Thursday, April 28, 2011

Bedok Point officially opens; it's 98% leased

Business Times: Wed, Apr 27
BEDOK Point, which officially opened yesterday, is 98 per leased at an average rent of $11 per square foot (psf), owner Frasers Centrepoint said yesterday.

The mall, which is located next to Bedok Town Centre, is the developer's newest neighbourhood mall. It has some 80,985 square feet of nett lettable area spread over five storeys.

Since its soft opening in December last year, Bedok Point has attracted over 900,000 shoppers every month, said Frasers Centrepoint chief executive Lim Ee Seng.

'Bedok is also home to one of the largest groups of Singapore residents (numbering 294,500 to be exact) who have not enjoyed the presence of a proper mall throughout these years,' Mr Lim said.

With Bedok Point, Frasers Centrepoint, which is the property arm of Fraser and Neave, now has nine shopping malls in its portfolio.

Another two malls are in the development stage. Christopher Tang, chief executive of Frasers Centrepoint's commercial arm, said that Changi City Point, which is located next to Singapore Expo MRT Station, will be ready by the end of the year.

The group will also build a mall at Punggol Town Centre. Frasers Centrepoint, Far East Organization and Japan's Sekisui House won the site in a government land tender in February this year.

Bedok Point is expected to be injected into the listed Frasers Centrepoint Trust by the end of this year. Mr Tang added that he expects the number of shoppers who visit the mall each month to climb.

More than 40 per cent of the space at the mall is occupied by food and beverage tenants. In recognition of the supper culture of the food-loving Bedok community, all cafes and restaurants on level one of Bedok Point will stay open until 1am on weekdays and 3am on weekends for hungry night owls.

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