REIT ASIAPAC
department store space by IKEA ’ s first small concept store in Southeast Asia is a strong testament to Jem ’ s attractiveness as a retail destination .
COVID-19 has accelerated the trend of online shopping . Retailers are compelled to recreate their in-store customer experience and rapidly adapt their marketing strategies to build brand affinity . We see omnichannel retailing as a viable way to navigate through the COVID-19 pandemic .
313 @ somerset features brands such as omnichannel retailer Love , Bonito that appeal to the younger generation . Riding on the success in bridging the online to offline trend , the mall has also attracted new-to-market online brands like Pomelo , which opened its first store in Singapore in 2019 .
The strategic location of 313 @ somerset with direct access to the Somerset MRT station plays a key role in bridging the gap between the physical and the digital realms , allowing its tenants to transit toward a ‘ phygital ’ model .
The Singapore government envisaged the Somerset precinct to be a youth hub . There is a rejuvenation exercise to include more youth-oriented dining and entertainment offerings to make it the focal area of Orchard Road . This move augurs well for us .
Hub in 2029 , the Jurong Innovation District in 2022 and the upcoming Tengah Forest Town .
On the ESG front , Jem is the first mixed-use asset in Singapore to be awarded the Green Mark Platinum version 4 and received the Building and Construction Authority ’ s Universal Design Mark Gold Plus Design Award .
In the 2021 GRESB rankings under the Asia Retail ( Non-Listed ) category , it was ranked second ( obtained while Jem was held under Lendlease-managed funds ).
Q4
You are planning for the Grange Road Car Park to be more of an “ experiential innovative lifestyle destination that features creative use of communal spaces and themed events to promote social networking and wellness ”. Is this a reaction to retail ’ s shift to digital , and would such communal spaces / themed events be a mainstay of future retail ?
Being resilient and adaptable to change are two important qualities in which we strongly believe . Lendlease believes in
With the progressive easing of border restrictions in 2022 and higher vaccination rates , the retail segment is poised to benefit from improvements in economic activity and consumer sentiment in the near term .
Q3 b . Are there any specific attributes of Jurong retail being that it is also a decentralised office district ?
Jem is one of the largest suburban malls in Singapore , with retail space across six levels . It also comprises 12 levels of office space fully leased to the Ministry of National Development of Singapore ( MND ). Anchor tenants within the retail space include IKEA , FairPrice Xtra ( a hypermarket ), Cathay Cineplexes and Don Don Donki . Other major retail tenants include H & M , Koufu , Uniqlo and Courts .
The office component has a long WALE ( Weighted Average Lease Expiry ) of approximately 24 years , providing strong , stable cash flow for our unitholders .
Jem is expected to benefit further from the government ’ s ongoing decentralisation drive that includes the future Jurong Region MRT Line and the new Jurong East Integrated Transport
Photo : 313 @ somerset facade
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