StarHill – BT

Wisma Atria gets a facelift to draw crowds

COMPETITION has been hotting up at Orchard Road as new malls spring up and older ones get facelifts.

Amid this, Wisma Atria, whose blue facade has been a key feature on the shopping belt, will see a crystal-line frontage with double-storey store fronts as part of its redevelopment.

The first phase of the redevelopment will start this quarter and is slated for completion by the third quarter of next year, according to Starhill Global Real Estate Investment Trust, the Singapore-based Reit which has interests in a portfolio of 13 properties, including Wisma Atria. Its portfolio is valued at about $2.7 billion.

Phase one of the asset redevelopment is expected to incur capital expenditure of about $31 million and ‘generate an additional net property income of approximately $2.5 million per annum when stabilised, representing a return on investment of approximately 8 per cent’. The cost of the works will be funded from the proceeds of a rights issue completed in 2009 and working capital.

The double-storey frontage, to be designed by DP Architects, is primed to showcase the latest flagship stores of international retailers.

Ramps and walkways leading to the new shop fronts will also be built to draw in pedestrians from surrounding malls and the Orchard Road MRT station.

Another key feature is the full-width steps that span the entire 123-metre long facade of the mall. This is to improve accessibility and provide a permanent flood control measure, hence replacing the current mechanical flood barriers.

Ho Sing, CEO of YTL Starhill Global, the manager of the Reit, said: ‘The redevelopment of Wisma Atria is part of our continuous effort to enhance our retail assets, in line with the growing retail environment in Orchard Road.’ He added that the the redevelopment will be implemented with minimal disruption.