02 Mar '11, 10pm

Orchard Road malls going for facelift earlier

SINGAPORE - Unlike in the past, shopping malls along Orchard Road are going in for a facelift quite early in their life. That is because of rising competition from brand-new shopping centres, which are forcing the existing ones to spruce up their act. Instead of waiting for a decade or two to refurbish, mall owners are now tweaking the look and feel of even relatively newer buildings. Analysts say the fact that ownership of many of these shopping centres has changed hands has also helped speed up the process. They said most of the new landlords are real-estate investment trusts (REITs) that want to earn high rental incomes to keep their yield-hungry investors satisfied. Dr Chua Yang Liang, head of research, South-East Asia, Jones Lang LaSalle, said; "In 2000, with the arrival of REITs, mall operators have tended to be more aggressive. Because at the end of the day you have...

Full article: http://www.todayonline.com/Business/EDC110303-0000247/Orc...

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