Now renamed TripleOne Somerset, the building is undergoing a S$50 million comprehensive facelift.

The 32-year-old building, which Pacific Star acquired in February 2008, will introduce a revamped, striking frontage.

The refurbished facade includes the creation of two floors of 60,000 square feet retail space. To date, Pacific Star has secured commitments for more than 75 per cent of the mall space.

It is also in active talks with a number of new-to-market concept stores.

Pacific Star said it is confident the mall will be fully leased when it opens in January 2010.

Source : Channel NewsAsia – 26 Nov 2009

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Pacific Star Group did not disclose the price it paid but it is believed to be close to S$1 billion.

The property group described the transaction as a landmark deal and one of the largest commercial real estate deals transacted in Singapore to date.

It is planning a makeover of the 30-year-old property. Part of the plans will be to introduce retail and dining space.

It currently has a total net lettable area of 550,000 square feet.

The initial makeover may involve building a double-storey glass facade along Somerset Road to help retailers maximise shop frontages.

The first phase of the building’s transformation is scheduled for completion in the second half of 2009.

The building was previously jointly owned by Singapore Power and PUB. – CNA/ir

Source : Channel NewsAsia – 21 Feb 2008

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