Ion Orchard To Have 12,000 Sq Ft Of Watch Retail

Source : The Business Times, May 8, 2009

Internationally renowned luxury watch brands to set up shop in new mall

SWISS luxury watch manufacturer IWC Schaffhausen's stand- alone boutique in Ion Orchard will be part of some 12,000 square feet of watch retail space that the upcoming mall will have.

IWC has 21 boutiques across the world, but the one in Singapore - which will measure 1,000 sq ft - will be the first for the brand in Asia outside Hong Kong.

The watch company joins the ranks of other internationally renowned luxury watch brands - such as Rolex, Omega, TAG Heuer and Patek Philippe - in setting up shop in Ion Orchard.

Home-grown specialist watch retailers The Hour Glass and Cortina Watch will also be taking up space in the mall, which is due to open for business in July.

In all, Ion Orchard will have some 12,000 sq ft of space devoted to the retail of watches.

'Attracting the world's leading luxury watchmakers to bring their unique designs and concepts to Singapore was an important part of Ion Orchard's leasing strategy,' said Soon Su Lin, chief executive of Orchard Turn Developments, the developer of Ion Orchard.

Orchard Turn Developments is jointly owned by Singapore- listed CapitaLand and Sun Hung Kai Properties of Hong Kong.

Ion Orchard has secured 80 per cent tenancy commitment and is in advanced negotiations for the remaining space, the mall said in a recent update.

Andreas Boesch, general manager of IWC's South-east Asia division, said that the company invested a 'significant' amount in the upcoming boutique.

IWC's boutique in the mall will host all the brand's watches - except, of course, for those editions that are sold out.

Mr Boesch says that many tourists from the region can be expected to buy watches at the new boutique as Singapore is the de facto watch hub for the region.

'We have been looking at the market here in Singapore for quite a while and we needed a very good solution like what Ion Orchard is offering,' said Mr Boesch.

IWC has reduced the number of stores along Orchard where third-party distributors sell its watches from six outlets about six months ago to just two outlets now.