Magazines Archives - 2011 December
Suntec to receive US$314m revamp
SUNTEC CITY MALL and Suntec Singapore International Convention and Exhibition Centre in Marina Bay, Singapore, are set for a S$410-million (US$314- million) transformation that would expand the developments to nearly one million sqf of lettable retail space.
Managed by ARA Trust Management (Suntec) Limited, the expansion project or asset enhancement initiative (AEI) is scheduled to be completed in mid-2015.
In October this year, Yeo See Kiat, CEO of ARA Trust Management (Suntec) Limited, stated: This major AEI project, when completed, will revitalise Suntec City and offer a new shopping experience in the exciting Marina Bay precinct.
We have carefully planned the implementation phases to minimise disruptions to both tenants and visitors. The AEI, when complete, would significantly enhance value to all our stakeholders.
As part of the initiative, the mall will see the introduction of speciality retail stores, along with new F&B offerings, restaurant concepts, cafés and food courts, while the Level 3 Sky Garden is expected to offer al fresco dining and entertainment to a catchment of 36,000 office workers and over 24 million visitors that frequent the mall annually.
The enhancement works would also improve the connectivity of the mall with the first two levels of the adjoining convention centre, Suntec Singapore, which will also receive a two-storey interactive digital wall and a modernised façade.
Works are scheduled to commence in the middle of next year, and once completed, Suntec City Mall is slated to boost net property income by 33%, or S$23 million, a 10.1% return on investment, the company disclosed. ra
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