Latest news with #ShawTheatres
New Paper
08-05-2025
- Business
- New Paper
Shaw Theatres to take over Cathay cineplex at Jem mall
Shaw Theatres is set to take over the 47,000 sq ft cinema space previously occupied by Cathay Cineplexes at Jem shopping centre in Jurong East. "Jem is a fantastic mall and we will be working on a set of offerings that we hope our patrons will find exciting," a Shaw Theatres spokesperson told The Straits Times, adding that the official opening date has yet to be confirmed. This new cinema will mark Shaw Theatres' eighth outlet in Singapore. It closed its Seletar Mall outlet in December 2024 after the mall's management opted to repurpose the space. In August 2023, its JCube outlet in Jurong East also shuttered when the mall closed. "We look forward to serving Jurong East and the surrounding districts once again," the spokesperson added. The move came after Lendlease Global Commercial Real Estate Investment Trust (LReit) - the landlord of Jem - terminated its lease with Cathay Cineplexes and repossessed the cinema space on March 27. Cathay Cineplexes, owned and operated by mainboard-listed mm2 Asia, had fallen behind on rent, and LReit is seeking to recoup about $4.3 million in rental arrears, among other things. In a business update for its third quarter ended March 31, LReit said it is in talks with Cathay Cineplexes to recover the outstanding amount owed and "will provide an update at an appropriate juncture". In the same update released after trading hours on May 7, LReit announced its new lease with Shaw Theatres without specifying the lease duration. It also announced the onboarding of new tenants, including Chinese tea chain Chagee, Canadian activewear brand Lululemon and Japanese thrift store chain 2nd Street, which opened its doors on April 29 at 313@somerset, another mall under LReit's retail portfolio. For the quarter ended March 31, LReit's retail portfolio achieved a strong occupancy rate of 99.5 per cent, with a positive rental reversion of 10.4 per cent - indicating higher rental rates for its new or renewed leases. However, it saw a slight drop of 0.2 per cent in visitation while tenant sales fell by 5.1 per cent year-to-date. LReit said this is due to a softer retail landscape, increased outbound tourism and weaker performance in categories like shoes and bags, fashion and accessories, and sporting goods and apparel. "Singapore retail sales remain under pressure as retailers navigate rising costs and e-commerce competition. Nevertheless, the outlook for 2025 remains optimistic, supported by easing inflation and a rebound in tourism," LReit said. For its office portfolio, LReit reported a positive rental uplift, with occupancy rate at 86.6 per cent as at March 31. LReit also has freehold interest in Sky Complex, which comprises three Grade A commercial buildings in Milan, Italy. Asset enhancement works at the lobby of Building 3 was completed, with occupancy at 31 per cent as at the end of the quarter, it said.
Straits Times
08-05-2025
- Business
- Straits Times
Shaw Theatres to take over Cathay cinema at Jem shopping mall
Shaw Theatres will take over the cinema space vacated by Cathay Cineplexes at Jem shopping mall. PHOTO: LIANHE ZAOBAO Shaw Theatres to take over Cathay cinema at Jem shopping mall SINGAPORE - Shaw Theatres is set to take over the 47,000 sq ft cinema space previously occupied by Cathay Cineplexes at Jem shopping mall in Jurong East. 'Jem is a fantastic mall and we will be working on a set of offerings that we hope our patrons will find exciting,' a Shaw Theatres spokesperson told The Straits Times, adding that the official opening date has yet to be confirmed. This new cinema will mark Shaw Theatres' eighth outlet in Singapore. It closed its Seletar Mall outlet in December 2024 after the mall's management opted to repurpose the space. In August 2023, its JCube outlet in Jurong East also shuttered when the mall closed. 'We look forward to serving Jurong East and the surrounding districts once again,' the spokesperson added. The move came after Lendlease Global Commercial Real Estate Investment Trust (LReit) – the landlord of Jem – terminated its lease with Cathay Cineplexes and repossessed the cinema space on March 27. Cathay Cineplexes, owned and operated by mainboard-listed mm2 Asia, had fallen behind on rent, and LReit is seeking to recoup about $4.3 million in rental arrears, among other things. In a business update for its third quarter ended March 31, LReit said it is in talks with Cathay Cineplexes to recover the outstanding amount owed and 'will provide an update at an appropriate juncture'. In the same update released after trading hours on May 7, LReit announced its new lease with Shaw Theatres without specifying the lease duration. It also announced the onboarding of new tenants including Chinese tea chain Chagee, Canadian activewear brand Lululemon and Japanese thrift store chain 2nd Street, which opened its doors on April 29 at 313@somerset, another shopping mall under LReit's retail portfolio. For the quarter ended March 31, LReit's retail portfolio achieved a strong occupancy rate of 99.5 per cent, with a positive rental reversion of 10.4 per cent — indicating higher rental rates for its new or renewed leases. However, it saw a slight drop of 0.2 per cent in visitation while tenant sales fell by 5.1 per cent year-to-date. LReit said this is due to a softer retail landscape, increased outbound tourism and weaker performance in categories like shoes and bags, fashion and accessories, and sporting goods and apparel. 'Singapore retail sales remain under pressure as retailers navigate rising costs and e-commerce competition. Nevertheless, the outlook for 2025 remains optimistic, supported by easing inflation and a rebound in tourism,' LReit said. For its office portfolio in Singapore, LReit reported a positive rental uplift, with occupancy rate at 86.6 per cent as at March 31. LReit also has freehold interest in Sky Complex, which comprises three Grade A commercial buildings in Milan, Italy. Asset enhancement works at the lobby of Building 3 was completed, with occupancy at 31 per cent as of the end of the quarter, it said. Join ST's Telegram channel and get the latest breaking news delivered to you.
