OUE Commercial Reit yesterday said its portfolio property, One Raffles Place Shopping Mall, will undergo asset enhancement initiatives in the middle of the year as part of efforts to revitalise the mall with a "more diverse and dynamic tenant mix".
The enhancements include improving the circulation areas of the mall, as well as creating more inviting and open retail space with better visibility. These upgrades will help provide a better shopping experience while simultaneously driving the per square foot productivity of the mall, said OUE C-Reit in a Singapore Exchange filing.
It also announced the opening of a co-working space occupying more than 35,000 sq ft of space across a few levels at the mall.
Spaces, a co-working concept by IWG, a global provider of flexible workspace solutions, will launch its flagship site at One Raffles Place Shopping Mall to deliver a "strong lifestyle-led workspace for a creative way of working for entrepreneurs and established businesses alike", said OUE C-Reit.
A unique aspect of Spaces will be its ability to host and launch retail and fashion-related events within a mall setting, added OUE C-Reit. Its multi-level layout is also expected to improve vertical traffic at the mall.
Mr Martijn Roordink, co-founder of Spaces, said it plans to "support an energised business community of different industries, which will include the creative industries and fintech groups".
Ms Tan Shu Lin, chief executive of OUE C-Reit's manager, said: "As the mall attracts high shopper traffic of close to one million each month, necessity services and food and beverage tenants will remain the mainstay of the retail offering. The presence of a co-working space will further enhance the business traffic and synergy for One Raffles Place as an integrated commercial development."
One Raffles Place Shopping Mall will remain operational during the asset enhancement period. The implementation phases are carefully planned to minimise disruption to both tenants and shoppers.
The cost of the renovation is not expected to have a material impact on OUE C-Reit's gearing.
OUE C-Reit's portfolio comprises OUE Bayfront and One Raffles Place in Singapore, as well as Lippo Plaza in Shanghai, with total assets under management of about $3.5 billion.