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At Central, 60 per cent of the 200,000 sq ft of retail space has been taken up at an average rental of $12.50 psf, and another 15 per cent is in the process of being assigned. Far East expects that more than 90 per cent of retail space will be occupied by the time the mall opens in early December.

Similarly, Square 2 has secured a 65 per cent take-up rate for its 150,000 sq ft of retail space, and another 15 per cent is in the process of being signed up. The average rent is $11 psf, says Far East. By the centre's opening in November, Far East again expects 90 per cent of space to be taken up.

'We are encouraged by the response to Central and Square 2 from retailers so far. We are committed to working with them to build the success of our retail centres. A budget of $8 million has been set aside for the two centres' grand opening as well as the first year's advertising and promotion programmes and activities,' says Far East Organization's chief operating officer for retail and lifestyle concepts Chia Boon Pin.

Central, which is jointly marketed by Parco (Singapore) and CB Richard Ellis, will have a strong food and beverage component. It promises to have a strong Japanese theme. Square 2 though will have a Korean influence. Knight Frank is marketing the project.