Developers of the upcoming urban entertainment centre at Bugis are promising to deliver a project like no other.
Jack Investment has named the project Iluma. It is pumping in S$160 million in all, or about 60 percent more than initially budgeted for.
Iluma looks set to be the latest hip name in Singapore.
It will be the country's first Urban Entertainment Centre, costing S$160 million.
That is sharply higher than the S$100 million Jack Investment had planned to pour in.
It said the jump is due to the lavish nature of the project - targeted at the young, hip, and trendy.
Lim Swee Teck, Project Director, Jack Investment, said, "Being situated in the heart of the city and surrounded by three main institutions such as NAFA, La Salle and SMU, we are targeting the young professionals in their 20s-30s..."
At least 60 percent of the area will be used for entertainment outlets - such as restaurants, a cineplex and dance floors.
Iluma will span a total site area of 8,921 square metres - with seven levels.
Property consultant Knight Frank is marketing the project, and is expecting to see rents in the region of S$10 to S$30 per square foot.
With defining features such as a one-of-a-kind column free space measuring 27,000 square feet, and a roof space dedicated to themed restaurants, Iluma can cater for up to 60,000 to 80,000 consumers on a daily basis.
Sherene Sng, Head, Retail, Knight Frank, said, "We feel that our mall is unique because within the urban area - very highly-built up urban area - people can actually come into a property where under one roof you can do all of those things..."
Iluma is scheduled to be completed by the fourth quarter of 2008. - CNA/ms
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