Half of ION Orchard’s retail space already taken up

Half of ION Orchard’s retail space already taken up

By Irene Chan

 

Around half of the retail space at ION Orchard has already been taken up.

 

Despite the current uncertain economic climate, the developer of the project, Orchard Turn Developments, says it has seen a strong take-up by retailers.

 

CEO of Orchard Turn Development, Soon Su Lin, says she’s not concerned that a possible oversupply of retail space on Orchard Road will affect demand for space at ION Orchard.

 

“Based on the interest that has been shown by retailers in our mall, both local as well as international, we really have no worries, we’re definitely on track. So we’re already 50 percent, for the other 50 percent, we’ll be really careful to select to make sure we have the best offering. So we want to take our time, not because there’s a lack of demand, but to make sure that every tenant will add value to the mall.”

 

Ms Soon said that the company has so far had no problems in achieving it targets on rentals.

 

Retail space at the mall, which is slated to open in the first half of next year, has been going at market rate, ranging from 20 to 80 dollars per square foot.

 

Located right above the Orchard MRT station, the mall will feature flagship stores of luxury superbrands such as Louis Vuitton, Cartier and Prada.

 

Giving an update on the connecting residential development, Orchard Residences, Ms Soon said around 80 percent has already been taken up, of which around half was bought by foreigners.

 

One of the penthouse units that was bought was priced at 5,600 dollars per square foot, the highest ever paid for a residential unit in Singapore.

 

But she admitted interest has been affected as the luxury property segment took a hit this year amid the global and financial market uncertainties.

 

“The market goes up and down you know, the whole market is generally affected by the current situation of course but we believe that as our construction progresses, and when people can see the height of our building, the landmark status of our project, the interest will still be there.”

 

The Orchard Turn development is jointly owned and managed by Capitaland and Hong Kong-based Sun Hung Kai Properties.

 

Source: 938Live