Magazines Archives - 2009 December

TripleOne Somerset ready to open doors
Story 12 - Property Update

The newly-refurbished TripleOne Somerset, the former Singapore Power Building, looks set to open its doors next month, adding to the vibrancy of Singapore’s prime shopping belt.

Owned by Singapore-based real estate conglomerate, Pacific Star Group, the commercial complex, which is wrapping up Phase I of its S$50-million (US$23.2-million) refurbishment works,
boasts a 60,000sqf retail space that spans two floors, incorporating some of the newest brands and flagship stores yet to be seen on the Singapore retail scene.

“When we bought the property, the intention was really to do a makeover, which comprised two things.

One, of course, was an upgrading of the office areas so the property can be more appealing in that aspect. The bigger strategy is really the transformation of the entire image of the building by
adding the retail component,” Benett Theseira, president of direct investments and private equity at Pacific Star Asia Pte Ltd, told Retail Asia.

With the transformations taking place in the Somerset area, he noted the building had “the potential to create a retail offering that can leverage on what was happening” in the vicinity. Over 75% of its retail space has been leased, Theseira revealed.

Making its first foray into South-east Asia is casual dining chain, Applebee’s, while local supermarket chain, NTUC FairPrice, will open a 14,500sqf gourmet supermarket to cater to residents in the
nearby River Valley-Devonshire-Leonie Hill vicinity as well as its tenants.

Lifestyle brand SK-II will open its skincare spa in the building, its third spa outlet in Singapore.

Theseira added there have been interests to include medical suites, which he noted would provide
“symbiotic benefits” to the retail and F&B components as traffic is likely to increase.

To give retailers added frontage and accessibility to traffic, the retail component will feature a glass façade and has been extended closer towards the main road.

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