SINGAPORE: The Bedok Point mall will make way for a residential development with commercial units on the ground floor, owner Frasers Property has confirmed.
"Existing tenants will be notified in advance on our redevelopment plans so that they are able to make their necessary business continuity plans," the Frasers Property spokesperson said.The redevelopment comes after Frasers Property bought Bedok Point from one of its real estate investment trusts, Frasers Centrepoint Trust .
The manager highlighted that Bedok Point has achieved occupancy of above 90 per cent at the time, but"remains challenged" especially with the COVID-19 pandemic.Mr Jackson Lee, owner of optical and eyewear shop Trendy Eyes in Bedok Point, called the redevelopment plans an"open secret" as business has been"very quiet".
"We checked Eastpoint Mall because it is also under Frasers Property, but the rental is a bit unfriendly," he said. "The journey is quite tough but we are also happy that we managed to so-called survive here and are doing quite okay," she said. "Alternatively, landlords may also allow the rental leases to expire before the redevelopment takes place."
Elaborating on the possible reasons behind the redevelopment, Ms Lok said Bedok Point might not have the"critical mass to attract a similar catchment" as the newer and larger Bedok Mall.
Too many malls? Changing Singapore lifestyles? Internet shopping's to blame?
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.