Tenancy reaches 80% Full tenancy expected by Opening VivoCity To Revitalise Singapore Retail Tourism
18 April 2006, Singapore - VivoCity, Singapore's largest and most iconic retail and lifestyle destination will create 7000 jobs when it opens for business in October 2006. It will also become the first retail and lifestyle place to help its tenants recruit and train staff.
At the Topping Out ceremony held today to celebrate the completion of the main structure of VivoCity, Mr Edmund Cheng, Chairman of Mapletree, the developer of VivoCity said, "VivoCity is a destination place. With a diverse mix of 300 outlets spread over more than 1 million square feet of space, VivoCity will require a total of 7000 workers when we commence operations. This is a great challenge for us and our tenants. As a landlord, we are fully committed to helping our tenants recruit service staff with the right passion and attitude and train them to become VivoCity's ambassadors." To support Singapore's push to raise the service level of its retail sector, Mapletree, with support from the Singapore Workforce Development Agency (WDA), will organise and fund the costs of a three-day Mega Job Fair to help its tenants recruit service personnel to staff their outlets in VivoCity. This Job Fair will take place from 23-25 June 2006. Staff recruited at the fair will receive training aimed at promoting service excellence.
Mr Cheng said, "As a Singapore icon that draws both tourists from all over the world and Singaporeans from around the island, we want to raise the bar in promoting service excellence. Engaging our tenants and their staff as partners is part of our holistic approach towards setting new benchmarks as a retail and lifestyle destination. Service excellence will work hand-in-hand with the multi-experiential offerings, to establish VivoCity as a world-class destination for tourists and locals alike."
WDA and NTUC will provide financial support, such as course fee support, absentee payroll and retention incentives to help tenants recruit, train and retain their staff. This is the first time that WDA is joining hands with a landlord and doing a centre-specific scheme for staff recruitment and training. Previous efforts have targeted industry sectors or companies.
Tenancy Level Hits 80%; Full Tenancy Expected
With the completion of the main structure, VivoCity is expecting to receive its Temporary Occupation Permit (TOP) in October this year. With six more months before its opening, VivoCity has already achieved 80% tenancy level and expects to be fully leased by the time it commences operations.
Signed-up tenants include fashion and lifestyle brands such as Tangs Department Store, Ted Baker, Pull & Bear, Gap, TopShop, TopMan, Miss Selfridge, Nichii Fashion City, Zara, Mango, Liz Claiborne, KidStyle, Coccinelle, Metropolitan Museum of Art New York, Guess, Canon; as well as F&B outlets like Kim Gary HK Caf?, Chef's Kitchen by Crystal Jade, Megabite, Pacific Coffee Company, and more.
"We are pleased with the progress of our leasing programme. We are in advanced talks with other potential tenants for the balance of the space, and we expect VivoCity to be fully tenanted when we open," says Mr Cheng.
VivoCity to Revitalise Singapore Retail Tourism
The development of VivoCity will contribute to the revitalisation of Singapore as a tourism destination. With its bold iconic architecture, diverse mix of new-to-market brands and innovative concepts, as well as an exciting year-round calendar of signature events and festivals, VivoCity is set to redefine a new lifestyle experience in Singapore that is vibrant, stimulating and accessible to everyone.
In a departure from the traditional box format of many existing and upcoming retail developments in the region, internationally renowned architect, Toyo Ito has created a bold and unusual form, with fluid lines inspired by and complementing the natural landscape of the waterfront site. VivoCity is designed for a seamless shopping experience where one space leads intuitively into another and where space is not separated by floor, but is connected as one continuous experience.
To add to the experience, many of the anchor and mini anchor tenants at VivoCity are committed to introduce bold, new experiential retail and entertainment concepts that will constantly surprise and stimulate visitors with their fresh, ever changing, multi-sensory approach.
Mrs Lim Hwee Hua, Minister of State for Finance and Transport, who was the Guest-of-Honour at the Topping Out Ceremony, said, "The development of VivoCity signals an important new stage in the rejuvenation of Singapore as a tourism destination. It is part of Singapore's 2015 vision to re-make, develop and transform the country into a vibrant city that is open 24 by 7 with the greatest shopping and dining experiences, one that appeals to citizens and tourists alike."
She commended Mapletree on taking an integrated and holistic approach on its vision and execution of VivoCity. She said, "VivoCity, the HarbourFront Centre and the upcoming Integrated Resort at Sentosa, as well as upgrades for St James Power Station, Mt Faber and Sentosa are an integral part of the overall development to create a refreshing and compelling lifestyle, shopping and entertainment hub at the HarbourFront precinct."
"VivoCity is a must-see destination for Singaporeans and visitors alike. Every aspect of VivoCity - from the location to the architecture, the retail and leisure options as well as the superb tenant mix, will offer an appealing and truly unique shopping and lifestyle experience," added Mrs Lim.
About VivoCityWith over 1 million square feet of lettable floor space attracting a diverse mix of over 350 retailers, large event space, including a 1000-seat amphitheatre and a 300m harbour front boardwalk, VivoCity is set to become Singapore's largest and most diverse retail and lifestyle destination when it opens to the public in the fourth quarter of 2006. Designed by world-renowned architect, Toyo Ito, VivoCity will be the centre-piece of Singapore's newest lifestyle hub at the HarbourFront, which also includes Sentosa, Mt Faber, the Singapore Cruise Centre and the St James Power Station.
About Mapletree Investments Pte Ltd
Mapletree, the developer of VivoCity, is a leading real estate company with an asset base of approximately S.9 billion, comprising office, retail/lifestyle logistics/industrial, and high-tech industrial properties. It is committed to shaping new ways to deliver value to its stakeholders from multiple real estate investments and services. With its significant expertise, diverse skill sets and intimate knowledge of the property industry in Singapore and Asia, Mapletree is well-positioned to be an ideal strategic real estate partner in providing innovative real estate solutions and investment products.