Thursday, October 23, 2008

West Coast Plaza 70% Leased Ahead Of Launch

Source : The Business Times, October 23, 2008

WEST Coast Plaza, which underwent a $26 million makeover by Far East Organization, is currently close to 70 per cent leased, ahead of its soft launch on Nov 15.

$26 million makeover: The mall has set aside 31 per cent of its three floors of retail space for F&B outlets

Property developer Far East has also committed $1.6 million to advertising and promotion programmes for the mall till January 2009.

Rentals at the mall, which has a net lettable area of 160,000 square feet, will range from $7 to almost $30 per sq ft per month.

The mall has set aside 31 per cent of its three floors of retail space for food and beverage outlets. Susan Leng, deputy director for retail management at Far East Organization, told BT that this is in line with the trend of Singapore's malls 'going bigger with food'.

The proportion of retail space typically allocated to eateries across Far East's malls has grown from 20 to 25 per cent previously to between 28 and 35 per cent now, she said.

The refurbished West Coast Plaza will feature an alfresco dining area targeted at the visitors it aims to draw - students and working professionals from educational and research institutions nearby, and families from private residences in the area.

Positioned as a 'mid-market suburban mall', West Coast Plaza's anchor tenant will be Cold Storage supermarket.

The fact that there has not been much uptake from fashion and accessories retailers yet is not a real concern, Ms Leng said. 'That segment is pretty soft islandwide, they're always the first to be hit in a downturn. We believe we can bring in a more focused and unique selection of retailers if we wait. We're in this for the long haul and the economy will come round,' she said.

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