COMMERCIAL PROPERTY | Staff Reporter, Singapore

CapitaLand to benefit from Century Square's temporary closure

Its Tampines Mall could attract shoppers whilst Century Square is being refurbished.

CapitaLand's Tampines Mall is set to benefit from the renovation works at the Century Square, which will result in the temporary closure of the mall.

According to OCBC Investment Research, the Century Square has an occupancy rate of around 98%, with 125 retail outlets that drew 11.7m shopper traffic last year.

"We believe CapitaLand Mall Trust’s (CMT) Tampines Mall (TM) will be a beneficiary of this event in the near-term, given its close proximity to Century Square," analyst Wong Teck Ching Andy said.

The analyst furthered, "Movie-goers would have to go to TM’s Golden Village cinema as the next nearest alternative."

He said this would also have a positive spillover effect on other retail outlets in the mall, especially F&B.

"However, once Century Square reopens, there will be increased competition again, as new tenants include cinema operator Filmgarde, Hai Di Lao hotpot and lifestyle grocer Mahota Market," Wong explained.

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