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City Developments to revamp Singapore asset in S$60M project


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City Developments to revamp Singapore asset in S$60M project

City Developments Ltd. plans to carry out a S$60 million enhancement project at its Republic Plaza office property in Singapore's central business district.

The planned work is slated to commence in the first quarter of 2018 and is expected to be completed by the first half of 2019, the company said in its second-quarter earnings release.

In April, City Developments raised S$100 million from its offering of Singapore's first green bonds, with the proceeds marked for repayment of a S$100 million loan tied to retrofitting works at Republic Plaza.

Further, the company also said it is moving its corporate office to Republic Plaza by the second quarter of 2018 from City House to consolidate all of its operations under one roof. It will occupy roughly 42,000 square feet across three floors, and the move will free up nine floors spanning roughly 60,000 square feet at City House. The company said it has already secured a lease commitment for half of the to-be-vacated space.

Additionally, City Developments set up a collaboration with Waterbrook Lifestyle Resorts to develop a luxury retirement village in Bayview, Sydney, marking its foray into the luxury senior housing sector. The Waterbrook Bayview project will be situated on a 20,000-square-meter freehold site, and is slated for completion in 2020. City Developments is participating in the project through debt financing worth A$35 million.

As of Aug. 10, US$1 was equivalent to S$1.36 and A$1.27.