COMMERCIAL PROPERTY | Staff Reporter, Singapore

CDL's flagship asset to undergo renovations next year

The developer is securing $60m for the enhancement works.

City Developments’ flagship asset, Republic Plaza, will undergo an asset enhancement initiative starting 1Q18.

According to UOB Kay Hian, the refurbishment will take around one year and is expected to be completed by the first half of 2019.

The renovation works will include renovations of the main lobby, lift lobbies, driveway and frontage.

CDL will be securing $60m for the said initiative.

"The retail space will be renovated and expanded and parts of the office space will be upgraded and converted to increase efficiency and value," analyst Vikrant Pandey said.

CDL expects a 10% return on investment for the said initiative.

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