The overall occupancy rate at Wheelock Place shopping centre was 98 per cent as at September 30, with the mean monthly rent achieved about $14 psf.
The figures were revealed in parent Wheelock Properties’ third quarter profit result.
“We maintain our strategy to retain tenants with proven track record and introduce concepts that will synergise with the existing trade mix of the mall,” the company said in a stock exchange filing.
“To keep abreast in the challenging retail climate, we will continue to pursue interesting operators that are current with the retail trends.”
Close by on Scotts Rd, Wheelock Properties’ Scotts Square shopping mall continues to undergo a transformation and repositioning.
In July and September, respectively, Alexander McQueen and Delvaux opened their doors and on Level 1 with a duplex facade on Level 2.
Pedder On Scotts opened on Level 2 on October 1.
“Interesting pop up concepts and short term leases are secured to ensure continuous trading activities for the mall while the transformation is on-going,” the company said.
The bulk of Wheelock Properties’ business is developing, selling and managing apartments in Singapore. The company says it achieved revenue of $84 million and a post-tax profit of $11 million for the third quarter to September 30, up 269 per cent and two per cent respectively compared to the same period last year.
The company said its figures were impacted by lower retail rental income from Scotts Square during its repositioning.