Daily Archives: 19 Aug 2009

Marina Bay Sands secures lease for 75% of its retail space

Marina Bay Sands has leased about 75 per cent of its retail space, or 225 units of the 300 stores at the Marina Bay Sands Shoppes.

The integrated resort provides over 800,000 square feet of retail and restaurant space.

Sands said about half of the total retail space will be ready by the first phase of its opening in early 2010. And 80 per cent of the stores that are due to open has already been leased.

Among them is luxury French fashion house Chanel. The label is boosting its presence in Southeast Asia with a new concept fashion boutique that will occupy 7,600 square feet over two floors of the Marina Bay Sands Shoppes.

It will be designed by New York-based architect Peter Marino, who is responsible for the interactive black-and-white signature design of Chanel’s boutiques worldwide.

Source : Channel NewsAsia – 19 Aug 2009

Condo land plot draws 13 bids

A TENDER for a 99-year leasehold condo plot in Chestnut Avenue drew an impressive 13 bids from developers keen to cash in on strong market for mass market homes.

The top bid came in at $143.68 million or $280 per sq ft of gross floor area, which was about 132 per cent above the minimum allowable bid of $120 psf of gross floor area.

The bidder was a joint venture between City Developments’ Sunny Vista Developments and Hong Leong Group’s Hong Realty.

The top five bidders include Sim Lian Land with a bid of $113 million and First Changi Development, a GuocoLand subsidiary, with a bid of $93.38 million.

Frasers Centrepoint put in the most conservative bid of $77 million or $151 psf of gross floor area.

Source : Straits Times – 19 August 2009