| SINGAPORE : American fashion symbol Gap will be opening its doors at Centrepoint Shopping Centre.
Frasers Centrepoint has revealed that together with Espirit, Gap will be one of the key tenants at the new wing of the shopping mall.
And it is confident the new wing will be fully tenanted before its completion at the end of this year.
When the new wing of Centrepoint Shopping Centre opens at the end of this year, 7,000 out of 58,000 square feet of retail space will be occupied by Gap.
Channel NewsAsia understands that Centrepoint has also signed on Esprit and Timberland.
The extension to the shopping mall is being developed at a cost of S$56 million.
The new wing will add some 15 to 20 percent of net lettable area to Centrepoint Shopping Centre.
The two key mini-anchors, Gap and Esprit, have committed to taking up about a quarter of the new space, although Centrepoint says it has already pre-let some 50 percent of the new wing.
Gap will open another two stores this year, including an 8,000 to 9,000 square foot flagship store.
Altogether, franchise operator FB Benjamin will open some 12 Gap and Banana Republic stores in Singapore by 2010, providing momentum to the already strong retail sector.
Said Tong Kok Wing, general manager at Frasers Centrepoint, "It is certainly what we are expecting. The market is trending up and we are even slightly ahead of the uptrend. The demand for retail space is strong; there is much stock at least for the next two years, especially in Orchard Road."
The new wing at Centrepoint is expected to be fully tenanted before completion at the end of this year.
Consultants say Frasers Centrepoint would have to extract more rental yields through the new wing and other enhancements before injecting Centrepoint into its newly listed REIT.
Said Mr Tong, "We are certainly working towards getting the two properties, Northpoint 2 and Centrepoint. As you can see, we are upgrading Centrepoint, and we are doing the development plans of Northpoint 2. When we are ready, they shall be injected."
Frasers Centrepoint Trust closed at S$1.06 on Thursday, 3 percent higher than its IPO price of S$1.03. - CNA /ct
|
You are receiving Individual Emails Change Delivery Settings 