BUILDING LANDMARKS, CHARTING GROWTH
17
Annual Report 2015
CHIJMES completed its about S$71 million asset
enhancement works and had its GFA increased by
approximately 18.2% to about 159,200 sq ft, and
its NLA increased by approximately 45% to about
115,500 sq ft. Façade restoration works were also
completed at CHIJMES Hall and Caldwell House, two
gazetted National Monuments. As at 31 December 2015,
the European-themed food and beverage (“
F&B
”)
and entertainment destination registered a committed
occupancy of about 88% and all of these tenants have
commenced business.
At Capitol Singapore, all components of the property
have completed construction. As at 31 December 2015,
the retail component achieved a committed occupancy
of about 80%, of which about 97% of these tenants by
with the planned S$150 million of asset enhancement
works, and the strata sale of the office space and
medical suites. The asset enhancement works will
include enhancing the retail offerings, incorporating
medical suites of about 32,000 sq ft, and sprucing up the
office lobby and common areas. Strata sale of the office
spaces will commence with the tower fronting Somerset
Road. The asset enhancement works and strata sale are
expected to commence in the second quarter of 2016.
In January 2015, we syndicated a consortium of
investors to acquire AXA Tower, a 50-storey landmark
Grade ‘A’ office development with a retail podium located
in the CBD, at a total property price of S$1.17 billion.
Perennial acquired a 31.2% equity interest in the building.
With an unutilised plot ratio that could add an additional
NLA had commenced business. Capitol Theatre, the only
multi-functional theatre in Singapore, is increasingly being
recognised as the venue of choice for a variety of events,
having played host to musicals, plays, conferences,
red carpet gala nights, private dining events and movie
screenings. Close to half of the 39 residential units have
been sold and the hotel component has received its TOP.
We will actively review and rebalance the trade mix, and
intensify our leasing efforts at CHIJMES and Capitol
Singapore to further strengthen the recurring income
streams from these properties.
TripleOne Somerset, a prime mixed-use development
comprising two premium grade office towers and a
retail podium located in the Orchard Road precinct, has
received all the regulatory approvals required to proceed
GFA of over 212,000 sq ft, AXA Tower presents much
value creation opportunity.
Plans are underway to execute a major enhancement
programme at AXA Tower which includes increasing the
building’s retail footprint, erecting a two-storey annex
block measuring about 32,000 sq ft to house medical
suites, enhancing the main office lobby and drop-off
points, and strata sale of the office spaces. The proposed
enhancement plan is expected to increase AXA Tower’s
total NLA by about 84,000 sq ft, from 676,000 sq ft to
760,000 sq ft. The enhancement works and strata sale
are expected to commence in the second quarter of 2016.
The House of Tan Yeok Nee, a gazetted National
Monument in the Orchard Road precinct, has received
an in-principle approval from the authorities for a change
With our distinctive portfolio of
landmark
developments, unique
integrated business platform and strong balance sheet, we are
well-poised to build on our competitive edge as an
integrated
real estate and healthcare company
to deliver sustainable
long-term
growth
to Shareholders.
