REVITALISATION OF PEOPLE'S PARK KATONG - A PROPOSAL

Abstract

Currently, there is a glut of shopping space in the property market. This glut exposes the weaknesses of many shopping centres in secondary locations. Especially hard-hit are those strata-titled shopping centres which are usually not properly managed nor marketed. The accelerated pace of economic and functional obsolescence in this highly competitive market, makes refurbishment/remarketing of these centres, some newly completed, necessary in order to enable them to compete with the other shopping centres. In this dissertation, the case of People's Park Katong, a shopping centre in a secondary location is considered. The study includes: an evaluation of the problems faced by the centre; the market conditions; some proposals to make the centre more competitive; and, the feasibility of such undertaking. It is the intention, through this exercise, to highlight the problems and possibility of revitalisation of such a centre. Besides the question of financial viability and market conditions, one other major problem in such an undertaking is the inadequacy of present legislation governing the strata-titled shopping centres in matters regarding revitalisation. It is hoped that the relevant authorities and property investors would be more aware of such implications in future.