CDLHT shells out S$25m for Orchard Hotel Shopping Arcade makeover

Soft opening is by end-2014.

According to OCBC Investment Research, CDLHT has announced asset enhancement plans for Orchard Hotel Shopping Arcade(OHSA). The AEI will comprise an overhaul of the property facade and existing amenities to enhance its user-friendliness.

OCBC noted that scheduled to commence in late 2013, the AEI is expected to complete in 12 months, during which the mall will be closed.

Here's more:

A soft opening of the revamped mall is expected by end 2014. The AEI is expected to cost approximately S$25.0m, including construction cost which will be fully funded by debt, estimated disruption costs to the adjoined Orchard Hotel, and the loss of rental income during the period of mall closure.

Upon completion of the AEI, OHSA will boast an increased NLA of ~10k sq ft. Incremental rental income of OHSA is expected to be more than S$2.0m on an annualised basis, translating into an estimated gross ROI of more than 8.0%.

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