Mustafa to Close Serangoon Plaza after 30 Years Cutting Retail Space

Mustafa to Close Serangoon Plaza after 30 Years Cutting Retail Space

 

Mustafa Center is known to be the biggest 24-hour mall in Singapore. However, the mall’s branch that covers 65,000sqf at Serangoon will be closing next month. As a result, the total retail space will be reduced by a quarter. The reason behind the closing down is beings stated as the redevelopment that will take place at the site.

Mohamed Mustafa and Samsuddin (MMS) is a retailer who for the last three decades has been leasing space at the plaza. This is in addition to the Mustafa Centre that is located adjacently and the company owns on the Syed Alwi Road.

 

The Serangoon Plaza was sold as an en bloc deal in November 2013. Now, it has been decided that the plaza will be demolished next month. After that, the site is to be redeveloped into the Centrium Square. The new commercial building will be based on 19 storeys including space for offices, medical suites, and retail stores. Right now, Mustafa owns 70% of the total retail space. This makes Mustafa the largest tenant at the Plaza.

 

A spokesperson told that the demolishing will begin as soon as all the tenants have vacated the Plaza. This will be completed by early next month. She added that that the new construction is expected to be completed by 2019. The new commercial development, Centrium Square, will have its entire retail space taken up by the Canali Logistics.

 

Mustafa has been the tenant at the Serangoon Plaza since the idle of the 1980s. The retail space was gradually expanded and was offered to money exchange services and for jewellery, clothes, cosmetics, and shoes as well.

 

Property experts say that this move was probably made by Mustafa to bring together the operations given the poor economic outlook. However, regular customers are now concerned. They are of the opinion that there will be larger crowds as most of the merchandise is moved to the Mustafa Center.

 

The Mustafa Center has a total retail space of 200,000sqf. As of now, the Serangoon Plaza has put up the notice that the plaza will be closed on 1st February so as to inform the regular shoppers. The shoppers’ concerns for cramped space may be true as the merchandise is being shifted to an already occupied space.

 

As for the future, the redevelopment of the site with Centrium Square may bring its own benefits.

 

 

 

 

For more info

http://www.straitstimes.com/singapore/mustafas-serangoon-plaza-branch-to-close-in-february-stock-transferred-to-main-store

 

Within 5 minutes walk away from Mustafa and Centrium Square, there is a new launch condo named Sturdee Residences. Click on our link below for more information on this Singapore Condo.

 

 

Other New Launches that are also near the city fringe

 

 

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