Turf City Sub-Tenants Moving Out
Sunday, 25th December 2011
At Turf City Shopping Mall, it is estimated that 70% of the retailers are expected to move out by 29 Feb 2012 because of the high rental and expected renovation works to be carried out by new Singapore Land Authority (SLA) master tenant SH Cogent Logistics. A few current tenants say they are not renewing their leases with SH Cogent Logistics because the new rent they are asking is several times higher than what they are paying now. But SH Cogent said the new rates are no higher than the market rate, and it was the previous master tenant Singapore Agro Agricultural (SAA) was charging far lower rents.
The Turf City mall occupies 760,000 sq ft and houses more than 160 tenants, ranging from Giant hypermarket, smaller retail ships, food courts and restaurants. A big covered car park that has number of second hand car dealerships using it as their showrooms. Plus an adjoining car parks for storage of de-registered cars waiting for export.
S H Cogent Logistics Pte Ltd provides logistic services which includes sea freight-forwarding, container leasing, hazardous cargo and chemical handling & storage and supply, chain management, storage and packing services for import and export of vehicles. The company was incorporated in 1985 and is based in Singapore. S H Cogent Logistics tendered rent of $1.06 million a month for old Turf Club land in Bukit Timah. Part of the project involves revamping the existing mall and carrying out landscaping works.
The previous master tenant Singapore Agro Agricultural (SAA) paid $14.04 Million for 10 years. Which worked out to be around $120,000 per month for the same site.