Singapore Shopping Centres & Luxury Stores | News, PIctures & Updates

Parkway Parade's Borders to close on 26 September
By Fann Sim | Yahoo! Newsroom – Fri, Sep 23, 2011

The Borders branch at Parkway Parade will close permanently come Monday 9 pm.

The book shop has started a final closing down sale with a 70 per cent discount on all stock in the store.

This closure of Borders' only remaining outlet here comes shortly after its flagship store at Wheelock Place shut down suddenly in August due to a rental dispute with the landlord.

In a statement, Tim Reid of Ferrier Hodgson, the judicial manager of Borders, said that Borders USA had terminated the brand license agreement with Borders Singapore on Wednesday. The latter has therefore to stop all activities authorised through the agreement.

Borders Singapore had secured rights to the use of the “Borders” brand and intellectual property rights through a brand license agreement that was secured when the Australian, New Zealand and Singaporean Borders operations were purchased from Borders USA.

Reid said he was offered an extension of the lease of Borders' Parkway Parade store, which was to expire at the end of October, but "the response from customers to the sale we have been running has been so pleasing that the economics of extending the lease were not persuading."

Reid added that he will soon advise creditors, including gift card holders, how he proposes to deal with their claims.

“Finally, I would like to thank the customers of Borders who have, over the last several weeks, continued to support the company. I know that the staff have appreciated the frequent kind and encouraging words many customers have expressed to them. It is certainly a sad time," he said.

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October 31, 2011, 7.19 pm (Singapore time)
ARA Trust unveils S$400m makeover of Suntec City
By ANGELA TAN

ARA Trust Management (Suntec) Limited, the manager of Suntec Real Estate Investment Trust (Suntec REIT), announced on Monday a S$410 million remake of Suntec City.

'The remaking will transform Suntec City into a more exciting shopping and MICE destination,' the company said in a statement.

The remake, which is scheduled to start in mid-2012, will comprise a S$230 million capital expenditure in remaking Suntec City Mall and a further S$180 million on Suntec Singapore International Convention and Exhibition Centre, which Suntec REIT holds an effective interest of 60.8%.

On completion in mid-2015, Suntec City will offer almost 1 million sq ft of retail lettable space.

Suntec City Mall's net property income is expected to increase by 33% or S$23 million.

'This would represent a 10.1% return on investment for unitholders and an 84% increase in capital value over capital expenditure,' the company said.

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Suntec REIT reports 6.2% fall in Q4 DPU
Posted: 22 January 2013 2103 hrs

SINGAPORE : Suntec Real Estate Investment Trust (Suntec REIT) has reported a 6.2 per cent on-year decline in distribution per unit at 2.326 cents for the fourth quarter of 2012.

In a statement, ARA Trust Management (Suntec) Limited, manager of Suntec REIT, said its income available for distribution fell 5.3 per cent on-year to S$52.39 million in the fourth quarter.

It added that fourth-quarter gross revenue and net property income also came in lower than the previous year.

ARA Trust Management attributes the decline to the closure of Suntec Singapore, and Suntec City Mall (Phase 1) for the asset enhancement works and the divestment of CHIJMES.

For the fourth quarter of 2012, Suntec REIT recorded a gross revenue of S$55 million, down 31.3 per cent from the previous year.

Net property income for the quarter was S$30.55 million, a fall of 41.3 per cent on-year.

For the full year, the income available for distribution for Suntec REIT was down 3.5 per cent to S$213 million, compared to FY2011.

Meanwhile, its distribution per unit for FY2012 was 9.490 cents, a 4.5 per cent drop from the previous year.

Looking ahead, ARA Trust Management said the works on Phase 1 of the asset enhancement initiative (AEI) for Suntec City is on track and due to be completed by the second quarter of 2013.

Yeo See Kiat, chief executive officer of ARA Trust Management (Suntec) Limited, said: "To date, we have achieved a pre-commitment of about 83 per cent in respect of Suntec REIT's Phase 1 NLA (net lettable area).

"We are also about to embark on Phase 2 of the AEI in March 2013 and we are pleased to report that 37 per cent of Phase 2 NLA has been pre-committed even before we commence works.

"Based on our leasing progress to date, our projected rental enhancement and return on investment of 10.1 per cent are on track."

Mr Yeo also shared that Golden Village will be setting up a 60,000 square feet, 11-screen multiplex in Phase 2 of the new Suntec City, which will include a three-screen Gold Class theatre.

Other brands that have signed up to lease space under Phase 1 of the new Suntec City include Lush, Smile Inc, Smoothie King, Popeyes, HABA and Yankee Candle.

- CNA/ms

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16-year-old Eastpoint Mall to get makeover
Upgrading long overdue, say experts; some upset by 18-month closure. -ST
Melody Zaccheus

Thu, Feb 07, 2013
The Straits Times

SINGAPORE - Eastpoint Mall, the stalwart of Simei estate for the past 16 years, will be getting a major makeover to better serve the burgeoning community there.

The rundown six-storey mall will close for 18 months after Chinese New Year for extensive renovation works.

Property analysts told The Straits Times that the upgrading works have been a long time coming. Flanked by the new Double Bay Residences and upcoming My Manhattan projects, the mall, a relic of the 1990s, is in dire need of rejuvenation.

"A mall must be refreshed every five to 10 years," said Mr Nicholas Mak, head of research and consultancy at SLP International. He said he believes the new management is preparing for potential patrons from upcoming condominium projects in Tanah Merah and competition from Bedok Residences, a residential-retail centre that will be ready in 2015.

He said the soon-to-be refurbished mall, with its prime location next to Simei MRT station, has the potential to do well and breathe new life into the estate.

The mall, which is owned by NTUC Income Insurance Co-operative and has been managed since last year by Frasers Centrepoint, will retain its current structure of six storeys and a basement.

A Frasers Centrepoint spokesman said the aim is to modernise the mall's facade and improve its facilities. She said: "With the growing number of residential offerings in the area surrounding Eastpoint Mall, we are committed to providing the surrounding community with a mall that they will enjoy visiting, and that also caters to their needs and wants."

She added that the upgraded mall will offer "refreshing retail concepts, more F&B choices and improved amenities".

Tenants, meanwhile, were split on the need for an overhaul.

"I believe it would have been better if construction work was carried out in phases, without having us all leave simultaneously for an extended period of time," said Mr Andy Ang, 50, the owner of a watch shop.

But Madam Eileen Yeo, 56, a sales manager at a clothes shop, said she could see why there was an urgent need for a revamp. "Toilets have been flooding and the lifts have been malfunctioning for some time now," she said.

In April last year, 13 people, including seven children, were trapped in a lift at the mall for almost an hour.

The mall, which has had vacant shops for several years now, may also be a turn-off for new shoppers, as the numerous shuttered store fronts could be perceived as a sign of an ageing and irrelevant mall, said property analyst Mr Mak.

Mr Stephen See, 53, the owner of Christian bookstore True Vine, said he is taking the news in his stride, having made plans to move to Lucky Plaza.

"I'm sad to lose my regular customers from the Simei estate and hope to move back when the new mall is ready," he said.

It is the same for hair and beauty salon The Hair Secret, as well as language centres Morris Allen and Tien Hsia, whose staff said they would like to be a part of the refurbished mall.

"We've become a part of residents' lives as they are used to coming to us after work, for massages, pedicures and other beauty treatments, so we'd like to be here when the new mall opens," said Madam Dolly Goh, 57, a manager at The Hair Secret.

The Frasers Centrepoint spokesman said it is working with tenants on arrangements to help them through the upgrading period. She did not elaborate further.

But the efforts have come too late for at least three tenants, who told The Straits Times that they had signed one-year leases and pumped in tens of thousands of dollars into renovating their shops.

Said Ms Joy Seah, 56, the owner of Christian library Life Bookroom and a first-time entrepreneur, as she packed away the last few books on her shelves: "We're disappointed that we've been shut down just as we were beginning to build brand awareness. Our life savings were tied up with the bookstore and we've no money to go elsewhere. We were really banking on this to work."

Meanwhile, shoppers said they will head to nearby malls at Tampines to do their shopping.

They hope that prices at the refurbished mall will stay reasonable. Housewife Carol Tan, 48, said the mall should preferably cater to everyone in the family.

Said Mrs Tan: "Everything should be under one roof, from entertainment options such as a movie theatre for my kids, to enough shopping and F&B outlets for everyone in the family."

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Sun, Mar 24, 2013
ST Urban
High-end brands set up outlet stores at IMM

by Leslie Kay Lim

A slew of popular brands is making its way into the outlet scene in Singapore. Agnes b., Banana Republic, Coach, Marella and Sacoor Brothers are among new labels that have set up shop in IMM in the last few months, either with stand-alone stores or as part of multi-label outlets.

This is the first time these brands, most of which occupy the segment between high street and high fashion, are selling their merchandise in Singapore via factory outlet stores.

The influx is part of IMM's strategy to rebrand itself as Singapore's biggest outlet mall. It is at the tail end of a year-long, $30 million revamp that began in May last year.

It currently houses 39 outlet stores and will have 50 in May, when the renovation is scheduled to be completed.

Mr Chew Hock Chye, IMM's general manager, says: "Outlet stores combine the two loves of Singaporeans - shopping and good value. They offer people the convenience of outlet shopping without them having to leave the country."

He declines to give figures but says the stores have helped to draw traffic. IMM's unique positioning as an outlet mall, he adds, complements the nearby JCube and upcoming Westgate mall - all three are operated by CapitaMalls Asia.

Before IMM, Anchorpoint and Changi City Point, both operated by Frasers Centrepoint Malls, were the main players in the outlet scene here, with eight and 14 outlet stores respectively.

However, they feature mostly mass retailers, such as Charles & Keith, Cotton On, Fox and Giordano, whose products already start at low prices. Frasers Centrepoint Malls declines to give details on its brand selection and how these stores have fared.

IMM, in comparison, offers more covetable brands such as Agnes b., Coach, DSquared2 and Max Mara.

The other nearest outlet mall offering similar labels is in Malaysia - the Johor Premium Outlets, which opened in December 2011.

Brands at IMM say they were offered the right opportunity at the right time to open their first outlet shops in Singapore.

French label Agnes b. opened its first outlet branch here two weeks ago. The 2,000 sq ft shop offers merchandise from two seasons ago, as well as clothing and accessories exclusive to its outlet stores. Discounts range from 30 to 70 per cent off retail prices.

Mr Felix Siow, brand manager of Agnes b. Singapore, says the label already had plans to open an outlet store here last year. "We felt that there was potential, judging from the good response to our bazaar sales."

IMM, he says, offers the ideal space, location and crowd.

He does not want to give figures but says sales in the past two weeks have been within expectations, with bags from the Voyage line and small leather goods being the bestsellers.

The factory outlet business, however, is a sensitive topic for some labels.

Coach, the popular American bag brand, opened a pop-up factory outlet store in IMM last October but declines to comment for this story. Bags and other leather goods for men and women that used to retail at about $200 to $1,000 are now going for 20 to 50 per cent off. The shop has a year-long lease on the space.

While regular leases at IMM run for three years, both Coach and IMM have declined to comment on their lease agreement. But Urban understands that the Coach store has reserved the space for one year.

The Kwang Sia group, which distributes Marella, Max & Co, Max Mara and DSquared2 in Singapore, opened a store in the mall in January.

Under the store name The Sale Shop, the group sells merchandise from up to three years ago at prices 60 to 80 per cent less.

Kwang Sia signed up for only two months when the space became available for a short time, so its store will close at the end of this month.

Another outlet store is slated to occupy the space when Kwang Sia leaves, but IMM cannot name the retailer as the deal has not been inked.

American brands Gap, Banana Republic and Guess are selling past-season stocks at up to 70 per cent off at the FJB Outlet, which opened in January. The FJ Benjamin Group distributes the labels here.

Mr Richard Gan, marketing executive of Gap and Banana Republic, says: "We have used other avenues, such as off-site sales, to clear inventory. While these have been effective, we wanted to offer our customers a better and more conventional format."

More brands, including British label French Connection and French fashion brands Naf Naf and Tila March, will come on board within the next two months.

The brands will be available at a multi-label outlet shop called La Boutique, which will be operated by local distributor Kai Yan.

Retail experts say the demand for outlet stores here will grow as more Singaporeans travel and become used to scooping up bargains at factory outlets overseas.

However, the lack of space in crowded Singapore may prove to be a problem, says Dr Lynda Wee, an adjunct associate professor in retailing at Nanyang Technological University's Nanyang Business School.

"Outlet malls require large spaces and relatively cheaper rentals. They operate on low margins and get together with other brands to offer families the option of a shopping destination," she says.

The alternative, therefore, is to find more remote locations for these malls. "They are excellent for drawing shoppers, thereby generating crowds for developing a township," she adds.

But Ms Sarah Lim, a senior retail lecturer at Singapore Polytechnic, cautions that outlet malls have to be mindful of their overall presentation and offerings.

"Otherwise, they may just be perceived as a dumping ground for products. This will tarnish the image and goodwill of the retailers as well as the mall."

[email protected]

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Bras Basah makeover: New look, same great contents

By Sue-Ann Tan & Cheng Jingjie
The Straits Times
Sunday, Mar 24, 2013

The Bras Basah Complex, Singapore's "City of Books", is getting a facelift, but the unique contents within will remain.

"Only the exterior will change. What we sell here is the same. It will still keep its essence as a cultural book city," explained Mr Kwek Boon Watt, chairman of the Bras Basah Complex Merchants' Association.

The complex's makeover, its first since opening in 1980, is to catch up with its modern neighbours such as Bugis Junction and the National Library Building - and hopefully draw a younger crowd.

Mr Kwek said business has fallen. "Bookstores have closed as this tech-savvy generation reads less. The facilities here are lacking and they would rather go to newer shopping malls," he said.

Chinese language bookstore Xinhua Cultural Enterprises has seen its business halve in the last three years, according to its managing director, Mr Yeo Shang Cai.

The renovation, which started two months ago and is expected to cost around $8 million, includes LED lights on the complex's facade and a central staircase linking all its five floors.

Toilets will be upgraded and corridor shelters added to keep floors dry when it rains.

The shops will operate as usual. The first of the renovation's two phases is expected to be completed early next year.

It is about time, say most shop owners, who are co-funding the work with the Housing Board.

"Our customers are young people looking for musical instruments," said Ms Yeo Lui Lui, store manager of Swee Lee Company, which has been in the complex since it opened. "The upgrading will attract the younger crowd, which is good for our business."

The owner of the popular optical shop Kwong Shin, Ms Annie Lam, agreed. She said: "This building is outdated to young people. Renovation will beautify this place."

But the owner of Bras Basah's newest tenant, indie books and crafts store Cat Socrates, has reservations.


Cat Socrates rents the space from a landlord.

"The rent may be higher after upgrading. Also, construction work within the building may drive customers away," said Ms Helen Jiang, Cat Socrates' owner.

Some prefer the complex to retain its nostalgic quality.

Said student Dion Bangun, 18, who goes there regularly to buy guitar strings and instruments: "It is good to renovate, but I'd rather it maintains its traditional look. There are few other places in Singapore like this now."

In the complex's heyday in the 1980s and 1990s, students from nearby schools often gathered there to hang out and buy books.

Crowds flocked to the complex for concerts by popular artistes such as Chinese singer Eric Moo.

The makeover will also close a chapter in the life of administrative officer Jennifer Lim, 40, whose parents owned a cassette store there in the 1990s.

"To view this place with a new facade makes me feel like I am of a past era, and the familiar feeling I get when I walk down the corridors that used to be my second home will be just a memory," she said. "The place will become a whole new one, with new memories for a new generation."

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Marina Square set for S$95m makeover
POSTED: 17 Apr 2013 10:08 PM

SINGAPORE: Marina Square Shopping Mall will undergo a S$95 million makeover with a new gourmet wing due to open in June 2013.

The S$15 million "The Dining Edition", which spans 50,000 square feet, will feature 16 new food and beverage outlets. Its landlord Marina Centre Holdings says it has secured 14 tenants for its new dining wing.

The next phase of the redevelopment will feature a new 200,000 sq feet mall which is slated to open in the fourth quarter of 2014.

The new retail wing will be constructed at a cost of S$80 million.

Chan Yiew Mei, general manager of Marina Centre Holdings, said: "We made a strategic decision to redevelop the Southern Plaza, where the fountain and the steps are. Basically it will yield us 200 metres of prime frontage on prime land that is going to embrace the bay.

"That is going to get us a bit more engagement with what is happening on the ground, with all the events like F1 and chingay parades."

- CNA/ac

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