Paya Lebar mall will house niche enrichment schools and trades related to education
One KM: Above the retail mall will be UOL’s 244-unit freehold private residence named Katong Regency, to be launched soon at between $1,500 and $1,600 psf
THE former site of Lion City Hotel and Hollywood Theatre would see a new facelift come mid-2014 in the form of a new shopping mall called One KM.
To be developed by UOL Group, the three-storey mall – in addition to a basement – is poised to be a knowledge-based centre with niche enrichment schools alongside other education-related trades.
Explaining the rationale behind the mall’s positioning, Liam Wee Sin, UOL group president (property) said: “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.”
When completed, One KM would comprise around 170 to 200 shop units (averaging about 400 sq ft to 600 sq ft) spanning across a total net lettable area of approximately 210,000 sq ft – of which 20,000 sq ft has already been leased to anchor tenant, Cold Storage.
Mr Liam also said that the retail units at One KM are expected to be held by the group for investment purposes with average rents expected to range widely from the high single digits to more than $30 per square foot (psf).
The completed development, which will have a total of 530 car park lots, will be located next to the upcoming Paya Lebar Central Commercial Hub and a stone’s throw from Paya Lebar MRT station.
Said Mr Liam: “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.”
Previously, UOL was involved in other area rejuvenation projects which resulted in the the development of Tiong Bahru Plaza, Twin Regency, Regency Suites and The Regency@ Tiong Bahru.
Above the One KM retail mall will be UOL’s 244-unit freehold private residence named Katong Regency, which is expected to be launched sometime over the next two weeks, with indicative prices estimated to range between $1,500 and $1,600 psf.
Unit types to be offered include 126 one or one plus study bedders, 58 two or two plus study bedders, 36 three or three plus study bedders, 18 sky suites and 6 penthouses.
Source: Business Times 12 April 2012