28 Feb '11, 2pm

[CNA] Wisma Atria to get facelift

SINGAPORE: Wisma Atria shopping mall on Orchard Road will get a facelift. Starhill Global REIT said it plans to enhance the mall's positioning by redeveloping its frontage. Phase one of the redevelopment is expected to cost about S$31 million and will in turn generate an additional net property income of around S$2.5 million a year. The REIT manager said this represents a return on investment of about 8 per cent and costs will be funded from the proceeds of the rights issue completed in 2009. Starhill said the first phase of the redevelopment will commence in the first quarter of this year and is expected to be completed by the third quarter of next year.

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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