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Rare Opportunity to acquire a Prime Investment Grade Suburban Retail Mall located within a highly established HDB estate with direct links to the MRT Station
Singapore, 17 Sept 2009 – Jones Lang LaSalle (JLL) has been appointed by Singapore’s Housing & Development Board (HDB) to be the exclusive property consultant for the tender sale of a suburban retail mall located at Clementi. The mall, known as “Clementi Mall” for marketing purposes, is strategically located at the junction of Commonwealth Avenue West and Clementi Avenue 3, in the western region of Singapore.
Clementi Mall is part of a larger development at the hub of Clementi town being built by HDB comprising two blocks of 40-storey residences with a total of 388 apartments, and two storeys of carpark (sixth and seventh storeys) serving the HDB apartments, a roof garden and a bus interchange.
Clementi Mall and its supporting carpark are located over seven storeys – Basement One, first to fifth storeys are allocated for retail purposes and a library is planned on the fifth storey. Basement Two will host a total of 144 carpark lots. The future buyer of this 99-year leasehold property will not only have the full flexibility in planning the theme for the interior of the mall, but would also have its naming rights, subject to approval by the Street and Building Names Board, and any other relevant authorities.
The permissible Gross Floor Area (GFA) of Clementi Mall is approximately 25,000 sqm. The library on the fifth storey has an additional GFA of approximately 1,975.7 sqm, being civic and community institution space.
The mall with good frontage along the two main roads is expected to see high levels of human traffic being linked directly to the Clementi MRT Station and the bus Interchange.
There are over 98,000 residents living in this mature HDB estate, and another 65,000 students studying in the National University of Singapore, Ngee Ann Polytechnic and other tertiary institutions located within close proximity of the mall. Given the strategic location of the mall, it will serve to complement the existing shops and food centre in Clementi Town Centre adding to greater vibrancy in the area.
Ms Stella Hoh, Head of Investments at Jones Lang LaSalle comments “Jones Lang LaSalle is honoured to be the property consultancy firm appointed by the Housing and Development Board to manage the sale of such a rare and unique retail opportunity in Singapore. The Singapore Retail sector has traditionally been tightly-held and there are few retail opportunities available in Singapore. The suburban mall has also proven to be resilient in past economic downturns as they rely largely on domestic consumer spending. Occupancy rates have also consistently been in excess of 97% over the last ten years. Clementi Mall has direct linkages to the MRT station and bus interchange and is a major transport node for tertiary students travelling to various institutions located in the Clementi Town. This will generate good shopper traffic for this suburban retail mall.
Mr Chris Fossick, Managing Director of Jones Lang LaSalle, Singapore and South East Asia, comments “The eventual buyer will have the full flexibility to plan and strategise the theme and concept, internal finishes and layout to maximise the full potential of the property. This investment provides a rare opportunity to enter the tightly held and much sought after suburban retail mall market in Singapore. The buyer will be able to add real value through their retail concept and layout”.
Interested parties are encouraged to contact Jones Lang LaSalle’s Investment Team for information and documents pertaining to this tender.
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