The Cathay hurt by video streaming, competing malls nearby

Tenants worry about building’s future as iconic cinema, its anchor tenant, closes

- Amanda Lee

Factors that were once The Cathay’s calling cards have over the years turned into an Achilles heel, former and current tenants, as well as industry observers, said in the wake of the cinema operator’s exit.

The building is closely associated with the cinema there and its curated tenant mix.

The rise of video streaming and stiff competition posed by the nearby better-connected Plaza Singapura have also eroded its footfall in recent years, they added.

The Handy Road location, which has been in operation since 1939, is within walking distance of Plaza Singapura and Dhoby Ghaut MRT station.

The Cathay Cineplex, one of Singapore’s oldest cinemas, which occupies levels five and six of the building, screened its last movie yesterday.

In a statement on June 17, media company mm2 Asia, which runs the Cathay Cineplexes chain in Singapore, said the closure of the iconic cinema is “part of the cost rationalisation process for its cinema operations”.

The cinema’s premises and building are owned by Cathay Organisation. Independent cinema operator The Projector will take over the space as a pop-up from Aug 23.

Cathay Organisation did not comment when asked about The Cathay’s future plans, beyond The Projector’s move.