THE developer of a new entertainment mall in Bugis has boosted its budget for the project by $60 million, bringing its investment to $160 million from an initial $100 million.
'LIKE NO OTHER': The 10-storey Iluma mall will be connected to Victoria Street by an overhead link bridge. -- PHOTOS: JACK INVESTMENT
The mall, to be called Iluma, is expected to open by the end of next year. It is being built by Jack Investment, next to Bugis Village and opposite Bugis Junction and Hotel Intercontinental.
With the higher investment, the company aims to create a project that 'promises to be like no other current retail-entertainment malls' here, said project director Lim Swee Teck.
At least 60 per cent of the mall's floor area will comprise entertainment outlets such as restaurants, a cineplex, and dance floors, said Ms Sherene Sng, the head of retail at Knight Frank, the mall's sole marketing agent. This use of space was one of the tender requirements.
'We will strive for an arts-inspired, creative experience,' Ms Sng said. More than 150 shops will be targeted at customers such as young, single executives. Tenants have not been confirmed but, unlike a typical mall, Iluma will not have a supermarket operator.
Rents would largely fall between $10 and $30 per sq ft (psf), said Ms Sng. At Bugis Junction, the highest rents are said to have reached about $50 psf.
Iluma sits on a 95,799 sq ft site and will be spread over 10 storeys. The second storey will be connected to Victoria Street by an overhead link bridge. The mall will have a first-of-its-kind, large column-free space of up to 27,000 sq ft on the rooftop that will be suitable for restaurants, said Mr Lim.
Jack Investment also owns the $70 million shopping mall and entertainment hub Leisure Park Kallang.
The company, owned by real estate veteran Han Chee Juan, won the tender for the Iluma site in 2005 with a bid of $46 million.
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