CMT reveals latest retail masterplan.
According to CapitaMall Trust's (CMT) latest update on its asset enhancement initiatives (AEIs), it will push through with the Bugis Junction works sometime in the second quarter of 2013, which will focus on recovering 70,000 sq ft of space which will eventually be occupied by specialty stores. This comes on top of the ongoing AEIs on Plaza Singapura and The Atrium@Orchard.
Here's the full update from CMT:
Asset enhancement works for Bugis Junction will commence in the second quarter of 2013. The AEI will involve the recovery of close to 70,000 sq ft of space from one of Bugis Junction’s anchor tenants. The recovered space will be occupied by specialty stores. Changes will also be made to the layout of space on some parts of Basement 1 and Levels 1, 2 and 3. The projected capital expenditure for this AEI is S$35.0 million with a target return on investment of 9.0%. The AEI is expected to be completed in the third quarter of 2014.
At Plaza Singapura, the space occupied by former anchor tenant, Carrefour, has been leased to Cold Storage, John Little and George; a British value retailer offering fast fashion. Cold Storage has already commenced operations on Basement 2 on 18 March 2013 while John Little and George are targeting to open their Level 1 stores in July 2013. The Manager has estimated a capital expenditure of approximately S$8.7 million for asset enhancement works to reconfigure space for the three new concepts and also other minor asset enhancement works. Target return on investment for the AEI is 9.8%.
The Atrium@Orchard and IMM Building
At The Atrium@Orchard, 97.4% of the total space has been committed as at end-March 2013. New retail tenants such as Tim Ho Wan, Kraze Burgers, Rad Russel, Spur and Howards Storage World have opened or are slated to open in second quarter of 2013. The repositioning of IMM Building as a value-focused mall continued to gain traction as the Manager has secured the commitment of 50 outlet brands as at 31 March 2013. Thirty-eight of these outlets are already operational and the remaining 12 are expected to open by May 2013.
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