Marina Square redevelopment could push hotels to stand out, boost footfall at nearby malls: Experts

Neighbouring malls could benefit from displaced shoppers and tenants when Marina Square closes next year, but changes to connectivity and the inability to replicate some of its family-oriented offerings could see some spending move elsewhere.

Marina Square in 2024. (Photo: iStock)

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SINGAPORE: Existing hotels around Marina Square may have to work harder to stand out as the complex undergoes a major transformation that will eventually add another hotel to the precinct, experts said.

Neighbouring malls could also gain shoppers and tenants during Marina Square's closure, potentially pushing up rents, although some spending could move elsewhere, they added.

The mall will close on Mar 31, 2027, with the redevelopment expected to be completed by 2031.

Three new towers will be added to the complex, bringing luxury homes, serviced apartments, offices and a new 304-room hotel.

The three existing hotels there – Pan Pacific Singapore, Parkroyal Collection Marina Bay and Mandarin Oriental Singapore – will remain open throughout the works.

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An artist's impression of the existing Marina Square complex integrated with three new towers to create a hyper-mixed development. (Image: Singapore Land)

HOW EXISTING HOTELS ARE RESPONDING

Prof Lawrence Loh from the Department of Strategy and Policy at the National University of Singapore Business School said existing players would need to assess what the new hotel could offer.

"The hotels there, especially on the side of Marina Square, will need to go back to the drawing board and make an evaluation based on what kind of hotel will possibly come out,” he said.

Mandarin Oriental Singapore said it welcomes the transformation and plans to curate more ways for guests to explore the city and its culture, building on existing offerings such as Vespa sidecar rides.

Pan Pacific Singapore and Parkroyal Collection Marina Bay, meanwhile, will continue to build on their existing brand positioning, guest experiences and service strengths, said Singapore Land Group (SingLand), which owns Marina Square.

SingLand has said the new hotel would complement the existing properties and cater to a wider range of guests, stay patterns and lifestyle needs.

NEIGHBOURING MALLS COULD BENEFIT

The closure of Marina Square could also change shopping patterns in the area, with neighbouring malls potentially seeing more visitors as shoppers look for alternatives.

Mr Lee Sze Teck, senior director of data analytics at Huttons Group, said malls such as Suntec City, Millenia Walk and CityLink Mall could benefit from the shift.

"We may see some of the tenants, especially in Marina Square, looking at some of the vacant spaces in these malls, whether it's something that they will want to consider moving over, especially if they have an established clientele in the Marina Bay precinct," Mr Lee said.

Prof Loh said Suntec City and Millenia Walk remain accessible by public transport and have ample parking, so local shoppers should have little difficulty switching to other malls.

Suntec City is among the neighbouring malls that could see more shoppers when Marina Square closes for redevelopment. (Image: CNA)

Neighbouring malls could also adjust their tenant mix or offerings to fill some of the gaps left by Marina Square during the closure, he added.

He noted that Marina Square caters to families with children, and pointed to demand for facilities such as preschools and weekend enrichment classes as an area where neighbouring malls could make adjustments where feasible.

The increased demand for retail space could in turn put some upward pressure on rents at neighbouring malls, Prof Loh said.

"If the tenants can afford to pay … (this) will then push up the bidding for shops. And I think if there's a net positive effect due to the movement, in the same vein, the rentals will naturally be increased a little bit."

He said the length of the redevelopment period could give neighbouring malls enough time to make changes and capture some of the traffic displaced from Marina Square.

SOME SPENDING COULD MOVE ELSEWHERE

But not all of Marina Square's traffic will necessarily shift to neighbouring malls.

The closure could change how shoppers move between malls in the area, Mr Lee said. Some journeys could take longer, which may discourage some shoppers from moving from one mall to another.

While local shoppers may find it relatively easy to switch malls, hotel guests could be more affected by changes in connectivity during the redevelopment, Prof Loh said.

Depending on the temporary links put in place, less convenient routes to Suntec City and Millenia Walk could affect this source of footfall.

SingLand said there could be some impact at different stages of the redevelopment.

Measures will be put in place to minimise inconvenience to hotel guests, including managing access and guest flows, coordinating the timing of works where possible and providing information on changes that could affect their stay, it added.

The Kiztopia outlet at Marina Square. (Photo: Kitztopia)

Mr Lee said there could also be limits to how much neighbouring malls can adapt their offerings, depending on factors such as the availability and configuration of space.

If facilities such as indoor playgrounds cannot be replicated nearby, some families with young children could instead head to malls elsewhere that offer them.

That could also take other spending away from the Marina Centre area, including at food and beverage outlets and other retailers, he added.

Still, Mr Lee expects the wider precinct to continue drawing shoppers.

He said malls in the area remain connected to one another, while shoppers arriving by public transport would continue to have direct access to them.

"We do not see the appeal of the Marina Bay precinct being affected by the closure of Marina Square," he said.

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明年滨海广场关闭后，邻近的购物中心可能会受益于流失的顾客和租户，但交通连接的变化以及无法复制其一些面向家庭的商品和服务，可能会导致一些消费转移到其他地方。

2024年的滨海广场。（图片：iStock）

这段音频由人工智能工具生成。

新加坡：专家表示，随着滨海广场进行重大改造，最终将在该区域新增一家酒店，周边现有酒店可能需要更加努力才能脱颖而出。

他们补充说，滨海广场关闭期间，邻近的购物中心也可能获得顾客和租户，这可能会推高租金，尽管一些消费可能会转移到其他地方。

该购物中心将于 2027 年 3 月 31 日关闭，预计重建工程将于 2031 年完成。

该综合体将新增三座塔楼，带来豪华住宅、服务式公寓、办公楼和一家拥有 304 间客房的新酒店。

施工期间，现有的三家酒店——新加坡泛太平洋酒店、滨海湾百乐酒店和新加坡文华东方酒店——将照常营业。

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这是艺术家绘制的现有滨海广场综合体与三座新塔楼融合，打造超综合体的效果图。（图片：新加坡置地）

现有酒店的应对措施

新加坡国立大学商学院战略与政策系 Lawrence Loh 教授表示，现有企业需要评估这家新酒店能够提供什么。

他说：“那里的酒店，特别是滨海广场一侧的酒店，需要重新规划，并根据最终可能建成的酒店类型进行评估。”

新加坡文华东方酒店表示欢迎这一转变，并计划在现有服务（例如 Vespa 摩托车边车之旅）的基础上，为客人提供更多探索这座城市及其文化的方式。

新加坡置地集团（SingLand）表示，新加坡泛太平洋酒店和滨海湾宾乐雅精选酒店将继续巩固其现有的品牌定位、宾客体验和服务优势。新加坡置地集团拥有滨海广场。

新加坡酒店集团表示，新酒店将与现有酒店形成互补，满足更广泛的客人、住宿模式和生活方式需求。

邻近的购物中心可能会受益

Marina Square 的关闭也可能改变该地区的购物模式，随着购物者寻找其他选择，邻近的购物中心可能会迎来更多顾客。

Huttons集团数据分析高级总监李思德先生表示，新达城、美年广场和城联广场等购物中心可能会从这种转变中受益。

李先生说：“我们可能会看到一些租户，特别是滨海广场的租户，关注这些商场的一些空置店铺，看看他们是否愿意搬迁过去，特别是如果他们在滨海湾地区拥有稳定的客户群的话。”

罗教授表示，新达城和美年广场仍然有公共交通工具可以到达，而且停车位充足，所以当地购物者应该很容易就能转战其他商场。

新达城等周边商场在滨海广场关闭重建后，客流量有望增加。（图片：CNA）

他还补充说，邻近的购物中心也可以调整其租户组合或商品种类，以填补滨海广场关闭期间留下的一些空白。

他指出，滨海广场迎合了有孩子的家庭的需求，并指出，对学前班和周末课外辅导班等设施的需求，是邻近商场在可行的情况下可以做出调整的领域。

罗教授表示，零售空间需求的增加反过来可能会给邻近商场的租金带来一些上涨压力。

“如果租户能够负担得起租金……（这将）推高商铺的竞价。我认为，如果这一举措最终产生积极影响，那么租金自然也会小幅上涨。”

他表示，重建期之长，足以让邻近的购物中心有足够的时间进行改造，并吸引一部分从滨海广场转移出去的客流。

部分支出可能会转移到其他领域

但滨海广场的客流量并不一定会全部转移到附近的购物中心。

李先生表示，商场关闭可能会改变该地区顾客在各商场之间的出行方式。有些行程可能会耗时更长，这可能会让一些顾客打消前往其他商场的念头。

罗教授表示，虽然本地购物者可能比较容易更换购物中心，但酒店客人可能会受到重建期间交通连接变化的更大影响。

根据临时连接措施的实施情况，前往新达城和美年广场的不太便利的路线可能会影响到这一客流量来源。

新加坡地产表示，重建的不同阶段可能会受到一些影响。

酒店方面补充说，将采取措施尽量减少对客人造成的不便，包括管理出入和客人流动，尽可能协调施工时间，并提供可能影响客人入住的变更信息。

位于滨海广场的Kiztopia门店。（图片：Kitztopia）

李先生表示，邻近商场的商品和服务调整幅度也可能受到限制，这取决于空间的可用性和布局等因素。

如果附近无法复制室内游乐场等设施，一些有幼儿的家庭可能会前往其他地方提供这些设施的商场。

他还补充说，这可能会导致滨海中心区域的其他消费减少，包括餐饮店和其他零售商的消费。

不过，李先生预计该区域仍将继续吸引购物者。

他表示，该地区的各个购物中心仍然彼此相连，乘坐公共交通工具前来的购物者仍然可以直接进入这些购物中心。

他说：“我们认为滨海湾地区的吸引力不会因滨海广场的关闭而受到影响。”

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