that.
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Old January 2nd, 2005, 05:42 PM   #20
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Um, so that people need not commute to the city to do shopping?
And enhance quality of life, and increase the value of housing in the towns?
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