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Hill V2 is a compact community shopping center located at 4 Hillview Rise in the Hillview district of northwest Singapore, owned by Far East Organization and opened in 2014.
Spanning 4,938 square meters of gross leasable area across two levels, it serves as a neighborhood retail hub with 35 stores focused on daily essentials, dining, and lifestyle services. The tenant mix emphasizes food and beverage (approximately 35% of space), groceries via anchor CS Fresh, and specialty retail including Dean & Deluca and Wine Connection, complemented by unique concepts like home decor outlets.
Situated adjacent to Hillview MRT station on the Downtown Line, it benefits from high public transport accessibility and proximity to major roads, drawing from a primary catchment of 150,000 residents within 3 km. The surrounding area features middle-to-upper income households with median monthly income of SGD 11,297 and a median age of 42 years, supporting steady demand for convenience-oriented retail.
Annual footfall stands at 1.5 million visitors, with average dwell time of 60 minutes and conversion rate of 25%, reflecting moderate traffic primarily from local commuters and families. Occupancy is strong at 95%, bolstered by medium lease term flexibility and a low vacancy rate of 5%.
Leasing advantages include competitive rents averaging SGD 161 per square meter per month (equivalent to about SGD 15 per square foot), suitable for small-format retailers seeking stable suburban exposure without high entry barriers. However, the mall faces challenges from market saturation in the northwest corridor, with nearby competitors like Hillion Mall and Junction 10 offering broader selections and higher footfall.
Suburban retail rents have risen modestly by 0.2% quarter-on-quarter in recent reports, but smaller centers like Hill V2 may experience pressure from e-commerce growth and shifting consumer preferences toward experiential shopping.
Operational quality is solid with digital signage and promotional events, though limited parking (232 spaces) could constrain peak-hour access.
Overall, it positions well for F&B and essential retail tenants targeting affluent local demographics, but risks include aging infrastructure relative to newer developments and competition diluting trade area exclusivity.
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Hours of Operation
Hours
| Monday | 10:00 AM — 09:00 PM |
| Tuesday | 10:00 AM — 09:00 PM |
| Wednesday | 10:00 AM — 09:00 PM |
| Thursday | 10:00 AM — 09:00 PM |
| Friday | 10:00 AM — 10:00 PM |
| Saturday | 10:00 AM — 10:00 PM |
| Sunday | 11:00 AM — 06:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Accessibility
The primary catchment area within 3 km encompasses 150,000 residents, characterized by families with a median age of 42 years, household size of 3.2 persons, and median monthly income of SGD 11,297. Tertiary education levels reach 50%, with low unemployment at 2%. Retail spending per capita is SGD 10,000 annually, including SGD 4,800 on groceries and SGD 1,200 on apparel. High public transport access via Hillview MRT (0.1 km away) and proximity to main roads (0.5 km) facilitate commuter traffic, though limited parking (232 spaces) may pose access issues during weekends. Population growth is steady at 1.5% per year, supporting long-term viability for convenience retail.
Tenant Mix and Occupancy
With 35 stores across two levels, the tenant mix prioritizes F&B (35%), groceries (anchor CS Fresh), and lifestyle retail (Dean & Deluca, Wine Connection), featuring high diversity and unique concepts like specialty dining. Occupancy stands at 95% with a 5% vacancy rate, anchored by established brands ensuring stability. Medium new tenant pipeline and lease flexibility (3-5 years typical) aid quick backfilling. Annual sales per square meter average SGD 10,000, with 40% loyalty program penetration and promotional events enhancing dwell time to 60 minutes. Drawbacks include reliance on local traffic, limiting appeal for destination retail categories.
Competition and Rent Levels
Hill V2 operates in a competitive northwest Singapore retail corridor, facing density of 2 similar centers per square km, including Hillion Mall (larger format, higher footfall) and Junction 10. E-commerce competition is high with 98% internet penetration and 30% click-and-collect adoption. Rents average SGD 161 per square meter monthly, aligning with suburban benchmarks (SGD 15-25 psf), up 0.2% qoq per market reports, but below prime city levels. Advantages for lessees include value positioning for small units (500 sq ft available), yet risks involve trade diversion to nearby malls and potential rent pressures from tourism-led recovery favoring larger venues. Security is robust with CCTV, but retail crime rate at 2% warrants vigilance.
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