SINGAPORE — The largest mall in northern Singapore, housing over 400 shopping and dining outlets across two retail wings, will open to shoppers in the fourth quarter this year, developer Frasers Centrepoint Singapore said on Tuesday (July 25).
The mall is part of the 1.33 million sqf Northpoint City, which will also include the 920-unit North Park Residences, community spaces, an air-conditioned bus interchange and an underground retail link with direct access to Yishun MRT Station.
The mall’s soft opening is slightly earlier than the targeted 2018 completion, when the development plans were announced four years ago.
Mr Christopher Tang, chief executive of Frasers Centrepoint Singapore, said on Tuesday: “When we announced the development of Northpoint City back in 2014, we envisioned it to be an integral part of Yishun’s Remaking Our Heartland Programme, as we aimed to revitalise Yishun Centre with its presence. Northpoint City will bring a new-found vibrancy to the area, just as our landmark NorthpointShopping Centre did 25 years ago.”
Close to 90 per cent of the retail space in the mall will be leased when it opens in the fourth quarter, Frasers Centrepoint Singapore said. Key tenants include household names such as FairPrice, which will open a supermarket spanning 33,000 sqf, and consumer electronics retailer Harvey Norman, which will move into a 34,000 sqf store and add furniture and bedding to its offerings.
Community-centric tenants include The Rice Company, a performing arts non-profit organisation, and childcare centre The Orange Academy.
Ms Jolene Tan, operations manager of The Orange Academy, said: “Northpoint City is the perfect place for us to open our new centre. We cater to many young families and they will appreciate the ease of access to transport and other community amenities nearby.
With the resident population in Yishun and Sembawang expected to grow further, we are looking forward to serve the increased demand for childcare services in the area.”
Northpoint Shopping Centre, Singapore’s first major suburban shopping mall dating back to 1992, is being redeveloped and will be integrated into Northpoint City as its North Wing.
The former is due to complete its asset enhancement works by September, while the new South Wing is scheduled to be ready by the fourth quarter, Frasers Centrepoint Singapore said.
North Park Residences, where 87 per cent of the units have been sold, will be ready for occupation by the fourth quarter of next year, the developer added.
With a community club, rooftop garden, public library, town plaza the size of 10 basketball courts and a line-up of lifestyle offerings, Northpoint City will also be a key venue for community interaction and activities.
The Nee Soon Central Community Club will move into the South Wing by next year to be the first Community Club in Singapore to be housed in a shopping mall. Yishun Public Library will reopen in the mall by the first quarter of next year, while the bus interchange is on track to be operational by 2019.
Frasers Centrepoint stunned the property market in September 2013 when it put in the top bid of S$1.43 billion for the 99-year leasehold mixed-use site made available through the Government Land Sales programme.
The winning bid translated to S$1,077 per sqf per plot ratio, and was nearly 50 per cent higher than the next best bid.
Analysts said the large gap demonstrated the developer’s resolve to protect its market position in the north, as well as the proven success formula of integrated developments next to key MRT stations.
Frasers Centrepoint Singapore is a strategic business unit of Singapore Exchange-listed Frasers Centrepoint, which has a diverse international portfolio valued at over S$25 billion. Frasers Centrepoint Singapore has developed more than 18,000 homes and oversees a portfolio of 12 shopping malls as well as 10 office and business properties.
Frasers Centrepoint shares rose 1.6 per cent to close at S$1.925 each on Tuesday, giving it a market capitalization of about S$5.6 billion. The shares have climbed 22.2 per cent this year, Bloomberg data showed.