[SINGAPORE] One Raffles Place shopping mall will reopen its doors today in a soft relaunch, after completing a major refurbishment exercise that gave it a new facade.
The mall, located just above Raffles Place MRT Station and with a net lettable area of about 98,500 square feet spread over six levels, has a committed occupancy of more than 90 per cent. Its tenants will progressively open for business, with Swedish clothing retailer H&M being the first to welcome shoppers today. The mall will also be introducing other new brands, such as Uniqlo, Victoria's Secret, Melissa and Paris Baguette.
"These brands, which are making their first foray in the area, bring a dose of Orchard Road into the heart of Raffles Place," said Letty Lee, retail services director of CBRE Singapore, the project's sole marketing agency. Other tenants include brands such as The Hour Glass, Tumi, Pandora, Swatch and Owndays.
One Raffles Place, formerly known as OUB Centre, is developed and managed by OUB Centre Limited. Overseas Union Enterprise (OUE) has a 40.8 per cent stake in One Raffles Place through its 50 per cent interest in OUB Centre Limited. Besides the retail mall, One Raffles Place has two Grade-A office towers. The 62-storey Tower One, at 280 metres, is among the world's 100 tallest buildings. The humbler 38-storey Tower Two office building opened in late 2012.
Earlier this month, when OUE announced its Q1 results, executive chairman Stephen Riady said the imminent completion of refurbishment works at the One Raffles Place mall and good progress of renovation at OUE Downtown will position the company to benefit from stronger recurrent income streams.
CBRE said the location where One Raffles Place is situated has a catchment of around 259,000 working professionals and PMEBs (professionals, managers, executives, businessmen) as well as about 10,700 international tourists in 2014, thanks to an increase in office space and hotel developments in the vicinity.
OUE shares closed nine cents, or 3.8 per cent, higher at $2.44 yesterday.
Source: Business Times, 29 May 2014