Lum Chang-LaSalle, a joint venture of Lum Chang Holdings Ltd. and LaSalle Investment Management, recently celebrated the topping out of Tekka Place, a mixed-use destination in Singapore’s Serangoon planning area. The project is the redevelopment of the former The Verge shopping mall, which had opened as Tekka Mall in 2003. The project is on schedule to reach completion in the fourth quarter.
Located at 2 Serangoon Road, Tekka Place is being constructed at the gateway to the Little India heritage precinct, just outside the central business district. The project will feature the 320-unit Citadines Rochor serviced residences, which will be located in the 10-story main block, as well as 70,000 square feet of retail on a three-level podium of the main block and on the rooftop and mezzanine floors of the 7-story annex block. The retail element is designed to be a destination for locals and a magnet for visitors.
“Even though we have been approached by reputable local and international retail and F&B brands, we are selective in curating Tekka Place’s retail mix to both reflect and build on the unique cultural identity of the Little India heritage precinct, and to complement the shopkeeper businesses in the area,” Kelvin Lum, director at Lum Chang Holdings, said in a prepared statement. Knight Frank is handling retail leasing at Tekka Place and has already orchestrated commitments and negotiations accounting for 50 percent of the space.
Annex Block, which will feature five levels of parking sandwiched between the rooftop and mezzanine retail offerings, and Main Block will be connected via a pedestrian bridge at two levels. Lum Chang Building Contractors is spearheading construction under a contract valued at S$85.7 million, or approximately $63.3 million.
Eyes on Singapore
Lum Chang-LaSalle anticipates a warm reception for Tekka Place, due in no small part to the rising annual number of visitors to Singapore. According to the Singapore Tourism Board, tourism to the island country increased for the third year in a row, reaching 18.5 million visitors. The 6.5 percent year-over-year jump in visitation in 2018 can be partially attributed to a couple of unique occurrences. As noted in a fourth quarter 2018 report by Knight Frank, “Visitor arrivals increased as there was greater awareness of Singapore as a tourist destination, partly due to the Trump-Kim Summit and the well-received romance comedy film Crazy Rich Asians.”
In 2018, Singapore ranked 15 on the list of the world’s top 30 cities for direct commercial real estate investment, according to a JLL report.
Image courtesy of Lum Chang-LaSalle