The Wisma Atria shopping mall at Orchard Road is poised to undergo redevelopment.
The manager of Starhill Global REIT said it plans to redevelop the shopping mall to boost its positioning on Singapore’s shopping belt.
Starhill said phase one of the redevelopment is expected to cost about S$31 million.
This will in turn generate an additional net property income of around S$2.5 million a year.
The REIT manager said this represents a return on investment of about eight per cent.
The cost will be funded from the proceeds of the rights issue completed in 2009 and/or working capital.
Starhill said the first phase of the redevelopment will commence in the first quarter of this year and is expected to complete by the third quarter of next year.
This asset redevelopment will see an ultra sleek frontage for Wisma Atria, while key features will include full width steps spanning the facade of the mall.
DP Architects has been appointed as the designer.
Source : Channel NewsAsia – 28 Feb 2011