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Commercial Property

Staff Reporter

, Singapore

Published:

11 years ago

Raffles City Tower to get an upgrade

Office tenants need not worry as they will continue to operate in the building with minimal disruption.

CapitaCommercial Trust Management Limited and CapitaMall Trust Management Limited, the managers of CapitaCommercial Trust and CapitaMall Trust respectively, announced a S$34.7 million asset enhancement initiative for Raffles City Tower, the 42-storey office tower of Raffles City Singapore.

According to the announcement, Raffles City Tower had its common areas and lift cars last upgraded in 1994 and 2010 respectively. The upcoming enhancements include upgrading of the main lobby and installation of security turnstiles and close-circuit television system, as well as refurbishment of common areas, lift lobbies, and restrooms on all office floors.

The total estimated capital expenditure of the AEI is S$34.7 million and is expected to achieve a projected return on investment of 8.6%.

The asset enhancement works will start in November 2012 and will be carried out in phases progressively until 2Q 2014 so as to minimise inconvenience to existing occupiers.

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