Source : 《联合早报》March 12, 2009
兀兰预购组屋（BTO）项目Champions Court的申请昨天截止，四房式和五房式的大型组屋单位仍较受公众欢迎，平均每个单位有5.3人申购。相比之下，每个小型单位只有2.6人申请。
整体而言，截至昨天下午5时，Champions Court的815个单位共收到3239份申请，每个单位平均有4人申购。
新组屋位于兀兰1道和冠军大道（Champions Way）交界，临近是星烁初级学院和新加坡体育学校，周围也有邻里公园和游泳池等设施，也靠近兀兰地铁站和巴士转换站。
这是建屋发展局今年推出的首个预购组屋项目，约一半是小型公寓及三房式小型单位。
虽然如此，更多申购者还是选择较大型的四房式和五房式单位，显示公众还是倾向购买大型组屋。
根据建屋局网站的数据，四房式申请者最多，224个单位有1239人申请，平均每个单位有5.5人申购。185个五房式单位的反应也踊跃，有946人申请。182个三房式单位则收到422份申请，平均每个单位2.3人申购。
三房式单位的售价11万8000元至14万2000元，四房式19万4000元至22万7000元，五房式24万7000元至29万6000元。
此外，这也是建屋局首次在兀兰推出适合年长者居住的小型公寓，共有632个55岁以上的年长者申请224个单位，平均每个单位有2.8人申购，可见小型单位还是受到一定的支持。
这些组屋有亲乐龄的设计，具备扶手和防滑地板等特别装备；单位里也有衣橱、厨柜和炊具等设施。它们的面积为35平方米和45平方米，售价介于5万7000元至8万元。
发言人受询时说，该局将密切留意市场走势，并推出更多小型组屋以满足低收入者和大屋换小屋者的住屋需求。
博纳集团总裁伊斯迈受访时则说，四房式最受欢迎并不令人意外，因为这是最适合小康之家的屋型，对那些刚结婚的年轻夫妇，尤其具有吸引力。
他说，三房式单位太小，而预购组屋一般需要三年才会竣工，再加上新组屋须住满五年才能出售，许多想生儿育女的夫妇因此须等上至少八年才能小屋换大屋，为此他们偏向购买大型组屋。
Thursday, March 12, 2009
More Projects With Small Units To Be Released This Weekend
Source : The Straits Times, March 12, 2009
MORE projects with small apartments are being released for sale, with one offering units of just 344 sq ft - slightly over half the size of a squash court.
The releases follow the recent success of developments like Alexis, where small units have attracted plenty of buyers with their low overall prices. Prices at the project in Alexandra Road started at $450,000 for one-bedders, which are between 366 sq ft and 527 sq ft.
A preview for the freehold Kembangan Suites at Jalan Masjid - which has 60 mainly small flats and eight shops - starts today. The project's marketing material said prices will be revealed only at 10am with sales starting at noon.
Starting prices are at least $300,000 for the one-bedroom units, which range from 344 sq ft to 527 sq ft, according to the marketing material. The project also offers 581 sq ft two-bedroom units.
The 104-unit Domus in Irrawaddy Road will be released for sale this weekend with the interest absorption scheme.
The actual pricing has not been firmed up but will start from just below $500,000 for the 25 studios of 474 sq ft, said Savills Residential, which is marketing the project.
The project has penthouses, including a 926 sq ft double-storey one-bedroom penthouse.
Domus is next to a fairly new launch - I-Residences, where prices are hovering around $900 psf.
In nearby Balestier, The Mezzo - on the site of the former Ruby Plaza - will also be released for sale in a special preview tomorrow. It has 127 units including 20 one-bedders of 560 sq ft.
The unusual aspect of The Mezzo is that it is offering a 6 per cent annual rental guarantee for two years, apart from the interest absorption scheme. The rental guarantee kicks in right after the temporary occupation permit date.
The one-bedders will be priced from about $540,000 and the two-bedders from about $715,000, said HSR Property Group.
MORE projects with small apartments are being released for sale, with one offering units of just 344 sq ft - slightly over half the size of a squash court.
The releases follow the recent success of developments like Alexis, where small units have attracted plenty of buyers with their low overall prices. Prices at the project in Alexandra Road started at $450,000 for one-bedders, which are between 366 sq ft and 527 sq ft.
A preview for the freehold Kembangan Suites at Jalan Masjid - which has 60 mainly small flats and eight shops - starts today. The project's marketing material said prices will be revealed only at 10am with sales starting at noon.
Starting prices are at least $300,000 for the one-bedroom units, which range from 344 sq ft to 527 sq ft, according to the marketing material. The project also offers 581 sq ft two-bedroom units.
The 104-unit Domus in Irrawaddy Road will be released for sale this weekend with the interest absorption scheme.
The actual pricing has not been firmed up but will start from just below $500,000 for the 25 studios of 474 sq ft, said Savills Residential, which is marketing the project.
The project has penthouses, including a 926 sq ft double-storey one-bedroom penthouse.
Domus is next to a fairly new launch - I-Residences, where prices are hovering around $900 psf.
In nearby Balestier, The Mezzo - on the site of the former Ruby Plaza - will also be released for sale in a special preview tomorrow. It has 127 units including 20 one-bedders of 560 sq ft.
The unusual aspect of The Mezzo is that it is offering a 6 per cent annual rental guarantee for two years, apart from the interest absorption scheme. The rental guarantee kicks in right after the temporary occupation permit date.
The one-bedders will be priced from about $540,000 and the two-bedders from about $715,000, said HSR Property Group.
S'pore Is Tops Again Among Asian Expats
Source : The Straits Times, March 12, 2009
It retains No. 1 spot in poll for 10th straight year, beating 253 cities
SINGAPORE has beaten the rest of the world for the 10th year running to be named the city that offers Asian expatriates the best quality of life.
According to a survey released yesterday, the city state's quality of air, infrastructure and health-care facilities kept it at No. 1. Its low crime rate also helped it retain pole position in the annual ranking by human resource consultancy ECA International.
As far as Asian expats were concerned, Singapore beat 253 other cities - including big names such as San Francisco, New York, London and Paris.
Only five Asian cities made it to the top 50 among Asian expats. Apart from Singapore, these were Japan's Tokyo, Yokohama and Kobe, along with Hong Kong, which came in 11th due to its poor air quality and inferior health facilities.
But expats from other regions appeared to be less impressed by Singapore. The city slipped in favour for all non-Asian expats, as other cities became more desirable places to live.
Expats from the Middle East ranked Singapore 25th in terms of quality of life, down from 23rd last year. Australian and New Zealand expats put Singapore in 44th spot, down from last year's 42nd.
Americans named Singapore their 54th favourite city, a drop from 50th place last year, while Europeans also ranked it 54th, down a notch from the previous 53rd.
ECA regional director Lee Quane stressed that the lower rankings were not caused by a deterioration in Singapore's quality of life.
'Basically, it is not due to any detriment on Singapore's part,' he told The Straits Times.
While Singapore's scores in all categories have remained the same as last year's, other locations have improved their scorecards, he said.
Categories looked at included climate, health services, social networks and leisure facilities.
'You need to look at where the person is coming from,' Mr Quane added. 'From a European or American perspective, there may be other cities that are more attractive. But from an Asian person's perspective, Singapore comes in at No. 1.'
Indeed, for Filipina Ditas Lopez, Singapore ranks as one of the best cities in the world.
'The transportation system is very efficient, doing business is easy and, most importantly, the quality of air is very good,' said Ms Lopez, 38, a media professional who has lived here for three years.
Bringing up the rear for Asian expats were war-torn cities such as Baghdad in Iraq and Kabul in Afghanistan. These were the least desirable locations for expatriates due to a lack of suitable facilities and high personal security risks.
Despite Singapore's relatively low global ranking among European expats, the city was their top choice in Asia, followed by Kobe, Yokohama, Hong Kong and Tokyo.
Some of the biggest improvements in quality of life were seen in Chinese cities, where facilities for visitors have improved.
Beijing, for instance, shot up 13 places to 99th spot after it upgraded its infrastructure, recreational facilities and security for the Olympic Games last year.
Conversely, Indian locations have fallen on average in this year's rankings, largely due to poorer air quality. New Delhi - ranked 187th - saw the largest deterioration in quality of living within Asia.
ECA's survey is designed to help companies establish expat allowances, which compensate staff for adapting to life in their assigned locations.
BEST PLACE FOR ASIANS
'From a European or American perspective, there may be other cities that are more attractive. But from an Asian person's perspective, Singapore comes in at No. 1.'
It retains No. 1 spot in poll for 10th straight year, beating 253 cities
SINGAPORE has beaten the rest of the world for the 10th year running to be named the city that offers Asian expatriates the best quality of life.
According to a survey released yesterday, the city state's quality of air, infrastructure and health-care facilities kept it at No. 1. Its low crime rate also helped it retain pole position in the annual ranking by human resource consultancy ECA International.
As far as Asian expats were concerned, Singapore beat 253 other cities - including big names such as San Francisco, New York, London and Paris.Only five Asian cities made it to the top 50 among Asian expats. Apart from Singapore, these were Japan's Tokyo, Yokohama and Kobe, along with Hong Kong, which came in 11th due to its poor air quality and inferior health facilities.
But expats from other regions appeared to be less impressed by Singapore. The city slipped in favour for all non-Asian expats, as other cities became more desirable places to live.
Expats from the Middle East ranked Singapore 25th in terms of quality of life, down from 23rd last year. Australian and New Zealand expats put Singapore in 44th spot, down from last year's 42nd.
Americans named Singapore their 54th favourite city, a drop from 50th place last year, while Europeans also ranked it 54th, down a notch from the previous 53rd.
ECA regional director Lee Quane stressed that the lower rankings were not caused by a deterioration in Singapore's quality of life.
'Basically, it is not due to any detriment on Singapore's part,' he told The Straits Times.
While Singapore's scores in all categories have remained the same as last year's, other locations have improved their scorecards, he said.
Categories looked at included climate, health services, social networks and leisure facilities.
'You need to look at where the person is coming from,' Mr Quane added. 'From a European or American perspective, there may be other cities that are more attractive. But from an Asian person's perspective, Singapore comes in at No. 1.'
Indeed, for Filipina Ditas Lopez, Singapore ranks as one of the best cities in the world.
'The transportation system is very efficient, doing business is easy and, most importantly, the quality of air is very good,' said Ms Lopez, 38, a media professional who has lived here for three years.
Bringing up the rear for Asian expats were war-torn cities such as Baghdad in Iraq and Kabul in Afghanistan. These were the least desirable locations for expatriates due to a lack of suitable facilities and high personal security risks.
Despite Singapore's relatively low global ranking among European expats, the city was their top choice in Asia, followed by Kobe, Yokohama, Hong Kong and Tokyo.
Some of the biggest improvements in quality of life were seen in Chinese cities, where facilities for visitors have improved.
Beijing, for instance, shot up 13 places to 99th spot after it upgraded its infrastructure, recreational facilities and security for the Olympic Games last year.
Conversely, Indian locations have fallen on average in this year's rankings, largely due to poorer air quality. New Delhi - ranked 187th - saw the largest deterioration in quality of living within Asia.
ECA's survey is designed to help companies establish expat allowances, which compensate staff for adapting to life in their assigned locations.
BEST PLACE FOR ASIANS
'From a European or American perspective, there may be other cities that are more attractive. But from an Asian person's perspective, Singapore comes in at No. 1.'
New Orchard Malls Short Of Tenants
Source : The Straits Times, March 12, 2009
Shopping centres are set to open soon but take-up of retail space has slowed
ORCHARD Road's first new malls in a decade are set to open over the next few months - but the economic downturn means many shops will be empty.
Retailers have been slow to sign up in the face of falling consumer spending, leaving malls with the prospect of a lacklustre opening.
A street-front boutique in the Mandarin Gallery, which is undergoing a $200 million makeover. To date, the mall is only 69 per cent leased. -- PHOTO: OVERSEAS UNION ENTERPRISE
Take the Mandarin Gallery, the high-end mall at the corner of Orchard and Bideford Roads, which is undergoing a $200 million makeover to increase total gross floor area by 40 per cent.
Between March and October last year, it secured tenants for 60 per cent of its net lettable area. But in the four months since, occupancy has increased only marginally with the makeover due to be completed in June.
'To date, we are 69 per cent leased, with another 4 per cent out to be concluded by the end of this month,' said Ms Patrina Tan, senior vice-president of retail, marketing and leasing at Overseas Union Enterprises (OUE), which owns the mall.
Signing up of new tenants has also slowed to a crawl at Far East Organization's Orchard Central, next to the Somerset MRT Station.
Last October, the mall announced it was 60 per cent leased, at prices between $20 psf and $70 psf. Far East Organization's deputy director of retail management, Ms Susan Leng, had said in December she would 'be pretty happy if we can achieve an occupancy rate of about 80 per cent to 85 per cent...in this economic situation'.
But its occupancy has risen to just 65 per cent in the past four months.
Ion Orchard - the other mall being built from scratch on Orchard Turn - said it was 50 per cent leased last September, at prices of up to $80 psf. On Monday, it declined to comment on its leasing progress, although it is slated to open in the third quarter of this year.
Australian developer Lend Lease Retail, which is building 313@Somerset, said in May last year that it expects to fully lease all its units by around the middle of this year.
But according to Colliers' director for research and advisory, Ms Tay Huey Ying, 313@Somerset is - like the others on the strip - between 50 per cent and 70 per cent leased. That still leaves between 30 per cent and 40 per cent of untenanted retail space in each mall.
'In normal times, malls hope to open with at least 90 per cent tenancy,' said Ms Sherene Sng, head of retail at Knight Frank.
Retail consultants put the muted response down to the economic downturn, which arguably worsened after Lehman Brothers filed for bankruptcy last September.
OUE's Ms Tan noted that leasing activities started to slow in October as retailers were busy preparing for the Christmas season as well as cutting back on their expansion plans.
Industry insiders say some tenants have negotiated all the way to the dotted line, but still have not signed on it, citing the uncertain economic outlook. Even retailers that 'operate chain stores, and that one would typically expect to have deep pockets' are affected.
Ms Sulian Tan-Wijaya, senior director of retail and lifestyle at Savills Singapore, told The Straits Times: 'There have also been a few cases of tenants forfeiting their rental deposits, which typically amount to three months' rent.'
The consultants said they have heard of up to 10 such cases since October, but declined to name any of them.
All this is despite the increased willingness of landlords to negotiate cheaper rents, which property analysts said could fall by anywhere between 5 per cent and 13 per cent this year in prime locations on Orchard Road.
Landlords have reiterated that they always negotiate rent 'relative to sales', while many retailers said sales have dipped as much as 30 per cent in recent months.
Ms Tay said: 'Retailers will remain cautious for as long as the economy does not recover. But that doesn't mean the space won't eventually find a tenant.
'If landlords can negotiate and look to strike a win-win rental structure, I don't see why the occupancy rate should stay where it is.'
Ms Tan-Wijaya added that there is 'a ready database of strong retailers who still have the appetite to expand' and her firm is still seeing 'serious inquiries' for space in Ion and Orchard Central.
The malls are forging ahead to open as scheduled, even as visitor arrivals this year may drop by 6 per cent to 11 per cent and tourism spending is estimated to fall 15 per cent to 16 per cent.
Ms Tay said: 'There are many ways in which landlords could mask the presence of the non-tenanted spaces, such as through barricading or retrofitting. It's all about the aesthetics.'
BACKING OUT
'There have been a few cases of tenants forfeiting their rental deposits, which typically amount to three months' rent.'
Ms Sulian Tan-Wijaya, senior director of retail and lifestyle at Savills Singapore
Shopping centres are set to open soon but take-up of retail space has slowed
ORCHARD Road's first new malls in a decade are set to open over the next few months - but the economic downturn means many shops will be empty.
Retailers have been slow to sign up in the face of falling consumer spending, leaving malls with the prospect of a lacklustre opening.
A street-front boutique in the Mandarin Gallery, which is undergoing a $200 million makeover. To date, the mall is only 69 per cent leased. -- PHOTO: OVERSEAS UNION ENTERPRISETake the Mandarin Gallery, the high-end mall at the corner of Orchard and Bideford Roads, which is undergoing a $200 million makeover to increase total gross floor area by 40 per cent.
Between March and October last year, it secured tenants for 60 per cent of its net lettable area. But in the four months since, occupancy has increased only marginally with the makeover due to be completed in June.
'To date, we are 69 per cent leased, with another 4 per cent out to be concluded by the end of this month,' said Ms Patrina Tan, senior vice-president of retail, marketing and leasing at Overseas Union Enterprises (OUE), which owns the mall.
Signing up of new tenants has also slowed to a crawl at Far East Organization's Orchard Central, next to the Somerset MRT Station.
Last October, the mall announced it was 60 per cent leased, at prices between $20 psf and $70 psf. Far East Organization's deputy director of retail management, Ms Susan Leng, had said in December she would 'be pretty happy if we can achieve an occupancy rate of about 80 per cent to 85 per cent...in this economic situation'.
But its occupancy has risen to just 65 per cent in the past four months.
Ion Orchard - the other mall being built from scratch on Orchard Turn - said it was 50 per cent leased last September, at prices of up to $80 psf. On Monday, it declined to comment on its leasing progress, although it is slated to open in the third quarter of this year.
Australian developer Lend Lease Retail, which is building 313@Somerset, said in May last year that it expects to fully lease all its units by around the middle of this year.
But according to Colliers' director for research and advisory, Ms Tay Huey Ying, 313@Somerset is - like the others on the strip - between 50 per cent and 70 per cent leased. That still leaves between 30 per cent and 40 per cent of untenanted retail space in each mall.
'In normal times, malls hope to open with at least 90 per cent tenancy,' said Ms Sherene Sng, head of retail at Knight Frank.
Retail consultants put the muted response down to the economic downturn, which arguably worsened after Lehman Brothers filed for bankruptcy last September.
OUE's Ms Tan noted that leasing activities started to slow in October as retailers were busy preparing for the Christmas season as well as cutting back on their expansion plans.
Industry insiders say some tenants have negotiated all the way to the dotted line, but still have not signed on it, citing the uncertain economic outlook. Even retailers that 'operate chain stores, and that one would typically expect to have deep pockets' are affected.
Ms Sulian Tan-Wijaya, senior director of retail and lifestyle at Savills Singapore, told The Straits Times: 'There have also been a few cases of tenants forfeiting their rental deposits, which typically amount to three months' rent.'
The consultants said they have heard of up to 10 such cases since October, but declined to name any of them.
All this is despite the increased willingness of landlords to negotiate cheaper rents, which property analysts said could fall by anywhere between 5 per cent and 13 per cent this year in prime locations on Orchard Road.
Landlords have reiterated that they always negotiate rent 'relative to sales', while many retailers said sales have dipped as much as 30 per cent in recent months.
Ms Tay said: 'Retailers will remain cautious for as long as the economy does not recover. But that doesn't mean the space won't eventually find a tenant.
'If landlords can negotiate and look to strike a win-win rental structure, I don't see why the occupancy rate should stay where it is.'
Ms Tan-Wijaya added that there is 'a ready database of strong retailers who still have the appetite to expand' and her firm is still seeing 'serious inquiries' for space in Ion and Orchard Central.
The malls are forging ahead to open as scheduled, even as visitor arrivals this year may drop by 6 per cent to 11 per cent and tourism spending is estimated to fall 15 per cent to 16 per cent.
Ms Tay said: 'There are many ways in which landlords could mask the presence of the non-tenanted spaces, such as through barricading or retrofitting. It's all about the aesthetics.'
BACKING OUT
'There have been a few cases of tenants forfeiting their rental deposits, which typically amount to three months' rent.'
Ms Sulian Tan-Wijaya, senior director of retail and lifestyle at Savills Singapore
Katong Mall Gets Nod For Collective Sale
Source : The Straits Times, March 12, 2009
Opposers of $219m deal change mind after 18 months, in wake of slumping market
WHAT a difference 18 months makes.
Back in September 2007, some owners of shop and office units in Katong Mall, which grew to a group of 23, banded together to fight against a proposed collective sale of the shopping complex.
The four-storey complex at the junction of Joo Chiat and East Coast roads, occupied by 258 shops and offices, is the first full-retail development to be sold en bloc. Many of the originally dissenting owners are now looking at a windfall, considering the continued economic downturn. -- ST PHOTO: DESMOND WEE
Some were attached to the place, others were concerned that the offered price was too low for them to buy replacement units elsewhere. The group was even considering court action to challenge the draft sale agreement.
Then the economic crisis barrelled in in the middle of last year. By the year-end, the property market had gone soft.
This was when the offer price of $219 million for the mall at the junction of Joo Chiat and East Coast roads, set before the downturn, started to look pretty good.
Now, the objectors have made an about-turn, and the deal has been sealed.
At a hearing on Tuesday, the Strata Titles Board (STB) approved the collective sale application, marking the end of an 18-month tussle between the sale committee and the objectors, who now get what might be considered a windfall, considering the uncertain times. Several mediation sessions were held by the STB in the last three months, which led to the deal now accepted by the objectors.
With it, Katong Mall, a four-storey complex occupied by 258 shops and offices, is the first full-retail development to be sold en bloc. Other collective sales have been for residential developments or those with a residential-retail mix.
Drew & Napier lawyer Adrian Tan said Katong Mall represented the first such deal he knew of in which the opposers' objections were withdrawn before the hearings at the STB even started.
'Credit must go to the STB for managing the mediations smoothly,' he said.
In the Katong Mall saga, some minority sellers were uneasy that the buyer, Tuan Sing Holdings, owned 72 per cent of the units through two subsidiaries, making it the majority seller.
The retail units in the mall range from 10 sq m to 2,436 sq m in size.
Lot owner and lawyer Jeannette Aruldoss, who was among the objectors, said the change of mind made commercial sense as 'we were overtaken' by events in the market. Those who had difficulty finding replacement units now realised it was no longer the case, given the changed market, she added. Average prices for commercial space have fallen 5 to 10 per cent in the last half a year, said property consultant Nicholas Mak.
Ms Stella Hoh, the investment director of property consultants Jones Lang LaSalle, which brokered the sale, said it was a 'win-win' deal as it gave the sellers a premium on their lots, while also giving Tuan Sing total control over the tenant mix, unlike before.
This will be changed so the mall serves the growing residential developments in the East Coast; Tuan Sing also plans to put $40 million into major renovations.
Its chief financial officer Chong Chou Yuen said: 'We are in for the long term and are quite optimistic about the long-term returns for the mall.' Tenants are expected to move out by the year-end.
Opposers of $219m deal change mind after 18 months, in wake of slumping market
WHAT a difference 18 months makes.
Back in September 2007, some owners of shop and office units in Katong Mall, which grew to a group of 23, banded together to fight against a proposed collective sale of the shopping complex.
The four-storey complex at the junction of Joo Chiat and East Coast roads, occupied by 258 shops and offices, is the first full-retail development to be sold en bloc. Many of the originally dissenting owners are now looking at a windfall, considering the continued economic downturn. -- ST PHOTO: DESMOND WEESome were attached to the place, others were concerned that the offered price was too low for them to buy replacement units elsewhere. The group was even considering court action to challenge the draft sale agreement.
Then the economic crisis barrelled in in the middle of last year. By the year-end, the property market had gone soft.
This was when the offer price of $219 million for the mall at the junction of Joo Chiat and East Coast roads, set before the downturn, started to look pretty good.
Now, the objectors have made an about-turn, and the deal has been sealed.
At a hearing on Tuesday, the Strata Titles Board (STB) approved the collective sale application, marking the end of an 18-month tussle between the sale committee and the objectors, who now get what might be considered a windfall, considering the uncertain times. Several mediation sessions were held by the STB in the last three months, which led to the deal now accepted by the objectors.
With it, Katong Mall, a four-storey complex occupied by 258 shops and offices, is the first full-retail development to be sold en bloc. Other collective sales have been for residential developments or those with a residential-retail mix.
Drew & Napier lawyer Adrian Tan said Katong Mall represented the first such deal he knew of in which the opposers' objections were withdrawn before the hearings at the STB even started.
'Credit must go to the STB for managing the mediations smoothly,' he said.
In the Katong Mall saga, some minority sellers were uneasy that the buyer, Tuan Sing Holdings, owned 72 per cent of the units through two subsidiaries, making it the majority seller.
The retail units in the mall range from 10 sq m to 2,436 sq m in size.
Lot owner and lawyer Jeannette Aruldoss, who was among the objectors, said the change of mind made commercial sense as 'we were overtaken' by events in the market. Those who had difficulty finding replacement units now realised it was no longer the case, given the changed market, she added. Average prices for commercial space have fallen 5 to 10 per cent in the last half a year, said property consultant Nicholas Mak.
Ms Stella Hoh, the investment director of property consultants Jones Lang LaSalle, which brokered the sale, said it was a 'win-win' deal as it gave the sellers a premium on their lots, while also giving Tuan Sing total control over the tenant mix, unlike before.
This will be changed so the mall serves the growing residential developments in the East Coast; Tuan Sing also plans to put $40 million into major renovations.
Its chief financial officer Chong Chou Yuen said: 'We are in for the long term and are quite optimistic about the long-term returns for the mall.' Tenants are expected to move out by the year-end.
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