Far East secures Cold Storage, Kopitiam as tenants
FAR East Oganization is building what it hopes will be a chic, two-storey mall on a Seletar site it bought in a state tender last year. Behind the mall will be a 319-unit, low-rise condo, The Greenwich, which could be launched for sale within two months.
The developer will hold the mall, named Greenwich V, as an investment property for rental income. It hopes to open the mall, which will have 35 retail units, by the end of next year. Tenants secured so far include Cold Storage, which will operate a supermarket of about 10,000 sq ft, 7-Eleven, Guardian and food court operator Kopitiam, which will occupy 6,354 sq ft.
Monthly asking rents for the remaining units are generally between $13 psf and $20 psf, according to Far East.
About half of the mall's 45,000 sq ft net lettable area will be leased to food and beverage outlets such as cafes and restaurants. Other tenants are likely to include hair salons, wine shops and providers of educational and medical services.
Located at the corner of Yio Chu Kang and Seletar roads, Greenwich V aims to serve not only residents in the established Seletar Hills Estate and surrounding area but the working population at the industrial estates in Yio Chu Kang and Ang Mo Kio, as well as the upcoming Seletar Aerospace Park. 'The immediate area around Greenwich V has a sizeable population who we believe are a little under- served at the moment, in terms of shopping and entertainment options,' said Far East's chief operating officer, retail business group, Kelvin Ling.
Greenwich V will blend in with the verdant surroundings. It will feature a piazza or central square, with alfresco dining and play areas.
The entire development - mall and condo - has been designed by ADDP Architects. The five-storey condo will have one, two and three-bedroom apartments ranging from 602 to 1,227 sq ft.'
Far East is developing the project on a site it clinched in an Urban Redevelopment Authority tender that closed in September last year.
Its winning bid of $119.08 million reflected a unit land cost of $376 per sq ft of potential gross floor area.
The property giant's top bid was 35 per cent above the second highest offer, from a unit of Centurion Properties. The tender drew 12 bidders in all.
Source: Business Times, 18 Jun 2010