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Park Mall, the accepted destination for home accoutrement in Penang Road, will put up its shutters for acceptable appear end of September.

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Many of its retail tenants accept already begin new homes while signs advertence “Moving Out Sale” adhere in the windows of some stores.

Park Mall’s cease comes afterwards it was bought for $411.8 actor by a collective adventure accumulation aftermost December. Suntec Real Estate Investment Trust, which acquired the capital in 2005 and additionally owns Suntec City, is allotment of the collective adventure company.

The mall, which sits aloof alfresco the capital Orchard Road arcade belt, will be burst afterwards its tenants move out. Two appointment blocks with a retail basic will be congenital in its place. Besides appliance stores, Park Capital additionally has added businesses, such as clinics and offices, advance above the retail floors from the sixth to 15th level. There are additionally eateries on the aboriginal four levels and in the basement.

Furniture banker Xtra, one of Park Mall’s oldest and best-known tenants, which sells American appointment appliance cast Herman Miller, amid others, will move to a single-level 13,000 sq ft abundance in the new addition of Marina Square in September.

Kith Cafe, which is abutting to Xtra on the aboriginal akin at Park Capital and has been there back 2012, will allotment allotment of the new Marina Square unit.

Moving out of Park Capital is apricot for Xtra’s founder, Mr Lim Choon Hong, who opened his abundance there 23 years ago.

Friends had brash him adjoin activity to the mall, which was positioned as a appearance mall. “But I went in anyhow as an electronics abundance alleged Peter Chew did a roaring business,” said Mr Lim, who has addition Xtra abundance adjacent in Killiney Road.

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The capital became furniture-focused in 1995, and abounding tenants said that accession has formed to its advantage.

Mr Au Da Yu, 35, the Asia-Pacific administrator for The Bear Knows, which sells high-quality made-in-Europe furniture, said: “It is quieter than the affairs malls like Ion Orchard or VivoCity but shoppers who appear to Park Capital are actual specific. They are attractive alone for furniture.”

The Bear Knows will move into a 2,500 sq ft abundance at The Centrepoint in Orchard Road in September.

Ms Kerine Yong, business and country administrator at avant-garde abreast appliance abundance Cellini Design Center, which has had an aperture in Park Capital for added than a decade, said: “Park Capital is our best-performing store. As it’s in town, we additionally get the departer crowd. It’s abutting to the MRT base and accessible to find. It ability be difficult to draw these barter if we were elsewhere.”

Cellini Design Center has bristles added outlets abreast from Park Mall. There are no affairs to alter the Park Capital abundance for now.

At atomic one retailer, lighting boutique Blackhole Lighting, is affective its operations online from abutting month.

For now, abounding tenants are catastrophe their run at Park Capital with moving-out sales. Brands such as Castilla, which sells Italian and German affluence furniture; civil characterization Scanteak which confused into the capital in the mid-1990s; Blackhole Lighting; Cellini; and Xtra are all affairs appliance and accessories at discounted prices.

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One approved customer, Mr Randy Yeo, 32, who owns a alternation of aliment outlets, is sad to see the capital go. He said: “Park Capital is a one-stop band-aid for everything…I will absence it. There’s no added appliance abode like this.”

From appearance anchorage to appliance hub

Park Capital has fabricated the appliance retail business its calling agenda over the accomplished 21 years, but the ageing capital went through several reinventions and a few owners afore award its niche.

The accepted 15-storey architecture opened in 1971. It was again accepted as Supreme House.

Back then, its ballast tenant, administration abundance Metro, drew the crowds. Skillets Coffee House – a 24-hour bistro that was renamed Silver Spoon in 1980 – was additionally accepted afore its charter was not renewed in 2003.

The aboriginal change of owners for the capital came back Supreme Holdings awash the architecture to acreage and affairs aggregation Addition Tai Holdings for $168 actor in 1989.

Wing Tai renamed it Park Capital and positioned it as a appearance haven. Afterwards a 15-month, $40 actor refurbishment, the capital reopened with Style Singapore, an awning banker for arch bounded absolute appearance designers, as one of its better tenants. It bankrupt in 1994 afterwards incurring losses of $2 million.

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In 1995, the mall’s owners absitively to focus on appliance and home furnishings.

Danish abstraction abundance Bolig became Park Mall’s ballast tenant, alone to accord way to others such as Xtra,Living & Giving, a aggregation specialising in home accessories, and Studio Line, which awash beds from Germany.

The about-face to a appliance hub accepted a acceptable move. Addition Tai hit its $100 actor ambition that it had projected for itself.

In 2005, Suntec Reit acquired Park Capital from Addition Tai for $230 million. Aftermost December, a collective adventure acquired Park Capital for $411.8million.

The 45-year-old capital will be burst and redeveloped into two appointment blocks with a retail component, admitting affairs accept yet to be finalised.

This commodity was aboriginal appear on July 9, 2016. Get a archetype of The Straits Times or go to straitstimes.com for added stories.

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