Commercial & Industrial Property News Update

Singapore - Punggol Waterfront Is Shaping Up

October 10, 2012

Strong interest in upcoming integrated commercial and residential township Punggol Waterfront is underlining Punggol's rapid increase in popularity.

Punggol Watertown, an integrated commercial and residential township development, is boosting the popularity of what was once Singapore's backwater town.

Jointly developed by Far East Organization, Frasers Centrepoint and Sekisui House, the SGD 1.6 billion project will feature residences as well as an upcoming retail mall, and will be served by an extensive public transport network.

Waterway Point, the retail highlight of Watertown, is currently undergoing construction, with an estimated completion date in 2015. The shopping centre will serve residents with a 24-hour basement level as well as a 1,000-seater cinema complex, along with a wide variety of dining, shopping and entertainment options.

The first major retail mall in Punggol has already attracted keen interest from leading local retailers. Supermarket chain NTUC FairPrice Finest and Shaw Theatres have signed on as anchor tenants, with NTUC pre-committing to 30,000 sq ft of space for its 10th Finest outlet and the company's second 24-hour store under the brand.

Meanwhile, Shaw Theatres will open its cinema halls at the mall's 24-hour basement to serve the needs of moviegoers around the clock.

Christopher Tang, CEO of Frasers Centrepoint Commercial, said that NTUC FairPrice Finest's commitment as an anchor tenant "affirms the strong appeal of Waterway Point and we are confident that the Mall will be the centre of attraction at Punggol waterfront".

Tags: Commercial real estate, Shop for rent, Income properties

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