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Thread: UOL's OneKM mall opens officially this Sunday

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    Default UOL's OneKM mall opens officially this Sunday


    [B][SIZE=5]UOL's OneKM mall opens officially this Sunday[/SIZE][/B]

    [B]Paya Lebar mall garners 93% pre-commitment lease[/B]

    By Lynette Khoo

    [email][email protected][/email]@LynetteKhooBT

    28 Nov

    UOL Group, which is officially opening its newest mall OneKM this Sunday, said it has garnered close to 93 per cent of pre-commitment lease for the mall at a time when retailers and restaurateurs are facing a challenging time given a manpower crunch and rising cost pressures.

    More than 70 per cent of shops are open now. The mall is expected to be fully operating next month. According to UOL, this is the largest shopping mall in the up-and-coming decentralised commercial hub in Paya Lebar.

    The addition of the mall to the group's portfolio provides another avenue of recurring income and will raise its retail portfolio by 50 per cent in terms of net lettable area.

    UOL Group president (property) Liam Wee Sin said he sees the mall as a "catalyst" in Paya Lebar Central amid the lack of new retail supply in the east and expects it "to replicate the success" of the group's niche shopping malls in Novena, namely United Square and [email protected] Square.

    OneKM is also expected to enjoy strong catchment of residents in the 244-unit Katong Regency, the sold-out condo project on top of the mall, when the condo is completed.

    Sitting on a freehold site that previously housed the Lion City Hotel and the adjoining Hollywood Theatre, OneKM - located just one kilometre away from the Paya Lebar MRT station - has a net lettable area of more than 200,000 sq ft and more than 150 shops.

    "We worked closely with our tenants to see how we can improve productivity to overcome the manpower issue facing local retailers and restaurateurs," Mr Liam said. This has led to the introduction of new concepts that are less labour intensive, particularly the first centralised kitchen for three restaurants within a shopping mall.

    Home-grown Chinese restaurant chain The Paradise Group is opening a "Paradise Dynasty" outlet and two concept eateries "Para Thai" and "Beauty in The Pot", which serve Thai food and hot pots respectively.

    Paradise Group CEO Eldwin Chua told reporters that having a centralised kitchen helped reduce its manpower needs for the three restaurants from 45 to 28 staff.

    Mr Liam pointed out that some 30 per cent of the shop space in OneKM is occupied by F&B outlets, 60 per cent by specialty retail and 10 per cent by enrichment schools.

    The mall counts Cold Storage and Food Junction as its anchor tenants, which took up 15 per cent of its space. There is also a mix of international brands like Uniqlo, Esprit and Adidas as well as niche local brands. More than half the tenants at OneKM are existing tenants of UOL's malls.

    Meanwhile, the group is set to launch a nearly 800-unit condo project at Upper Paya Lebar in the first quarter of next year, followed by another condo project launch on the site along Prince Charles Crescent in the second half of next year.

    Mr Liam said the group is under no pressure to cut prices at [email protected] in Sengkang to move sales ahead of the two upcoming launches next year.

    Seventy Saint Patrick and [email protected], its two condo projects launched this year, are 72 per cent and 50 per cent sold respectively, while Thomson Three that was launched in September last year is 96 per cent sold.

    Shares of UOL closed 0.6 per cent higher on Thursday at S$6.65.

  2. #2

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    Default Tanjong Katong mall to add vibrancy


    [B][SIZE=5]Tanjong Katong mall to add vibrancy[/SIZE][/B]

    Published on Nov 29, 2014 1:10 AM

    By Rennie Whang

    HOME prices in the Tanjong Katong and Paya Lebar areas have fallen in tandem with islandwide trends, but the official opening of new mall OneKM this weekend may slow the pace of softening.

    The mall in Tanjong Katong Road will feature more than 150 retail units, with Cold Storage and Food Junction as anchor tenants, along with brands including Uniqlo, Esprit and Adidas.

    It offers a convenient shopping venue for those living in the vicinity, including the 216-unit Butterworth 8, 72-unit Esta Ruby and 49-unit Butterworth View.

    Average residential prices in new sale, resale and subsale markets fell in the third quarter, with the biggest quarter-on-quarter drop in the resale market, slumping 9.7 per cent, an analysis by Knight Frank found. It rose 0.4 per cent in the second quarter and fell 1 per cent in the first.

    New sale prices in the area declined 7.5 per cent, after falling 1.7 per cent in the second quarter and rising 3.3 per cent in the first.

    New sale average prices in the Tanjong Katong and Paya Lebar areas are set to keep softening, given tepid demand in the overall private residential market, but OneKM's vibrancy will help boost the attractiveness of upcoming new launches here, said Ms Alice Tan, head of consultancy and research at Knight Frank Singapore.

    "This is, in turn, likely to push up potential demand and help cushion the price weakening of new project launches here."

    On the other hand, in a buoyant market - for example from 2010 to 2012 - the opening of such a large mall could have raised prices of private homes here, to a premium of up to 5 per cent compared with homes in surrounding areas, said R'ST Research director Ong Kah Seng.

    Median rents have fallen by an average of 5 per cent over the past year, and is expected to be about $3.10 per sq ft per month as of the third quarter of this year, he said.

    "OneKM should help landlords of private homes in the area better attract tenants in the currently soft residential leasing conditions, without helping raise rentals; and help landlords get slight rental premiums when times are better."

    Other strata-titled retail properties in the area include City Plaza and shophouses. But as these target different types of shoppers, OneKM is not expected to affect prices and rents, he said.

    OneKM may draw some crowds to the area, but as the "retailing climate is fairly weak islandwide, landlords are unlikely to raise rents unnecessarily".

    [email][email protected][/email]

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