The Former JCube Shopping Centre to Be Converted Into a Mixed Development Condo
The former JCube Shopping Centre may soon see a dramatic transformation into a new residential building. Developer CLD is considering the move because of stiff competition from nearby shopping malls and a strong demand for new homes at the JCube site. However, some mall consolidation is inevitable, says Seshan Ramaswami, an associate professor of marketing education at the Singapore Management University.
CapitaLand’s acquisition of JCube
The recent acquisition of JCube Shopping Centre by CapitaLand Development paves the way for redevelopment plans. Located in Jurong Lake District, Singapore’s largest business district outside the CBD, the mall is close to several major transportation hubs. Last year, the mall achieved an occupancy rate of 95.5%, a record for any shopping mall in Singapore.
The sale price of $340 million represents a premium over the latest valuation for the JCube shopping mall. The JCube is one of three CICT malls in the Jurong East region and is one of the smallest assets by net lettable area.
The proposed redevelopment of JCube is expected to boost the local property market. However, the proposed redevelopment will require an approval from the Urban Redevelopment …