Nov 29, 2018
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EagleWings Group, current owner and tenant at KAP Residences Mall, is set to inject more life in the strata mall by expanding its footprint there.

By December, the group will open a cinema known as EagleWings Cinematics, which will feature 153 seats, including a premium lounge with butler service as well as a fashion store, reported the Business Times.

In addition, Taiwanese sugar-free café Camaca and Carl’s Junior will open at the mall, in partnership with EagleWings. The mall will also see the opening of an optical shop operated by related parties to EagleWings Group and an Eagle Eye Centre outlet.

Costing “several millions”, these efforts will see over 20 units at the mall owned and rented by EagleWings and related parties, said Julian Theng, founder and medical director of Eagle Eye Centre and co-founder of EagleWings Group.

The move encouraged other retailers, with bubble tea shop LiHo and Japanese restaurant Gaijin coming on board, noted the firm.

“We did this out of the need for the mall. We’ve seen so many failed strata malls and we didn’t want KAP Residences Mall to follow the same path,” explained Dr Theng’s sister, Lisa Theng, a co-owner of EagleWings Group.

Once home to McDonald’s Place, the mall at 9 King Albert Park was sold to Oxley Holdings in 2012 for $150 million. It was redeveloped into KAP Residences Mall with a private residential component.

While unit buyers were told that there will be a McDonald’s and Cold Storage there, which did not materialise, the mall struggled to attract tenants and remained relatively empty after it obtained TOP in 2016.

Currently, occupancy at the 107-unit mall stands at under 50 percent – although this is expected to hit 80 percent by December.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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