Far East Organization is developing what it hopes to be a chic, two-storey mall at a site in Seletar that it acquired in a state tender in 2009.
Behind the mall will be a low-rise condo – The Greenwich – which comprises two- to three-room apartments ranging from 602 sq ft to 1,227 sq ft. It is expected be released for sale over the next two months.
The property developer will hold the mall – Greenwich V – as an investment development for rental income. It plans to open the 35-unit retail mall by the end of 2011.
So far, tenants who have secured space include Cold Storage, which will occupy 10,000 sq ft, Guardian, 7-Eleven and Kopitiam, which will operate a food court of about 6,354 sq ft.
According to Far East, the monthly asking rents for the remaining units are between $13 psf and $20 psf.
Almost 50 percent of the mall’s 45,000 sq ft net lettable area will be rented to food and beverage outlets such as restaurants and cafes. Other tenants are likely to include wine shops, hair salons and providers of educational and medical services.
The Greenwich V mall, which is located at the corner of Yio Chu Kang and Seletar roads, aims to serve not only residents in the Seletar Hills Estate but also the working population at industrial estates in Ang Mo Kio and Yio Chu Kang, as well as the upcoming Seletar Aerospace Park.
"The immediate area around Greenwich V has a sizeable population who we believe are a little under-served at the moment, in terms of shopping and entertainment options," said Kelvin Ling, Far East’s chief operating officer.