Cheryl Lim – Straits Times Indonesia
Alfresco dining and waterfront shopping options could be on the cards for Punggol, with the development of the town’s newest shopping mall, which will be linked to Punggol MRT station.
The project, called Waterway Point, is the latest in the fast-rising tide of developments in the new town, where a major water feature opened on Sunday.
The new retail project is part of Watertown, a mixed-use project to be jointly developed by Frasers Centrepoint, Far East Organization and Sekisui House.
Earlier this year, the three partners paid $1.02 billion for the 3ha site, which is located at one of the bends of the newly opened Punggol Waterway.
Described as the ‘Venice of Punggol’, the $225 million waterway development is touted as the centerpiece of the new town, cutting a 4.2km route through Punggol estate.
Frasers Centrepoint told The Straits Times that while the retail project is still in the early stages of planning and development, some of the details have already been firmed up.
Retail will form the biggest component of the mall, taking up 40 percent. Another 30 percent will be for food and beverage outlets, while entertainment businesses and activities will make up 15 percent.
The remaining 15 percent will be dedicated to facilities such as educational institutions and banks, as well as civic and community amenities like libraries.
Tenants will be spread out across six levels – four above-ground and two basement floors.
Another feature of the mall is that it will be the first to be integrated with the Punggol MRT and LRT networks and the nearby bus interchange.
People will also be able to visit the integrated town square and visitors’ centre, where they can learn more about the heritage of Punggol through exhibitions and community events.
The mall is scheduled to be completed in 2015. Frasers Centrepoint said more details will be available within the next few months.
“We are confident that Waterway Point will be a key feature in the waterfront town… and will be a charming, iconic retail space that will resonate with the community,” said Lim Ee Seng, Frasers Centrepoint’s group chief executive.
He added that the group aims to create a unique retail destination that will not only excite the Punggol residents, but also draw visitors from all over the island.
Aside from the shopping mall, the Watertown project will house a residential component, containing more than 900 homes, including suites, Soho (small office, home office) apartments, sky patios and condominium units.
Nicholas Mak, SLP International’s head of research, said: “Punggol is a growing town and currently doesn’t have a major retail mall within the estate… While the mall’s location next to Punggol Waterway does add to the attraction, it is likely to do well regardless of that feature.”
Reprinted courtesy of Straits Times Indonesia. To subscribe to Straits Times Indonesia and/or the Jakarta Globe call 021 2553 5055.