Property Developers Go Head to Head Over New Mall Projects
 

Sep 2, 2011
CommercialGuru.com.sg


Lend Lease, a listed property group specialising in project management and construction, real estate investment and development, is preparing to develop Singapore’s third largest suburban mall on a site next to CapitaLand’s Jurong mall, according to Singapore Business Review.

Spanning 818,000 sq ft, the mall will be called Jem and will feature the largest cineplex in the west, as well as two platinum movie suites and eight commercial halls. Savills Singapore said that approximately 50 percent of the mall has already been pre-let, with anchor tenants including Robinsons and FairPrice Xtra.

Meanwhile, in terms of potential catchment for the malls, Savills noted that Jurong Gateway will be two and a half times the size of Tampines Regional Centre.

“The spotlight is on the Jurong Lake district. Hot on the heels of CapitaLand’s announcement to erect a 575,000 sq ft mall on the parcel next to the Jurong East MRT station, Lend Lease unveiled its plan to develop Singapore’s third largest suburban mall, spanning 818,000 sq ft, on the site next door. In addition, the area is home to two major malls — IMM (409,000 sq ft) and JCube (204,000 sq ft) — owned by CapitaLand’s REIT entity,” it said.

“While suburban malls are getting bigger and glitzier, it is unprecedented to have not one, but three regional malls, a stone’s throw away from each other.”

It noted that the latest mall supply will increase the tally in the area to nearly 1.6 million sq ft, exceeding HarbourFront’s 1.2 million sq ft, which comprises HarbourFront Centre and VivoCity.

JCube, IMM and CapitaLand’s latest mall could be transformed into a multi-themed megacomplex, added Savills.

“While JCube is already positioned as an entertainment zone, IMM could feature more big-format stores. The group plans to have mini-anchor tenants for its latest mall.”