It will have eight floors of mid to upper-range fashion, food, lifestyle shops
COME the end of next year, shoppers at Orchard Road can expect a new eight-storey shopping mall with around 180 stores, right at the doorstep of Somerset MRT station.
Developed by Australian group Lend Lease Retail, 313@Somerset will have a total of 294,000 square feet of retail space, offering a fashion, food and lifestyle mix from the mid and upper-mid range of retailers.
'Our vision for the centre is to be the leading retail destination for the mid to upper-mid range of fashion and food that's going to deliver a superior customer experience,' said the development director of Lend Lease Retail Asia, Michael Kenderes.
The total cost of the new shopping mall is estimated to be $1 billion, and Lend Lease Retail had started marketing to potential tenants six months ago. According to Mr Kenderes, response from interested retailers has been extremely positive.
'They like our tight focus on positioning in the market,' he explained.
The group is currently in different stages of negotiations with around half the tenants in the building and have reached some binding commitments, although it declined to reveal any anchor tenant.
It expects to fully lease all its units by the end of the six months before the shopping mall's launch.
The mall's largest retailer is set to be a food court operator at a food loft on level five, with about 28,000 sq ft of space. About a third of the retail space will go to food and beverage outlets.
'We are engaged with all the Singaporean retailers in the mid-range fashion offer. There are some from Australia that are interested to come in, and some other international brands from both the US and Europe that we're talking to,' revealed Mr Kenderes.
313@Somerset will not have any major anchor tenant, but instead will focus on mini anchor tenants, including international retailers.
'Lend Lease Retail is looking to leverage on its global relationships with retailers as our partners and to encourage new-to-market retailers to join us,' Mr Kenderes commented.
The new mall was also awarded the Green Mark Platinum from the Building and Construction Authority (BCA) - the highest sustainability recognition in Singapore.
Some of the key initiatives that will be incorporated into 313@Somerset include using solar panels to help power its carpark and the recovery of waste heat for use within the centre.
In total, the energy saving measures will reduce energy consumption by 30 per cent.
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