ASIAN Retail Mall Ltd (ARML) is giving up two floors of offices at Central Plaza and transferring the gross floor area to the next-door Tiong Bahru Plaza mall.
New space: Tiong Bahru Plaza's total net lettable area will rise to 209,000 sq ftThe two office floors - on Central Plaza's third and 15th levels - will be converted to civic uses and leased to voluntary welfare organisations under the National Council of Social Services which will pay just a service charge for the use of the space, and not a rental.
It will cost about $18 million to create about 19,000 sq ft of new retail space on Tiong Bahru Plaza's ground floor and basement 1 as well as to reconfigure some existing areas.
Work began in October last year and is slated for completion by Q3 this year. Some of the ground floor units have already been completed and handed over to tenants.
About 90 per cent of the 19,000 sq ft has been leased.
Tenants that signed up include a Japanese snack and convenience concept, Four Leaves, Ajisen, The Juice Company, Yoghurt Place, The Pasta House by Sakae Sushi and a fengshui store.
The new space will boost Tiong Bahru Plaza's total net lettable area from 190,000 sq ft currently to 209,000 sq ft.
Besides Tiong Bahru Plaza and the 20-storey Central Plaza, ARML also owns White Sands mall in Pasir Ris, Century Square in Tampines and Hougang Mall.
Market watchers reckon ARML's portfolio could be worth about $1.5 billion. ARML's fund manager is Pramerica Real Estate Investors Asia, while the fund's properties are managed by AsiaMalls Management Ltd.
Central Plaza and Tiong Bahru Plaza mall were developed by UOL Group, which later sold them in separate transactions.
ARML bought Central Plaza for $175 million in a deal announced in October 2006, while Tiong Bahru Plaza was sold for $195 million in January 2002.
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