CDL unveils Republic Plaza after $70 mil makeover
By Amy Tan
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - City Developments Ltd (CDL) has unveiled its newly revamped Republic Plaza (RP) after an extensive $70 million asset enhancement initiative (AEI) that started in April 2018. While RP had previously undergone several enhancements, this is its first major facelift since the building was completed in 1996.
RP comprises a 66-storey Grade-A office building with retail podium and a 23-storey annex block. It has a total gross floor area of approximately 1.1 million sq ft and total net lettable area of 780,000 sq ft. The RP revamp is the second AEI that CDL has undertaken as part of its growth, enhancement, transformation (G-E-T) strategy. Last year, CDL completed a $30 million AEI for Le Grove Serviced Residences, reconfiguring the original 97-unit property into 173 serviced apartments for lease.
Republic Plaza’s AEI includes a major makeover of its main lobby, arrival frontage, individual lift lobbies as well as lift modernisation (Photos: Samuel Isaac Chua/EdgeProp Singapore)
“The revamp of RP reflects our focus on rejuvenating our existing assets to unlock value and strengthen our recurring income stream,” says Sherman Kwek, group CEO of CDL. “Post AEI, we have seen positive rental reversions at RP and achieved strong committed occupancy of over 90%, with the retail space fully leased.”
More retail and F&B options
RP’s AEI includes a major makeover of its main lobby, arrival frontage, individual lift lobbies, as well as lift modernisation. In addition, the Grade-A office building’s retail podium was expanded by another 3,400 sq ft of lettable space. This was done by partially converting its car-park area. CDL also reworked RP’s public area layouts to improve pedestrian traffic, and technical specifications were upgraded to cater for more F&B offerings.
Following the revamp, RP now has 24,100 sq ft of retail space across three levels where close to 40 F&B and retail outlets are located. Over 80% of the retail tenants are new to RP, while returning tenants include TWG Tea, Pâtisserie Glacé, The Herbal Bar and Bose.
CDL has reworked RP’s public area layouts to improve pedestrian traffic
Dining options include familiar names like Din Tai Fung, Starbucks, Café Amazon, MOS Burger, Cedele and Dimbulah. Meanwhile, there are several new-to-market concepts like Heybo, Shin Donburi, BIGDADDY and SUKHUMVIT 100. The new retail enclave also has customisable grab-and-go concepts like SIMPLEburger Inc, MOJO and Wok Hey.
CityNexus – smart building app
Apart from boosting its retail offerings, CDL has created CityNexus, a smart building app that enhances the user experience of tenants. With the app, tenants can access valueadded services such as building access, meeting room booking, air-con extension requests and building feedback submissions. The app also allows tenants to provide their guests with direct turnstile entry and book dedicated VIP parking lots.
CityNexus includes an “order-pay-collect” function that enables office tenants to preorder their meals from RP’s F&B outlets and notifies them when the pick-up is ready. CDL has also collaborated with United Overseas Bank to provide F&B tenants with financial and digital solutions that complement the preorder function. This helps tenants to streamline their transaction workflow, improve operational efficiency and gain real-time insights into their finances.
RP’s several new-to-market concepts like Shin Donburi
Kwek reveals plans to add more services on the CityNexus platform. Currently available exclusively to RP, the app will potentially be rolled out across other CDL office buildings in Singapore and overseas, he says.
Beyond commercial space
In conjunction with the launch of the revamped RP, a Founder’s Gallery was unveiled to honour the late Kwek Hong Png, founder of the Hong Leong Group, CDL’s parent company. Located at the main entrance of RP, the gallery encapsulates his achievements and philanthropic contributions and pays tribute to one of Singapore’s pioneer business leaders.
Continuing his legacy of entrepreneurship, RP is providing a platform to support aspiring social innovators. This also complements CDL’s commitment to sustainability. A unit at RP’s basement has been converted into an incubator and co-working space for start-ups and social enterprises, called Incubator4SDGs. This initiative is in partnership with the Singapore Centre for Social Enterprise, the United Nations Development Programme and Social Collider.
Sherman Kwek, group CEO of CDL, unveils the Founder’s Gallery at RP
Elsewhere, RP has Singapore’s largest ultrahigh-definition (UHD) LED wall in an office building. At 1,800 sq ft, the digital wall comprises 622 UHD LED panels and serves as a digital canvas for CDL to transform RP’s lobby into a “gallery” with varying sensory experiences throughout the day.
“Through the AEI, RP has been transformed into a modern and vibrant destination in the Central Business District, renewing its standing as one of Singapore’s most iconic Grade-A office landmarks,” says Kwek.
For price trends, recent transactions, other project info, check out the Republic Plaza project research page
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