Mall in Jurong East Regional Centre see higher total visitorship than Tampines Regional Centre, but lower visitorship on a per Net Lettable Area basis.

Tampines command higher retail space rentals, commensurating with strong visitorship per floor area. The newer malls in Jurong East saw fluctuating rents reflective of the lower visitorship per floor area of malls although the cluster saw higher total visitorship and visitors are seen spending more time shopping here.

Outlook

Looking ahead to 2030: According to land use plan by Ministry of National Development (MND), Jurong Lake District will eventually house about 500,000 sqm of office space, 250,000 sqm or retail space and 2,800 hotel rooms. This is more than two and a half times the size of Tampines Regional Centre today. This eventual Jurong Lake District landscape with healthy population growth will translate to a larger critical mass for the malls in Jurong East Cluster.

Need  to build catchment and activity to draw people in order for Jurong East Regional Centre to be sustainable in the long term: Within the next three years, Jurong East Regional Centre is likely to face further competition, with new malls in the North Region such as the mega Northpoint City Catering to the residents from the North. The catchment of Jurong needs to be increased further, and the “hub” effect with multiple uses, attractions and events must be enhanced in order for Jurong East Regional Centre to remain sustainable. This can be achieved through the HSR development, and other recreational activities and attractions at Jurong Lake District. Depending on the actualisation of these plans, it would take beyond five years for the Jurong East catachment to increase significantly with the working and residential population expected to grow with these developments in Jurong Lake District. Riding on these changes, a significant transient footfall such as tourists, visitors from other parts of the island, and visitors from Malaysia coming in from the HSR is also envisaged in future beyond 2020.

AEIs ought to be planned beyond 2020: While malls in Jurong East currently have first mover advantage and are well poised to ride on the region’s future growth, these malls also run the risk of being dated and tired by the time the regional centre is more established. Notwithstanding the likely expansion of Jurong East real estate landscape and visitorship, Mall owners would still need to embark on AEIs to keep up with competition from new shopping clusters from other parts of Singapore in the long term.

Click below link to download KF- Retail Research Oct 2015 by our company – Knight Frank.


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