Local property group Perennial Real Estate Holdings said on Tuesday (Aug 4) it has received planning permits for proposed enhancement works at TripleOne Somerset and AXA Tower.
The plans for TripleOne Somerset, a predominantly-office cum retail development off Orchard Road, include increasing the retail area and converting up to 32,000 square feet of gross floor area into medical suites. Perennial also intends sell office space by dividing the area into smaller strata units, commencing with one office tower.
As for AXA Tower in the Shenton Way area, the enhancement involves increasing total net lettable area by 85,000 square feet to about 760,000 sq ft.
The retail area at level 1 and basement 1 will be enlarged, and a new two-storey annex block will be built to house medical suites. The firm also intends to strata sale the office spaces to maximise the value of the prime asset.
Perennial focuses primarily on large scale mixed-use developments in China and Singapore. Besides TripleOne Somerset and AXA Tower, its other Singapore properties include CHIJMES and Capitol Singapore. The group also holds stakes in and manages 112 Katong mall and Chinatown Point mall.
Source : Channel NewsAsia – 4 Aug 2015