The managers of CapitaCommercial Trust (CCT) and CapitaMall Trust (CMT) have announced a $34.7 million asset enhancement initiative (AEI) for Raffles City Tower, the 42-storey office tower of Raffles City Singapore.
An iconic landmark in Singapore, Raffles City comprises Raffles City Tower, Raffles City Shopping Centre, two hotels -- Swissôtel The Stamford and Fairmont Singapore -- and Raffles City Convention Centre.
Raffles City Tower had its common areas (including restrooms) and lift cars last upgraded in 1994 and 2010 respectively. The latest AEI will create a superior working environment for all office tenants. The 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. Office tenants will continue to operate in the building with minimal disruption. 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 enhancement works will be conducted progressively over a one-and-a-half year period. The asset enhancement works will start in November. It will be carried out in phases progressively until 2Q 2014. The planned areas of enhancement include:
Raffles City is jointly owned by CCT and CMT through an unlisted special purpose sub-trust, RCS Trust, with CCT and CMT holding interests of 60.0% and 40.0% respectively.
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