Shop 'on and offline' at new SingPost mall
Singapore Post (SingPost) is redeveloping its centre at Paya Lebar to capitalise on the boom in e-commerce and cater to changing needs of consumers.
A new $150 million mall, which will be completed around mid-2017, will offer both "online and offline shopping".
Online retailers will be able to set up shop at the centre, where shoppers will be able to browse their products before making purchases and delivery arrangements via in-house computers.
Delivery services will also be offered to customers who shop "offline" at traditional stores that will also be in the 25,000-sq m mall, which will be developed at the Singapore Post Centre (SPC) next to Paya Lebar MRT Station.
SingPost said the mall - a first in Singapore to offer a complete suite of e-commerce logistics services - will comprise four levels and one basement, an eight-hall cineplex, a post office to replace the existing one, shops and food and beverage outlets.
There will also be three levels of underground car parking.
Golden Village Multiplex and Kopitiam foodcourt will be anchor tenants at the new mall.
SingPost will manage the complex but said it remains open to potential partnerships to jointly run the development.
The $150 million construction cost for the mall also includes upgrading amenities and the facade of the adjoining office building.
SingPost chairman Lim Ho Kee said at a ground-breaking ceremony yesterday: "We are moving from the burning platform of declining mail to leading the fast-expanding e-commerce logistics sector."
Mr Lim added that the redevelopment at SPC is also part of SingPost's efforts to extract optimum value from its property portfolio.
Growth in e-commerce-related activities has helped to boost revenue at the company and offset declining letter mail volumes. E-commerce revenue made up 28 per cent of SingPost's total turnover of $920 million in the financial year that ended on March 31.
SingPost has also expanded its e-commerce logistics network to the United States, with the acquisition of stakes in TradeGlobal and Jagged Peak earlier this month.
The firm said these investments put the company among the global leaders in e-commerce logistics.
Chief executive Wolfgang Baier said yesterday: "We have more than 50 fulfilment centres across the whole world, we are now moving goods worth more than US$3 billion (S$4.2 billion) every year on our networks. That's a major step up from where we started."