Orchard Hotel Shopping Arcade to be rebranded as Claymore Link mall
- POSTED: 29 Jan 2014 13:40
Orchard Hotel Shopping Arcade on Claymore Road will be undergoing renovation works and rebranded as a new family-friendly mall.
SINGAPORE: Orchard Hotel Shopping Arcade on Claymore Road will be undergoing renovation works and rebranded as a new family-friendly mall.
In a statement, CDL Hospitality Trusts (CDLHT) said the mall will be known as Claymore Link, and will be enhancing its retail offering, with supermarket retailer Cold Storage The Fresh Food People already selected as anchor tenant.
The S$25 million redevelopment is expected to take about 12 months.
Upon completion, the net lettable area ("NLA") will increase by approximately 10,000 sq ft.
Incremental rental income of Claymore Link is expected to be more than S$2.0 million on an annualised basis, translating into an estimated gross return on investment of more than 8.0 per cent.
Separately, CDLHT also announced its fourth quarter financial results, with a distribution per stapled security (DPS) of 2.92 cents for the fourth quarter.
This is an increase of 0.7 per cent compared to 2.90 cents a year ago.
Distribution per stapled security (DPS) for the full year amounted to 12.18 cents, down 3.1 per cent compared to 2012.
For the quarter under review, gross revenue climbed 2.8 per cent on-year to S$39.4 million.
Strong contribution from the group's Angsana Velavaru resort in Maldives more than offset the weakness in its Singapore portfolio.
Net property income improved 2.5 per cent on-year to S$36.5 million.
Going forward, the trust expects the completion of acquisition of its second Maldives resort Jumeirah Dhevanafushi in December 2013 to contribute positively to its financial performance.