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and Bugis Junction. We have
also announced the asset
enhancement works at Tampines
Mall, which will be starting in the
first quarter of 2014.
At Clarke Quay, asset
enhancement works were fully
completed in January 2013.
The works involved recovering
space from an anchor tenant
to optimise the use of space
at Block C and maximising the
gross floor area at Block E.
Blocks C and E are now
refreshed with vibrant frontage
along River Valley Road with
more food and beverage (F&B)
offerings. The new frontage,
designed to match the heritage
architecture of the location, has
brought back the charm of the
old warehouses at Clarke Quay.
At Junction 8, we opened a
linkway from Bishan Mass
Rapid Transit (MRT) Interchange
Station to Basement 1, making
it more accessible to shoppers
and providing more F&B
offerings. This has led to the
higher flow of shoppers
into the mall, compared to
the previous year.
IMM Building embarked on
asset enhancement works in
May 2012 and completed
the first phase of its repositioning
as a value-focused mall in June
2013. Today, IMM Building is
Singapore’s largest outlet mall,
with over 55 outlet stores.
We will explore the next phase
of asset enhancements to
house more outlet stores
in IMM Building.
At Bugis Junction, we recovered
space from an anchor tenant on
levels 2 and 3, and converted
it to specialty stores. This will
strengthen the mall’s positioning
as a place for the young, hip and
trendy. We will be embarking
on the next phase of works in
the first quarter of 2014, which
includes further recovery of
space from the anchor tenant
at Level 1 to convert to new
specialty stores.
We have also announced
asset enhancement works at
Tampines Mall. This involves
converting the Level 5 roof
area to new lettable area to
house enrichment schools
and educational tenants,
reconfiguring levels 2 and 3
to enhance the fashion offerings,
and rejuvenating the mall.
The asset enhancement works
are expected to be completed
in the fourth quarter of 2015.
EXTRACTING VALUE
FROM INVESTMENT AND
DIVESTMENT ACTIVITIES
Westgate, an integrated retail and
office development project in
which CMT has a 30.00% stake,
commenced mall operations
on 2 December 2013. Located
in Jurong Gateway and the only
development directly connected
to both the Jurong East MRT
Interchange Station and future
bus interchange, Westgate
has drawn strong interest from
retailers and shoppers. As at
31 December 2013, Westgate’s
committed occupancy was
about 90.0% and it received
about 3.4 million shoppers in
the first month of opening. The
seven-storey shopping mall from
Basement 2 to Level 5 houses
more than 250 brands over a net
lettable area of about 410,000
Letter to
Unitholders
Westgate
Westgate has drawn
strong interest from
retailers and shoppers,
with committed
occupancy of about
90.0% as at 31 December
2013 and received
3.4 million shoppers in the
first month of opening.
Commenced
Operations
Clarity 8 CapitaMall Trust Annual Report 2013