Marina Bay Link Mall said it has leased 80 per cent of the retail space for phase one of its development, while phase two has also seen healthy take-up at 66 per cent.
The mall which will open in November this year is expected to serve over 50,000 workers and residents in downtown Marina Bay.
More high-end homes like The Sail and Marina Bay Residences are being built in the downtown area, and Marina Bay Link Mall said its tenant mix will cater to these residents.
And among the tenants is the Four Season Market Place – a European-style market – which is making its debut in Singapore.
Apart from the residential developments, Marina Bay Link Mall said the new offices in the area will also help generate higher customer traffic.
“Firstly, One Raffles Quay and Marina Bay Financial Centre offer a daily catchment of over 60,000, not including the potential of a residential market for the first time in CBD – residences who will come from The Sail (and) the Marina Bay Residences. And of course, One Shenton in time to come, and more residential development within the CBD area,” said Rose Tong, director of Marketing, Retail, with Raffles Quay Asset Management.
Phase two of the development spans 82,000 square feet and it will open in mid 2012.
All in, the two phases of Marina Bay Link Mall will add 175,000 square feet of retail space in the downtown area.
But nearby City Link Mall said it is unlikely to pose a threat to its business.
The two underground malls are served by different MRT stations, namely City Hall and the Downtown station.
“I don’t see any cannibalisation between the two malls. They are at opposite ends of the Marina Bay, and they serve a distinctly separate set of customers,” said Robert L Garman, executive director of Hongkong Land.
Still, retailers like New Urban Male at City Link Mall expects slower sales initially when competitors at Marina Bay open in November, while Sakae Sushi hopes Marina Bay Link Mall will offer a good mix of stores to compliment its business.
To retain and attract new tenants, City Link Mall will undergo a significant renovation programme soon. It also plans to launch a range of promotions to draw customers there.
Meanwhile, the two underground malls expect retail rentals in the Marina Bay district to trend up.
According to Jones Lang LaSalle, the average prime retail rent stands at S$22.75 per square feet.
This could increase marginally by some 0.5 per cent by end 2010.
Source: Channel News Asia, 3 Jun 2010