Plaza Singapura Gets New Wing and Cold Storage

Source: CapitaMalls

PLAZA Singapura has taken on a new look and new tenants, now that it has expanded into the space between it and The Atrium@Orchard.

The $150 million, 21-month-long makeover fills up what used to be a gap between the two buildings, bringing Plaza Singapura's net lettable area to 629,000 square feet, up some 25 per cent.

Its owner CapitaMall Trust said the extension is projected to bring an additional net property income of $15.6 million when fully occupied.

A 10.4 per cent return on investment is expected, as well as an increase in capital value of $110.2 million.

More than 90 per cent of the space in the new wing has been leased out, and 80 per cent of these businesses are already in operation.

Retail and office rents are now $10 to $12 per square feet (psf) a month. Before the works, rent in the retail podium was $6 to $7 psf.

Among the changes to come in Plaza Singapura is the entry of Cold Storage in the first quarter of next year.

The supermarket, whose parent Dairy Farm owns Giant hypermarket and Market Place, will occupy 30,000 sq ft in Basement 2.

This is just 37 per cent of the 81,000 sq ft across two levels vacated by the mall's previous anchor tenant Carrefour.

The new wing will have about 80 outlets, bringing the mall's total number of shops to 320.

They offer fashion and lifestyle products or are food and beverage establishments.

Some of these businesses are new to Singapore, such as Japanese eatery Tsukada Nojo and apparel label Suit Select. Swiss watchmaker Oris has opened its first flagship store in the mall; another newcomer is buffet restaurant 1 Market by Chef Wan, in a maiden restaurant tie-up between the Malaysian celebrity chef and Food Junction.

Shares of CapitaMall Trust closed unchanged at $2.05 yesterday.

Source: Business Times –7 December 2012