CapitaMall Trust property Plaza SingapuraCapitaMall Trust property, Plaza Singapura

Singapore-listed retail REIT, CapitaLand Mall Trust (SGX:C38U), has revealed plans to rejuvenate two properties in Singapore with asset enhancement initiatives (AEIs).

The plans, that will be carried out on Clarke Quay and Plaza Singapura, were revealed in a presentation made during a non-deal roadshow in the United States that is scheduled to run from 14 to 17 September.

With regards to Clarke Quay, the REIT said that is reconfiguring Block C of the property into multiple units.

“About 57,000 square feet of space is being reconfigured to house new entertainment and F&B tenants”, adding that the works will be carried out from 2Q 2015 to 4Q 2015. “Zouk, one of the world’s top dance clubs, will take up about 31,000 square feet of space and is targeted to open in June 2016”, it added in the presentation.

With regards to Plaza singapura, the property is undergoing of floor finishes,ceilings, corridor lighting, toilets and lift lobbies among others. Work on the property is expected to cost SGD38 million and be completed by 4Q 2016.

Units of CapitaLand Mall Trust are currently listed on the Singapore Exchange at SGD1.87.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.