9 Penang Road
SingHaiyi, together with our joint venture partners, acquired the property at 9 Penang Road (formerly known as Park Mall) in December 2015, marking our first foray into commercial property redevelopment in Singapore.
Located in close proximity to the Orchard Road commercial and shopping belt and easily accessible from Dhoby Ghaut MRT station, 9 Penang Road will be transformed into a Grade A office building comprising two wings and eight levels of office space, as well as one floor of retail space. The property is a BCA Green Mark Platinum certified commercial development where its office tower offers column-free efficient floor plates with floor-to-ceiling height of 3.2 meters.
|Type||Mixed commercial/retail use|
|Location||9 Penang Road, Singapore|
|Total Development Cost||S$800.0 million|
|Gross Development Value||~ S$920 million|
|Tenure||Leasehold – extended for 99 years, expiring 7 December 2115|
|Number of Floors||Office: 8 Levels (3rd to 10th floor)
Retail: 1 Level (1st floor)
Carpark: 2 Levels (Basement & 2nd floor)
|Net Lettable Area (Approximate) (sq ft)||Office: 381,0001 / Retail: 15,000|
|Expected Completion of Redevelopment||2H 2019|
- Secured anchor tenant, UBS Singapore for the entire office space