The Seletar Mall, which is due for completion at end 2014, has confirmed 3 anchor tenants that will offer its patrons a variety of entertainment, dining and shopping options.
Located in Sengkang West, The Seletar Mall is a 70:30 joint venture between Singapore Press Holdings (SPH) and United Engineers (UE). It will house cinema operator Shaw Theatres, an NTUC Foodfare food court, and FairPrice’s upscale supermarket FairPrice Finest on three separate floors in the family-oriented shopping mall.
Shaw Theatres will feature an eight-screen multiplex cinema while occupying 17,000 sq ft on the fourth level that can seat about 800 people. The cinema will boast the latest 3-D cinema systems and have a dedicated lift from the box-office level directly to the cinema hall level for the disabled.
While avid cinema-goers can look forward to an exciting cinematic experience at Shaw in The Seletar Mall, shoppers and foodies are in for a treat with a 12,000 sq ft food court run by social enterprise NTUC Foodfare that can seat 450 on the third level of the mall. The food court comes with customised low tables, a kids’ movie corner and a menu for children, which creates a family dining area that caters to children.
Also, a 23,000 sq ft FairPrice Finest store at the second basement level of the mall will carry products across the price spectrum, leaving shoppers to be spoilt for choice. Products can range from fine wines and cut cheeses to everyday groceries that are available in mass market FairPrice supermarkets.
The 99-year leasehold Seletar Mall has a total of four shopping levels above ground and two basement levels, with about 390 carpark lots. It sits at the junction of Sengkang West Avenue/Fernvale Road and has a net lettable area of about 188,000 sq ft.
The mall will be connected to Fernvale LRT station and will serve about 750,000 residents and 47,000 workers within five kilometres, including those from the Seletar Aerospace Park which is also expected to be completed next year.
It was understood that SPH and UE’s 70:30 tie-up beat 11 other bidders for the site last January after putting in an offer of $328 million, or $1,156 per sq ft per plot ratio, which was 20.5% higher than its closest competitor. The gross development value of The Seletar Mall is $505 million, inclusive of a land value of $328 million.
After its completion, the mall is expected to be sold to SPH Reit, the real estate investment trust sponsored by SPH that currently holds Paragon and Clementi Mall in its portfolio.