70% Of Jurong Point's Uncompleted Wing Leased Out

Source : The Straits Times, Oct 22, 2007

JURONG Point, which is set to be Singapore's largest suburban mall, says its new extension is already 70 per cent taken up more than a year ahead of the wing's completion.

One of the main tenants, supermarket retailer NTUC Fairprice, will open a FairPrice Xtra, its hypermarket brand.

It will take up more than 70,000 sq ft on the third floor of the new wing, said the mall's development and marketing manager, Starmall Property Management.

The first Fairprice Xtra - a 77,000 sq ft outlet - opened late last year in Ang Mo Kio Hub. The second one is in Hougang Point.

Another anchor tenant is Popular Book Company, an existing tenant which has agreed to double its retail space and relocate to a unit of about 18,000 sq ft. It will also open a Harris bookstore of more than 8,000 sq ft in the new wing.

Department store Yue Hwa Chinese Products, which has three outlets in Hong Kong, will set up a 5,000 sq ft shop in the mall. It now has one store in Singapore, in Chinatown.

Property consultancy Knight Frank's deputy managing director, Mr Danny Yeo, said the good take-up is expected as there is a dearth of good-quality suburban malls. 'There is very strong interest in suburban malls, particularly large ones near MRT stations, where there is a lot of transient traffic.'

Analysts say rents at Jurong Point could be $11.50 to $12 per sq ft on average.

Opened in 1995, Jurong Point in Jurong West has 220 tenants occupying 410,000 sq ft of lettable area. The new wing - slated to be opened before Christmas next year - has 290,000 sq ft, of which 70 per cent has been leased out.

The combined 700,000 sq ft enlarged mall will be the largest suburban shopping centre in Singapore. It is part of a $720 million integrated project, which includes an air-conditioned bus interchange and a 610-unit condominium above the new wing.

The 99-year leasehold The Centris was released in late September last year and was fully sold by May.

Jurong Point will also have about 43,000 sq ft of non-profit space for charities and other similar bodies, which will pay a service charge, instead of market rents.

Under a government scheme, Jurong Point is granted extra lettable space - which it will use for a 24-hour eatery and a medical centre - in return for the donation of non-profit space.