One in five Northshore Plaza businesses shutter amid increased competition and higher rents

One in five Northshore Plaza businesses shutter amid increased competition and higher rents

Another area of contention for tenants is the increase in rents. &nbsp,

According to a stylist at Kerluxe Hair Studio, who wanted to be known as Mr. Tan, lease has increased by up to 20 % in her three and a half years of employment there. &nbsp,

The Creamier employee claimed that when Northshore Plaza first opened, first residents were given rental discounts, which eventually slowed down. &nbsp,

Northshore Plaza 1 was completed in 2021, and Northshore Plaza 2 was completed in 2022.

Janil Puthucheary, a member of Parliament for Punggol Coast hospital, said that almost all residents at the courtyard have renewed their rentals after some residents left.

Just a few of the vacant lots are being filled, and he said the HDB ( Housing Development Board ) has received requests for new residents to move in. &nbsp,

He acknowledged that the majority of stores ‘ rents have increased by 10 %, but he also expressed confidence that new ones will move in.

CNA has even reached out to Jones Lang LaSalle, a store technician, for comment.