Mixed-use concepts offer retailers attractive propositionJan 12, 2012 14:02 SGT
Starting line-up at The Hillier affirms strong retail interest
Singapore, 12 January 2012 – Far East Organization (远东机构) confirmed today that Cold Storage will place its seventh Market Place outlet at the HillV2, the integrated retail podium of The Hillier.
The high-end full serviced retailer popular for its value, wide range of international food and quality merchandise is the third to sign-on after New York lifestyle brand Dean & Deluca and premium confectioners Cold Stone Creamery just a month after its unveiling.
Take-up underscores growing appeal of mixed-use retail and residential developments
“In the past year, we have noted that the appeal of mixed-use retail and residential developments such as The Hillier has been multi-fold for home buyers and investors. Such developments marry the strategic trans-urban locale and the unique value proposition of flexibility and creativity offered through SOHO spaces, with the enhanced convenience and connectivity through the integration of a retail mall,” said Mr Kelvin Ling (“林安勤”), Chief Operating Officer of Far East Organization’s Retail Business Group. “This attractive proposition of an ‘integrated trans-urban hub’ has also caught the eye of many prospect tenants on the retail front and Cold Storage is one of many savvy businesses that have caught on.”
Close to The Hillier in neighbouring Bukit Panjang, the integrated all-SOHO The Tennery, located atop the Junction 10 mall recently announced 100 per cent sales of its residential SOHO-style units and 90 percent take-up for its retail space. Its anchors, Giant hypermart and Yue Hwa, have recently started operations.
The Greenwich in Seletar is another example of a residential development integrated with a retail podium. To date, over 90 per cent of the residential units have been sold and 100 per cent of the Greenwich V retail space leased. Anchor tenants Cold Storage and Kopitiam are already open for business, with the remaining tenants progressively commencing operations in the next few weeks.
”The Hillier, The Tennery and The Greenwich developments have all received strong response from residential buyers and drawn much interest from notable retail and lifestyle brands such as Cold Storage, The Coffee Bean & Tea Leaf and Cedele,” said Mr Ling.
Business sense and opportunities for retailers
An anchor tenant at HillV2, Market Place will take up about 8,600 sq ft.
“We recognize that the move to introduce our brands to such trans-urban areas provides many business opportunities. It provides an avenue to expand our customer base, but our first priority is always to look at how we can improve and better serve the communities and neighbouring estates we set up shop in. In the case of Hillview, we have a Cold storage outlet at The Rail Mall and so it made sense for us to complement this with a slightly differentiated offering,” said Mr Victor Chia, Chief Executive Officer, Cold Storage Supermarkets. “We are confident that HillV2 Market Place will resonate well with discerning residents of The Hillier and the Hillview/Upper Bukit Timah area.”
Mr Ling concluded, “We’re excited to be partnering Market Place and hope that the HillV2 will continue to draw a mix of tenants focused on quality and memorable shopping experiences.”
HillV2 is a two-storey 55,500 sq ft retail and lifestyle mall complementing The Hillier residences in Hillview Avenue. The mall will have 33 units with sizes ranging from 311 sq ft to 8,887 sq ft, offering a carefully tailored blend of trendy and tasteful products and services. F&B will comprise more than 60% of the retail mix. It is estimated to be completed by end-2013.
The Hillier, a Far East SOHO development with a distinctive collection of modern, new generation SOHO apartments, offers strategic locale, excellent connectivity and flexible floor plan with a ceiling height of 3.4 metres. Sizes range from 506 sq ft to 840 sq ft. To date, more than 300 of the 528-unit development have been sold.
For media queries, please contact:
Weber Shandwick for Far East Organization
Tel: (65) 6825 8075
Far East Organization
Shirley-Ann Ting, Manager, Corporate Affairs
Tel: (65) 6830 6273
Tel: (65) 6825 8200
Bertha Cheung, Manager, Corporate Affairs
Tel: (65) 6830 6341