Former JCube Shopping Centre to Be Converted Into Mixed-Use Development
Former JCube Shopping Centre may soon be converted into mixed-use development. JCube, located in Jurong East, Singapore, is a shopping mall that’s open from 10am to 10pm. It also features the first IMAX theatre in the suburbs and Singapore’s first Olympic-sized ice rink. The complex was built on the site of the former Jurong Entertainment Centre.
Retail mall space in Jurong has doubled from the second quarter of last year
The supply of retail mall space in Jurong has almost doubled in the past year. The area’s net lettable area increased by 573,600 square feet from the second quarter of last year to June, and is expected to grow by another 35 per cent by the end of the year. This is due in part to the construction of the new Westgate mall by Capitaland, which has a net lettable area of 416,000 square feet.
The surge in demand for space in suburban malls has tended to cushion the impact of the retail slump in prime shopping areas such as Orchard Road. However, the impact of this retail slump has been most evident in strata-titled malls in housing estates. As a result, real estate investment trusts (REITs) are trying their best to keep the malls occupied, despite the slump in sales. However, vacancy rates are still rising, and tenants are reporting lower earnings, especially during the festive season.
While CapitaLand Mall Trust has reported lower gross revenue from its outlet mall IMM Building in Jurong East, the overall occupancy of its portfolio remained high at 96.8 per cent at the end of September. The mall’s recent acquisition of Bedok Mall (all units of the former Brilliance Mall Trust) has also strengthened CMT’s portfolio. Meanwhile, SPH Reit’s mid-market suburban mall The Clementi Mall reported a 3.6 per cent increase in tenant sales to $242 million.
JCube may be changed to a mixed-use development
The current owner of JCube Shopping Centre has confirmed that he intends to change the mall into a mixed-use development. This development will contain both residential and commercial spaces, as the site is adjacent to a proposed integrated transport hub in Jurong. According to reports, CapitaLand Development will construct the development, which will be larger than the current JCube plot. The plot ratio of the proposed development is expected to be 4.2, compared to 3.0 currently.
The JCube Shopping Centre is one of four malls surrounding Jurong East Central, which are owned by CapitaLand. It is located about 200m from Jurong East MRT station. The proposed development will include a mix of residential and commercial units, with a residential tower on top. CapitaLand also owns the Westgate mall and the IMM mall.
The JCube Shopping Centre is a popular place for locals. It has an ice skating rink and restaurants around it. It is also a community gathering place. The rooftop terrace on Level 5 is also a popular location. The JCube is connected to the Jurong East Town Centre and the neighbouring developments. It also has an extensive network of transport links.
The Furniture Mall is a brand new commercial development at the Jurong Lake District, located at 10 Toh Guan Road, District 22. It offers office/commercial unit rentals and sales. With its spacious floor area, the development offers convenience and a comfortable working space for businesses.
The Furniture Mall sits on an 87,000-square-foot site and is capable of housing 20 stores. Its units are fitted with excellent lighting fixtures and high ceilings. It also features a large car park and loading bays. This ensures that businesses can accommodate their clients and workers.
The supply of retail mall space in Jurong has almost doubled compared to the second quarter last year. As of June, it has grown by almost 1 million square feet and is expected to grow by 35 per cent by the end of the year. The mall’s owner, CapitaLand, is developing a new mall, Westgate, in this same area. The new mall will contain around 416,000 square feet of net lettable space.
International Business Park is next door
If you’re looking to live in a prime location near several public transportation hubs, then this is the ideal place to be. It is only a few minutes from the Jurong East MRT station and close to several retail and F&B outlets. The neighbourhood is also home to several educational institutions such as the Millennia Institute and Dulwich College. It is ideal for families looking for a central location where their children can attend school and play.
JCube is home to Singapore’s first Olympic-size ice rink, as well as the city’s first IMAX theatre. It was built on the site of the former Jurong Entertainment Centre. The mall’s name was chosen by a naming competition in 2010, and represents the area’s location in Jurong and its shape as an ice cube. The JCube will eventually be converted into a mixed-use development.
The Jurong area is also home to a number of large shopping malls, including the International Business Park next door. Some of them are comparable to Orchard’s. The area also has a convenient MRT station nearby.