Property - Guthrie GTS Ltd

Operations Review
Property
owners of third-party retail properties looking to tap into our vertically integrated capabilities, from project
management, consultancy and marketing to the launch of retail properties as well as ongoing mall management.
Third Party-Owned Retail Properties
One highlight for the year in review was the opening of nex at Serangoon Central. It is the biggest suburban
shopping mall in the north-east corridor of Singapore. Beginning its operation before the year-end rush, the
successful opening of the 635,000 square feet mall adds to the Division’s growing project management and
consultancy track record. It achieved virtually full leasing commitment before completion and the mall opened
to a rousing success in November 2010. Owned and developed by an investment fund, Gold Ridge Pte Ltd, the
eco-friendly 6-storey mall is setting the trend as a lifestyle centre for the family with retail, entertainment and
culinary delights and records on an average, 2 million visits a month.
The year in review also marked the completion of an asset enhancement exercise for the TaiMall Nankan Family
Entertainment and Shopping Centre in Taiwan. The 18-month upgrading of the 1 million square feet mall gave
it a new look resulting in a boost in visitors and higher turnover for retailers and an increase in rental. Owned
by New Taimall Global Company Pte Ltd, a subsidiary of GIC Real Estate Pte Ltd, the centre offers a whole host
of shopping, entertainment and recreational facilities for families.
Other Retail Properties
The Division has been managing retail properties owned by Asian Retail Mall Limited (ARML) and Asian Retail
Mall II Limited (ARML II), in which it holds minority investment stakes. Most of the properties have been taken
through asset enhancement phases and currently enjoy good occupancy and shopper traffic. The Division’s
priorities have been to sustain interest among shoppers whilst calibrating the tenancy-mix and product offerings
to be in keeping with lifestyle demands. Existing properties owned by the two funds which are managed by
the Division are White Sands, Hougang Mall, Century Square, Liang Court, Tiong Bahru Plaza and its adjoining
office tower, Central Plaza, whilst Tampines 1 where Guthrie has a co-investment stake, is a relatively new
mall which opened in 2009.
The other retail properties in Singapore managed by the Division include the extended Jurong Point Shopping
Centre, Heartland Mall - Kovan and six other retail properties in HDB estates. These are part of the stable of
retail properties in which the Group has ownership stakes and continue to do well in meeting their niche markets.
Following its extension and almost doubling of its retail space, Jurong Point Shopping Centre is well placed to
capitalise on the rejuvenation of the Jurong Gateway and Lakeside area that will see the development of new
offices, hotels, entertainment, tourist attractions and water-related sports. Management will continue to focus
on ensuring the shopping centres are enduring attractions by creating a shopping-friendly environment and a
stabilised portfolio of retail tenants.
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