Chinatown Point’s retail mall and office tower will undergo a major asset enhancement programme worth S$75 million.
The renovation works were approved at an Annual General Meeting on Thursday following a unanimous vote by its subsidiary proprietors.
The proposed plans include the relocation of car parks from Basement 1 and 2. This will free up retail space to give shoppers a more continuous shopping experience.
Basement 1 will also provide shoppers with direct connectivity to the Chinatown MRT station.
Other changes include upgrading of amenities and utilities in both the retail and office tower.
The plan is expected to increase the retail mall’s net lettable area by about 18 per cent to 205,000 square feet.
The works are expected to start in the second quarter of next year, and be completed by the second quarter of 2013.
They will be carried out in phases, which will allow the retail mall to remain open.
Chinatown Point is a prime mixed-development in the central business district. It comprises a strata-titled retail mall and a 25-storey strata-titled office block.
It was acquired in October for S$250 million by Perennial Chinatown Point, which is a limited liability partnership comprising a consortium of partners including German fund manager SEB, NTUC Fairprice Co-operative and Singapore Press Holdings.
Source : Channel NewsAsia – 30 Dec 2010