,Singapore

Lendlease REIT wins tender of Grange Road car park revamp

It has an initial tenancy term of three years.

Lendlease Global Commercial REIT (LREIT) has won the joint tender launched by the Singapore Land Authority, Singapore Tourism Board, and Urban Redevelopment Authority to redevelop the 48,200-sqft car park at Grange Road into a multifunctional event space, a press release confirmed. The site has an initial tenancy term of three years, which may be renewed for a further two tenancy terms of three years each, and a final tenancy term not exceeding 364 days. The development cost of this project is estimated to be approximately $10 million which will be funded via LREIT’s working capital.

Designed by DP Architects, the concept focuses on offering a new lifestyle experience along Orchard road with multiple dedicated event spaces, an independent cinema, and hawker stalls serving local delights. With this inclusion, 313@somerset’s net leasable area will expand to approximately 330,000 sqft.

LREIT is collaborating with Live Nation to develop a calendar of concerts, movies, and events, ensuring that the site remains active through the year. They are also joining hands with The Projector and Museum of Food for movies and cuisines.
 

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