Shopping Mecca To Rise at Serangoon (26 Nov 2008)

The current economic slowdown is not holding back the construction of a mega shopping mall at Serangoon Central. Gold Ridge contracted Low Keng Huat to construct the $295 million commercial property, which is poised to become an iconic retail center in North East.

Gold Ridge is a special purpose vehicle comprising institutional investors from Europe and the US. The developer won the tender in May this year with an $800.9 million bid or $850/sq ft per plot ratio. Chin Yeok Yuen, chief financial officer of the contractor, was grateful that such big contract materialised despite the downturn in the real estate market.

Victoria Sharpe, chief executive of Pramerica Real Estate Investors (Asia), believed that the mall is poised to be at the forefront of shopping arena in the northeastern region. Strategically located at the centre of Serangoon, the site is near densely populated residential areas and schools. Standing six-storey high, the mall will be integrated with the Serangoon MRT station and the future Serangoon Circle Line station.

The shopping mall will be open 24 hours and have more than 618,000 sq. ft. of total lease area, making it bigger than Ang Mo Kio Hub and other traditional suburban malls which measure 300,000 sq. ft. to 400,000 sq. ft. Gold Ridge also plans to add a department store measuring 60,000 sq ft. and a food court with a 500-seat capacity. There will also be 400 specialty shops, a 10-screen cineplex, a 10,000-sq. ft. gourmet supermarket and a 60,000-sq. ft. hypermarket.