Marina Square Shopping Mall's new retail wing to be completed by 4Q14

It's undergoing a two-phase makeover.

According to Maybank Kim Eng, Marina Square Shopping Mall, which SingLand has a 53.1% stake via Marina Centre Holdings, is currently undergoing AEI involving 50,000 sqft of space for a brand new gourmet dining zone set for completion in June 2013 and is already ~90% pre-committed. 

A new retail wing has been announced under Phase 2, where 200,000 sqft of retail space will be added at a cost of SGD80m, to be completed by 4Q14.

Comprising three levels of shopping space and rooftop dining venues, we see this as a proactive move to ensure Marina Square stays relevant as it faces more intense competition from Suntec City Mall, which is currently undergoing extensive enhancements of its own.

Valuing the new retail space at SGD2,200psf, we estimate an RNAV accretion of 4cts/share from this exercise.