A new shopping mall will be situated where Lion City Hotel and Hollywood Theatre once were by mid-2014, as UOL Group is developing an edutainment mall poised to become a knowledge-based centre with niche enrichment schools, along with other education-related businesses.
"There is an existing high student catchment population, with 20 local and international schools within a 2km radius, with a total student population of 37,000. As such, the positioning of the mall as an edutainment centre is a natural one," said Liam Wee Sin, UOL Group President (Property).
Dubbed One KM (pictured), the new three-storey shopping mall will comprise 170 to 200 shop units with an average size of approximately 400 to 600 sq ft. It will occupy a net lettable area (NLA) of around 210,000 sq ft, of which 20,000 sq ft has already been leased by its anchor tenant Cold Storage.
When completed, the development will also include 530 parking spaces. It will be located next to the upcoming Paya Lebar Central Commercial Hub and within the vicinity of Paya Lebar MRT station.
Liam noted that the retail shops at One KM are expected to be leased out for investment purposes, with average rents expected to range widely, from the high single digits to more than S$30 psf.
"Our track record and keen eye for urban rejuvenation projects have been stellar. For the Paya Lebar precinct, we hope to again play a catalytic role and create value by transforming the area into a vibrant urban hub," said Liam.
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