Marina Bay Link Mall has leased 80 percent of the retail space for phase one in its development, while phase two has seen a healthy take-up rate at 66 percent.
The mall, which will open in November 2010, is expected to serve more than 50,000 employees and residents in downtown Marina Bay.
More high-end homes such as The Sail and Marina Bay Residences are being constructed in the downtown area, and according to Marina Bay Link Mall, its mix of stores will serve these residents.
A European-style market, the Four Season Market Place, is among these tenants and is making its debut in Singapore.
Aside from the residential developments, the mall announced that the new offices in the area will help generate higher customer traffic.
"Firstly, One Raffles Quay and Marina Bay Financial Centre offer a daily catchment of over 60,000, not including the potential of a residential market for the first time in CBD – residences who will come from The Sail (and) the Marina Bay Residences. And of course, One Shenton in time to come, and more residential development within the CBD area," said Rose Tong, director of Marketing, Retail, with Raffles Quay Asset Management.
Phase two of the development will open in mid-2012 and it spans 82,000 sq ft.
These two phases in Marina Bay Link Mall will add 175,000 sq ft of retail space in the downtown area.
However, City Link Mall said that it is unlikely to pose any threat to its business.
The two malls are served by Downtown and City Hall MRT stations.
Hongkong Land Executive Director Robert L. Garman said: "I don’t see any cannibalisation between the two malls. They are at opposite ends of the Marina Bay, and they serve a distinctly separate set of customers."
New Urban Male, one of the retailers at City Link Mall, expects slower sales when competitors in Marina Bay open in November, while Sakae Sushi hopes that the mall will provide a good mix of tenants to compliment its business.
City Link Mall will launch a significant renovation programme soon to retain and attract new tenants. The mall also plans to undergo a range of promotions to attract more customers.