Anchorpoint Relaunched As First 'Outlet' Mall

Source : The Business Times, May 16, 2008

FRASERS Centrepoint Trust (FCT) has relaunched Anchorpoint, the suburban shopping mall in Bukit Merah, after giving it a $13 million makeover.

The mall is branded as Singapore's first 'outlet mall', with several brand- name chains setting up 'outlet' stores which offer heavily discounted goods.

Already, the strategy seems to be paying off.

Christopher Tang, CEO of Frasers Centrepoint Asset Management, the manager of FCT, said that in the three months following the progressive relaunch of Anchorpoint in February, shopper traffic has shot up 20 per cent. Rentals have also jumped to $7.50 per square foot, up from $5.40 psf a year ago.

Anchorpoint's revamp, Mr Tang said, is part of FCT's enhancement and acquisition strategy in the next few years.

Following Anchorpoint, the next suburban mall in line for a facelift is Singapore's first suburban mall, Northpoint. It will be integrated with a new building, Northpoint 2, at a total cost of $38.6 million, and will be completed by year-end.

Mr Tang also says FCT will be acquiring existing malls such as Yew Tee Point and Bedok Mall as part of its strategy. 'All the new malls that we add are very well located, with high catchment area, are next to MRTs, and have very good connectivity,' he said.

Although more mega malls are expected to enter the market soon, Mr Tang remains confident that FCT's suburban malls will not be facing a rush for tenants. 'Generally, there is additional retail space, and the bulk of it is in the Orchard Road belt and Marina Square,' he said, adding that suburban malls were a 'totally different market'.