Golden opportunity for S’pore jeweller Goldheart at high-traffic Orchard Road mall 313@somerset
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The newest store is Goldheart's third in the Orchard Road shopping belt, joining the Ion Orchard and Plaza Singapura boutiques.
PHOTO: GOLDHEART SINGAPORE
- Goldheart will open its 24th boutique in mid-May at 313@Somerset, replacing T2 Tea, and marking its third store along Orchard Road.
- The new Goldheart store will showcase an "extensive" 999 Gold Gu Fa Jin range plus 999 and 916 Gold collections from Europe.
- The opening coincides with a gold rush driven by geopolitical tensions, benefiting retailers despite gold prices easing from record highs.
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SINGAPORE – The exit of speciality tea shop chain T2 Tea from a high-traffic Orchard Road shopping mall has proven to be a golden opportunity for incoming tenant Goldheart.
The local jewellery chain is slated to open its 24th boutique here in mid-May, with the newest store at 313@somerset its third in the Orchard Road shopping belt, joining the ION Orchard and Plaza Singapura boutiques.
It also marks the chain’s return to the mall, where it last had a store more than a decade ago.
“We’re excited to return to 313@somerset, a familiar homecoming to a prime ground-floor location – the perfect chance to re-engage with Somerset shoppers and the vibrant community in the heart of Orchard Road,” a spokesperson for Goldheart said on March 20 in response to queries from The Straits Times.
“313@somerset is a natural fit for Goldheart as we continue to strengthen our presence in Orchard Road. The mall enjoys strong, consistent footfall from both tourists and local shoppers, making it an ideal location to engage a diverse and dynamic audience.”
The spokesperson told ST that while the new store “reflects Goldheart’s broader retail direction”, it will feature “distinct elements that set it apart”.
The store will carry an extensive selection of its 999 Gold Gu Fa Jin range, alongside its 999 Gold and 916 Gold collections designed and crafted in Europe. The store will also carry its Destinee diamonds collection.
Goldheart’s 999 Gu Fa Jin jewellery offerings are 99.9 per cent gold and crafted using traditional Chinese goldsmithing techniques.
The opening of the store comes at an opportune time, with a gold rush amid ongoing geopolitical tensions prompting gold retailers – including bullion dealers and pawnshops – to boost their inventories to cater to the demand.
Gold hit a record high of US$5,589.38 per ounce on Jan 28, but has since eased to around US$5,050 on March 18.
In response to queries by ST, Lendlease, the landlord for 313@somerset, said the lease for T2 Tea expires at the end of March.
The real estate company said its tenant mix is continually refined to “reflect evolving shopper preferences and the energy of the youth-centric Somerset precinct”.
“This includes bringing in new-to-market, flagship and emerging concepts across fashion, lifestyle, entertainment and food and beverage... to keep the mall relevant and engaging for millennials, young working adults and tourists alike.”
An upcoming 3,000-capacity music hall – a joint venture between Lendlease Global Commercial Real Estate Investment Trust and concert promoter Live Nation – located at the neighbouring former open-air carpark is also expected to strengthen 313@somerset’s position as a key destination within the Somerset precinct when it opens later in 2026, said Lendlease.
