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Northpoint’s revamp drawing more shoppers

Posted on 13 Mar 2010 | Comments Off

A FLASHY new wing that jazzed up Northpoint Shopping Centre has also helped attract an additional 800,000 visitors a month through the mall’s doors.

The $38.6 million revamp has also enlarged the mall by over 50 per cent and brought the total space available for rent to 235,000 sq ft. The number of shops has shot up from 90 to 168.

‘This has brought in a 10.7 per cent return on investment’, said Dr Chew Tuan Chiong, chief executive of mall manager Frasers Centrepoint Asset Management.

Rents at the mall on Yishun Avenue 2 have increased by 20 per cent to $13.20 per sq ft a month, said Frasers Centrepoint Trust, the owner.

‘But this is not necessarily (achieved) by increasing the rent of individual shops, but by being able to produce more… high quality space on the ground level, which (commands) higher rental yields,’ said Dr Chew, who was speaking at the mall’s launch yesterday.

He gave the example of how gross floor area from the fourth storey was transferred to a busier 24-hour walkway which links pedestrians from Yishun MRT station to the bus interchange.

The mall, which enjoys a nearly full occupancy rate, is well placed to serve about 410,000 residents in the Yishun area, said Frasers Centrepoint Trust.

The Trust’s $1.4 billion portfolio comprises four malls – Causeway Point, Northpoint, Anchorpoint at Alexandra Road and newly acquired YewTee Point.

Frasers Centrepoint Trust has already revamped Anchorpoint and now that Northpoint has been completed, its attention will turn to Causeway Point on Woodlands Square.

Other suburban malls have also had similar makeovers in recent years as owners spruce them up to stay competitive and fend off the lure of the glitzy Orchard Road retail palaces.

IMM at Jurong East, Lot One at Choa Chu Kang and Sembawang Shopping Centre – all owned by CapitaMall Trust – have made major revamps. CapitaMall Trust is now eyeing the upgrading of Jurong Entertainment Centre.

Dr Chew added yesterday that he is bullish on the retail sector. ‘Economic growth…is quite positive and consumer spending is linked to economic growth… We anticipate a rise in shopper traffic.’

Source : Straits Times – 13 Mar 2010

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Posted in Office / Retail / Industrial

Tagged Frasers Centrepoint Trust, Northpoint, Retail Space, Singapore Retail

Hike in rentals at revamped Northpoint

Posted on 13 Mar 2010 | Comments Off

FRASERS Centrepoint Trust’s (FCT) Northpoint mall has seen a 20 per cent hike in average rentals and a 70 per cent climb in shopper traffic after it was expanded and revamped.

EXPANDED
With the addition of a $165 million new wing and a $38.6 million asset enhancement initiative, net lettable area of Northpoint mall is now 235,000 sq ft, up from 149,200 sq ft

The mall, which is located right next to Yishun MRT station, increased its net lettable area by more than 50 per cent with the addition of a $165 million new wing and a $38.6 million asset enhancement initiative. The new NLA is 235,000 sq ft, up from 149,200 sq ft.

With all the changes, the number of shoppers who visit the mall every month has jumped to 2.4 million, from 1.4-1.6 million three-and-a-half years ago, said Wendy Low, general manager of Frasers Centrepoint Malls. She was speaking to reporters at the ‘new’ Northpoint’s official opening ceremony yesterday.

The average rental fetched by the landlord has also gone up by about 20 per cent on a per square foot (psf) basis. Rents are understood to be in the region of $12-14 psf. ‘The enhancement is part of FCT’s strategic initiative in unlocking values in existing assets,’ said Mrs Low.

From 90 shops previously, Northpoint has almost doubled the number of shops to 168. Occupancy stands at close to 100 per cent.

Next in line for asset enhancement is Causeway Point at Woodlands. Work at the 419,000 sq ft mall could begin sometime later this year. The $710 million Causeway Point is the largest mall in FCT’s portfolio and draws the most visitors on a yearly basis.

FCT, which is part of the Fraser and Neave group, listed in 2006 with three malls in its portfolio – Causeway Point, Northpoint and Anchorpoint.

Earlier this year, it bought another two properties – the newly built extension to Northpoint and YewTee Point in Choa Chu Kang – for $290 million from parent company Frasers Centrepoint, the property arm of Fraser and Neave.

FCT shares lost one cent to close at $1.34 yesterday.

Source : Business Times – 13 Mar 2010