The 19.3-ha AMK Hub is developed by the Singapore Labour Foundation, NTUC income and the NTUC supermarket chain. SINGAPORE: The retail landscape in the Singapore heartlands is seeing a huge transformation with new malls springing up and some existing ones getting a new look.
IKEA, Giant and Courts opened with a big bang in Tampines late last year, marking the start of a major transformation of the retail scene in the heartlands.
New malls are also springing up across the island, with the AMK Hub among the latest.
Meanwhile, existing malls like Tampines Mall and Junction 8 are being re-outfitted to attract higher traffic.
Apart from adding buzz to the suburbs, some home-grown food and beverage players welcome the mushrooming and revamping of malls in Singapore's suburbs, saying they create business opportunities.
Mok Yip Peng, Managing Director of Soup Restaurant Group, said: "Our lifestyles are now influenced. People now prefer to live near shopping malls. My restaurant's brand and concept, as well as others, have been able to survive because of this trend.
"The revamping of malls is a great opportunity for us. Before, we used to open one or two restaurants a year. Now we're able to open three, four or five. So this is a development opportunity for us."
Property consultants say suburbs with at least 250,000 residents and easy access to public transportation are primed to attract retail investments.
But higher returns will go to those with better amenities and a more regional appeal.
Daisy Loor, Retail Director of Jones Lang LaSelle, said: "Offices, government buildings like libraries, or even government offices, private residential, tertiary institutions or even schools, are additional complementary traits that will also enhance the attractiveness of the mall, as the primary market may not be sufficient to allow you to pay that premium in rent."
Despite the spurt in these malls, market watchers believe there's room in the market for more.
"Each serves the needs of their respective population and their demographics because different towns have different profiles of residents. For example, in Tiong Bahru, you have residential - be it private or public - and even offices; whereas in Clementi, the residents could be more mature, but you have the advantage of the tertiary institutions," said Ms Loor.
However, both new and old mall operators are expected to keep upgrading and inventing as consultants warn that Singaporean shoppers are increasingly on a time crunch and keen to experience new retail concepts. - CNA/vm
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