Liang Court shopping mall’s future is uncertain after its sale to CapitaLand and City Development.
Tenants have expressed fears they may be forced to move from the centre, which has been recording falling footfalls for years, made even worse by the departure of anchor tenant, bookstore Kinokuniya, in April.
The joint-venture partners says they will explore ways to enhance the value of the asset, which is likely to lead to a redevelopment.
“The new owners’ immediate focus is the daily operations of the mall,” CapitaLand said in a statement to Business Times.
Kinokuniya’s management said they closed the store when the lease expired, due to declining traffic.
“We need to consolidate our resources…so management decided that since the lease is up, it is timely and convenient to close,” Kenny Chan, senior store and merchandising director of Books Kinokuniya (Pacific Asia Region), told The Straits Times.
Large retail chains such as Starbucks, Subway and Uniqlo are located on the mall’s first level, which accounts for most of the foot traffic. Staff of Uniqlo, Starbucks and Meidi-Ya said they had been told the stores would close at the end of the year.