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New Orchard mall targets youth

Posted on 21 Sep 2009 | Comments Off

YET another mall will go up on Orchard Road next year, but it will distinguish itself by giving only 30 per cent of its space to retail, or food and beverage businesses.

The rest of the space in the five- storey building will go to a wide range of facilities aimed at nurturing youth talent and developing a vibrant community for young people.

*Scape, which will sit on a 12,000 sq m plot next to Orchard Cineleisure, will be ready in March. It will be in addition to the *Scape Youth Park across the road.

The $40 million building will position itself as an iconic youth brand and be a youth-engagement hub, said its general manager Evelyn Lau.

Its third storey, for instance, will have dance, music and recording studios for budding musicians, and its fourth, new media production suites and editing studios for those keen on generating new media content.

Those who want to put up a drama or musical performance can do so at a theatre, which can seat 600. Continue reading →

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Posted in Construction, General

Tagged Orchard Road, scape, Scape Co Ltd

Orchard Road retail rents continue slide

Posted on 15 Sep 2009 | Comments Off

But competition for limited availability drives up Q3 prime suburban rents 0.7%

PRIME Orchard Road rents fell 3 per cent quarter-on-quarter to $32.90 per square foot per month (psf pm) in Q3 2009, a new report from CB Richard Ellis (CBRE) shows.

This is in line with the 2.9 per cent quarter-on-quarter fall in prime Orchard Road rents seen in Q2.

However, in a reversal of the rental trend, prime suburban rents inched up 0.7 per cent quarter-on-quarter to average $28.50 psf pm in Q3 2009, driven by competition for limited availability. In view of this, CBRE now expects prime suburban rents to contract by 1-2 per cent this year, compared with its earlier estimate of a 2-3 per cent contraction.

By contrast, CBRE is maintaining its forecast for a 10-12 per cent decline in prime Orchard Road rents for the whole of this year. Including a further decline of not more than 5 per cent expected for next year, the eventual rental trough for prime Orchard Road retail space should not be less than the $30 psf pm-level, the firm said.

‘The last time Prime Orchard Road rents fell below $30 psf pm was from 1998 to mid-2000, when the effects of the Asian Financial Crisis were most felt,’ noted the property firm in its report. ‘Since the turn of the millennium, prime Orchard Road rents have shown a certain resilience. Even during the global electronics downturn and Sars in 2002/2003, these rents did not dip below $31.50 psf pm.’ Continue reading →