The Former JCube To Under Under Redevelopment Into Mix Development by Capitaland
The former JCube, in Jurong East, is slated to be transformed into a mixed-use development. The developer wants to develop a larger property at the site, as the mall is currently underutilized. The demand for residential space in Jurong East is strong. There are already 7,955 HDB flats with a minimum occupation period of two years, and another 970 are slated to be built in the next two years.
CapitaLand’s investment in JCube
CapitaLand’s investment in the JCube mall will continue to operate. However, the developer plans to explore different options for the mall’s repositioning and development. It hopes to benefit from rising property values in Jurong East. Its investment will bring in about $1 billion in annual sales.
The deal will involve the sale of JCube, one of three retail malls in the Jurong East area, for a price of approximately S$340 million. The sale price represents a significant premium over the latest valuation of the property. Frasers Logistics will also divest its interest in Cross Street Exchange for a total consideration of $603 million.
While JCube is currently being used as a shopping mall, its developer is now exploring the possibility of redevelopment as a mixed-use development. The company cites competition from other malls in the area, and strong demand for residential units in the vicinity. It plans to redevelop the site as a mixed-use development with a higher plot-to-floor ratio.
Plans for redevelopment of JCube
Plans for redevelopment of JCube are in the early planning stages. The development company Capitaland plans to consider different options for the mall. The JCube mall, which opened in 2012, is located about 200 metres from the Jurong East MRT station. It features the country’s first IMAX theatre and an Olympic-sized ice rink. The complex sits on the site of the former Jurong Entertainment Centre.
The redevelopment of the JCube shopping mall is being planned in light of its declining occupancy rate. The occupancy rate dropped from 94.3% in December 2017 to 90.9% in January 2018. Despite the recent decline in occupancy, the mall has undergone a transformation. Its owner, CapitaLand Development, has acquired the mall from the former owner, CapitaLand Integrated Commercial Trust. The new developer plans to turn it into a residential complex with a higher plot ratio than the existing mall.
Occupancy rate at JCube mall
The occupancy rate at JCube mall in Singapore is on the decline. It is now below the 90 percent mark, down from 95 percent last year. The mall’s owners have said they will work to improve the shopping experience for residents and visitors, and they have recently added a 24-hour fitness centre to attract more shoppers. Several investors have expressed concern about the trend.
The new masterplan for the JCube mall includes residential development on the first floor, resulting in a higher plot ratio than the mall’s current 3.0. The mall, which opened in 2012, is the largest shopping mall in Singapore with a capacity of 30,000 shoppers. It is located about 200 metres from Jurong East MRT station, and is within walking distance of other major shopping centres in the area.
Plans for mixed-use development on top of ice rink
Plans for a mixed-use development on top of an ice rink in Chesterfield, Massachusetts, are expected to begin sometime next summer. The project would also include a 20,000-square-foot arena that would be used in the summer as a gymnasium. The building would also include family restrooms, public restrooms, and locker rooms.
Cost of units at JCube
The cost of units at JCube depends on the unit type. Typically, one-bedroom units cost about $1,480 psf. However, there are some variations in the pricing. There are also some restrictions on financing. The sale price of JCube units is slightly higher than average, but it is still affordable.
The developer of the JCube project, CapitaLand, plans to build a larger property at the site. However, this development is a bit different from the original masterplan. The new masterplan will see commercial spaces on the first floor of the development. The new masterplan will also see the density of the building rise from 3.2 to 4.2.
The company currently owns 23 properties, with ninety-five percent in Singapore. It recently entered the Australian market, buying three assets there in December. The JCube sits on a 99-year leasehold site granted in March 1991. It has a net lettable area of 210,038 square feet. It also boasts a rooftop garden, an IMAX movie theater, and Singapore’s only Olympic-size ice rink.…