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| | | | | | | SINGAPORE : Property developer Far East Organisation is hoping to set a new trend in its two upcoming lifestyle retail centres at Central and Square 2.
Central will take on a Japanese focus while Square 2 will have a Korean theme.
And Far East is extending the the "level one" boutique retail concept that has proved successful at Far East Plaza into the two centres.
According to Far East, some 60 percent of the 200,000 square feet retail space at Central has already been taken up at an average rental of $12.50 per square foot.
A key retail concept for the development at Clarke Quay is Japanese food and fashion.
It will feature a cluster of Japanese restaurants including new entrants like dessert specialist Nippon-Ya.
And about 10 percent of the retail space will be taken by boutique fashion stores and their trendy Harajuku style fashion.
Central is targeting itself at a new crowd outside the Orchard Road area.
Mavis Seow, Director, Retail Services, CB Richard Ellis, said: "Orchard Road will always have its attraction. And I would say Clarke Quay would have it own. Clarke Quay...has become a focal point for people to hang out, so likewise Central, located in a very prestigious estate with good amenities nearby and offices would cater to a different sector of the community and not competing with Orchard Road."
Central expects an estimated 30,000 shoppers per day, or close to a million per month.
Over at Square 2, Far East has already secured 65 percent take-up for its 150,000 square feet retail space with average rental hitting $11 per square foot.
Located above the Novena MRT Station, Square 2 is hoping to tap into the current Korean fad.
Danny Yeo, Executive Director, Knight Frank, said: "Singapore has got 9,000 Koreans in the present moment but we want to bring this experience to a lot of locals. In recent years there are a lot of very popular Korean dramas and lot of Singaporeans are very interested in this and are very great followers."
Knight Frank is estimating a retail footprint of about 20,000 to 30,000 shoppers at Square 2 per day.
Central is being developed at a cost of $500 million and Square 2, $257 million. - CNA/ch
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