02 Mar '11, 2pm

Orchard road malls going for frequent facelifts

Orchard road malls going for frequent facelifts

SINGAPORE: Shopping malls along Orchard Road are going for facelifts even though they are relatively new, due to rising competition from brand-new shopping centres - which are forcing the existing ones to spruce up their act. Instead of refurbishing a shopping centre after a decade or two, mall owners are tweaking the look and feel of even relatively new buildings. Analysts say this is because the ownership of many shopping centres has changed hands, and the new landlords are real-estate investment trusts that want to earn high rental incomes to keep their investors satisfied. Head of research for Jones Lang Laselle (SEA), Dr Chua Yang Liang says the arrival of real-estate investment trusts (REITs) have made mall operators more aggressive. "Because at the end of the day, you have your major shareholders, it's about income returns on the asset itself, so there is motivation...

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

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