I wonder with the current crisis, how are the REITs and mall owners going to find tenants to sign up?
Today, it is announced that there will be a mall with a ten-hall cineplex at the Serangoon Central MRT site. There will be another huge one at Victoria Street, right across the road from Bugis Juntion.
Then, there is Orchard Central from Far East Organisation which is 60% filled. And there is the 311 at Somerset, right above the Somerset MRT station. Far East Organisation is revamping the old Ginza shopping centre and there will be a new mall there.
Not forgetting the new iconic Ion Orchard and Scotts Square. Ion Orchard can charge up to $60 psf. I think most of these malls are slated to be completed and launched in the next two years.
Will the financial crisis have passed? These are interesting times indeed!