Wednesday, October 28, 2009

Marina Bay Link Mall retail space 55% taken up

FIFTY-FIVE per cent of the 176,000 sq ft of retail space at the upcoming Marina Bay Financial Centre (MBFC) has been taken up.

Phase one of Marina Bay Link Mall, which covers 93,800 sq ft, is expected to obtain its temporary occupation permit (TOP) in the second quarter of next year. And business is likely to start in Q4 next year.

According to manager Raffles Quay Asset Management (RQAM), which also manages One Raffles Quay, 40 per cent of the stores at Marina Bay Link Mall will be food and beverage (F&B) outlets. The rest will be retails.

F&B outlets will include Paradise Inn - a casual dining concept by The Paradise Group - and the Indian restaurant chain Mirchi, by the company behind Harry's Bar.

Phase two of the mall, which covers the remaining retail space, is expected to achieve TOP status in Q2 2012.

Besides the mall, MBFC will also feature three office towers with close to three million sq ft of commercial space, as well as two residential towers with 649 luxury apartments.

The $4 billion MBFC project is a joint venture by three developers - Cheung Kong (Holdings), Hongkong Land and Keppel Land.

RQAM chief executive Wilson Kwong said: 'Marina Bay Link Mall will be a strong complement to the residential and commercial towers in the upcoming integrated Marina Bay Financial Centre development and the existing CBD at Raffles Place and Shenton Way, and will cater to future commercial developments in the larger Marina Bay area.'

RQAM is banking on the patronage of the 50,000 or so working professionals who will be housed at MBFC, as well as One Raffles Quay. There are also expected to be close to 12,000 residents living in the vicinity, thanks to properties such as MBFC's Marina Bay Residences and Marina Bay Suites, as well as The Sail and One Shenton.

The mall will be accessible via the Downtown Line as well as via an air-conditioned underground pedestrian network linking MBFC to Raffles Place MRT Station, The Sail, One Raffles Quay, One Marina Boulevard and the upcoming Ocean Financial Towers.

Source: Business Times, 28 Oct 2009

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